also at all time levels. nasdaq composite at 13-year high, at 3,578. dow saving fire works for july. bob pisani, which led to today's record? >> a lot of people said, gee, mr. bernanke didn't say anything different after the close. maria, a lot of people think he must have said something different. i will try to give you the simple version. the highly accommodated comment that bernanke made essentially took the edge off of the tapered talk and fear off of the taper talk. tapering can still occur. everybody realizes that fed remains highly accommodative near a 0% interest rate policy. and i think that's the way it understand it. look at companies and sectors that have had the stuffing knocked out of them recently, all rallying today. interest rates sense tifs, these are a mess for the whole month there with big movers. take a look at dow intraday. this is a straight line and move again. highs of the day just prior to 3:00 eastern time. a lot of that is because tech stocks have been up all day. microsoft reorganization. helping microsoft but all stocks up in the 3:00 hour close near the highs for the day. commodity stocks led. u.s. dollar retreated. gold, copper, silver, great day. here are commodity days. they will not record great earnings numbers but were big stars today. best day for some of the home builders since good heavens, you have to go back to october 2012. bernanke calming fears of rising interest rates. and emerging markets, we have talked about how thailand, philippines, turkey, down 20% in the second quarter. this is the best day they've had in many, many months. finally, the banks earnings tomorrow. wells fargo and jpmorgan down today. yields curve flattening. and sell into bank earnings is one of the old traits and old play books. it works, happens virtually every quarter. i wasn't surprised to see the modest declines today. guys, record highs. back to you. >> all right, bob. thank you so much. good to see everybody, ben pace, let me kick this off with you. would you put money to work on this record day? >> i think you might want to be cautious here at higher levels, maria, but we are thinking, if this is a price earnings expansion, only matter if they are positive and we have a 12-month target of 1750. not as great of a return when markets were lower. maybe caution now but definitely put money to work in equities. we are seeing a rotation out of bond market now. >> maybe it was pretty broad-based pod. what struck you about this market? >> yeah, no, i think you're right. it was broad-based today. i think what is very interesting is we have seen this before, right? we have seen these record runs. hit the record highs. done the specials on cnbc time after time. i know you were hoping but what would push us through records sustainably and convincingly. i think that's what people are concerned about. to what got us here, you could argue all day. is it 40% fundamentals. is it 80% fed? from now on it needs to be way more on the fundamentals. it looks like the fundamentals are stepping up to the plate. economy does seem to get better. let's hope that continues. but if the fed pulls back, eventually, then we need fundamentales it keep things stronger. that's what i'm focussing on at the momt. maria? >> that's the question. will the economy be strong enough. when the economy is upset, nervous and volatile over the last couple of weeks, i questioned whether or not september was the month. it just seems the economy growing is still at an anemic pace. >> i think the fact of the matter is, maria, that they didn't taper yesterday. they are not tapering tomorrow. that money still has to go somewhere. the bank of japan is still very easy. ecb came out with very positive statements. china might reserve the ratio requirements. i think they are going forward. bernanke basically said he would be there until we see it in data. initial claims going up to 360,000 does not help, right? so that's another thing. the fact of the matter is, he said that employment might have been overstated 7.6%. so the situation that they're missing on both sides of the mandate means for a while, 2015, 2016, when he made his comments i think the market did misunderstand him. the financial conditions tightened up a lot. emerging market liquidity dried up very quickly. bond spreads blew out. we did see -- if you are holding bonds, you have a problem. we did see 75 basis points that we talked about earlier. the fact that that was the decline in yield due to fed buying of bonds, that is now out of the market. we i think the bond market will calm down. imf just reduced growth forecast. so we need to see better growth before the fed does anything. >> yeah. well, let me ask you about earnings, john. how do you want to reposition going to the jpmorgan and wells numbers tomorrow? >> just as yesterday, 8 out of 10 people wanting to go home short because during the fed minutes, the marketed declined that much. we said take me over. i think the same thing here. everybody tries to put jpmorgan into the red today due to the fact they are announcing tomorrow. we think the financials and home builders and lumber was up two days in a row. things fundamentally are changing. and forecasters at a new low, we have formations picking up again. things are positive for the