Critically helping sentiment, china stocks recording their biggest twoday gain in seven years. A number of stocks there are still halted. Weve got the Portfolio Manager for fidelitys 2 billion china fund coming up. He says there are a lot of opportunities in the china market right now. Well tell you where. The latest data show the pc market is just getting clobbered. Its dying yet again. Could microsoft have a plan to revitalize that sector . Thats coming up. Also a new bill that could help patients get their treatments faster but at what cost . Well break down the fight brewing between Pharma Companies and doctors coming up. Troubling reports out today. Lets begin with greeces bailout and reaction from germany. Our reporters are still on the scene. Chief International Correspondent michelle cruisae a carusocabrera live in athens and Steve Liesman in frankfurt. There is new controversy around greeces former finance minister. He cannot stay out of the headlines even though he is no longer the finance minister of the country. This started when he tweeted out earlier today, i will not be in parliament tonight voting in person due to family reasons. This is to fend off other interpretations. Even though he is not the finance minister he is still a member of parliament and should be in the building behind me debating the proposal and voting later tonight. He will not be there. He wanted everybody to know, i support the proposal. A local reporter all coverage of the parliament stops to show photos of yani getting on a ferry out to an island in his mini coop were his family and looks like he is going on vacation. A toll journalist takes photos of him. His security detail attacks him. There is drama there. Then he tweets out again thankfully, there are people who respect what it means for me to wish to spend my saturday and sunday with my young daughter before she returns to australia where she lives. Which then sets off a firestorm on twitter. People were critical. There are supporters too. He is very much a rock star to some people in this country. One member in parliament stood up to say, we all have family obligations. We are all here. Its been interesting to watch. Even though he is no longer the finance minister hes still at the front of the news frequently. The media frenzy intensifying there. Well switch out to Steve Liesman in frankfurt. The latest on germanys reaction to greeces latest bailout plan here. We dont have any drama like that. What they are waiting for here is for the greeks to approve the proposal put to the Greek Parliament in front of them. Theres a lot of glaring silence. That proposal was received. They acknowledged they have it. They acknowledge there will be a meeting sunday in brussels to approve or discuss it. Really what it comes down to is the german dilemma. Will they deal on the greek debt or not . They have a public that is pretty overwhelmingly opposed to any additional greek concessions. On the other hand german chancellor Angela Merkel has tons of i guess youd call it persuasion on the part of the United States imf and france to make a deal here. She faces this prospect. On the one hand they fear the greek example could be one that others follow. On the other hand, she is concerned she doesnt want to be the leader that presides over the dismantling of the european monetary union. We dont know how she thinks. Saturday with finance ministers meeting in brussel, well get some sense of that. Some form of a greek write down or write down of Interest Rates. Most have been recommended by the imf. Michelle much is made of the debt restructuring that greece wanted germany didnt want them to have because they felt like theyve been given too many passes in the past. As steve is suggesting maybe they were negotiating not just with greece but future countries that might want some sort of a debt restructuring. What do you make of whats on the table right now that Greek Parliament will be voting on tonight . The whole issue of debt restructuring, i find it to be much ado about nothing. The greeks have always been told its actually been put in print, stick to the reforms, do what you want and guess what . We will consider extending maturities and lowering the interest rate. This has always been an option. They never complied with the quote unquote prior actions, things to do to get their bailout money, et cetera et cetera. The full write down. Bill, if you are given 200 years to pay back your mortgage at 0 interest rate, its better than 30 years at 4 right . Everybody gets that. They could have gotten one all along here but theyve been difficult all along here. Steve, whats this all come down to then . It comes down to this issue of what kind of European Union is it going to be . One that as one analyst said is it a union or a club . Is it one you can come into and go out when your economics dictate it . On the other hand it comes down to one of from this country standpoint to the extent to which german should be paying for what they believe is the largess of the greeks. The idea of a retirement age. Thats on the table. At the end of the day, and i think michelle would agree with this, it comes down to trust. Greeks propose anything they want. Germans feel like its been done over a long period of time. There is no basis of trust for the promises made. All