at the peak today. >> mayer still in the crosshairs as she takes on starboard. could we see changes? >> a question we've been asking since the day she took over. >> unfortunately. >> more political drama today, ben carson, may have heard endorsing his former rival on the campaign trail, donald trump. we have someone who knows a thing or too about drama, ellen burstyn, her new role in the current season of "house", what a great job she's done. we'll get her take on the current political field which she's very active in among other things in a little while. looking forwards to meeting her. >> new details on $100 million bank heist and why some are blaming the new york fed. this is a tricky one for them. >> very tricky. a lot of money involved there. let's start with the markets rally, david is back from us and jonathan from meridian equity partners at post nine at the big board and rick santelli checks back in from chicago. we were both gone yesterday john, but the european central bank cut rates to zero and there was a rally and then there was a sell-off and then there was a rally. what's going on here? >> we had pretty significant moves in the market yesterday, 300 in the dow, about 30 points in the s&p 500. the significant portion of that is towards the end of the day yesterday, the market did rally and we closed strong. what we're seeing today is just an after effect from yesterday. the ripple effects of the ecb comments out of europe is now finally settling into our markets here. i think investors are somewhat relieved to have more information out there and more transparent. there's a plan in place, whether it works or not, we'll have to see. next week we're going to hear from the fed ourselves so on wednesday hopefully we get some more information about what they are thinking and what their plan is. i don't particularly bet that's going to happen but that gives us something to look forward to on wednesday. >> do you think the u.s. dollar will keep weakening here? that's been the surprise move over the last several weeks? >> it has. if you look back a month ago, the prevailing wisdom was strong u.s. dollars i thought it was a crowded trade. always think you make your most money when you run against the herd and take a contrarian viewpoint and suggests there will be more dollar weakness ahead for us. that can be beneficial to those multinational companies and i think that pairs up u.s. domestic equities with developed market europe poised to play this market for generating better than average returns. >> rick, i'm going to serve up a fat one here for you, my friend. there's a thought out there, reading a sage i like to read, he feels the last couple of days, this is an example of how markets are becoming lessee namerred to central bank moves and the impact is wearing off, they are becoming to the point where they want to see normalization, something you've been pulling for almost since day one. i imagine you agree with that, huh? >> i absolutely do agree with it but i also understand that a market isn't meant to be defining what the moral issues of policy are. it isn't the market's job to go on a moratorium and stop trading because the referees are now players on the field in the form of central bankers. i think yesterday you had a very good glimpse of reality. i don't think the policy is working. i think all of the smart traders that loaded up one way or the other in a variety of markets because it's a foregone conclusion of course if the fed does this, the dollar does this and march row draghi does this and euro does that. a funny thing happened on the way to the marketplace, the euro turned the market and to me the ongoing strength is a issue of unintended consequences of questionable policy. the fed is a nice window where the dollar strength maybe at bay with regard too the yen and euro. i totally agree with you. i think today investment great corporates, the fun they are sprinkling back in the foreign vex ter stimulus is something that traders can trade on. i'm not surprised to yesterday and not surprised at today but let's be macro. we're still not up in the year in stocks, even though it's the second best close of 2016. >> if you look, it's bizarre-o land. european corporate bonds, those spreads really tightened and part of that is because the european central bank is going to be buying them now. does it also indicate any brightening of prospects? are all of these moves and asset classes suggesting that fundamentally the markets do think the ecb has delivered enough here? >> well, i think markets will move, people will collect checks that have it right and give checks that are wrong. just because investment great corporates are improving because the central bank is buying them, doesn't mean the fundamentals of the country behind them have changed at all. >> but the fundamentals are better than average. if you look at a ability to generate cash flow and market off the february 11th lows, you have better staying power with small caps rallying 12% and high yield bonds, 6 to 7%. there's no big bang on february 11th that was a great buying opportunity other than more than 80% of individual investors said on that very day they were bearish or neutral and it's a better time to be in there buying than to be running from the market. >> john, we've been blowing through resistance levels here. what are you watching? is this for real? is volume enough here? actually, i'm answering my own question. >> you're absolutely right. volume is not enough here. 215 has been a top level interday, if we get to 220, i would be surprised we can break through there. on down side, 205 was a resistance level for a while now become a support. i think if you look within that range there, that's going to be for numbers mostly next week as monday and tuesday might be a little bit slower heading into the referees playing on field on wednesday. >> jonathan, how much is oil here? what's the relationship between oil and equities now? >> i like the disconnection we're seeing right now. we've had pretty significant moves in the market and oil seems to have stabilized in a pretty tight range. it has moved higher but in the past when the market was up big, oil was up big. we're not seeing that correlation now. >> things are evolving for sure. have a great weekend. >> you too. >> crude oil prices are moving higher and international energy agency said prices may have bottomed and we've had guests on closing bell who have taken opposing positions on whether we put in a bottom here. >> i think we've seen the bottom but there are forces at work. the fundamentals are moving in our favor with the declining production in the u.s. and host governments and natural oil companies. >> our view for three rate hikes in the u.s., this coming year, reinforcing higher rates and lower gold prices and lower commodity prices. have we seen a bottom in crude oil? it's one of the water cooler topics these day. let's bring in andy lippow who thinks we have hit bottom and tom says we have not. andy, why do you think we've hit bottom? >> i think we've hit bottom because we've seen oil production climb up 600,000 barrels a day since last april. i expect it to continue to come off. even though opec has talked a good story about the freeze, i think they are waiting to see what happens later this summer and what happens in russia and not as much export in oil out of iran that the market would like. and you match that against increasing demand and things will look better towards the end of the year. >> tom, what about you? you don't agree? >> no, i don't, i think that unfortunately we have seen production decline here in the u.s. but the question is what happens when the price rises, is the genie out of the bottle. you've seen a $10 rise in oil. as the price rises you'll see rigs that have turned off, turn back on. to a point it is about u.s. production but i think just sort of saying production will continue to climb like people thought in 2015, similarly to 2016 is a little bit premature at this point. >> tom, you have to acknowledge, it was a month ago today on february 11th when the united arab emirates oil minister said they were going to talk about freezing production and oil turned on a dime that afternoon. it was around 2:30 in the afternoon around settlement time and it has not looked back. you think the market has it wrong that they will be unable to come to an agreement to freeze production? >> i think history would tell us that buying oil ahead of some sort of grand opec production cut over the past several years has been a fool'ser rand. the talk of that in an oversold market produced a short coming rally and it has been impressive but where do we go from here? we have to see continued production declines and opec has to deliver. >> andy? >> well, a couple of points, as the oil prices rise, although a lot of people expect rigs will go back into production, i expect actually the banks are going to be reigning in credit and saying to these producers we're not going to lend as much as you hoped to get. as well as i think when we look at opec, this is just kind of a precursor for them going out this summer and having another meeting. less than expected and opec will sort of make some statement about we're going to reduce production from a very high level and sort of declare victory in the market and then go away and see what happens. >> tom, before we let you go, where do you think -- back to the previous lows we said recently? >> i don't think recently. i think if u.s. production stops declining like it did in february and this production meeting or production freeze meeting yields nothing, you could see oil trade into the 30s. longer term, i'm not sure if natural gas is a blue print for oil but i heard the same theories about natural gas, lower prices will cut production. it doesn't and i'm not sure if oil is the aim but it's looking similar. >> a couple of different perspectives on the oil price near session highs. the market is doing nicely with the dow 203 points and s&p up 29 and nasdaq up about 75 