Join us to explain a little bit later. Thats some real money. Yeah. Lets start with the jobs report and the latest out of washington. Another busy day there. Steve lease man is there at cnbc headquarters and eamon javers is at the white house. The president s team taking strong for the 235,000 jobs added in february even though it came just a month into the trump presidency. Reporter i think it was a perfect number. Right exactly where it needed to be. Our jobs plan and our Jobs Creation and bringing jobs back to america is going exactly the way wed like it to go. When i was on a month ago we talked about bringing jobs back. I think this number reaffirms everything that were trying to do. No matter who was responsible, it was a very positive report. Unemployment falling to 4. 7 and it was helped by some temporary factors, for example, warmer weather but showing good underlying strength and payrolls. Heres where the jobs were, construction up 58,000 along with leisure and hospitality. The first two categories can be influenced by Better Weather with that mild february. Manufacturing doing quite well up 28,000. Health care a perennial job gainer. Retail falling by 26,000. Were going to talk about that a little bit later. The issue being the bricks and mortar areas, places thats losing employment. All of this works directly into expectations for a fed rate hike next week. More so the market is just about priced in three rate hikes this year and the debate or the risk is now to the up side with possibly a fourth, kelly. And the president eager to take some credit for it. I think thats right. I will say i think its early days with this proviso. I think a jump in confidence can lead to more jobs, but ultimately its policies that will matter and those policies need to be in place for them truly to be the responsibility or not of the president. All right. Thank you, steve. Steve lease man at headquarters. Lets get over to eamon who asked press Secretary Sean Spicer about that jobs briefing. What did he have to say . Reporter thats right, kelly. Just a few minutes ago. As you guys know the president during the campaign was skeptical several times about positive job reports that reflected well on president obama so i had a chance at the press briefing just a few moments ago to ask sean spicer about that skepticism in the past weighed against todays job number. Heres that exchange. Eamon. In the past the president has referred to particular job reports as phony or totally fiction. Does the president believe that this jobs report was accurate and a fair way to measure the economy . Yeah, i talked to the president prior to this. They may have been phony in the past but its very real now. So the press secretary sort of brushing off the president s past criticism of the jobs report process. Well see howell that plays over at the bls down the block from where im standing. We also got an update here from the president in terms of the health administration. The Top Republicans are working to push health care through on capitol hill. We got a chance to hear from him about what he thinks the prognosis is. Heres what he said. This is the time were going to get it done. Were working together. We have some great results. We have tremendous spirit and i think its something thats just going to happen very shortly. So thank you all very much and were going to get to work. So there you have it from the president. He says health care is going to happen very shortly. Obviously there are some political challenges up on capitol hill. Conservatives consider his bill to be obamacare 2. 0. Some major organizations like the American Medical Association and others have come out against it. This white house suggesting theyre confident its going to get done. Back over to you. Eamon, im curious. How would you characterize sean spicers relationship after the rocky start . Reporter thats an interesting question. A lot of people in the press core have known sean spicer. He was press secretary at the rnc. This is a very different question. Its adversarial between the press secretary and the press core. Sean spicer goes out there nearly every day and he does take questions from the press even from the reporters in the room who he knows will be hostile to him. So theres just this natural give and take and tussle in that Briefing Room every day. Well put. Well answered there. I think you answered it. Thanks, eamon. See you later. Maybe ive been watching press secretaries too long and learned how not to answer questions. Good job. See you later. Lets get to the markets now. The dow losing some of its early gains this morning. It first went negative this morning after these comments from senator john cornin at the conference about tax reform. I think were talking spring summertime fra time fram. Theyre shooting for something in the august time frame. Im thinking maybe sometime in the 2017 time frame would be more realistic but were definitely committed to tax reform. So were concerns over the tax rally killing jobs . Joining us we have with us Chris Cordero from region atlantic, steve bliss at post nine and Rick Santelli checks in from the cme in chicago. Keith, i mean, some feel that oil was calling the shots today but wall streets always got its eye on washington as well, doesnt it . Yeah, it sure does. Thats been the case ever since donald trump has gotten elected. Youre absolutely right. When you look at the marketplace it has all that weve talked about leading into this block here is priced in all of the Monetary Policy that we see. The yellen fed has been very transparent about what theyre going to do. The macro numbers were getting including the one we got today reaffirms the fact that were going to get 25 basis points next week. Really what the market is waiting for is whats going to be the next policy push out of the administration. We all assume that some kind of Health Care Law will get put in place and can they get tax reform before the summer recess rather. So when you take a look at the market weve been experiencing lower lows and lower highs and thats actually a trend thats not real favorable