banks. longer term. only thing banks have to worry about is how restrictive the covenants are on their capital. that's probably one thing jamie dimon will address tomorrow on your show. >> he will be on squawk on the street tomorrow. but is that an esh issue regulation for the banking sector? where are the groups that you think will lead the market higher an what are the groups you want to avoid? >> i think in this environment you want to be in the more growth oriented areas. i think we got a cheap lesson as to what sectors were so reliant on fed ease even we got a whiff of fed tapering. they really collapse so with equity asset classes like electric u utilities. so i think you move back home to the u.s. it looks like better fundamentals there. u.s. large. u.s. small. i think japanese equities with qe on steroids type of approach that they are taking now makes sense. particularly if the yen weakens from here. those are areas we are cons tra tra concentrating to moving capitol to here. >> obviously japan is on fire because it has its own printing presses moving full bore. the economy there is in trouble. i don't want to say it is coming apart at the seams but fraying at seams. that might benefit the u.s. market. because all of the chinese people that want to take their money out and put it some place safe, where will they go? they will come here and put it into housing. >> i think the market closing at a high here. and john, what would this tell you about how we open tomorrow morning? is it all about the earnings in the morning? >> i think you know, again everybody is saying we are at this great big high. we are flat for 13 years. we are not up that much over where we've been the last 13 years. here is about 15 merging markets about 12 and if you look in europe there are about 9. so the markets, equity in the markets are not in a bubble. we're just coming out of a 13-year base if you want to call it that. so basically, you know, as long as the fed is behind our back and the numbers continually print goldilocks where there is low inflation and descent growth, i think we're okay. >> so ben face, in that scenario, what do you need to see in order to feel this market can go higher? sounds like you have some concerns over evaluation? >> valuation it a certain extent just near term. but i agree with john in we think we will get multiple expansion here equity markets relatively cheap especially relative to interest rates now. so we are comfortable with our current positioning. again, i still think it is a matter of moving back into the strongest economy. that's the united states. and also talking about some of the sectors within the u.s. equity markets that have trailed like technology. like industrials. i would like to see capital spending pick up as we rush through the year. but i think those are probably cheapest sectors right now. >> what about emerging markets. we are seeing stabilization there. >> emerging markets, what we have done here, if they came down so much, we did decrease waiting but if we get a. here, mandy made the point before, little bit after problem as far as near term growth rates and core countries like china and brazil. we might use that to take advantage and go to an under weight for the first time in years in that asset class. >> and the reason behind it t is growth levels slowing. >> yeah. slowing growth. trouble with the transition from fixed asset investment led growth to consumer led growth. i think that's going to take a while. so i think it might take about a year or two to get back into a more sustainable growth mode for some of those emerging economies. >> good point. and mandy you mentioned japan. a lot of debate about those printi printing presses in japan. and yet, it hasn't been investable in 20 years so no wonder any new economic policy has people looking toward those exporters. >> i remember they called it the lost decade for japan then joke oh, okay i guess that's lost two decades. they needed someone to really just turn spigots. so i guess they did what bernanke did back in qe and even though it is a volatile market, we have seen it run up incredibly and took a run back down. i think run up and incredibly rundown 20%. this is market trying to findity feet but i think a lot of people are starting to say this could be for real. if the economy shows the positive impact of the printing presses then it is hopefully going to be a sustainable run. >> right. really, you talk about trading. we will bring in gordon. he just finished up his trading. gordon, tell me about the end of the day here. >> maria, strong. let's face the facts, very simple. bernanke came out and gave something to worry about thp. the correction is done. we felt that last week when we chatted. it just felt that way today. he said we would stay the course. do what is necessary. it is like we have talked about in the past. going to be monetary policy following, not leading, the economy. and he will stay the course and now investors that were skeptical are buying in. direction is complete. we have gotten back to the levels and can you feel it. >> what do you think happens tomorrow? on a day that market closed at the high, two you expect a strength in opening hours tomorrow? or is it all about bank earnings that we've got? >> that