points there too. >> we admit it, we should have gotten flu shots this year. >> by the way, thank you sara eisen for working 15-hour back to back days. >> she's on an airplane right now get agway from this. >> marisa mayer would love to keep her boajob but starboard m have different plans. bojangles ceo on how they are going to tackle the popularity of all day breakfast. shares up 22%. >> look at the biscuits. >> we'll be right back. our cosmetics line was a hit. the orders were rushing in. i could feel our deadlines racing towards us. we didn't need a loan. we needed short-term funding fast. building 18 homes in 4 ½ months? that was a leap. but i knew i could rely on american express to help me buy those building materials. amex helped me buy the inventory i needed. our amex helped us fill the orders. just like that. another step on the journey. will you be ready when growth presents itself? realize your buying power at open.com in new york state, we believe tomorrow starts today. all across the state, the economy is growing, with creative new business incentives, and the lowest taxes in decades, attracting the talent and companies of tomorrow. like in buffalo, where the largest solar gigafactory in the western hemisphere will soon energize the world. and in syracuse, where imagination is in production. let us help grow your company's tomorrow - today - at business.ny.gov we need to be ready for my name's scott strenfel and r i'm a meteorologist at pg&e. we make sure that our crews as well as our customers are prepared to how weather may impact their energy. so every single day we're monitoring the weather, and when storm events arise our forecast get crews out ahead of the storm to minimize any outages. during storm season we want our customers to be ready and stay safe. learn how you can be prepared at pge.com/beprepared. together, we're building a better california. welcome back, we have a rally today, nasdaq up 75, 1.6% gain at 4737 as all markets rethink the ecb strategy and all of the things we've been talking about today. meanwhile, the war of words between apple and the department of justice is becoming more hostile, getting personal in response to the government's claim that apple is trying to advance so-called false arguments in the fbi's case to unlock that iphone belonging to one of the san bernardino shooters and apple responded with, everyone should be aware, because it seems like disagreeing with the department of justice means you must be evil and anti-american. company added, we are honest about what we can and cannot do. let's at least treat one another with respect. that from the general counsel is the apple. when does this resolve? i mean, either they do or they don't help unlock it and what happens then, right? >> this could be going on for years in any case. if it ends up before the supreme court, questions about what happens with all of these pending cases, not just this one. >> absolutely. >> some of this stuff is time sensitive. it may take years to go through the legal system as always but the cases depend on a speedy outcome. >> i keep thinking if in fact the doj is ever able to open the fbi open that iphone, there better be something in there after all of that. >> and makes the gop debates look civil but last night's was pretty civil. this has been unusually -- both been unusually outspoken in using such strong words. back and forth between corporate america and justice department. >> yahoo! is back in the spotlight after news they are spending off a proxy battle with starboard. marissa mayer sat down to talk her future with charlie rose. >> do you think you'll be running yahoo! a year from now? people ask that. >> i think that again, i would love to and love to be running yahoo! we have a three-year strategic plan and can see how we get to the successful turnaround of yahoo! >> she didn't say yes or no. joining us right now, eric jackson from spring owl asset management, very critical of yahoo! and sent the company a 99-page investor presentation back in december, also with us, larry from multimedia trust who owns shares of yahoo!. not quite as critical. eric, 99 pages. cutting to the chase, you want marissa mayer out, don't you? >> it's been three and a half years and what does she have to show for us, other than an hour appearance with charlie rose. we probably still think of this great internet pioneer, turned it over three and a half years into essentially the same kind of company that aol was. >> okay. larry, make your case for yahoo! whether or not you think marissa is the best fit for long term? >> i think the stock base beingally the core business should be sold. i think it's very clear that the failure of management here is epic in its proportion. now that said, what's the best way to maximize shareholder value? i'm afraid if there's disruption in management, you're going to lose possibly 400 or $500 million a day. if you put an 8 multiple on that. the shareholders have suffered mightily, the stock has been stagnant and facebook has tripled. the internet areas that they service are growing 15% a year or more and this company is not growing at all -- >> why still hold it then? >> well, we hold it because we think the assets are worth in the neighborhood of $53. and then there's a tax leanage that's uncertain. but there's tremendous value. we are value investors and very, very patient. we're bigial alibaba. and we could like to see the core company not erode more value than it has. the best way to keep that happening, leave marissa in place, as difficult as that is. >> eric, is she really the problem? i mean, you could argue before she even came on board you were talking about damaged goods with this company. they already lost tremendous market share and already fallen behind the other companies that they were competing with at that time under -- all kinds of criticisms you could make prior to marissa mayer. will jettisoning her solve the problem? >> when she arrived, yahoo! 1.5 billion a year and now at negative. is she the problem? of course she's the problem. there are no yahoo! mobile apps to speak of, more than 80% of the revenue still comes from pc and we know that business is going away. i agree with larry, everything he's saying about the hidden value, that's why we still own yahoo! as well and pushing for change. i disagree that keep ma ris sa in place, this whole sale process -- has been a comedy of errors. >> who would you rather see in the ceo spot then? >> i think there are a bunch of candidates of capable people who can do a much better job than her. jackie reses and levinsohn and many capable people. she talked about a three-year plan. this comes after the last three and a half years. when do you ever hear about that? somebody getting another three-year plan after failing at the first three and a half year plan. >> larry, what about any of those names? >> i think the situation is if they walk in, you saw what jack dorsey did with regard to twitter and basically rebooted the stock base compensation. the labor market in silicon valley is very vibrant right now. if you change management here, i think a lot of people will walk down the elevate every and walk out the building and there will be tremendous impact on operating cash flow in the company. >> it's not that vibrant anymore. >> all right, guys, thank you. eric jackson from spring owl and larry haggerty talking what should be next. >> get them together for lunch sometime. they with work out differences there. the dow holding on to gains of 200 points at this hour. >> oil is popping today, a rally isn't being felt in many parts of the bakken. >> up next, ellen burstyn, she'll talk about her new role on house for cards and crazier race for the white house coming up. no, i wasn't...oh look, you dropped something. it's your resume with a 20 dollar bill taped to it. that's weird. you want to work for ge too. hahaha, what? well we're always looking for developers who are up for big world changing challenges like making planes, trains and hospitals run better. why don't you check your new watch and tell me what time i should be there. oh, i don't hire people. i'm a developer. i'm gonna need monday off. again, not my call. 200 point gain for the dow. the s&p is up 30 points and nasdaq, look at that, almost an 80-point gain. what do you say we look at the sectors for the week? >> yes, please. >> utilities the leaders this week. >> temper your enthusiasm somewhat if you see something like that. these markets are on track for four straight weeks of gains and rhetoric four weeks ago. didn't see that coming. >> after that bounce on february 11th. time for a cnbc news update with mary thompson. >> here's what's happening at this hour. americans paying final respects to former first lady nancy reagan at the reagan presidential library. first lady michelle obama and former president george w. bush and roselyn carter and hillary clinton. gop presidential front-runner donald trump picking up the endorsements from formal rival ben carson in florida. carson speaking in palm beach, explains why. >> first of all, i've come to know donald trump over the last few years. he's actually a very intelligent man who cares deeply about america. there are two different donald trumps. there's the one you see on the stage and there's the one who is very cerebral. >> gop presidential marco rubio campaigning in west palm beach repeated his concerns on donald trump's views about how to deal with the middle east. some 11.9 million viewers watched last night's republican presidential debate on cnn, a sharp drop from the 69 million who tuned in last week when the contenders faced off in a rowdier evening. last night was a more civil affair. that's a cnbc news update at this hour. back to you. >> it proves donald trump's point, when they are crazy, the ratings are up. >> sensationalism over civility. >> we get what we want i guess. >> thank you, mary. >> should we start bashing each other now or something? >> never. >> we keep it civil at all times. >> many americans binge watching political