yellen said that the central bank is in no rush to raise interest rates. and that powered a stock market rally around the globe continuing today. and resulted in the dow industrials gaining 83 points to 17716. the nasdaq added 22 and the s&p 500 rose nearly 9. the president of the chicago fed agrees with the fed chair. in an interview today, charles evans said a rate hike in april would be surprising. >> i think chair yellen laid out all the right issues, you know, coming out of december going into the march fomc, risk factors increased a bit, financial volatility, things settled down a bit. i think global risk is higher. the median is for two hikes this year. if the data come in the way we're expecting. if they come in stronger, everybody would adjust upwards. >> evans added the potentially moving in june that decision would be made on the basis of further improvement in the labor market but emphasized he didn't want to get ahead of himself. and there was more evidence today the job market is strengthening. private companies in the united states added 200,000 jobs in march. this according to the payroll processer, adp. the construction, retail and shipping industries all had solid gains but manufacturing employment barely budged. so while the labor market is humming along the same cannot be said for corporate profits. overall, earnings for companies in the s&p 500 are forecast to fall. continuing a trend of the past few quarters. dominic chu tells us just how ugly it might get. >> reporter: in just a couple of weeks, a lot of focus for traders and investors will turn back toward company-specific stories. specifically because in a couple of weeks, we start large cap earnings season yet again. and this time the estimates, they're not very good at least to start. here's what we're talking about. if you take a look at s&p 500 companies, the analysts at thompson reuters compile the estimates and right now showing what could be a forecasted 7% decline in s&p 500 profits over the same time last year. and it's not just bottom line profits. it's also what's happening with sales as well. they're forecasted to fall by about 1%. it could be the third consecutive drop in quarter by profits and the fifth consecutive quarterly drop in terms of sale if it comes to fruition. now, it's going to be a big deal to talk about energy. it has been for quite some time. if you strip out the negative effects of falling oil prices, you get a different story. significantly better one but still bad. earnings would drop by 2% if you stripped out energy and revenues would rise by about 2%. so why is energy such a big focus this time around? it always has been for earnings season ever since oil prices have fallen but take a look at how bad it's going to get. the only positive stories we can really talk about right now are in consumer discretionary up about 14% in terms of profit. telecommunications stocks up by about 5.5%. here's where it gets a little tough. material stocks are forecasted to drop by 19% in terms of profits. energy stocks by a shocking 99%. so that's the reason why energy will be a big focus and some of those earnings estimates for s&p 500 companies are not quite as robust as some would like. for "nightly business report," i'm dominic chu. >> so what could a weak earnings season mean for the market? david is senior equity strategist at ubs wealth management research. he joins us now to discuss that. david, welcome, good to have you with us. the market has had a tremendous month of march since february 11th, it's up double digits, done very, very nicely. is the market looking past what everybody seems to say is going to be one of the worst earnings quarters that we will have seen in many, many years? what's going on? >> yeah, tyler. i think you frhave to take thin in context. when we started the year, there was a lot of concern about a slowdown in china, becoming a hard landing. there were concerns about the u.s. economy, itself, whether it would continue to grow or not. and now we've seen some signs of stabilization in the chinese economy, seen some signs of stabilization in the u.s. manufacturing sector as well. and i think that's what's powered the rebound on top of the fact that the fed has been a little bit more accommodative. so now we can get back to i think where we were at the end of last year and the earnings picture still is a bit sluggish but i think your previous segment nailed it on the head. a lot is energy. some is the strong dollar. those head winds begin to go away as we go into the second half of this year and 2017. they shouldn't really affect us at all. i think the market is going to be somewhat range bound but looks brighter as you look furt eer out in time. >> does the green light further action in the market to the upside, david? >> i do think over time. i do think, though, we need to see some -- we have to get some confidence that the weakness in the manufacturing and the industrial and energy sectors is not spreading more broadly. it has spread a little bit. financials are seeing the impact from higher loan costs in the energy loans. but consumer discretionary looks good. health care looks decent. tech is still good. so as long as those sectors continue to do well, we should see higher prices and i think ultimately we will, but i still think we're going to be in a bit of a volatile period. we didn't talk about politics but certainly the political season could have an impact as well. >> oh, that. but david, let me come back to what i think i hear you saying an that is that, yeah, the rest of the year is likely to be better in terms of earnings than this first quarter is likely to turn out to be, but the market may be vulnerable in the short term to some volatility because it's gone up quite a bit. the fed has been a tailwind there, but now the rubber meets the road with profits. am i hearing you correctly? >> i think that's right, tyler. yes. we've had a very strong rebound. i wouldn't be surprised to see a more of a range-bound market in the near term. and, again, we still need to get more confidence that -- or i think investors more broadly need to get more confident that we will see an earnings recovery in the second half of this year and i think that's what's going to be kind of in the backdrop of people's minds. you know, if you want to spin it positively, this could be the worst quarter for earnings of this -- of the last several then it's going to get better going forward. i think it's going to take some time, though, for investors to get comfortable that we have seen the worst. >> all right, david. thank you very much. david with ubs wealth management research. metlife is not too big to fail. so ruled a federal judge. the decision means the company should not be subjected to stricter regulations that emerge following the financial crisis. the reason for the judge's ruling remains sealed and the government may still appeal. metlife shareholders were happy sending shares higher along with the other insurance companies that have been labeled systemically important. patients who obtained health care through the exchanges under the affordable care act, well, they're in need of more medical care than those who already had insurance. according to a new study by bluecross/blueshield, that increases cost for insurers. the study based on claims of more than 4.5 million people and the finding may help explain why higher premiums have been sought by insurers in many states and some say it also raises concerns about insurers potentially leaving the exchange. dan mendelson joins us more to talk about more the rising cost of health coverage will ultimately mean for the insurers and of course the futures for the exchanges. ceo and founder of avalair health, a health care consulting firm. welcome, dan. nice to have you here. were you surprised by the results of the study -- >> no. >> -- and the fact those who were surveyed their health was worse than we originally thought? >> no, i wasn't surprised. we essentially reproduced very similar results and what's happening here is that those people who really need the insurance the most are the ones who are most likely to sign up for it and as a result the market is essentially creating a risk pool that is somewhat adverse for the insurers who are participating in it. i think it is really important, though, to keep it in context and the fact that there are 10 million people who have insurance, they're generally low-income individuals and individual who really need the care and i don't think this market is going away any time soon. >> often, my guess is people who got into the health insurance marketplace who hadn't had it before maybe because they had pre-existing conditions and couldn't get health care coverage or because they just didn't want to pay for it, it wasn't as available to them as it is under the affordable care act, now they're catching up on treatment that maybe they postponed. would you expect to see the demand for these health care services even out over time as these new comers then get integrated into the health care system and maybe their health turns a little bit better as they get the care they now can afford to pay for? >> there definitely has been some catch-up and see that in the data, but i think really what's going on here is that the solutions are really around getting a broader group of people enrolled in this program. so you have about 10 million people in this program but re really the projections we and others made initially is about 20 million should be in this program right now so really the solutions are around broader enrollme enrollment making sure that the healthy people in addition to those who currently are bearing the burden of illness are enr l in the program. >> dan, do you expect as the study indicated might happen that we'd see the major insurers decide to exit until we see that evening out or do you think that won't happen? >> look, it's possible that you'll see one or another insurers exit from this program. health care is a very locally market-specific enterprise and that's always been true. however, it's really important to remember that this is very strategically important. this is a very strategically important program for the insurers who are participating in it. there always will be a market for individual insurance in this country, and the larger insurers in particular will need to participate in this market. so i think that in the long run, it will be healthy. >> all right. dan, thank you for joining us. >> my pleasure. >> we appreciate it. >> dan mendelson. still ahead, who dreams, why this weekend's college basketball championship game puts time warner to the test. a jury today found general motors' ignition switch was defective but it was not the cause of a 2014 accident. no damages were awarded to the two people who were injured. lawyers for the automaker argued that the accident was caused by ice on a bridge. the verdict was the first involving gm's ignition switch and there are more than 200 pending cases that allege injury or death was caused by gm vehicle defects. detroit, of course home to jm general motors and other automakers. while sales are now near records, that wasn't the case a few years ago. the business, of course, being bail out, housing had collapsed in the city and many who lived in detroit up and left. the long road back for the motor town and as kate rogers reports, small business played a key role. >> reporter: after emerging from the largest municipal bankruptcy in history, detroit is undergoing a revitalization driven by small businesses that believe in the city's future. april anderson launched her bakery, good cakes and bakes, in 2013, serving up organic products made from locally sourced ingredients. her goal is to see underserved areas of the community come back from the brink. >> people are starting to realize you need to move up to the neighborhoods because the neighborhoods is what keeps the business going. >> reporter: april's in good company. data from the kaufman foundation show there are about 1,000 small businesses for every 100,000 residents in the detroit metro and while a dwindling population