right. Well find out. A lot to come. The vote in the Greek Parliament tonight and of course the big meeting on sunday in brussels. Great job, guys as always. Well be talking to you. Thanks. Joining us now as we bring it back home again here with an eye to overseas john manley from wells fargo funds is with us. Peter costa and Rick Santelli joining us. Peter costa, after all the volatility, we arent going to finish with big gains this week but we are still beholden to a great degree whats happening overseas. The chinese stock market has been dictating our direction this week. It has. Well probably see that for the next couple of days. One of the things we need to start focusing on is the externals are are very important. The internals, whats going on in the u. S. Economy. Earnings season is starting up. Next week there will be several financials reporting. We should start focusing on that and the growth going on in this country. Granted, you cant, we dont live we live in a Global Economy and not just this u. S. Centric economy. We need to start looking at and watching whats happening here. I think next week we will. Rick we did just hear from janet yellen. She gave a speech and answered some questions. Analysts are saying maybe she was more hawkish, insisting in only the way a yellen we might read her as insisting, they are going to raise rates this year. Are markets buying it . No activity in the marketplace i see can confirm or deny that the fed is going this year. If you look at some of the yield curve spreads, they certainly do seem to be steepening not flattening, 10s to 2s comes to mind. Granted, the curve is flattening with all Interest Rates moving up. I think thats just a different dynamic. Its an easy one. If you look at low yield yesterday to high yield in bunds, the difference was 22 basis points. Our low yesterday was 2. 18. We are up about 24 basis points in terms of the range. We closed at 2. 38 last week up three on the week. All maturities up three on the week. If you want to know whats going on with rates, keep an eye on the curve and bund land. The spread has been 150 basis points. Constant for the last five weeks. The more amazing story is and we could debate a lot of issues but the euro who avoided a close under 1. 10 it didnt close under it yesterday, here we are today flying well above that getting close to a 1. 12 handle. The real story is no matter how it turns out with Greece Germany likes that euro. It would be cheaper. Keep an eye on the money. Follow the money. Follow the money. Never forget that. John manly you long advocated staying the course. Youre bullish on this market. You try to ignore the headline risk as much as you can. Invest in what you see as quality stocks. I assume you are still doing that as we head into earnings season. Where are you putting somebody to work here . We are still buying technology. Still buying financials and we are actually needling at big energy stocks. U. S. Market is fair or fully valued. The fed may raise rates this year. They are not going to tighten. They may raise rates if the economy is stronger but they are not going to try to slow the economy. That keeps the bull market going. You want to go with those sectors that are going to be not as susceptible to a rate increase . They have offsets. In theory the fed will raise rates because the economy is stronger. That makes sense. If its not stronger, they wont raise rates. What do you get with a stronger economy . In theory you should get better corporate profits from those companies leveraged to that. You mentioned buying energy names. Oil is down 8 on the week. Does it have to go back up . The ones i focus on are the big integrated. They are nod crude sensitive. If you look at the 1980s, the only exxon outperformed s p. Terrible oil market wonderful stock market. You have down stream operations. Thats how i try to get my exposure indirectly. What a week on the floor of the New York Stock Exchange. Thank you very much. About 50 minutes till the close. Markets at the highs of the session. Dow up 236 points. S p higher by 28. Nasdaq higher by 80 points today. Stocks in shanghai cap their biggest twoday gain since 2008. How long can Government Intervention keep this market going . Seemingly in a strong fashion. Most stocks are halted right now in china. A top fund manager from china takes us to where he sees the best opportunity to make money in china. Coming up next. Also ahead, find out whats lighting up cablevision stock. One of the best performers on the s p today. Closing bell is back in two. When the moments spontaneous, why pause to take a pill . Or stop to find a bathroom . Cialis for daily use is approved to treat both erectile dysfunction and the urinary symptoms of bph, like needing to go frequently, day or night. Tell your doctor about all your medical conditions and medicines, and ask if your heart is healthy enough for sex. 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A one, a two, a three percent cash back dow up 247, almost 248 points right now. S p is up 30. Once again the nasdaq up 1. 