Now to the state of the u. S. Economy. Janet yellin getting grilled by lawmakers up on capitol hill. Stocks seem to like what they heard. Investors in stocks. Stocks have no mind in and of themselves. Its the investors who move it. But the investors like what they heard initially. Our senior economic reporter Steve Liesman has the details. Hi, steve. Tyler, thank you. Fed chair janet yellin giving no hint at the first feds first rate hike in nine years is imminent or that its not coming. The only definitive statement on the outlook for Monetary Policy is that it depends on the Economic Data and as long as that word patient is in the statement, there wont be a rite rate hike for at least two meetings. The fomcs assessment that it can be patient beginning to normalize policy means that the Committee Considers it unlikely that Economic Conditions will warrant an increase in the target range for the federal funds rate for at least the next couple of fomc meetings. As tyler said the fixed income stock markets took the messages modestly dovish. You can see the futures market down from 51 basis points and where it would be in december 2015 now just well, there it goes just to 47. To my mind, yellin was mutual in the debate over whether the fed would take hikes in june or september. To be clear i think shes preserving the feds whether to drop the term pashgt from the staemt. She was grilled as expected from the Democratic Center in mass marks elizabeth warren. This time over the issue of what warren said were criticisms of the dodd frank financial reform bill or the feds chief council skol alvarez. Do his criticisms reflect your criticisms or the criticisms of the federal the federal board . I think i personally and the board consider dodd frank to be a very important piece of legislation that has provided a road map for us to put in place regulations. I appreciate that madam chairman, but i just need a yes or no here. Do his criticisms reflect your criticisms . Im certainly not seeking in any way to alter dodd frank at this time. Then from the gop side yellin was strongly questioned by senators on whether dodd frank is too tough on the banks, and this is a prelude to possible changes that could come in the new Republicancontrolled Senate this year. Now, yellin likely faces an even tougher grilling tomorrow from the house where theres more support for the fed to conduct Monetary Policy according to rules passed by the congress and for a bill to audit the feds making a Monetary Policy both of which, guys yellin strongly opposed today. Andy. Thank you for wrapping it all up for us. Stocks are missed. What do you as an investor do . Lets bring in nick from converge x group and strategist at wells fargo group. Great to have you. Let me start with you. When do you think the fed is going to start raising rates, but from an investment point of view, how much does the exact timing even matter . He think were a little closer mandy. I think markets were still somewhat concerned about the exact language the fed was using in the minutes and the releases most recently and todays testimony i think really clears that up. It looks like a clear, long runway of low rates for a while longer, and it does help. At the margin it does help u. S. Stocks a little bit more because i think investors were looking at europe as the most interesting place to invest but now that we have clarity in the u. S. Market it helps us see money flows come back here. It sounds like you still like u. S. Stocks at these levels despite money going elsewhere. Well let me break in just very quickly because we have news from the bond market right now. Sue herrera, whats the action telling us . We had the twoyear note being actioned off, and it came at a yield of 0. 603 . The bid to cover ratio, which is also known as the measure of demand, came in at a stronger than expected 3. 45. The last ten bid cover auctions came in at about 3. 41 . It was slightly stronger than traditional demand. Indirect bids is also higher by it came in at 48. 2 . Its a pretty decent auction. I dont know what grade Rick Santelli would give it. I dont give grades. It was a little stronger than expected. Back to you, manned where i. Maybe you should start giving grades. Maybe a little competition between the two of you. Nobody can match Rick Santelli. Let me get back to our guests. Stock, how is the investing world changing for you postyellin, if at all . Well i mean janet yellin mandy, she has been a dove. She remains a dove. I have a bias. The fomc minutes, i thought they were dovish. Today yellin in my mind was definitely dovish. I have a stronger opinion about that than i think maybe nick or Steve Liesman, but, you know in my mind our official stance is were going to see a hike at some point this summer. Now, you, that could be june to september. Really youre splitting hairs whether its june or september. What you really want to know what the market needs to know is how quickly are they going to raise rates . Are they going to do it fast . Are they going to skip a few meetingsed, which i think they certainly will after they start. That to me magnitude and speed, thats what we really want to know, but janet yellin i thought really today i was thinking did she does she want the marketed to say, hey, the minutes were not as dovish as what some people thought or not, and in my opinion dove all the way. It certainly seems, scott, as if shes playing it very safe very true to nature. Scott, do you agree with nick that the u. S. Is still the same for play still better to stay in the u. S. Than to europe or elsewhere where we have seen a lot of money recently go. I definitely agree with that. I think if you had to rank the performance, u. S. Large caps would do best. Developed international, and then emerging markets, and thats you know you got to take the dollar move into account, and especially when you look at what the dollar is doing, i think u. S. Stocks are going to be where you want to be. I think through the global safe haven in terms of equities and i think were