had an an issue, that exodus slowed in recent years. another small business making its way in started in 2010 by eric yelzma, former chemical salesman who lost his job in twhoo2009. he loved jeans and decided to turn his hobby into a business. >> i could not have done it anywhere else. could not have done it in chicago, new york, any other city. i wouldn't have, i think, the ability to go find a place and start making something. >> reporte today they employ seven people and are on track to open up a new retail store in a few wheekeeks. the most rewarding part, employing locals and teaching them new skills, something they say was badly needed after the auto industry collapse. making things is -- we've done that in detroit for hundreds of years. it's really, really rewarding to kind of revive some of those old skill sets and be able to employ people. that's a real, real gift. >> reporter: both good cakes and bakes, and detroit denim company worked with several incentive and grant programs in the city including tech town, a non-profit incubator and accelerator that men tours entrepreneurs. they've helped 1,600 companies in the last 12 years raising $20 million and the metro has seen 227 private sector jobs added from 2009 through the end of 2015 according to the detroit regional chamber. anderson is now employing four part-timers at her bakery. she's had big successes even baking for oprah but takes the most pride in serving her community. >> it's more validating when the community supports me because oprah comes in town, she leaves, people come in town, they leave. to have the community by you, it's way more important to me than that. >> reporter: a community of detroiters that's been through so much ready to forge ahead. for "nightly business report," in detroit, i'm kate rogers. >> to read more about small businesses in detroit, head to our website, nbr.com. boeing plans to cut thousands of jobs and that is where we begin tonight's "market focus." the company will eliminate more than 4,000 jobs in its commercial airlines unit by june in an effort to reduce costs to stay ahead of competition from european rival, airbus. boeing expects most of those cuts to come from attrition and voluntary layoff. shares dropped nearly 2% to 128.58. lower fuel costs and an in bookings helped lift profit at carnival with results topping expectations. revenue also came in above analysts' estimates. the cruise line also increased its earnings outlook for the year but still expects sales to miss targets. shares of carnival rose more than 5%. the athletic apparel maker lululemon athletica, strong sales during the holiday. the company laid out an ambitious goal saying it expects to double sales to $4 billion by 2020. shares spiked more than 10% today to 6780. the food and drug administration rejected the applic a new kidney cancer drug from the pharmaceutical company, op kprrks o health. the fda cited issues unrelated to the drug with opco's third-party manufacturer. opco's ceo said the company will work with the fda and manufacturer to resolve the matter. shares plunged more 10.5% on the news to $9.9 0. big money is being thrown at the big dance. advertisers are going all in on march madness. spending which is at record levels. but as the cable television industry changes, there's one company in particular that has a lot at stake. julia boorstin has that story. >> reporter: march madness has turned into advertising madness. the annual ncaa division 1 men's basketball championship sold a record $1.2 billion of advertising last year for cbs and turners networks and this year it's on track to grow by at least 5%. as advertisers turn to live events viewers want to watch in realtime along with ads. >> live sports programming has been steadily increasing, ad rates across march madness, across other professional sports, college sports as well. audience ratings have shrunk for other types of programming, audience ratings for sports programming have held up fairly well and adds to the attractiveness of the investment for advertisers. >> you guys ready for our march madness road trip? >> reporter: broadcasting the tournament has been increasely profitable for time warmer and cbs because advertising has been growing faster than the cost of tv rights. this year's tournament is particularly important for time warner. its stock dropped on concerns of the future of the tv bundle. this is the first time a championship will be shown on a cable network. monday's game is airing on tbs. time warner has been doubling down on sports. more than a third of turner's $4 billion in programming costs this year will go toward sports rights. paying $7.3 billion to the ncaa over the next nine years. >> for turner, it's a continueuation of their increasing involvement and increasing participation in the sports marketplace. they've had an nba contract for -- an nba presence for a number of years. >> now the question is how sports will help time warner hold on to subscribers and battle the cord-cutting trend. tbs and tnt each lost more than $2 million subscribers last year according to nielsen. for "nightly business report," i'm julia boorstin in los angeles. ncaa also recently announced this weekend's final four and championship game will be live streamed in virtual reality. if you own a samsung gear v.r., it's a sexy look, you can download the ncaa march madness live app in the oculus store and watch the game as if you were courtside. i suggest you do it in your own home. >> yeah. i'd be a mess. all right. coming up, the value of a dollar. what parents are and are not teaching their kids about managing money. all right. headlights on roughly a third of mid-sized cars do a poor job. in its first ever study of headlights the insurance institute for highway safety said only, only that toyota prius-v earned a good rating. while most headlights currently meet government standards, the institute said better headlights could reduce accidents and improve safety. lockheed martin landed its first contract for its hybrid airspace, airship, i should say. straight line afteruation signed