Look at the other markets as well. Weve got the nasdaq, the russell, and dow transports for everybody to keep an eye on. The nasdaq having a great session, um 1. 25 . Good enough to puck it back at 5,043 for the level the. The russell, the small caps doing pretty well, up almost 1 or 11 points. The transports are lagging a bit, up half a percent. They have suffered this year, especially, coming back a lit there will. In the midst of all this real action, there was a seemingly phony bid for avon. Halted shares of the cosmetic maker. More on that story later. What a crazy story that was midday at the New York Stock Exchange. Lets get to our closing bell exchange, talk about this rally the Economic Data, and a lot of other things. Heather hughes from sun america funds joins us today. Jacob jordan from hd best Financial Services with us, jason tried from glen meade is out there and so is Rick Santelli. Rick, youve established that you believe the rising yields in the treasuryies is what you call a market mechanism. You know, its the market moving it, not so much the fundamentals doing that right now. What about this rally today in the stock market . The Economic Data was decent. It wasnt incredible. We know the fed has an impact on the markets, but yet we are still near these alltime highs as jack likes to point out all the time. There is no alternative. I dont suspect that equities are just going to roll over and die and go away. Thats not going to happen. As a matter of fact i think when the guns are hot in the treasury market, meaning were in new territory, above 229 on the settlement bases in tens, above the 309 in 30s, stocks pay more attention. Even when treasury rates come off a little bit they pay less attention. I think theyre moving to two different dynamics. Eventually theyll have to reconcile and as i proposed to jack yesterday in the bigger picture, what equity holders need to consider is if this adjustment process going on in Global Fixed Income for a variety of reasons from scarcity to liquidity to margin all of that when it gets done, its going to be very hard to tell when theyve reconnected in a fundamentally logical fashion. And i still say that even though a lot of important data comes out at 8 30 eastern an hour before the Big Stock Market opens, the cash stock market in new york, that things like retail sales being weak yesterday and how the market responded in rates and how it ultimately closes gives us lots of ammunition that there isnt a fundamental argument here. It really is kind of a personality change and a mechanical adjustment of a market that in pip was a little bit in bubbleicious territory. Why do you think we are seeing this rally today . Just a coincidence that the u. S. Tenyear is down a little bit, that the yield is a little lower on the session . Yeah. I think were coming off of heavy supply from the treasury market and i think the market is kind of taking a break. Weve traded from a pretty big streak from down about 186 to the mid220s and i think market is kind of taking a break at this point and saying lets just sit on this and then het gete back to the economic fundamentals and get back to the idea of when is the fed going to take action. We still think that will be later in the year. Heather, are we wrong to match fundamentals with Market Action these days . Retail sales yesterday weak yet today the jobless claims were better than expected, lower than anticipated. The Producer Price index lower at this point, which would seemingly be good for the stock market as well. But, you know, are we wrong to match those up at this point . There are a few conundrums going on right now, and theres a tug of war. I think when we look at wider yields down today with the weaker dollar and we can attribute some of that to the retail sales that you just referred to possibly, also potentially the Producer Price index and just global yield around the world still putting pressure on our yields here in the u. S. Right now. So while the market is nearing alltime highs i want to know if we can possibly hit it within the next hour today. Thats yet to be seen. It seems like the bond markets there could be were hearing liquidity issues and the bond markets are five times the size of the equity markets. So, i mean that will be a big deal. I know all eyes are on bond yields and rates more than the equity markets right now. Were going to talk more about that next hour. Jason pride, for right now, looking at alltime highs on the stock market, where do you see the most opportunity for investors here . Well, look, i think we have to recognize that valuations in equities are a little above fair value, meaning that its harder to get a really solid return of equities. But nevertheless, you know were at levels that still historically have produced positive returns. When youre at about 18. 3 times normalized earnings where we are currently, that has produced a 4. 