debates and deep into the new season of "house of cards", the netflix streaming series just released its fourth season and standout new addition to the cast is the legendary ellen burstyn as kevin spacey's mother-in-law. watch. >> clair is first lady the united states and you still think she made the wrong choice. >> reduced to tabloid gossip, might as well be living in the trailer park you came from. >> it was a peach farm but you're right, i'm still white trash but i'm white trash that lives in the white house. >> not even being president could give you any class. >> whoo. ellen burstyn, earned an oscar and tony and emmy and many fans and films ranging from exorcist to same time next year. welcome aboard. >> glad to be here. very impressive. >> this is your second time to the new york stock exchange. the political race these days, the real race is almost crazier than what you're portraying on house of cards these days, right? >> it's craze zer than any race i've ever seen. i've seen quite a few. >> you've been politically active for many years. what do you make of what's going on? what's your version of why we're going through the angst that we're seeing on the political platforms now? >> well, i think it's a combination of things. i think that bernie sanders has pointed out that the top 1% has got it all and the other 99% is suffering. i think that and i think also the fact that we elected an african-american president brought up a lot of latent racism that's being expressed. and i personally am a hillary voter. i think she's the most brilliant and most capable candidate but what we're seeing i think is very dangerous on the other side. do you know the german newspaper called mr. trump the most dangerous man in the world? that's from germany. they have some experience in dangerous men. so i think it's a pretty shocking development to hear that kind of hate that's coming out from the supporters there. >> i was reminded when i was looking through the roles and your success with "house of cards", one of the most popular series in the country and in the world in some ways, it's so hard to find good roles once you're an older woman in hollywood. is that still true today? has that changed in your experience? >> if you look at the percentage of jobs higher than hollywood compared to men. it's way out of balance. yes, i must say i'm very fort natd and can't complain because i'm still working. but you know, it's an unusual thing to extend their career this long. i'm grateful fwor it but we need a balance of men and women. >> we've been having that discussion since you began your career in the 1960s. >> that's right. >> and now people like jennifer lawrence are advocating for equal pay, again, a conversation we've been having for a long time. are you making any progress at all? are we seeing it? >> the studios are owned by the multinational corporations and they are run by men. so until the women infiltrate that level of the business, i think we will keep on seeing films that are made for the teenage boys. and less relationship films and kind of films that women are -- >> you come from a generation of movie stars that turned your nose towards television, wouldn't do it, wouldn't be seen ther there. now you're on a streaming program out there somewhere. what do you make of that, where the business is right now, where the really good writing is as a matter of fact? >> well, since the multinational corporations are running the big studios, they are making movies that are designed for money. as opposed to coming from the heart of a film maker who wants to express thinking and those people have fallen into the independent film movement and they are not making such money -- they may make money but not spending as much on sets and designers and actors. >> but making a good product though? >> making a good product and work they can be proud of. so that's where the artists are these days. >> we're proud to have you with us today. wonderful to meet you. >> ellen burstyn joining us here. less than 30 minutes left in the trading session with the dow still up 200 points. >> up next, a leading trader will tell us what he's watching into the close. >> ceo of bojangles will talk about if the fried chicken chain is up for all day breakfast battle raging in the fast food world when we come back. opportunities aren't always obvious. sometimes they just drop in. cme group can help you navigate risks and capture opportunities. we enable you to reach global markets and drive forward with broader possibilities. cme group: how the world advances. on their auto insurance. wouldn't a deal involve two parties discussing something? 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>> great to have you here. there's interesting contrast playing out in the market, el pollo loco and the stock is reacting nicely. how do you make sure, markets are quick to take out those who they don't think have the life, how do you make sure you can keep growing? >> we've been doing it for several years, it's not something we've just done this year. if you go back and look, we have a strong track record over the last four or five years for growth. we're seeing we're going to build the 7%, to 8%, guiding to 8% for 2016. we've got a very strong pipeline, 100 stores already either approved or under construction. it's something that we feel very, very comfortable about. we're doing it smart and in the right way. we'll grow continuously. you won't see us jumping states, we'll build out where we can, the carolinas but our adjacent markets, we're very happy with what we're seeing with our growth and don't see an end in sight. >> the scouting report on you, you have a little too much debt and you rely too much on leases to open new stores. maybe too much risk you're supposed to. what do you say to them? >> well, you can look at it one or two ways. from how our asset model we do as far as building stores, that's correct. we pay down a good chunk of the debt every year, 28 million we paid down this last year. we'll continue doing that. but the beauty part of the way we build is that it throws off a ton of cash. we have a payback of our investment in one year or less. so again, our sales as long as we continue to grow and we're happy with that as far as our comps, we'll be just fine. >> listen, i would be remiss not to point out your chicken biscuits are delicious -- >> thank you. >> it turns out other people are getting in and wisening up to the appeal of this. so how do you stay ahead of the game? >> well, you know, how we look at t we've been doing this 39 years, as far as serving breakfast and serving breakfast all day. it's nothing new to us. at the end of the day, how we look at it, the food is the star of our brand. people want good food. our biscuit, it's all about the biscuit at bojangles, at the end of the day, we've had competition for years and we'll continue what we do as far as our recipes and how we do it, our made from scratch biscuits or iced tea. it's the food is the star of our brand and we welcome the competition. >> what's the next great growth trend -- there's been a land grab for breakfast for a few years now and with mcdonald's coming all day, you've acknowledge and your kmet tors have that they are taking market share away in that category as they've gone all day. where's the next big growth area for you guys and the industry do you think? >> well, i think what you're seeing today from the fast casual side is the mobile ordering. i think that everything is going from a technology standpoint, how to figure out how to play in that game. next big thing you're going to see is that. how can someone order from their phone versus the drive through or from the front counter. we're already gearing up for that and talking to leading category -- a leading company in that category to prepare for that for the future. >> good to see you again, thank you for joining us. >> have a blessed day. >> you bet. clifton rutledge joining us. >> the s&p is up 30 points and transports up 169 and vix is low area small caps are high. nasdaq up 80. brian sullivan has gone back to the bakken to see how one boom town is suffrviving. >> echo wants you to talk to it about your banking with capital one being the first interest great alexa, how safe is your account with alexa keeping tabs on it? . oil prices may be rallying the but the pain is still being felt in the bakken area changing the complexion of boom towns there. brian sullivan returned to the bakken. you went there in the boom times and now you're there again. what difference are you seeing, brian? >> reporter: it's night and day. i think based on the previous promo there might have been million dollar homes here but that would have been last year or year before. we came at the peek of the boom and beginning of the bust and everybody is readjusting. i'll call it a reset. everybody is learning how to live differently. last time i was here it was good times, big bar tabs, heard from the owner of this restaurant earlier today, a lot of money being spent and real estate was out of control. $3500 for a one bedroom apartment and keep in mind we're about 15 miles away from the montana border. real estate was out of control. a lot of locals say long term this price decline may be a good thing because more families will be able to live here. before it was guys moving up, keeping the family somewhere else and live in a man camp for a few weeks and go home. we talked about the rig count earlier today. i want to high light the magnitude of the drops in north dakota. three years ago there were 207 operating rigs, they drill the new well and move on. it takes three weeks' time. now there's 33. there were 35 when i got here a day and a half ago. yesterday two more rigs came offline. with those rigs, were workers and a lot of workers have gone home. that video we just showed you one of these man camps the capital lodge, d considered the biggest and nicest. 