a letter of intent to purchase a dozen for roughly $480 million. the airships are nearly the length of a football field. as we reported earlier this month, they will be able to carry 20 tons of cargo to remote places. lockheed says they're a cheaper more environmentally friendly way to deliver supplies and equipment. you can read more about that deal on our website, nbr.com. more money is something many parents would welcome. especially with the cost of raising a child from birth to age 18. topping a quarter million dollars now. new study by t. rowe price provides insight on just how many parents aringe sacrificing epperson with more on that study. what do spending patterns reveal, sharon? >> we're spoiling our kids basically. >> shocking. >> that's what we're doing. about half of the participaentse survey said theyn item the kids really don't need and many of them are going into debt to do it. nearly half of them. over half of them admit they're spoiling their kids. what's really interesting is kids were surveyed in this report as well and they're also saying that they expect their parents to buy them certain things and they're getting them. >> yikes. okay. note t. on the flip side, though, are parents really talking to their kids about money? for instance, i said to my kids one day, you know, this month we're trying to save extra money for, you know, the family vacation so we're on a budget. >> right. >> do many people do that or not? >> the majority do not and they're uncomfortable doing it. >> oh. >> about 58% of parents say that they're uncomfortable talking about family finances with their kids. that's about the same amount that say they're uncomfortable talking about death with their kids. so that's the way they're equating it. it's a scary subject to the parents and don't forget, the kids are learning the most about money from us. >> right. >> so if we're afraid to talk to them about it, they get that. many of them understand we're uncomfortable. it makes them uncomfortable, too. >> i wondered whether that was the reason parents are evade of creating insecurity. if they -- if the child picks up on their anxiety about -- >> exactly. i think that is a big part of it so one of the things parents need to do is keep it simple, age appropriate. when you're talking about money. vacations, the kids can understand that. >> right. >> for my kids i talk to them about buying a refrigerator. have to get the food, they know how much it costs when you have to buy a new one. use an dotes from real-life experiences and don't be negative about it. if you are anxious about money, don't let the kids know that, don't express your anger or anxiety with your spouse in front of the children. try to keep that private. explain to them, have a strategy out there. if you don't have one yet, come up with a way to make them feel comfortable, we have this control, trying to get this under control. don't be worried about it, we're going to try to handle it. there's a great website, moneyasyougrow.com. it was started by president obama's financial capability counsel. it's now on the consumerfinance.gov website and really great way to figure out how to start that conversation with kids at various age groups. >> sharon, thanks. sharon epperson. all right. are you looking for something to celebrate? well, just look at your calendar because according to one company, every day has a story and today is national little red wagon day. yesterday was national lemon -- >> you didn't know that? >> no, i did not. as jane wells -- now i do -- tells us, there is big money behind these unofficial offbeat holidays. >> reporter: happy national pencil day. yes, an object we no longer use is commemorated with its own day in america. not only that, wednesday was also national i am in control day. turkey neck soup day. take a walk in the park day. little red wagon day. national doctors' day. and manatee appreciation day. what is going on? blame, or thank, this guy. >> because we became kind of this authority with national days, people started asking to see if they could register for a national day. >> reporter: marleau anderson founded national day calendar as a hobby because he likes fun silly days. people started asking him to make days official and offered to pay him including this year for the first time the people behind national prom day. >> it was somewhere between $3,000 and $5,000. >> reporter: kimberly collins of promgirl.com paid that to national day calendar hoping prom day will drive sales and raise money for charity so thursday, prom day will have its own official hash tag. there are about 1,200 days on his national day calendar but most requests are denied. there is a vetting process. >> they wanted to know more about us, who we are, why we should be declaring prom day and why it's so important to girls. yeah, they definitely, there's a process around it. >> we have a committee of four people. they have to go through these and it has to be a unanimous vote between these four people for that day to become a national day. >> reporter: of course these officials days aren't really official. they haven't been passed by congress or presidential proclamation. there are only about 60 of those days. while social media celebrates national prom day thursday, the nation will officially celebrate national cesar chavez day named after the pioneer for farm workers' day. >> on that note that does it for "nightly business report." i'm sue herera. thanks for joining us. >> i'm tyler mathisen. thanks for joining us as well. we'll see you back here tomorrow on whatever day it. >> we should have "nbr" day. national "nbr" day. narrator: coming up on "quest" -- a nasa rover looks for signs of ancient life on mars. [ all cheering ] mckay: we know it had water. it had rivers, lakes, maybe even an ocean. narrator: a search for clues about a mysterious disease killing millions of starfish. the surprising health benefits from eating dark chocolate. and a mission to uncover the amazing secrets of the spider web. next on "quest." announcer: support for "quest" is provided by...