will play into it. but listen, we haven't been shocked by earnings yet. expectation is low on that. i think we will be okay on that front too. so i don't see any reason to derail it. the correction of momentum, everybody should carry to the end of the woke, maria. >> who is jumping in here, john? >> the correction was 6.3% that we had. i think that everybody keeps -- we had many corrections but nobody wants it boy tuy the dip. we were down on the dow and people were panicked that we were down so much. with lower numbers, now 1% move said 150 point. i think that's what we have to recognize. is once we get bigger and bigger numbers, market is fluctuating more. we aren't moving so much you have to be concerned we are in this bubble like territory. as gordon said, 6.5 to 1 in terms of earnings expectations being lowered, i think the bar is very low. and i think they will probably be again. what we need is lower unemployment rate. and we need top line growth to get the bowls and get individual investors back in and have these guys moving money out of bonds and into cash back into the market. so we haven't seen that rotation yet. >> right. we will be watching the earnings period as a result of that and looking to revenue. thanks, appreciate your time tonight. see you soon. bulls on the run. not just in spain where the annual run continues through sunday, by wait. wall street too. how can anybody say a bear in this environment. the debate is next. on the words of ben bernanke, causing a war of words among fed bau watchers. you're watching cnbc, . welcome back. plenty of movement as we hit record highs today. josh lipton is reviewing activity. josh, over to you. >> check out and, saying this one is a buy expecting strong performances as it begins to transition away from reliance on pc demand. price target here is 5 bucks. then the home builders, dhi, lennar, enjoying bounce back and positive news regarding flag ship cancer drug for celg. and the dow, gainers including intel, microsoft, which announced that long awaited restructuring, and disney. finally nasdaq, your biggest gainer randal resources. as dollar dropped, you saw some of the miners not joy big gains and amazon poked above 300 for the first time ever today. up 19% this year. and gap reporting june sales. same store sales up 7%, best in estimate. maria, back to you. >> thanks so much. another record day on wall street. lpl financials says stocks keep on running. but harry of survive and prosper has a different view. both joining me to make the case, jeff you say the run in stocks continues. what do you see driving the market higher from here? >> if you look at the private sector of this economy, it is growing rapidly. the government position is sinking to the lower level in ten years. it is in recession. private sector gdp in first quarter, ex government, 2.7%. probably as high as 3.5 in second quarter. maybe accelerate the secretaondf of this year. this is better revenue performance. the earnings numbers are what will push stocks higher. >> harry, what about you? you're on the bearish side of this. you are expecting a crash. >> i'm expecting a crash. not quite yet. i think the economy is doing foin fine. i think it looks like late 2007. economic growth, stock creations like 2007. what happened is we had sub prime crisis emerge. and george said several months ago that real estate thing and china looks just like that. and i agree. they've bp overbuilding for a decade. it'll take something to trigger. i don't think it'll be the economy being weak. i think jeff is right. earnings will continue to go up. i think something goes wrong in southern europe and something goes wrong in china. and china is most likely a trigger. with this system of debt around the world, just like 2007, all it takes is a trigger. four states trigger a whole worldwide stock collapse and break down. i'm not looking at the economy causing this. just something goes wrong somewhere in highly stretched world with four to five times the debt. that's just not sustainable. >> oh come on, harry. you can't say something goes wrong somewhere some day. the market has been focussing on the fed. focussing on earnings. you don't think either of those things caused so-called crash that you're looking for? >> no. well well, yeah, basically when something goes wrong, like in 2007. >> market hasn't been dominated by europe for over a year. >> until someone has it exit the euro or someone doesn't qualify for bailout. i am worried about a vicious cycle commodities falling, emerging countries underperforming. they are trying to move hundreds of millions of people to cities. they will put people off farms into high rises and they won't have anything to do at some point. that's what i'm worried about. i don't see a problem with the u.s. economy near term. longer term, demographic trend only get worse. and they get especially worse in europe in the next few years and especially germany, switzerland and austria. those are the stone walls of europe. >> what do you say it harry's concerns? >> harry is right. there is a tremendous amount of debt but not concentrated among businesses and consumers. they look to be pretty good from a balance sheet standpoint. i think they are in a better position to with stand any pressure that may