to the market continuing to push up. Its particularly noticeable in the small caps which tends to lead the market down but lags when the markets going back up. So these are a couple of troubling signs that have been picking up this week that we need to keep an eye on now. If they keep talking positively that will reverse the trend quickly. Sooner or later the proof is in the pudding. Youre seeing john cornyn and Mitch Mcconnell backing off. Well have to see what the message is around taxes. Chris, youre watching this. There are a couple of specific names you like in this environment. How would your decisions be affected if tax reform doesnt happen by august . I know that everybody wants tax reform. Everybody wants some more fiscal spending but sometimes you dont always get what you want. You get what you need and what you need right now is higher Interest Rates, which i think were going to get next week, and what weve already got which is really strong corporate Earnings Growth and those two things combined are thats great for the market. Theres a song lyric in there somewhere. Does that affect your portfolio management, chris, in the mean sniem do you sense that you needed to Pay Attention to washington to tell you what to buy or sell right now . Well, washingtons going to be entertaining and its going to move the market in the short term but in the long term where i see were going to get movement and one stock i like a lot is citigroup. You know, i think its almost a done deal that well get rate hikes next week. That will really help citi. They have unprofitable products that turn profitable as rates inch up. That will drop a lot of money to their bottom line. We were showing intel and comcast, our parent companies. Rick, what about you . The rate pick has been a big one here. Yeah, you know, to me rates were very well behaved, meaning that they were sticky. The data shouldnt have pushed rates down, but i think the lead up, the anxiety of ecb meeting, the big number today, the meeting coming up h put a hurdle in front of the markets. They did back away a bit, not much. Were still up nicely on the week, nine basis points. Heres the fascinating thing. Stocks regain their sea legs after going a bit negative as bill pointed out. Rates . Rates on the high rate. It looks like were in jeopardy of losing the 1. 01. Its not only a dollar story but in front of a fed meeting in front of a tightening a little bit illogical until you think about it on the other side of the street. The Euro Currency is pushing up a bit. Theres all these stories out about post ecb, meeting, draghi. It certainly seems as though the euro isnt buying into the fact that theyre going to have unbelievably low and negative rates forever. Maybe theres some movement there. Maybe theres some surprises there, but no matter how you slice it they were awfully short the euro and awfully long the dollar especially when you think of what the bat is to do with the dollar. Seems like a lot of sides in fxville these days. Keith, your thoughts on some sectors and where opportunities lie. There has been debate about whether theres time to start nibbling on energy. What about the financials . Are they still a slam dunk as the fed apparently gets ready to raise Interest Rates . Where do you see the opportunities right now . Well, weve been saying since for a long time, for a few months, the financials get long and stay long. As chris was pointing out, i think the fundamental picture against the back drop of whats going to happen in the administration makes that an attractive sector to do. Interestingly wa weve seen is the real estate sector has gotten slammed. Short term thats a good buy. I assume thats mostly a rate play. Has nothing to do with the underlying strength of the economy. Its just the fact that thats one sector that didnt count on this movement in rates moving as fast as it did as rick was pointing out. Weve had a nice, healthy move in rates. Those are the two sectors that i would look at right now. In a growing economy even with modestly raising rates, real estate should still perform well. I can tell you from inside information on some transactions im involved in, theyre still building multihousing projects across the country at light speed. That will be a place to play. Are you allowed to tell us that . It sounds so secretive. I feel so in the know now. Chris, i was going to ask you why intels a pick here . Intels a pick here. Its all about the cloud. All about data services. Intel is in a great position moving from a consumer based chip maker to one thats really going to support the cloud and the infrastructure. Thats really what its all about. Youre buying it at a great value and i think well see some nice growth out of this stock in the years to come. All right. Thanks, guys. Appreciate it very much. Have a good weekend. Tgif. Thank you. Thanks, everybody. About 15 minutes to go here. Dow is up 37 points. S p up 5. 5. Pretty much seeing green arrows. Transports up 70. The vix is down again. More than half a point. Again, 11. 5. Russell small caps are up. Nasdaq i believe higher as well. Commerce secretary wilbur ross, he made news on nafta and the u. S. Trade war with mexico over sugar. Well have details on that coming up. And guess where millennials are buying their clothes online . The answer may surprise you. Youre watching cnbc, first in business worldwide. This is where i trade and manage mportfolio. Since i added futures, i have access the oil marketand gold marts. Okay. Im plugged into eities trade confirmed d i have Global Access 24 7. Meanini can do what i need do, then i can focus on wh i want to do. Visit learnfuturestoday. Com see what adding futures can do for y. Welcome back. Some plus signs now. Been a pretty erratic day. The markets being pulled and pushed varying degrees by tax policy out of washington. Talk about that. The price of oil. The dow is up 40 points right now at this hour. Jetblue airways is rising as well. The carrier reporting 1. 5 year over year increase revenue per average seat mile for the month of february after that metric fell by 8. 