7 a gain of 83 points. Costco boosted up 15 above yesterdays closing price. He says the stocks recent weakness represents a rare opportunity to buy one of the worlds best retailers as he sees it. No word whether you have to buy a large number of shares when you buy the stock. Its too easy. Lets check out other movers in the final hour of this trading week. Cablevision spiking on a wall street journal page one article highlighting french billionaire patrick drahis interest. Cablevision provides tv broadband and phone service to customers in the tristate area and pennsylvania. Shares up 7 today. American airlines popping. Recording nearly a 3 rise in traffic last month. It did lower Capacity Growth guidance from the year to 1 from 2 . Shares up 1. 3 . China is on the move this week. Shanghai composite seeing its best twoday gain today and yesterday in seven years after some intense selling earlier in the week. Pretty much the month before that as well. Despite the volatility. Fidelity investments remains confident in that market. Booby bow joins us now. His china retail fund up 4 this year. People have come straight to you. Im thrilled to have you on. Rare tv interview. Is this your first tv interview . My first with cnbc. The question everybody has on their minds is the china bubble over . Are we witnessing the back slide . I think first off, i wouldnt call that a bubble. The market did go up a lot but has come from oversold territory last summer summer 14. Its up 115 . Any time you have a sharp rise in any stock indices, you expect some shortterm correction. I wouldnt call that a possible. I wouldnt be too worried the bubble burst. It will cause damage to the underlying. I was looking at a longer term chart of the shanghai index. We look at this recent rally the index had this year. With awe. When you look back at 2007 before the financial crisis that was a bigger move higher. We are making much out of a smaller rally here. Each bull market have different starting points and valuation and whats going on around the world. Right now, after the selloff china is trading at 13 times pe. This is the shanghai composite. The hong kong the hshare Index Trading at eight times pe. I wouldnt call that a bubble. If regulators basically halted shares of most listed companies, banned short selling, pulling everything out of their hat to keep this market up i guess that can work short term. How does it give you confidence and how are your investors reacting when they say we could be locked in this market far longer than we are comfortable with . Good question. Only time will tell whether these measures are going to be effective or not. These are some pretty unorthodox, unprecedented moves. What we do know is we have a regulator. We have a government that is highly alert. Thats determined to bring stability into the marketplace. As long0 term investors in the equity market that gives them the confidence you have the government on your side to ensure things dont blow up. Before this selloff much was made we were wondering exactly how fast is the chinese economy growing . What is its inflation rate . Give us your assessment of the economy over there right now. I think the economy is probably growing mid single digit. Im not an economist but what we have been observing its gone from mid teens growth rate to mid single digit growth rate. Longer term this is a sustainable rate of growth. By our research we are seeing stabilization signs in the economy as we speak. We think second half of the year will bring positive surprises to investors in terms of cyclical upturn in the economy. Inflation . Inflation is benign. The official number is like 1 . Bear in mind china has one of the highest real Interest Rates in the world. I will argue that the central bank in china has plenty of room to loosen monetary policies. Weve got to leave it here but you have to be invested in china. Investors should get that. Knowing that what are your couple of top plays for the Chinese Market you think would work here for investors Going Forward . I cant speak to specific stocks, but i can say that the amount of innovation thats taking place in china, that is unprecedented. We are finding a lot of ideas in sectors such as Health Care Internet and consumer. Thats very exciting. We are looking at your portfolio weighting by far financials outweigh everything else. Financials are the largest component in my index which is the Golden Dragon index. Financials mostly insurance and banks, especially insurance. Huge protection gap. Decent valuation. Will this market be higher year end versus its most recent peak . Are we going back . I really dont know in terms of shortterm volatility in the market. Its like me asking you is it going to rain next wednesday in new york . I dont know. Im not committing 3 billion to that outcome. Thats why im not a weatherman. What we do know based on research we are still finding good value in the market and risk reward is on our side. Thanks for being here. Come back. Thank you. Manager of fidelitys china region portfolio fund. 30 minutes left. Holding steady. Dow up 243 points. New warnings on painkillers raising the risk of heart attacks. New data showing antidepressants can cause birth defects. What you need to know. [ female announcer ] who are we . We are the thinkers. The job jugglers. The up allnighters. And the ones who turn ideas into action. Weve made our passions our lifes work. We strive for the moments where we can say, i did it we are entrepreneurs who started it all. With a signature. 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