come on foreign governments as a result of their indebtedly or banking system. while there may be spot around the world where there is likely to be challenges, europe has ways to work its way through and china has bumps in the road as well. i think we are far more insulated from that, given the change in balance sheet positions from where we were five, six, seven years ago. >> so where would you put money right now, jeff? >> you have to buy the buyers here. the stock doing the best are ones where people are buying most shares. that's obvious. but the companies themselves that are doing the boying. the buy backs that are lifting this market. in fact if you look at the 100 stocks in s&p 500 seeing the most buy backs, they are over 25% this year. huge gains. so you want to focus on the consumer care. and listen for that this earning system. and really enacting their buy back programs while a little bit after short term sugar high it has added to upper buys in the market. >> so final word here harry, what is your strategy then. if you are expecting the market to come down, crash is the word you use. how do i protect my assets? >> i'm telling people, the u.s. dollar, is one of the best hedges when things crash and good down. all assets go down like this 2008. u.s. dollar index and high quality bond were the good thing. i'm telling people, you can't be out of this market. like jeff said, it is mostly going up an went up in the great depression frankly. went up more years than it went down. but there are time periods i think the first half of next year is the time to be def dedefensive, january through april. if we don't see a crisis by then, i will be like, maybe this is a while. but i am sensing the bubbleness. i'm seeing factories in china and europe that worry me so i think we are getting close to something going wrong. be out for a short period of time in case things crash and if they start to crash, stay out and buy when it crashes. >> all right. >> just like in 2009. >> gentlemen, thank you very much. we will watch this market. we have breaking news in washington from the senate. eamon javers has more. over to you eamon. >> elizabeth warren and john mccain, two senators joining forces today to introduce a bill that would reinstate glass-stagall. that has been reformed since the late 1990s. again they are introducing the bill saying they want it put glass-steagall back into practice. since core provisions were revealed under 1999 shattering the walls of investment banks a culture of dangerous greed and excessive risk tanging has taken route into t in the banking world. that the news from here, maria. little chance that this point that this bill will pass. but lobbyists in town will keep an eye on it. they understand it represent a populist upwell of angest about b big banks and their role in the collapse. they don't expect this will pass in ooeither the senate or house. we will see if they do that more in the future. >> thank you. market hitting an all-time high on the words of ben bernanke last night. but a word of potential replacement has concern and the impact on the market. the story coming up. plus, despite numbers, this is a trust of wall street, are you making the same mistake? back in a moment. welcome back. battle for dell once again heats up. josh lip top with the details. josh? >> yeah, maria, a headline making brawl about the few tour of dell. michael dell want to take the company pry private for a price that iicahn opposes. tune in to squawk box for more on that bid. remember, july 17, the day before voting, shareholders will be at a alpha conference. thank thank you. >> ben bernanke is leaving in january and that do have a dramatic impact on the market. former treasury second larry summers may land that job after months of lobbying president obama. summers is flash point for many off and on wall street. ed butchy, former speechwriter for larry summers, said he would be an excellent choice. he joins us right few for geneva. jim does not agree. good to see you both. so jim, let me kick it off with you. what do you think the market reaction would be if larry summers got the fed chairmanship? >> i think if president obama wants a market rattling circus after confirmation hearing, then by all means he should pick larry summers. i think that is a theory he would be easily confirmable. because of his intellect. because of his time in the clinton administration. i think republicans would use this to put obamaites on trouble. and for housing bubble. and i'm not sure if he is confirmable and if he is, he is a weakened fed chairman when i think you need a strong fed chairman. >> ed, what about you? what's your take? >> i disagree with jim on that. i think if there is any problem for larry summers in terms of confirmation it would be from the left by people like elizabeth warren. who today said glass-steagall should be reinstated. but i don't think there would be that much of a problem. he is neither seen as a hawk nor a dove. he is seen as a centrist. he's not been controversial with republicans in the way that democratic economic figures have been. >> ed, given his track record, what are the chances he would continue bernanke's policy. such as tapering, for example. >> i think very good chances. i say he doesn't have a