1200 people at its peak, now completely abandoned. we toured it and showed the video, towels on the floor. it's like they had run out the night before. and i met somebody that lived in it and that's exactly what happened, kelly and bill, they were like, oh, tomorrow, we're closing down, find a new place to live. there were balls on the pool table like someone had finished playing. there's no power because of course they couldn't pay their electric bill. there's a lot of those man camps like that lying around. resetting and getting used to the new reality of 38 buck oil. >> we have to go but it's true, this isn't just about the fallen oil prices but still cheapest to drill, right? >> that is it. this is not a cheap place to drill. the ground is hard. it is 70 degrees today versus negative 20 the last time i was here. >> brian, thank you for joining us and spending time in a critical part and telling the story about oil price. >> is there an industry more prone to booms and busts. art cashin said 700 million to sell. a pretty good sized sell program even with the dow up with 12 minutes left in the trading session. >> by the way, keeping an eye on other gauges here, transportations, sector, up 174 points today. >> it's the end of the week and that mikes david darst and today he's all about the european central bank. he'll join us. he almost joined us right now but he'll join us after the break. eve, other than making me move stuff, what are you working on? let me show you. okay. our thinkorswim trading platform aggregates all the options data you need in one place and lets you visualize that information for any options series. okay, cool. hang on a second. you can even see the anticipated range of a stock expecting earnings. impressive... what's up, tim. td ameritrade. e*trade is all about seizing opportunity. so i'm going to take this opportunity to go off script. so if i wanna go to jersey and check out shotsy tuccerelli's portfolio, what's it to you? 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(applause) ngo to ziprecruiter.com and post your job seize it! to over one hundred of the web's leading job boards with a single click. then simply select the best candidates from one easy to review list. and now you can use zip recruiter for free. go to ziprecruiter.com. eight minutes left. meg terrell has breaking news. >> we remember last year this thing was started coalition for affordable drugs and they were challenging the patents underneath the patents and accorda got hard hit after they challenged ampyra, they decided to institute four of the challenges on patents. and you're seeing a stock of a quarter there getting hit. this is going to kick off a long legal battle. the assumption was that he was shorting the biotech stocks challenging the patent. this is a way to make money even before we know the outcome. >> and he's made money today if that's the case, down 7.6% on accorda they were therapeutics. >> joining us on the floor, david darst. we've been talking about the crazy market response to the european central bank taking it to down -- >> 705. >> i beg your pardon. >> let me correct something i said earlier the market on close orders are 700 million to buy and not to sell. 50/50 bill and i got the wrong apologize for that. what's the market saying about it -- >> up and then down, i'm happy it went up today. dollar better, china better, oil better, european banks better. inflation better. meaning it's going up a little bit and economic news flow better. there were some positives and it was decisive and it was dollar friendly, meaning the euro actually went up which helps the dollar stay weak. we don't want the dollar too strong because the profits that come back home are worth less. on the negative side, usually central banks in the old days when they did something, it was volatility suppressing. this is volatility inducing, okay? secondly, it is not a monetary issue in europe. it's a structural issue. what i said this morning to people, that students, this is the markets were looking for the teacher to walk into the room with spanish tapas and irish scones, spain and ireland have done restructuring. instead the teacher gave them german pretzels and french croissants. >> did you get that? >> i got all of that with all of the different accents too. >> have a great weekend and happy st. patrick's day this coming thursday everybody. >> we have that to look forward to, thanks. we'll have the closing count done come up. >> we'll figure out which one you have to really pay attention to. you're watching cnbc, first in business worldwide. serena williams. hi watson. you are a fierce competitor. i've heard that. i have analysed your biggest matches. oh really? when down a point, you serve an ace 5.8 times more than other top players. you sound like a coach. i am not. but i can customize training programs based on biomarker data. watson, that's pretty impressive. you might say i am the serena williams of cloud-based cognitive systems. nah, i wouldn't go that far. e*trade is all about seizing opportunity. and i'd like to... cut. so i'm gonna take this opportunity to direct. thank you, we'll call you. evening, film noir, smoke, atmosphere... bob... you're a young farmhand and e*trade is your cow. milk it. e*trade is all about seizing opportunity. bob pisani joining me. this was the day everything changed, a month ago today and about 10%. >> in that time the dow is up 8%. this today we're up 1.25% and it will be the fourth week in a row where we've seen gains for major averages and same story for crude oil, wti in that time is up 40% since february 11th. >> we were 26, right. >> now at 38.5, up 1.8%. in that time also, treasuries, the yield on the 10-year has risen from 1.65%, 1.63%, almost at 2% now. 1.97%. good moves. >> incredible. march 11th, we did this earlier, jamie dimon announced -- >> february 11th. >> $26 million worth of stock, stock is up almost 11% since then. jamie dimon, stock picker, and maybe i think -- let's get him some credit, it was a factor in the potential turnaround with many things. we're in a very interesting situation now because i wrote a story trader talk, the pain trade is higher -- >> i like how you did that. >> three things that really matter to the stock market calming down. fears of recession calming down. oil, you showed that chart there, certainly moving higher or at least calming down and finally the dollar, not dropping up. down would be good but sideways, which is what we've got is also acceptable. only x factor is next week is the fed going to try to sound a little hawkish for a june rate hike. we don't know, normally there's a positive bias. >> it's a quadruple expiration -- >> rest up, everybody, going out with big gains fourth week in a row. evertec ringing the bell and national kidney foundation at the nasdaq. feel better, kel, have a good weekend. >> welcome to "the closing bell." i'm kelly evan, four straight weeks of gains. the lows on february 11th, it's been a strong rebound, adding 215 points and s&p up 32, 1.6% gain and nasdaq up 86 points, 1.9% gain. crude oil was green again and transports which we've been watching closely. up 174 points. joining today's panel we have senior mashlgts commentator mike santoli and evan newmark. for more on market action, david sea berg joins the fray as well. how much of this do we attribute to the european central bank or not? is this about entirely different factors. >> this last lag was a reevaluation of the ecb and maybe an evaluation that it would unclog credit or take a lot of interest bearing instruments and corporate credit off the market and do what qe is supposed to do. up 200 points in the s&p since february 11th. over 200 points from interday low. we're up on something besides what the ecb did yesterday. i can certainly see the pain trade was higher from this level up, i don't know if it's still going to be that painful but it's been all week the market was telling us it didn't want to go down so easily. it came in overbought and kind of refused to get downside momentum. here we are left with the risk on tape and we're not sure if the real buyers will take it higher. >> do you think we put the bottoms in oil here? >> i don't know because i couldn't tell you -- all i felt a couple of months ago was oil stocks and oil price had been clobbered for the previous year. it was down -- >> everybody hated. >> everybody hated it and hugely when everybody hates it you get a turn -- turned out to be the case. what drives the thing higher, i don't know. i'm with mike. it's hard to see -- do oil prices finally double -- >> hanging onto the names you bought back when the stuff -- hanging on for the long haul? >> when i buy these funds and vanguard energy fund, i'm buy teenager for three to five years. i'm not buying it for a two-month trade. i'm making the bet. i don't know when it's going to turn but three years from now it's going to be considerably higher than it is. i happen to think on the point of the ecb, we talked last week, the best thing for the market is for the market to figure out that you know what, central banks really don't matter anymore. in a weird way, the ecb came out and said this is it and i'm hoping this is it. and we get away from the whole idea that the central banks control everything. they don't. >> let me just raise here into the discussion what's happened with the yield on the u.s. treasury note. this is pretty interesting, almost 2%. it was down at 1.5 earlier this year. on a relative basis, it's an enormous increase. it's still low but why does that yield continue now to test the 2% level? >> beef been re -- we've been removing these layers of concerns that would have placed it lower. it's been trading with oil just as stocks have been trading with oil. inflation expectations, right or wrong have tracked what crude oil is doing. and in general, this deflation scare that really captivated markets in the early part of the year has been removed. is it because of the central banks? i don't think specifically because of them but u.s. growth is now tracking at about 2.2% for the first quarter according to the atlanta fed. that's not necessarily kpatable with 1.5% of the