going to continue to see the stock market do well this year. Lets get a little micro. Lets dig beneath the surface. Nick, i see you like not just like. Its your favorite sector right now. Its energy. Yes. I think scott really nailed the right hierarchy. Energy is one interesting sector that we see a lot of client interest in. Its lag the s p. Its only up 1 versus the s ps 4. If you look at the etf money flows you are looking for 3 billion for money flows into energy stock etfs just here in the u. S. , and we see a lot of interest as well on the sector. We have an interesting contrarian sector to what in particular are you looking at here . I think the sectors we want to be overweight mandy, are industrials, Technology Consumer discretionary sector. Those are going to be the outperformers over the course of the next year. Now, energy if you want to try to catch that falling knife, you know theres plenty of opportunities there, but for us i mean we want energy exposure. We want to be even weight which is about 8 8. 5 of a portfolio. Thats where the representation is in the s p 500. Were neutral on energy, but certainly we want to Pay Attention to whats going on with energy as we move forward over the next couple of quarters. I do see just to rerate that yes, you do believe they are a net positive for the u. S. Economy this year. Not a net negative. Absolutely. Loo nick and scott, thank you so much for joining us. Thank you. Also if you you want to check out the underweight that is nick and scott have you can go to power lunch. Cnbc. Com right now or maybe just wait until after the show to see what you should be avoiding in this environment. Tyler, we dont want people to tune off from the screen. We want them to stay with us although way to the end. All right. Mandy, the nasdaq hitting a 15year high. They say a rising tide lifts all boats, but sometimes, dominik, a rising boat lifts all tides. There are about five boats that are doing this. This is five boats that are really doing the yomans duty of the whole thing here. The real work horses behind the naxz. If you look at the overall nasdaq composite, which has, like, over 3,000 stocks thats a lot of them in the apples of the world all the way down to the 20 million biotech stocks. The nasdaq composite and the nasdaq 100 are very similar in terms of performance so far this year. So theyre almost the exact same. The nasdaq 100, though is the largest cap of the nasdaq composite stocks. Lets take a look at these work horses because five companies, like you said have accounted for every single points worth of gains in the nasdaq 100. If you dont believe me, check this out. Netflix shares theyre up about 38 . At least through yesterdays close. That accounts for ten points of the nasdaq 100. All right . Now you move on to the next one. Gilead big biotech name. Its added 15 points overall. Another one here to look at biogen, up 20 . Thats another 17 points. Keeping tally here right . Then you talk about amazon. Com. Its up about 22 here, and it added 35 points to whats happening. Then theres apple, which with its move because its a 770 billion company, has added 141 points. You add all those together its 218 points and that is every single points worth in the gain of the nasdaq 100. Tyler, a huge move for the nasdaq, but these five boats are going to be what powers the nasdaq. Rising boats lift all tides. Thank you very much. Greeces reform plan getting the green light now from europe. The countrys finance minister speaking clues exclusively to cnbc just moments ago. Our chief International Correspondent michelle carusa cabrera is with us now. You monitored that conversation. Tell us what went on. You are right. They got approval. With big astericks and big cavats. Youre not getting any money until you prove that what you put in this document, you are actually going to do. This is really crucial because they need the money desperately. Our colleague in london, shes in athens right now, one of the anningors for cnbc europe spoke exclusively with the minister of finance for greece just in the last hour. First thing she asked him is what is your first thing . What are you going to do on that list . She says were going after tax evasion. Thats priority one. How much money are you going to get, she asks. We dont know. Its like a treasure hunt. Its like an archaeological site where you dig. You dont know what you are going to find. Hopefully you find a great treasure. Im sure well find a great treasure. The question is do we have the means by which to do so. All right. The money is crucial because even though theyve gotten the green light, no money goes to greece until maybe april, maybe may. Theyre running out of cash now, however, within weeks they could really come to some kind of financial crisis. Julia asked him what are you going to do and he was pretty convinced for some reason but the euro zone in some way will help greece out. When theres a cash flow problem which is effectively a spike for a days time but the longterm they can be confident that europe is going to find a way of dealing with the cash flow problem. Its possible. It is possible to see this thing fall apart over a few billion because theres only a few when does the cash krurchlg hit . It all depends when greece pay their taxes, right . This government campaigned on were going to lower taxes and were going to stop foreclosures. Guess what happened. Greeks stopped paying taxes and their mortgages. Big financial problems for the government and also the banking system. Right . Now mario droghi said you must reinstate the culture of payment. In other words, you got to get people to pay. If people start paying the cash flow problem reduces itself. Michelle carusa cabrera. Well, march is almost here folks, but there is really no end in sight to winter is there . Theres more snow. Theres more sleet, and cold snaps are also on the way. Here is tom nizzle at the Weather Channel with more bad news. We got another cold week in store for the eastern u. S. Where records are being broken on a daily basis. Record high temperatures this week. Heres the cold air working down across the great lakes, and although way down into the southeastern u. S. By friday. Take a look at the temperatures tomorrow as an example. Chicago only a high of 20 degrees. 