reputation as a dove and janet does, but the fact is he does tend more towards dovishness. he has been in support of extraordinary measures to deal with this crisis. there are questions raised about his ability to manage people. and know that that comes up frequently. but there th is a chairmanship of the fed. he wouldn't be asked to mediate the iz israeli-arab dispute here. >> well, if you let those last fed minutes, i don't know if it is -- there is quite a bit of conflict. and i respect him a lot and he is a fantastic columnist but he is really overestimating summers' ability to slide past republicanets. yes he will have trouble on the left but i can tell you from the people i talk to, if the obama administration thinks that summers will squkate through wi republicans, they are mistaken. the fed is highly unpopular among republicans. they are going to make that very clear to larry summers. and if you want -- if you want a strong fed chairman who will continue as i think the fed should monetary easing, i think having a weakened fed chairman after a bruising confirmation hearing is not the way to do it. >> jim, you're an fan of larry summers in this role. i see that. but what damage might he do? what is the real problem? >> well, first of all, so let's say we get by the confirmation hearing and he is the fed chairman? maybe ed's right. maybe he would continue the extraordinary measures. there is confidence for the measures. i think it would be a fantastic choice would be christina roemer who both has some washington experience. christina roemer is like the democratic bernanke. she is a depression expert. she understands we need to close the output gap of do domestic product. she would be a great pick. >> ben? >> i think it is interesting how deep and rich the bench is. there is a lot of good choices there. janet yellen, stanley fisher from the bank of israel, don and larry summers of course. and i think there's a key difference here between larry summers and the rest. that is the president worked with larry summers. he knows hailarry summers. he trust hem. him /* he has a record with the president. he may be choosing someone he knows and trusts. so i think that will count in his favor. >> all right, we will leave it there. thank you very much, gentlemen. we will see what happens there. we appreciate your time tonight. after a big decline in the month of june, dow and s&p 500 are back to all-time highs, battling back. but nearly half of all-americans missed out on the rally because they don't even own stocks. jeff cox says that's because they don't know wall street. and we have special coverage of all-time highs tonight. we have man managers and strategists. it all kicks off tonight at 7:00 p.m. join us. the most free research reports, customizable charts, powerful screening tools, and guaranteed 1-second trades. and at the center of it all is a surprisingly low price -- just $7.95. in fact, fidelity gives you lower trade commissions than schwab, td ameritrade, and etrade. i'm monica santiago of fidelity investments, and low fees and commissions are another reason serious investors are choosing fidelity. now get 200 free trades when you open an account. welcome back. according to a recent gallup poll, americans are invested in markets in some way. this is a big difference from the 67% in june of '02. so why the big shift in our own jeff cox says it is all about trust and investors don't believe they will get a fair shake in this market. marty sees this differently. good to see you both. jeff, kick us off. is the distrust in wall street keeping investors out of this market and what is it going to take to get retail investors to believe again? >> just a couple things to throw at you, maria. 54% said the recent run-up in a stock market either helped them a little or not at all in their portfolios. an even bigger number, 87% said they are not going to change their portfolio allocations regardless of their run-up. i think chuck schwab, laid out the reasons very well, of what the problems are. it is all of the old suspects. the high frequency trading, flash crashes. i think this is my third reason is the fed. we are in a crisis policy now. the average investors thinks if the fed pulls the plug on this money printing operation that we are going to go right back down the rabbit hole as far as the market goes. we saw 13 years of the market with basically no gain. you can't blame investors for being a little skiddish here. >> you don't think it is trust at all? >> i don't think it is trust at all. >> then what is it? >> historically it is not uncommon for investor judgment to suffer from painful memories of the most recent bear market. and in particular 2008. >> how is that different from trust in sounds like the same thing. >> not if client are listening carefully to their adviser. we are constantly hand-holding our clients. talking them through the trust. >> but most of active managers actually underperformed the indexes. so i don't know about listening to my adviser, if the adviser knows more than anybody else. i have a problem with that. not all advisers know more than individuals. >> i don't always agree with that. i think most advisers are sound on what is going on in these markets. historically in early and middle phases after