treasury. >> it does seem if you wanted to gather all of the things going on in the market, the oil price and 10-year yield, all of these various things you could say they track and they go right back to the data. it all depends on the data and data has been getting better but how much better can it get? >> i think that mike brings up a good point. we removed a lot of layers of uncertainty and concern. there's no question about that, especially in the last month we've had. we've had a tremendous amount of short covering in repositioning going on and ahead of key economic events, we still have a rich calendar next month. we have data out of china this weekend and we have the fed as well. commentary next week is super important but we have to get back to understanding that $120 earnings in the s&p 500, 16.5 times earnings will be the level that people are very comfortable with right now. so earnings matter, i don't see enkz revisions going through the roof and positioning matters as well. i think right now the repositioning if you will has been completely done. short coverings occurred and rally the commodity and equities, i think we're going to pull back. >> okay, i would say i would agree with david that the s&p 500, you cannot make the case it looks cheap. what's interesting is below the surface the index, last year, most sectors and stocks were getting smacked as the index held hup. this year they are up year to date and in fact on average up about 1% or more. you have the average stock rebounding much more than the index. >> it's like gone from a stealth bear market -- hang on a second. we mentioned these key decisions next week. this will play into this whole discussion. it's not all about fed watching. susan lee is heerl to set us up for a promising week. >> two of the largest central banks will be meeting next week follows on the ecb move this week. the bank of japan, he went negative the end of february, there might be pressure on the boj to add more stimulus. then on tuesday, the fmoc kicking off the two-day policy meeting. people are expecting and keeping their options open and we have earns from or ka kel and this is going to be interesting, winner take off in florida and that should shake up the race a little bit. wednesday we're expecting the fmoc rate decision and earnings from fedex, a good gauge to global growth. and thursday a gauge on consumer spending and tiffany earnings and it's a busy week. back to you. >> thank you so much. >> what were you going to say? >> we were talking about oil and whether or not three years from now, four years from now it's significantly higher. i mean, i can't tell you the direction. it may be significantly lower. what's important to look at in this market, at $40 oil, we'll talk about this on fast later on tonight so you can tune in for that. the reality is, what companies will survive and what companies aren't going to survive. what companies have cash flow that will maintain their cap ex. what companies can invest in growth? i look at it and say $40 is an inflection point and you see hedging occur and there's still obviously an incredible amount of supply being floated around the market. it's concerning for me from a long term perspective, i wouldn't touch energy here. >> and by the way, i totally disagree. from where i sit, i'll bring up the fact -- >> what about natural gas. >> a study came out this week, percentage of fund managers, active fund managers have outperformed the s&p 500 over the last ten years? >> you can't go negative but i think it's around 14%. so 85 -- i'm not trying to be one at all. i'm saying quite the opposite. if you believe in energy as a sector, i'm looking at it as a sector, not trying to go i'm going to pick chevron over exxon five years from now. i think that is a sucker's bet, like caring what the japanese bank is going to say on monday. which i don't care -- >> i think there's a point to be made off of what david is saying, there are going to be victims we haven't heard from yet. just because we're up 50% off the lows into crude oil, it doesn't mean the headlines aren't going to be bad. can you pick them in advance? maybe not all of them, no. it's going to be perhaps a sloppy tape -- i don't know if it's good or bad news, energy is only 5% of the s&p 500. it's all of a sudden not the thing that directly should move things. >> i think what you're going -- much more important than equities or really even the price of oil, i don't know where the price of oil is going to go is going to be volatility in the bond market. i think what you saw with the japanese bonds, japanese bonds basically don't do anything, have been extremely volatile because a lot of bond investors, people in german bunds or other european paper or japanese paper, realizing it's like -- there's no -- the end game -- we're at the end game, they can do whatever they want and it's not pushing the economies one way or the other. the european economy and japanese economy in particular are in dire straights it has nothing to do with mondetary policy. >> does that mean rates are going to go higher? >> i don't know. what it does mean -- investors especially investors invested in european paper and japanese paper and u.s. paper for the last 30 years, they've never known what it is to lose money in bonds. nobody has lost money in bonds with the exception of high yield bonds and some sort of lower quality corporates over the last couple of decades. in a world in which all of a sudden people wake up and have money in japanese bonds and losing money and losing big -- the world looks different. >> 1994 the world lost money in bonds but that was one year. >> a closing comment before you go. >> stay away from energy here at these levels, it's a massive short coming rally in the equities. i would stay away. the break evens for these company, from the cash flow standpoint, that $40 oil is the line in the sand. i would be a seller of energy. >> thanks for joining us. >> they are going to be talking more oil on 5:00 p.m. asking tom kloza, why he thinks oil has bottomed. we have a developing story on disney. kate rogers joins us. >> disney not the happiest place on earth finding itself in the crosshairs at the gop debate. they were asked a question about the h1b visa which permits foreigners to work in the u.s. temporarily. >> senator rubio, disney laid off 250 tech workers in orlando replacing many of them with foreign workers, some of the americans had to train they are own replacements. you support increasing the program that made it possible to bring in these foreign workers. doesn't this program take jobs away from americans? >> if it's being abused the way disney did. it is illegal now under that program to use it to replace american workers. under that program you have to prove you've tried to hire americans and if a company is caught abusing that process, they should never be allowed to use it again. >> now disney tells cnbc both the question by the reporter and answers provided by rubio misrepresent the facts saying approximately 250 people were affected by the reorganization and we were able to hire back more than 100 of them in other positions with disney. in addition, the resince the reorganization, we've hired more than 140 other u.s. it workers into technical roles within the parks technology team and we're currently recruiting candidates to fill more than 100 it positions, resulting in more jobs than when the reorganization began. this may ultimately be answered in court. some of the employees part of those layoffs suing both disney and outsourcing companies involved in hiring those foreign workers. back to you. >> i thought we might hear from disney after that. kate, thank you so much. what about the substance still of all of this? >> this is the afterlife of a controversy which did get a lot of criticism at the time. it seems like a little special case attached to a big company. yes, there's probably abuses of the program but i think the connection of disney walt disney world -- >> how many people does disney hire? >> tens -- probably more than 100,000 people in the united states right, i'm guessing? >> i'm sure no company wants to end up being emblemattic. >> it's a pr thing. >> if these employees feel they have a grievance, they'll continue to proes it. we'll explain why the unemployment rates in florida and ohio could foreshadow the winner of the primaries and amazon's echo can play music using the alexa. now letting users do their banking through the device. should you trust your finances to this woman, i guess she is? that's next. equals great rates. it's a fact. kind of like social media equals anti-social. hey guys, i want you to meet my fiancée, denise. hey. good to meet you dennis. there's a lot of places you never want to see "$7.95." [ beep ] but you'll be glad to see it here. fidelity -- where smarter investors will always be. if only the signs were as obvious when you trade. fidelity's active trader pro can help you find smarter entry and exit points and can help protect your potential profits. fidelity -- where smarter investors will always be. we need to be ready for my name's scott strenfel and r i'm a meteorologist at pg&e. we make sure that our crews as well as our customers are prepared to how weather may impact their energy. so every single day we're monitoring the weather, and when storm events arise our forecast get crews out ahead of the storm to minimize any outages. during storm season we want our customers to be ready and stay safe. learn how you can be prepared at pge.com/beprepared. together, we're building a better california. amazon and capitol one want you to manage your features with alexa. at least one person is excited about the technology. apple co-founder steve wozniak said why his life an echo alive changing. >> i'm excited about the amazon echo. it's become such a wonderful part of our life, not having to lift anything up and speak to things and just speak to it anywhere across a room. such a luxury and freedom. i think it's the next big platform for the near future if i'm