5 in january. But the stock is up smartly today. A gain of 5 1 3 . Meantime, its being tauted as the biggest on shore Oil Discovery in the u. S. In 30 years. Spanish oil company repsol says its found in alaskas north slope. It expects 1. 2 billion barrels of oil to be produced starting in 2021. Repsol and Armstrong Oil and gas have been gently exploring alaskas Oil Potential since 2011. Bill, there are probably people in the oil industry saying this is a blessing and a curse. Another pipeline is needed now. Look at i was glancing over there. We have 48. 5 bucks on wti again. A boon for some but its going to put pressure across the market. Another sleepless night for opec right now, right . Right. Meantime, commerce secretary wilbur ross made Key Headlines on nafta and the u. S. Trade dispute over sugar. Ylan mui has thats. Reporter bill, the two countries are extending their negotiations over sugar exports. Theyre hoping for a longterm solution over a deal that both sides say is not working. A new agreement would have implications for the commodities market but for oo food and beverage companies. Think of mondolese and coke. Mexico halted shipments of sugar to the u. S. Because of concerns it would violate export limits. So the fact that secretary ross and mexicos economic minister appeared together this morning saying that they want to cooperate, that bodes well for trade talks in the future. It is my hope that this will be the beginning of a long and fruitful relationship that will strengthen our nations. Reporter secretary ross also provided a more detailed time line of when that renegotiation of nafta might happen. He plans to send a formal letter to congress in the next few weeks. That will start the clock on the 90day notification period thats required before any talks can begin. And theres been so much rhetoric around tough action around mexico, todays meeting was meant to temper that. Mexicos minister joked about the fact that both he and ross have a fokt for pocket squares. I guess you have to start somewhere. I have a theory. I think that mr. Trump and mr. Ross are playing Good Cop Bad Cop with mexico. What do you think . Reporter its quite possible. They were very chummy today. When they were asked about how the relationship was going, they said everything is great but, you know, theres still the negotiations to be had. Well have to see exactly how the talks go, whether or not the goodwill they seem to have fostered is carried over. Im wondering how you say pocket square in spanish . Reporter i dont know. Somebody will tell us. Thanks, ylan. Thats why god created twitter. 40 minutes to go. 40. Yeah, what she said. The dow is up 46 points right now as we head towards the close. The s p and nasdaq. By the way, a lot of averages were heading for their worst day of the year. Shows you how strong a year its been. Weve yet to have a 1 down day this year so far. Isnt that crazy . Probably longer than that. It does go back a few months. Up next, 2 trillion of net worth. Well break down the key drivers. Also ahead, well tell you whats putting the mojo back into the high end art market coming up. s t value ocapital . Whatsrical thinking like . A etball costs14. Whatsm spit heers whats it wortto talko your mom . Whats the value of a walkn the woods . The value of capital iso create, not just wealth, but thin that matter. Morgan sey oh heyso we share our ecamg trg knowlee. Thats areat idea, oht whwhdot you st go to ecamthinkorswichat rms whe you can are strategies,ideas with market ofessials an thounds oer trade . I know. Urra told brain befo you tolmy face. Mmm, beberry . Tainto t knowledgef other trers on thinkorswim. Ly at td ameritrad this stock market, 2 trillion in wealth. How important is the stock market to this white house . The stock market is important to us, but its just one of the barometers that were looking at. We look at the stock market every day, but we look at the employment data. Were looking at gdp data. That was nec director gary cohn talking to squawk on the street this morning addressesiaddresseing the surge in u. S. Net worth. Showed net worth reached a record 92. 8 trillion in the last quarter of 2016. Now according to the feds report, 2 trillion led in that quarter led by steady surge in stocks. The stock market added 728 million and the value of the Balance Sheet was 567 billion. Its been on a steady climb going back to the great recession. And yet were not seeing the wealth effect kick in this time around, right . Yes. Heres why i think thats not happening right now. Its a combination of things. The shop till you drop generation, the baby boomers, were starting to slow down as we age and the scouting report on your generation, the millennials, is that you are frugal. You are. I know my kids are a couple years younger than you, theyre very frug gall as well. You have a double whammy for retailers out there. Yes. Were not buying as much as we used to and you dont buy anything. Truth to that. Income expectations are still so weak. Even though the wage number was up 3 , a lot of people dont expect their wages will rise. There might be something to the fact that people are paying down existing debt. Heres one more stat to throw at you. The ratio of net worth to disposable personal income. Okay. 6. 5 x. Thats the highest ever recorded and the only other times weve been above 6 were in the dotcom bubble and be in the housing bubble. So its quite interesting to watch this, both for signs of health and repair on the nations Balance Sheet and also for any signs of weakness ahead. Go out and buy something tomorrow, would you . Help out the economy. 36 minutes left in the trading session. Here the dow is up 41 points right now. New data shows those millennials are buying more clothes than ever at one specific place. The hottest online retailer on the block is coming up. Meanwhile, amazons Voice Assistant a leks is a could rake in 10 billion worth of wealth. Well talk to the analyst who wrote that report when we come back. Welcome back. Were seeing a rally here this afternoon as we head into the close. Were down from the highs this morning after that blockbuster. The dow is