Could make this the summer of the road trip. And what happens if gasoline prices start to go up again . We have a recap of that coming up here. But lets start with todays top story. That speech from janet yellen, steve liesman, where she did. She thinks its headed toward a 2 goal with the oil prices up and dollar stabilizing. She said in a conversation at harvard she expects the economy to strengthen and rates to rise. Its appropriate and ive said this in the past. I think for the fed to gradually and cautiously increase our overnight Interest Rate over time and probably in the coming months such a move would be appropriate. Thats in line with what other fed officials have said in the last several weeks. Ultimately the data is going to determine whether theres a fed hike in june. Theres a lot of it with Consumer Spending on tuesday. Vehicle sales very important right there. Now, just note, folks, adp which normally comes out on a wednesday because its a holiday week comes out on thursday. Thats ahead of the jobs report on friday. The dow lost about 30 points after yellen made her comment but its recovered about half of it. Thats going to be the real test is how comfortable the bond and stockmarket are with a chance of a hike though. Yes, indeed. Thats about as close as were going to get to janet yellen saying were raising rates next month. Right there. Thanks, steve. You too. Have a good long weekend. Joining our closing bell skparj we have courtly radcliff gibson, peter costa from empire executions joining us from post nine, and Rick Santelli at the cme. Im going to start with you, rick. It was the treasury markets and currency markets where we saw a response to Janet Yellens comment. The pop of yield happened as well. The case isnt to be made whether we traded higher than 92 basis points on 2s or whether we traded closer to 190. The issue is after yesterdays final sevenday note auction, the words seemed to be i hey, maybe those minutes were speeding a little bit and we dont have to worry as much. Then you add in the holiday. Some markets closed early. And a lot of traders who had the right decision on, they were too thin. But youre exactly right. It was like, boom, we went back to the way we looked earlier in the week. Flattening curve on a quick move. 36 to 39 on fives. The 30s hardly moved. The dollar strengthened as well. It isnt how much stocks recover, how much they gave up. They got half back because theyve got one fifth the traders trading it. The new news continues to come in. Patty rights wonderful articles on cnbc. Com. They seem to be bringing the numbers down. The whisper numbers now even less than that and moving lower, so that really makes for an interests setup. How it all pans out. Some say maybe you could drive a truck through that, but i say, i dont know. I think theyre getting ready to tighten. And as data dependent and as wonderful a phrase it is, there are a whole lot of forces that will try to propel them above and beyond pure datadependent. On that note as well, jpmorgan said its model rose after the corporate profits report. So where are you guys putting money to work . Well, you know, its interesting. Were putting money to work or i should say our clients are putting money to work everywhere. Lets be honest. You have to have a diversified portfolio. If you havent priced in a rate hike, whether its june, whether its july, were looking at the data, looking at whats going on and looking at the global economy. Maybe because its before memorial day, you dont have many traders. Do you suspect theyre going to raise rates at either the june or july meeting after the brexit vote . What do you think the stockmarket is going to do about that . I think what youll see is next week youre going to see a lot of activity. I think youre going to see people more and more involved. And you have to look at it and just assume that its going to happen. I think traders are going to start positioning themselves probably more on the financials. I think thats where a lot of the money will end up going which, you know n the long term is actually good for the market. I do think youre going to see a lot of movement into the financials and youll wait until the jobs market. That will be the key indicator. The flip side is what happened to the gold and gold miners. The miners are or a fourweek skid down about 14 for this month. Rick, you know, going back to the dollar, i guess, were sitting here at almost 96 on a dollar index. Do you think it could keep moving higher . Listen. The dollar index if the fed is going to raise rates, the dollar index is going to go higher. Thats like financial physics. But it all depends if we actually see an appropriate turn and if theyre going to do it. And when they to do it, its going to keep going up. There are mitigating factor. The one area we havent discussed thats the biggest area, i dont think Interest Rates are going to have ram bunk us moves. I think you have to watch the credit spreads. All that corporate issuance out there. Banks dont have any corporate inventory. You know, weve had so many guests say, its pretty good because the status quo is pretty good. But my contention is we have the most fragile status quo ever in certain market areas and how theyll react when theyre stress tested, you know, is anybodys guess. Hey, peter, the traders and to computers are watching these indy sees very carefully. Maybe 18,000 are waiting on the dow or the s p. What numbers are you watching for here . I would be looking at 2100 on the s p. 2100 top. The down side is i dont think we have a lot of room on the downside. Its narrow range and i think were going to be there probably till the end of the summer. Kourtney, what areas are you telling people to stay away from . I will tell you you guys were talking earlier about the issues around drugs and antibiotics and not working. Zika is real. Really Pay Attention to the stocks affected by travel. Aside from tsa and what weve seen there, the Airline Stocks and other consumer stocks, i think were going to see a lot