right. >> also joining us now is he had mond lee from recode. it's true alexa has kind of -- people kind of rolled their eyes and amazon had a couple of device flops and now all of af sudden people are saying it's voice recognition is better than siri's, would you do your banking through alexa? >> i agree it's a really great device. i don't know i would do my banking through alexa just yet. i played with it. it works really well. it does what it's supposed to do. it's seamless, there isn't too much friction in terms of being able to use it and fairly intuitive. i agree with woz there, it represents probably the next platform for computing. we went from pcs to mobile to internet. i think ai or artificial intelligence what the alexa is, that's going to be the next wave. it works better than google's version and apple's version right now. >> it's interesting because it was kind of about the smarthome and kind of like you can hook up lights or maybe tv. but you start to realize, their voice recognition technology is good enough, you don't have to pick this up, do this, do that. would you trust alexa in your house? >> i have no problem with the trust piece of it. i feel that's an interesting behavioral question of why you would trust this device not attached to anything in particular and wouldn't trust something that sounds like a human voice. what i'm wondering about, for amazon, whether it's truly supposed to be a stand alone profitable product or trojan horse that is supposed to help you get greater engagement with amazon as a universe or make money other ways. >> do you think it matters? >> the voice recognition thing, i've suffered through so much voice recognition different devices and all this thing. i remember an internet conference in 2001 -- and i thought -- i forget what the name of the company was talk to me or something and you could order a pizza in silicon valley by saying pizza. this is the next great thing. 15 years later and we're still trugling with it. >> back then palm had a tablet that didn't work too. >> i'm trying to say, you know, i'm kind of a less is more kind of person. the first time i have a hassle with any kind of voice recognition product, it's the last time you use it. >> it's not really -- it's not a stand alone product -- they want to sell it and not necessarily about voice recognition either. amazon's way of getting people to the internet. so right now apple is winning that with their phones but the easier it is for consumers to get to the internet, to buy stuff or listen to music or check e-mail or bank accounts, that's how amazon wins. that's why is everybody is fighting for this artificial intelligence platform. that's the next way they'll access the internet. >> this capital country initiative is a lous you to ask, what's my balance, in some cases make transactions as well. what if somebody breaks into your house and says, hey, alexa, do x and y and z, any checks against stuff like that? >> there's always going to be security issues with any device, something like the echo or your smartphone for that matter and that's become a lot more come to the floor with the apple fbi standoff. it's one of those things that the tech companies will build in security the best way they can. it's as much about the change in behavior amongst consumers as they get more comfortable and if this will be the thing that takes off. i think it will be. >> i'm a visual person. if i call for a bank account or brokerage account, it's weird, i'm a visual person. some people maybe kind of -- >> you don't think that sleek little black box -- >> somebody telling me my credit card account is different because when you see a visual representation of like whatever your card balance is, there are other options, it's a little easier to interface than just a voice saying -- >> this removes a layer of transparency in ways. ed, thanks for joining us. up next, speaking of hackers, exposing a huge flaw in the global banking system after a massive bank heist involving a new york fed. jessica alba's startup honest is being accused of misleading investors and customers. coming up on qupt the closing bell." our cosmetics line was a hit. the orders were rushing in. i could feel our deadlines racing towards us. we didn't need a loan. we needed short-term funding fast. building 18 homes in 4 ½ months? that was a leap. but i knew i could rely on american express to help me buy those building materials. amex helped me buy the inventory i needed. our amex helped us fill the orders. just like that. another step on the journey. will you be ready when growth presents itself? realize your buying power at open.com it may sound like a plot from a block buster but it's anything but fictional. >> this is one of those stories that raises questions about whether or not there's a significant flaw in the way that central banks around the world transfer money back and forth to one another. here's what happened according to reuters reporting. somebody, a crook or hacker got access to the central bank of bangladesh. got their so-called swift credentials and those credentials enable the central bank of bangladesh to submit requests to the new york federal reserve to transfer money from the bank's account there out to other entities. they requested about a billion dollars in transfers, these hackers did once they got those credentials, about $81 million was actually transferred before people at the new york fed realized there was something amiss here. that $81 million went to entities around the world and much of it may have vanished by now. the transfers were ultimately stopped because the hackers or criminals whoever they were, apparently misspelled the way foundation in one of their requests for transfer here. we talked to the new york fed about this, they said they are own systems were not breached in this attack. all of the security problems seem to have been on the bank of bangladesh side. we talked to swift, the international messaging system for global money. they said swift and central bank of bangladesh are working together to resolve an internal operational issue at the central bank. the core messaging services were not i am packed and continue to work as normal. the key is that the new york fed has accounts for as many as 250 governments and central banks and institutions around the world. this may expose the kind of thing hackers can do by finding the weakest link in that chain and finding central banks with the least security hitting those and steal money that's sitting in the new york fed. the question is, what are all of those institutions going to do together to make sure this doesn't happen again, kelly. >> stay with us, i wonder, does the honus fall on the new york fed because the reputation is at stake here? >> i guess in terms of the bad press piece of it. it seems like somebody else got their a.t.m. pin stolen. is it the bank's fault? to me that's the analogy that works. you would hope the new york fed in cooperation with the other ones make sure it doesn't happen again. >> the piece i don't understand how bank transfers work, somebody got the money. i would have assumed it was a financial institution on the other end who gets the money wired to it. so there is somebody at the other end getting the money and give teenaging it to the hacker >> it was just a bank account anywhere. >> it's traceable, though, that's the whole thing. >> what appears to be the case here there was some sham -- apparently sham entities created, foundations and like which had bank accounts, it goes into the foundation's bank act and hop skip and jump away. it may be the case that some of this money ended up casinos in macao and other places, where the hacker would get the money might be walking up to a gate and receiving cash. we have to find out more about this. why is the global financial system this electronic? is there a room now to put human beings back in this loop the way they used to be back in the old days now that we know about hacking and dangers of it? should a human being receive a phone call asking for that transfer? should that relationship be a human to human relationship so you can't hack in and steal the code. >> i thought the robots were spoesed to replace human error? >> and now we're getting roboter erin sted. you can steal more with a computer than a gun. >> theal go rhythm city corp uses, let's put a roadblock in front of it. i wonder that they can even write that program. >> that's a good point. >> go ahead. >> it appears to be a pattern analysis that spotted this at the new york fed. we don't know how they spotted, whether a piece of software or good old fashioned human being spotted it. somehow this didn't seem right but $81 million went out the door before they caught it. >> good old fashioned human being. >> sounds like an inside job in bangladesh. >> this is not the kind of story that i want to have anything to do with. thanks, eamon. continue to keep us posted. >> here's what's happening. china's foreign minister meeting with vladimir putin and foreign minister lavrov to discuss the syrian peace process and intentions in the korean peninsu peninsula. tensions were heightened among refew geejs and migrants over a limited amount of supplies arriving in the overcrowded camp on the greece macedonian border. aid organizations brought them clothes and teams distributes the food, the people began to argue and pushed in desperation. a dozen memphis residents were evacuated from flooded homes. a rescue team used an amphibious vehicle to navigate through a neighborhood swamped by the river. transit rail riders face the pros secretary of starting a workweek amid a strike, with union representing 4,000 workers. they have been working without a contract for nearly five years. >> in the tri-state area, that means leave extra time for your commute. that's the cnbc news update. >> we've been getting those e-mail updates. >> work for home. >> doesn't work for me and you though. >> we have to be here. but that's a good thing. thank you so much. sue herrera. primaries in florida and ohio could be a game changer in the presidential nomination. we'll look whether the unemployment in the state could hurt or help donald trump? 