5 return Going Forward even from that more lofty level. Thats eus. If you look abroad, theres a lot of problems abroad, whether we talk about some of the cyclical issues with emerging markets or the structural issues that europe and japan are still trying to fix. But their equities are in a discount to those in the u. S. And youre getting paid longer term by owning those securities with the ability to appreciate more from those more discounted valuations. So we think thats one area. The other thing that you can do is, look you do need some u. S. Equities. You can tilt towards the quality side of the equation the defensive side of the equation pick up that longterm equity appreciation thats still going to come but be more safe along the way. Can i ask everybody even you, rick, about polls far second . You mean the retailer. The retailer not mineral. Anyway that black stuff. Exactly. Might have expected if we got a huge drop in oil prices to benefit most from a little extra money in consumers pockets. But theyre not. Evidence today of the exact opposite, heather, exactly. Weakness in the oil region where is they had negative comps more than outweighed it. Down more than 12 . What does that say . Were not spending. Were not shopping right now. We thought that lower gas prices would equate to higher spending and that may still take effect. When you look at behavioral economics, it sometimes takes six to nine months for this to play out, but we are looking since, what last summer, it probably has been about nine months now since oil prices have dramatically dropped even though were holding about 60 a barrel right now. It has not translated to the consumer. So obviously the Retail Consumer is still on the sidelines even though household net wealth is precrisis levels right now. Theyre not spending. Go ahead. Sorry. I agree with heather there. I would she kind of mentioned the behavioral aspects and whats important is theres a difference between handing somebody 200 and saying heres free money, go and spend it versus going to the pump and saving 10 here, 10 there. Theyre not really recognizing that they have this money to go and spend despite the fact that everything is pretty rosy from a consumption perspective pip think that will still happen. Jaco go ahead, jason. I was going to say theres the additional factor that people may not simply be believing that the oil prices will stay where they are. The equity market, when you look at oil stocks are already reflecting this idea that oil prices are going to be higher. Those stocks have already rebounded. So maybe consumers are in that doubt mode of, you know, really are these Oil Prices Going to stick around for a while. Maybe takes a little more time for that to seep in and maybe it just doesnt because the oil prices do rebound. Jaco, jason feels internationals are a better way to go, where the value is, and clearly that was a favorite play the beginning of the year. You feel like europe has caught up with the u. S. At this point. Do you still see value there . Absolutely. From a trailing valuation perspective, europe has definitely closed the gap. But if you take a look at you know, the European Union just came out and upgraded the Growth Expectation for both the eurozone and many of the countries in the European Union. Thats going to translate to higher earnings expectations. So on a forward basis, european stocks actually look pretty attractive. According to facts that youre looking at high doubledigit Earnings Growth for both 2015 and 2016 relative to here in the u. S. Where youre looking at 1. 5 for 2015 and maybe about 12 if we can get there for 2016. So from that perspective on a forward basis yes, very attract toich take a look selectively at europe. What are people saying about the u. S. Dollar meanwhile and where it goes from here . Are we unwinding theres a trend, kelly, also not just with the u. S. Dollar but when you look at the markets as both guests are alluding to, european markets may be undervalued, as their economies do better and pick up in europe, japan and china, since the markets have done well in a weak economy, youll wonder if the reverse would be true as their economy improves, their markets actually take because maybe the Central Banks around the world globally pull back and thats what has created some of these equity uprises globally. Rick how about that question from kelly . Where is the dollar going here . Its still stalled at this point. Id like to hit both those real quick. In my opinion, the dollar is also off in its own world like the equity markets and the fixed income markets. And it is more handicapping what is going to happen with the fed and the ultimate tightening. I think thats whats moving it while its in the tight range. As to the other question, about why people arent spending or oil and gas and the savings i think on a macro level retail sales it wills you the answer and that is weve pulled so much Economic Activity forward we have forgotten that this in lowInterest Rate environment where anybody with a pulse could buy a car, i just think weve arrived at the place that fed models never went to. Those economic models did not envision so much activity pulled forward. So i think youre going to see softness in the retail area in many areas not only the savings that may have been spent due to lower gas prices. Cheap vacations. Rick, you buy, i fly when youre ready pap dollar is still strong relative. There you go. All right folks. Thank you all very much. Appreciate your thoughts on todays Market Action. Thank you. I suspect by the time we get back, someone will have tweeted out where coal sits on the periodic table. I will be let down if we havent received that. 50 minutes to the close here. The dow is up 193 points this hour. The s p up 22. The nasdaq up 65. Its the outperformer today, up 1. 