of issues around travel and folks avoiding zika as its real threat. Particularly u. S. And european travelers will not go to areas they otherwise might during the summertime. You can read that into the rio olympics. Absolutely. Have a good weekend. You too. Have a good weekend. You too. David faber has new details and joins us now. Thank, kelly. You know what . Your intro alone says it all between viacom and Sumner Redstone. Hes the Controlling Shareholder of the very company were talking about. Earlier today or actually on tuesday i report thad the directors of the company were increasingly in the event that mr. Redstone might replace all of his board as soon as this friday. Today as we we reported on that likelihood. Sources reported that, yes, theyre bracing for that opportunity. Later today, about an hour or so ago, a spokesman on behalf of mr. Redstone put out the following statement with regard to questions about the viacom board and its ceo. Saying Sumner Redstone will make everybody deliberation with the same deliberation as he removed philippe dauhman. Replaced earlier this week by chad jankowski and joe cruddic. These seen more in line with cherie redstone, mr. Redstones daughter. Npz in their belief they believe hes under the influence of cherie redstone, his daughter, whos trying to man it late her father to achieve her goals. Those goals to take control of viacom and change its management. It might no be the worst thing. Well see if anything occurs today. Later in the day, of course, the friday before memorial day weekend, or who or not the board for now gets a reprieve. But, guys, this has been a tumultuous week to say the least in which the lawsuits have gone back and forth, the statements have gone back and forth. Setting up this bizarre situation where you had a chairman and ceo combatting it would seem the desires of the Controlling Shareholder of that same company. The question, of course, comes down to competency, that of mr. Redstone again, 93 today. That question comes up as mr. Dauman and he have filed suits. Theyve asked the judge to speed that up. Their trustee seats. Exactly. Trying to get that trial under way as early as september. Theyre waiting to see if that will happen. Exactly. These massachusetts courts, im told, moore very slowly, bill. Meanwhile they may be faced with its entire board of directors having been ousted. Now, as i have been reporting since tuesday, the board would immediately go to delaware and see seek relief there saying they had been removed incorrect incorrectly, but this is setting up a very difficult situation for viacoms management which is trying to sell a Minority Stake in paramount. You might understand if youre on the other side of that negotiating to buy a Minority Stake, you may be stepping back and saying, how do i know youre going to be around when i sign this deal. The trustee may be irrevocable but the trustee board seats may not. Yes. Thank you. Thank you. The s p is outperforming the nasdaq. Its up half a percent adding about 24 points. Now, consumer borrowing is hitting the highest level. Coming up well discuss whether thats a major warning sign for this market and the economy. Plus, low gasoline prices and long waits at airports are teaming up to make this maybe the summer of the road trip according to our next guest. Find out just how Many Americans will be on the road again, he said, straight ahead. And again. [crowd cheering] i could get used to this. Now you can. When you lease the 2016 es 350 for 329 a month for 36 months. See your lexus dealer. Because you cant beat zero heartburn i take prilosec otc each morning for my frequent heartburn ahhh the sweet taste of victory prilosec otc. One pill each morning. 24 hours. Zero heartburn. Will your business be ready when growth presents itself . Our new cocktail bitters were doing well, but after one tradeshow, we took off. All i could think about was our deadlines racing towards us. A loan would take too long. We needed money, now. My amex card helped me buy the ingredients to fill the orders. Opportunities dont wait around, so you have to be ready for them. Find out how American Express cards and services can help prepare you for growth at open. Com. Finthey found out whos beens who . Cking into our network. Guess. I dont know, some kids in a basement . You watch too many movies. Who . A Small Business in china. A business . They work nine to five. They take lunch hours. Like a job . Like a job. We tracked them. How did we do that . We have some new guys defending our network. New guys . Well, theyre not that new. Theyve been defending things for a long time. [ digital typewriting ] its not just security. Its defense. Bae systems. All right. Lets talk travel. Theyre high, outperforming the broader markets as we officially kick off the travel season, speaking of, kelly evans. While many will be traveling by air our next guest said this will be the summer of car travel. More than 34 million will be hitting the road alone. And theyll probably be paddle boarding when they get there. How much traffic can we expect . Our old friend vera gibbons. How are you . Im not paddleboarding yet. Not this weekend. Too much traffic for me. Its the first time gasoline is lower. Can you believe it . Well below the tenyear average of 3. 15 and were headed for the lower summer prices of 205. We have a lot of people saying, lets hit the road. Its the summer of the road trip. On the one hand people are saying oil is going back over 50. Thats an encouraging sign. Every dollar increase is like a 2. 