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(applause) seize it! man 1: he just got fired. man 2: why? man 1: network breach. man 2: since when do they fire ceos for computer problems? man 1: they got in through a vendor. man 1: do you know how many vendors have access to our systems? man 2: no. man 1: hundreds, if you don't count the freelancers. man 2: should i be worried? man 1: you are the ceo. it's not just security. it's defense. bae systems. hey how's it going, hotcakes? hotcakes. this place has hotcakes. so why aren't they selling like hotcakes? with comcast business internet and wifi pro, they could be. just add a customized message to your wifi pro splash page and you'll reach your customers where their eyes are already - on their devices. order up. it's more than just wifi, it can help grow your business. you don't see that every day. introducing wifi pro, wifi that helps grow your business. comcast business. built for business. the dow is up 218 points and s&p added 32 for 1.6% dpan, closed at 20e 2 and nasdaq up nearly 2%. john harwood joins us with the latest on the race for the white house ahead of crucial primaries in florida and ohio. >> ahead of those big primaries next turks donald trump is trying to close off competition and act like this nomination is won and it's time for the party positive pull together. he accepted the endorsement of ben carson, his formal rival this morning. and he also said he hopes that civil primary debate last night would be the last one. >> i think we've had enough debates. i think -- how many times do you have to give the same answer to the same question? do you agree with that, ben? same question, same people, same everything. i think, you know, it will be nice to finish off with this one. >> here's why he is feeling confident looking forward. look at these key states that will be voting next week. north carolina, that's where ted cruz hopes to break through. donald trump has got a significant lead in these average of polls from real clear politics and you go to florida, a winner take all state. marco rubio is hoping to win his home state but the polls suggest a double digit lead for donald trump. very much uphill for marco rubio. then you look at ohio, john kasich is trying to win there. he's running very close to donald trump but trump is still ahead. there's brave talk among the anti-trump forces perhaps kasich and rubio can grab the winner take all delegates and prevent donald trump from getting the majority. if he wins either one of those states, he's on his way. >> thank you so much. for more on tuesday's voting and if the economies could impact or foretell the results, let's bring in josh barrow, senior editor at "business insider." two states and unemployment to consider in terms of a gauge for them. josh, what are we seeing in terms of performance relative to the overall economy? >> florida has been a boom and bust state. they did much worse than everybody else and enormous housing bubble, all of these construction jobs wept away and construction was bad for tourism. unemployment is back in line with national average. florida is a state that looks out to the rest of the world while trade is a big issue in ohio, people are upset about trade deals. in florida they do international business and you saw marco rubio hitting pro trade notes in the debate last night. i actually think florida is a state where economic distress is not going to be as front and center in the voting as it is in ohio and various other places. >> you agree about florida? it's interesting despite having the boom and bust, unemployment rate is what the national average now, 5.1%. >> right and it's come down a lot. had one of the worst unemployment rates during the great recession. there's been a good recovery. and so it's kind of doing about the same now, about -- the economy in general, i would think the same kind of message from the candidates should -- if it resonates there, that would also expect it to resonate more nationally. >> that means potentially before we move to ohio, maybe a protectionist candidate like trump wouldn't do as well in florida even though he's pulling ahead? >> i think it's very difficult to kind of figure out exactly how all of these issues intersect with trump. in michigan, he did not do better in the areas of michigan that lost more jobs to trade, harder hit manufacturing areas. you would have thought that would have been the case and cultural issues happening with the trump campaign. some of those easy sort of relationships that you would draw between the economy and trump's performance, don't always necessarily show through. >> how about ohio though? >> ohio also had a worst than normal unemployment rate during the great recession because they had relatively high unemployment before we went into a recession. they've been really affected by trade with china over a long horizon. this is why trade is an issue that resonates there. it's a good issue for donald trump and good issue for bernie sanders on the democratic side. managed that surprising win in michigan in the large stance against trade and the fact that hillary clinton had a mixed record on that. that's going for trump. on other hand john kasich has a big field advantage and ohio has recovered well. kasich is a popular governor in ohio because people give him some of the credit for the fact they've had a good economic recovery. >> it reminds me journal had a front page story, trump was remaking the legacy of john boehner in ohio, people carrying his mantle and saying he more rupts their interest? >> it's interesting, it's a slippery relationship between the economic conditions on the ground in any state in the country in general and the candidates that seem to be in favor right now. because honestly, if you look at 4.9% national unemployment and president with a 50% approval rate. all of these things don't fit with a grass roots revolution. it's a matter of who do you blame for not being as happy as you wish you were, is it immigrants or foreign trade or something else? >> it's weird. there's nativist strain in america, populist, anti--immigration against free trade, there are these strains that have been throughout american history, certainly in the 20th century and this is just drk i think it almost has nothing to do with the actually underlying unemployment rate or the economy. i think it's grievances -- >> lagging indicator. the narrative was set a couple of years ago. >> if you are someone who's kind of retired already, this is not about the future. it's really about your past. >> i'll let you respond before we go. >> yeah, i think -- there's a lot going on here and discomfort with the cultural direction of the nation with the trump voters but there's a lot of anxiety about the future, both the culture and is my kid going to be able to get into a good college without a lot of debt. when he gets out, will he have a decent job? there's as much about the future as on the ground economic conditions. >> fair enough. you agree, josh? >> i think that's right but the other thing the unemployment rate isn't the only indicator, wage growth has been weak and a lot of people in ohio think i have a job but it zntd pay what i would like it to and people always romanticize the past and have great ideas what type of job you could have in the '70s and how easy it was to support the family. donald trump is a nostalgic candidate. >> we'll find out the results on tuesday. >> we have a news alert on chipotle. >> news across on wires that steve els, 2015 total pay, compensation has come down to $13.8 million, down from $28.9 million just last year. chipot le's co-ceo seeing his pay fall down to 13.6 million and that's down from the 28.2 million in compensation that he got last year. back to you. >> susan, thank you. we'll see if the shares move at all in response to that. looking for a place along lake michigan with million dollar views or chicago magnificent mile? whether it makes sense to rent or buy in the luxury real estate market. you're watching cnbc, first in business worldwide. there's a lot of places you never want to see "$7.95." 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(dad laughs) wow, you're laughing. that's not the way the world works. well, the world's changing. are you asking enough questions about the way your wealth is managed? wealth management, at charles schwab. today we're tackling the ultimate real estate dilemma, rent or buy. two properties and one market face-off. we'll determine when is the bang for your buck. we're headed to chicago where you can buy a high rise haven or rent cozy chi-town. >> views of lake michigan and downtown chicago from nearly every room. flor to ceiling windows light up 2400 square feet of open living space. that includes a working fireplace and chef's kitchen with upgraded finishes. there are three bedrooms and two have ensuite baths and other amenities, a shared party deck and gym. modern high rise comfort at $995,000. >> tucked in chicago's historic old town this renovated home sits completely hidden from street view. inside, 2,000 square feet three floors of living space, starting with the living room and dining area and chef's kitchen with quartz countertops, three bedrooms and two full and half baths, heated floors, cozy chicago living can be yours to rent at 4,500 a month. >> with now is the star of bravo's million dollar listing new york. good to see you again. >> thank you for having me. >> this is the debate that everybody is having. i like the heated floors. before we have you reveal this, what do you think in terms of evaluating these two? >> i think my scale is skewed by living in manhattan and that rental for 4500 looked excellent and south loop where that high rise was specifically, i'm not sure it was necessarily the most central spot. >> i had a lot of questions about the shared party deck. >> common roof deck. >> who do i have to