bull market. this investor judgment suffers. and right now, because of the winds, head winds that include direction of fed policy, sovereign debt, budget deficits, all of this comes together and effects the investors trust somewhat in the market. the adviser has to step in and take a disciplined approach and have an investment solution. >> so coming back to the simple question, how come retail investors are not in this market? >> i believe they do trust their advisers. >> i we'll start it see more investors confidence come into the market. and in the final phase of this bull market rally. that has historically always been the case. in the final phase and i do believe like rich bernstein says, we are in the middle innings. we are in this bull market as the fourth and fifth -- >> you can talk about that until the cows come home about where we are with the bull market. but the investors out there believe at some point we are going to go -- we're probably in some type of a bubble. or if we're not in a bubble, they just don't feel like -- they get a fair shake. i think it is what i said before. if you want to look at what do you do, we have been waiting so long for real reform. the high frequency trading issues to get addressed and they never get addressed. why? because there is too much money involved. and the regular investor feels that the game is rigged and controlled by people at the top. >> jeff, i agree with some of those points, but not all of them. i believe for the do-it-yourselfers, they have challenges and issues because they don't want to listen to advisers so they may lack -- >> 20% of those outperform advisers, like one in four. >> that may be true. but there are still advisers out there that are doing the right -- >> no doubt about it. great conversations, guys. thank you very much. see you soon. thank you, mark, thank you, jeff. stocks closing at all-time highs today. hopefully you're in it. up next, throw wall street pros that tell us what could happen with this rally tomorrow. stay with us. 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[ static warbles ] hooking up the country whelping business run ♪ now a waiting room is just a room. ♪ build! we're investing big to keep our country in the lead. ♪ load! we keep moving to deliver what you need. and that means growth, lots of cargo going all around the globe. cars and parts, fuel and steel, peas and rice, hey that's nice! ♪ norfolk southern what's your function? ♪ ♪ helping this big country move ahead as one ♪ ♪ norfolk southern how's that function? ♪ >> finally tonight my observation on the heavy outflow from emerging markets when the u.s. economy hits all time highs. the values have gone down double digits. for a while they were the hot story, the big story. from the lows of 2009 those funds were up 130%. by april of 2011 as billions had flown into these regions on the expectation and the hope that growth levels were higher there than the rest of the world but the growth levels have reversed while the u.s. story has stabilized. for the past six months i've been talking about money moving into mexico for example. the latin american region is critical to companies who are betting that people are rising from poverty, moving up the income ladder and will spend money on kmumer goods. growth levels have come down from ten years ago. more importantly, the security and the crime part of the story. that has had no change if any. that's not good because there is a cost to that. investors have gun to price it into their models. while growth rates are still rising in places like mexico and there is still an expectation of growth resuming at higher levels in places like brazil, investors are realizing that valuing these growth hot spots must conclude crime, the drug traed in mexico, the kidnapping in brazil alive and well. money has flowed out of those areas and found a home in safer places like the united states where the rule of law is clear-cut. so whether emerging markets come back? i think so. in fact, we could be seeing the beginnings much a bottom. right now investors are looking at the u.s. as the best house in a tough neighborhood. they're looking for safety and stability. where rates are still at record low levels even with a tick up recently and the fed continuing to back this market, we'll see evidence that rates will move up fast or an economy that will move down before this train reverses in the u.s. as far as emerging markets as the next round of money moves into it, investors will valuing those growth spots differently including the crime and security unless there is a change in that part of the story. meanwhile the story of the u.s. today, big gains. the dow jones industrial average finishing at the highs of the day at a all time high of 15,460. volume picked up as well. s&p and the nasdaq higher today. s&p up 22. new high there. the nasdaq on a 13-year high of 57. have a great night. join me tonight for special coverage of the market all time high. "fast money" begins right now. >> aren't we call shiny happy people today because we are live from the nasdaq markets sight new york times square. i'm bryan sullivan, melissa lee still on a beach somewhere. guy adami, tim seymour, michael kho khouw.

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