3 and back above the 5,000 mark. The dow and the s p chasing records, especially the see. The dow has a ways to go but you never know. That could happen today. Theres the s p, three points inside record territory. Well see how we do as we go to the close here. Up next, does he see sunshine or dark clouds ahead . The ceo of Marriott Vacations gives us his take on the Global Economy and where hes seeing the fastest and slow growth. And ringing the closing bell, as a matter of fact. Another train tremendous death railment involving nonpassenger cars. It happened in pittsburgh. Well talk with the head of the association of american railroads about how Technology May help prevent rail disasters in the future. When a moment spontaneously turns romantic why pause to take a pill . And why stop what youre doing to find a bathroom . 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Stock was up 20 just like that and i happened to be walking through the newsroom kelly, when one of our assistant managing editors was doing some Research Online to find out what this group is all about. He said i cant find a thing about them. So everybody was on guard at that point, and weve since figured out that there doesnt appear to be any ptg Capital Markets group. But it is still factored into avon shares so as soon as people get to the bottom of that well bring it to you. Bob pisani more or thatn that later. Exactly. Marriott vacations is one of the leading time Share Companies in the world getting ready for its investor day tomorrow. Youll see them in just a few moments up here today. Joining us for more is the companys ceo Stephen Weiss from post nine for his take on the economy and the companys growth plans. Good to see you. Thanks for having me. We were having this debate about kohls, the retailer which actually saw more damage from the drop in oil because of the weak growth in that particular part of the company then benefit from consumers. What are you seeing . Well, were reasonably bullish about how we see this year kind of framing up. Our sales on our First Quarter were up 9. 5 . And all of our pointers and indicators we typically work at are things moving in the right direction for us. Are people more inclined to go to your resorts with Lower Oil Prices . Keep in mind, most of the people that travel to our resorts are people who own and people who bought and are going regardless of oil prices. How they get there is a cost factor. Right. Typically we have a combination of drive markets and fly markets, but even with oil as it is today relative to where it was last year things are still a lot better than they were. Most of your locations overwhelmingly are in north america, in the u. S. You have a cup until europe. Does that mean the strong dollar is hurting you . We it hasnt hurt us materially in terms of the fx rate, a little bit of a nick but nothing thats too substantial there. Were pretty much winding down the sale side in europe as a result so now were just managing the resorts there, so we have less of an impact. Are time shares back . Im imagining youll say yes, they are. When they were first introduced years ago, they were hot, hot, then notnot. But i guess theyre coming back. Thats a great characterization of it. The High Water Mark of the time share business was in 2007 when the industry did over 10 billion of sales here in north america. That dropped to about 6 billion in 2009. Last year about 8. 5 billion. So its on its way back. Why now . I think people still see it as a great way to prepay their vacation. When you to stop to think about it, its not a real estate investment. Thats certainly not the way we present it. Its more a case of if you buy it today you can use it for a lifetime and you fix your vacation costs. Is that a boomer trend or are the millennials no its interesting theres recent research that came out that say very much its becoming a millennial trend as well. Oftentimes people that had been exposed to it by virtue of their parents or relatives that owned the product, they got to see it, they thought, hey, this is kind of nice, i have a multibedroom unit, living room, dining room a place to go highly amen tized. They like it. Im thinking about the original share. Were talking act the sharing any economy. In a way, you guys are the pioneers. How much different might this look, the time share of the future, versus the past and what kind of millennial demands, if you will, are reshaping it . One of the things weve seen and responded to is that there has been a shift. It used to be you bought a week in this resort and went there every single year. Right. We moved to a floating week, floating unit, and floating within a portfolio. Now people are buying on a points based system such as what we have, you can go to any resort in our system. If you dont feel like going to one of our resorts, if youre going to take a cruise, use your points that way, if you want to go to a Golf Tournament you can use your points to do that. You want to go on safari, we can put you on a safari. That really resonates with people. Quite frankly of all ages. Theres