share it with? >> i'm kidding. >> how do you evaluate the rent versus buy argument? >> it depends on the stage of your life. i'm a big believer in you're young, we had this discussion once upon a time. with rates relatively low, you should be thinking about buying as opposed to renting. when rates are low, generally speaking, it generally means because real estate prices have flattened out versus the bubble of 10, 15 years ago. generally, you know, makes sense if you're young and having a family or whatever you're doing, to buy as opposed to rent. >> generally. >> i'm generalizing. >> drum roll please, then. which one here do you think is the better value? >> first, what i look at is who is this going to be for? if it's a one bedroom and somebody looking at the short term stay, sure, maybe it is time to buy something because interest rates are low and they are building credit and becoming an adult. we're talking about two or three bedroom homes, these are big, big homes. in chicago, the average person in chicago under 40 is staying there for about 3.2 years before they move. that's the average. in chicago for some reason the cost of buying versus the cost of renting only starts to make cents to own after the four year mark. every other market we looked at today, including new york city, it's much, much sooner than that. in chicago, you have to stay there over four years after all of the up front costs and fees where it starts to make more sense. you're paying almost $6,000 a month to carry the party deck what you called it, the crazy common party deck and paying $4500 a month to rent this secret hidden kind of cottage in chi-town's old history town, which is great. >> you think i don't want to put words in your mouth that the rental is the better value. >> not necessarily. i think that -- i also have too look at trends and where you're buying in the marketplace. everyone knows that rents -- rates are incredibly low but you have to look at the fact that the rental market in chicago is at the bottom. year over year. the number of rentals and rental market is incredibly low. if you're looking to rent to save money for that deposit to then go and purchase something that could correct in the next year, i think that chicago and these two options, my opinion, you rent. >> all right. ryan,hank you. >> i knew that's where he was going. >> i knew that's why he was making fun of my common roof deck. >> i wasn't making fun of you. >> i like that stat about the ownership time and the different markets. thanks for joining us. we appreciate it. >> the new ufc women's champ did not make millions for her last fight. those details are next on "the closing bell." which control this joystick. no, i'm actually over at the ge booth. we're creating the operating system for industry. it's called predix. it's gonna change the way the world works. ok, i'm telling my brain to tell the drone to get you a copy of my resume. umm, maybe keep your hands on the controller. look out!! ohhhhhhhhhh... you know what, i'm just gonna email it to you. yeah that's probably safer. ok, cool. i...just me...me andrd my four daughters.... ah, there's a lot of dancing and pageants that go on in our kitchens and living rooms and things like that. i've had to learn to accept certain things like the fact that my toe nails and finger nails are going to be painted constantly. but it's really awesome to watch them at their own things. they're great kids... all of them. whatever home means to you, we'll help you find it. zillow. here at the td ameritrade they work all the time. sup jj, working hard? working 24/7 on mobile trader, rated #1 trading app on the app store. it lets you trade stocks, options, futures... even advanced orders. and it offers more charts than a lot of other competitors do on desktop. you work so late. i guess you don't see your family very much? i see them all the time. did you finish your derivatives pricing model, honey? td ameritrade. welcome back. ufc president dana white said she'll face rhonda rousey. >> i don't think it's a matter of if. it's more of a question of win. after her shocking win tate says it's time to pay her championship pay. she only made $92,000 last weekend. 64,000 for the fight 64,000 for the win. you could argue both fights were equally exciting. i asked her should women in the ufc make the same as men? >> why not. of course. if i put butts in seats, why not. i've never segregated myself. i started wrestling in the boy's wrestling team in high school and i was one of only two females and the only female consistently there all four years. i don't see myself any different than the guys. if we draw crowds i think the pay should be equal. >> tate is sponsored by the likes of budweiser and easy go golf carts. she has another priority. >> i've been wanting to be sponsored by a hair product for a long time. i have a lot of hair and it goes through a lot in my training camps anyway. having a great hair sponsor would be awesome for me. i'm kind of hard on my hair, i think i have nice hair. i try. >> she actually ended up asking for advice on what to do with her hair. she will decide soon though whether to fight at ufc in july or if she'll get another shot at rhonda rousey. >> i love that about the hair. a lot of us can sympathize. there's a great opportunity there. what about the popularity of ufc in general. how much do you think it's making in routes here? it's sort of an emerging major sport. >> i think it is. i think the weather can ever become as popular as a major league. i'm not sure. when you have these exciting characters and these exciting fights, you know, she said one reason so many like her and she's so popular is because she's always been the underdog and never gives up. she's not the underdog now. she's the champ. we'll have to see what happens going forward the with the ufc. one of the things tonight is both champs were upset. at least in conor mcgreg gor's case he failed to move up to weight. people like that. that's exciting. they don't want somebody whose dam na dominate all the time. that was a crazy interview. >> that was remarkable. that's why the fact he didn't win after all the big talk is pret pretty remarkable yeah. >> when rhonda rousey and tate fight, that will be perhaps the biggest fight of the year. >> when do we expect that to happen? >> well, it could be july but tate said she has to get together with her people and see. we haven't heard from rhonda rousey yet. she had much rather go back and try to defeat rousey. >> thanks sovp. >> president obama meanwhile just commenting opt apple fbi dispute. we'll get you those details next. storytelling in your movies. you know, it's amazing how much information is contained in a single image. one visual can make or break a film. i am analyzing images for factory managers, sales people and healthcare professionals. that's good watson. but not exactly movie material. perhaps the healthcare professional could be played by matt damon. you're learning, kid. with extraordinary offersmance saon the visionary ls, the generously appointed es and the new, eight-passenger lx. ♪ this is the pursuit of perfection. our cosmetics line was a hit. the orders were rushing in. i could feel our deadlines racing towards us. we didn't need a loan. we needed short-term funding fast. building 18 homes in 4 ½ months? that was a leap. but i knew i could rely on american express to help me buy those building materials. amex helped me buy the inventory i needed. our amex helped us fill the orders. just like that. another step on the journey. will you be ready when growth presents itself? realize your buying power at open.com welcome barck. we have a news alert on president obama. >> hi, kelly. president obama just finished speaking at the south by southwest event in tex terks. he didn't comment specifically on apple. that's an on going case. he did comment on what he sees as the dangers of unbreakable encryption. >> the question we have to ask if it is technologically possible to make an impenetrable device or system where the encryption is so strong there's no see or door at all. then how do we apprehend the dhield pornographer? how do we solve or disrupt a terrorist plot? what mechanisms do we have available to even do sympathy things like tax enforcement? if, in fact, you can't crack that at all, government can't get in, then everybody's walking around with a swiss bank account in their pocket. >> that's a fascinating analogy. swiss bank accounts in your pocket. i haven't heard the president use that phrase before. the president also said he doesn't want people to take an absolutist view on this apple verses fbi encryption issue. he says we make compromises all the time in terms of security and freedom. he sited tsa security lines and drunk driving checkpoints on the highways. that's places where we are going to compromise a little bit of freedom for security, kelly. >> thank you. >> it does seem to me he wants to be in the middle! he'll make an excellent professor. he's going to make an excellent professor. he's going to be a very good professor. >> before we go, let's remind everybody what's happening. closing bell is heading west. i'm going to be in san francisco joining the co-founder of lib and to name a few, so, guys, make sure you don't miss it. i'll join you back here next week. >> be sure not to miss it. get better. >> thank you. thanks for joining us. michael, evan, that does it for us on closing bell. have a great weekend everybody. fast money begins right now. >> fast money does start right now. live from the nasdaq overlooking new york city's time square. tonight on fast the man who called the collapse is back. this time he has a shocking call where he sees oil going to next. he'll be here to explain. plus, donald trump taking aim at companies and could be weighing on stock prices. are there stocks going nowhere? we've got a way to make money on stocks doing just that. we are calling it reviving the dead and your money will never be the same. first we start off with the market that's been the hell and back.