5 cent increase . Something like that. It pushes the price pump about two pennies. But thats not stopping people. Yes, the price has been spiking up. Were about 5 cents from last week, 16 cents from a month ago, but generally speaking, these are great, great prices at the pump. Youve got people throwing their kids in the car. Couple that with the fact of the airport. The stories of long lines, whether they happen or not, are going to keep people from going there anyway. Just seeing the headlines, two hours, three hours, hidened terror levels. So families are thinking we dont want to go to paris or europe or brussels. One guy told me travel to europe is down 13 . People are too nervous to do that. Whos going to benefit . The theme park operator . If people are going to travel more than 400 miles, which is what im just learning. But, yeah, the hot spots and Tourist Spots are going to do very well. The National Parks are going to go do extremely well. Theyre celebrating their 100th anniversary. Lots of activities for the kids. Theyre going to be jammed. I think the state parks, too, will be pretty packed. The National Parks are selling out. The people are probably going to say, lets try a state park instead. You know what im amazed at . Recently i drove from l. A. To seattle, so maybe part of an early wave of people who are hitting the road in a big way, but renting a car to me seems incredibly expensive. How does that kind of factor into the decision here . Renting a car still very expensive as are the hotel costs. I saw something come out from orbitz. Among the hot spots, to hotel costs are at double digits. You may have to look at airbnb. Or one of those hotel apps. Gas prices are extremely attractive. Were seeing a big demand for rv rentals. Those are attractively priced. A thousand or 1,200 for the week for families go to the park. Thats what you should have done. I think youre right. Watching the rvs take the curves is one thing but how long will it take to get bill out of the city . I dont want to think about it. Good luck getting out of the city yourself. Vera gibbons from gasbuddy. Com. So nice to see you. It could be nearing the end. Mary thompson has the details for us. What are you hearing, mary . The largest strike since 2011 could be coming to a close. Verizon and almost 40,000 workers have reached an agreement in principle on a fouryear contract. In statement he said he expects the workers will be back on the job next week. Verizon declined comment. A statement from one of the unions involved said striking c wca members the contract is in the process of being written and then be ratified. Theyve been working without a contract since august. The workers go on strike as the two sides remain at odds as they talk issues of job center calls. The Labor Department stepped in in the middle of may. The mace jobs report reflects a loss of 35,000 jobs links to the workers who havent been receiving any pay since they went on strike and when they reported their Second Quarter results in july, this strike is expected to impact its bottom line. A lot of people are trying to figure out what impact it will have. You have these people striking, but on the other hand the company did have to possibly hire a bunch of temps, right . Actually they had people already coming in and help working during the strike to basically make up for the striking workers as well. That was part of it. But, again, the estimate, kelly, is for about 35,000 jobs lost will be reflected or it will, i should say, impact. Were still expecting an increase in jobs for the month of may, but what you want to do is add 35,000 to that number. So well have that number in our back pocket just in case we need it there. Thanks, mary. See you late jeer its been a strong week although the last couple of days have been quiet. I think 2 gains. Nasdaq up 3 maybe. Transport is up. And that nasdaq is up nearly half a percent today. The likely republican president ial nominee donald trump laid out his Energy Agenda in north dakota this week. When we come back, well look at that plan and do some fact check of his claim, such as whether the u. S. Has more oil reserves than all of opec. And later well hear from somebody about google saying it could end up killing the local television station business. Stay tuned. Theres a place for vacationers who seek more than just a little time off. The ones who choose to go big or stay home. Come with me now. Where every amazing, despicable, wizarding adventure reveals moments that are truly epic. This place is made for those who do more than just vacation. Whoa go with me now its made for those who vacation like they mean it. Universal orlando resort. Welcome back. The whoop whoops youre hearing are already started. The stocks are moving higher. Lendingclub is a big winner. A report citigroup is in talks with buying loans. Those shares are up 10. 5 but theyre town 40 . Just over the past month there are concerns about the industry. All right. Heres a question. Does the u. S. Really have more Proven Oil Reserves than all of opec. Thats what donald trump claimed in that Energy Speech he made yesterday in north dakota. Is it true. Eamon javers joins us now with an energy fact check. Eamon . Thats right. Donald trump is not a candidate for president whos built his Campaign Around specific policy proposals, but yesterday in north dakota, he made this keynote Energy Speech which is why were dialing into some of what he said. Lets take a look at some of the claims here. First one that donald trump made yesterday, he said, america has 1. 5 times as much oil as the combined proven resources of all opec countries. We looked that up on the eia website and according to the Energy Administration here, the u. S. Has 39. 9 billion barrels of reserve. Saudi arabia alone has much more, 268 billion barrels. Heres another donald trump claim. He says the u. S. Has more natural gas than russia, iran, qatar, and saudi arabia combined, but when we checked that on the u. S. Government website, they say u. S. Has 388. 8 trillion cubic feet of natural gas reserves but russia alone has 1,688 trillion cubic feet. So russia has much more natural gas reserves than the united states. And thats just russia alone there. So those are two that dont stand up to scrutiny and were also flagged by the Washington Post this morning. And what about this claim made by donald trump this morning. Take a listen to the sound byte. The department of just cities filed a lawsuit against seven north dakota Oil Companies for the deaths of