20 degrees below normal. Atlanta at 40 degrees. Well below what we should see at this time of year. As we go into thursday that continues. Denver nearly 30 degrees below normal with a high of only 21 degrees. Then into the friday time frame, take a look again. New york city 26 degrees and dallas at 39. That cold air does stay aloft across the country, and its amazing if you look at the month overall. In the east many of these cities, if we ended the month today, have either the highest second or third highest or third coldest, i should say, february on record overall, and in stark contrast in the west many of these major cities are working toward their warmest february on record. Thats the dichotomy we see across the u. S. Right now. Ill send it back to you. Boy, it is true. It is the coldest february i can remember. All right, folks. The port problems out west have they may have been resolved over the weekend bshg ut they are beginning now have a very real and huge football impact on many of americas Small Businesses. We have the staggering stats and the fallout. Plus, a developing storm. We are watching this hour. A commuter train crash. A developing story, i should say. A train crash in california. Dozens of injuries, and we will have the latest on that. What does it mean to have an unlimited Mileage Warranty on a certified preowned mercedesbenz . What does it mean to drive as far as you want. For up to three years. And be covered . It means your odometer. Is there to record. The memories. During the mercedesbenz certified preowned sales event now through march 2nd, youll get complimentary prepaid maintenance and receive your first two months payments on us. Only at your authorized mercedesbenz dealer. E financial noise financial noise financial noise financial noise my name is bret hembree. I am an electric crew foreman out of the cupertino service center. I was born and raised in the cupertino area. Its a fantastic area to work. The new technology that we are installing out in the field is important for the customers because system reliability i believe is number one. Pg e is always trying to plan for the future and we are always trying to build something stronger and bigger and more reliable. I love living here and i love the community i serve. Nobody wants to be without power. I dont want my family to be without power. Its much more personal to me for that reason. I dont think theres any place i really would rather be. Developing story we are watching closely. Three cars of a Southern California metro link commuter train derailed and tumbled on to their sides as you see right there. After a collision with a truck that was on the tracks. This took place, and there you can see, i guess the remains of that truck. These pictures coming into the newsroom. A camera getting shots of the accident. That is as it happened. I believe it happened a couple of hours ago. Theyre obviously still it was night when it did happen. Very dramatic. Okay. Lets recap the headlines. Comcast raising its annual dividend by 11 to 1 a share. The universal parent beating revenue street forecasts, but missing the irnkz by a cent. Home depot trading at a new record high after its profit rose 36 , but the Home Improvement chain is also warning that currency headwinds will hurt 2015 earnings. Shares of luxury homebuilder Toll Brothers rising after its profit nearly doubled. Toll also lifting its fullyear pricing and delivery guidance. As can you see, the shares up 4. 3 as a result. Ty. Mandy, a deal may have been reached in the story out in the west coast, but the backlog out there could take months to work through, and it is having a very Significant Impact on a lot of Small Businesses. This is kate rogers. Shes here with that story. Hi, tyler. Thats right. Some Small Businesses in california have seen losses of 10 to 50 in export sales in the past six months. Now, thats aorganized do the center for International Trade and development, which represents about 1,000 Small Businesses in california. Business owners like paul cramer who exports animal feed and pet food to the pacific rim from his paris, california based star milling company, says he has lost time and nearly 60,000 a week over the past nine months. Tyler, thats not even his biggest problem. What cramer is most worried about is losing his customers for good. The biggest disruption that we have isnt necessarily the money on a week to week basis. Its the customers that we potentially lose because then theyre out of business in the places that we send stuff to. Its great that theyve come to a tentative agreement. What that means and where it will end up in a week i dont know. Now, a separate trade group called the party club of america tells me they fear Halloween Costumes wont make it on to store shelves in time for the holiday as imports have slowed from overseas. A small Trucking Company says theyre being hit with daily fines from steam ships for being unable to return shipping containers to the port due to all that back lock. They tell me they have amassed 50,000 in fines. Halloween costumes wont make it in time . What are you going to do . Its months away. My goodness. Theyre saying it may take six months to get back to normal, thats when they start stocking their shelves. My naughty librarian costume will be unavailable. Old school baby. Old school. Well they are the best cars on americas roads. Consumer reports announcing its 2015 picks. Its a highly anticipated release. Theres a lot riding on it also for the automakers. This year its pretty good news for a number of u. S. Brands. Weve got the list for you next. Ameriprise asked people a simple question in retirement, will you have enough money to live life on your terms . I sure hope so. With healthcare costs, who knows. Umm. Everyone has retireme