A few minutes. Get a cnbc first interview with him after yellens official nomination. This was, of course, expected. Market reaction, nonetheless. Lets take a look at where we stand as we approach this final stretch. One hour to go to the closing bell. Dow jones up 68 points here. This is actually near the highs of the day. Nasdaq and the s p 500 also showing mixed reviews here. Nasdaq in negative territory, although it, too, off the lows as there is wide expectation that Janet Yellens leadership will be a continuation of ben bernanke and the stimulus in place. Standard poors up 6 1 2 points on the day. The announcement from the white house gets under way in ten minutes, we are told. So, just a few minutes from now. In the meantime, lets talk about this market and its response to the shutdown in washington, maria. Joining us now on our Closing Bell Exchange peter anderson, Keith Fitzgerald and bob pisani and rick santelli. Good to see everybody. Lets start with the reaction in the markets, peter. Would you say that this is basically in step with Ben Bernankes policies and thats why we are seeing some further buying in this market after so many weeks of uncertainty and negative reaction . Well, you took the words right out of my mouth, maria. Actually, that is exactly what i think is happening. You know, it would be a different story if it were somebody else that were nominated. I think that has cast a little sigh of relief over the market now. Of course, were not through all the other issues that we have to contend with. At least that gives us time to catch a breather, say one uncertainty is ticked off, but we still have a couple of other things, as you know, to take care of. Those little thins going on in washington. Keith fitzgerald, youre not exactly excited about janet yell yellen, why . Shes a bernanke clone. Clones dont think clearly. A good thing is the market is beginning to come terms with this probably means more stimulus. That generally speaking is the best we can hope for. You know, in terms of best we can hope for, when you consider the facts we have this dysfunction in washington, you consider the facts that may very well take some of the oomph out of this recovery, do you need the fed to stay in place . Maybe this is a good thing shes there, clone or not, the stimulus continues at a time perhaps we need it. I think, maria, most traders down here feel that continuity is certainly good for the markets overall. I think the concern here is on the timing. The Senate Banking committee will probably hold hearings on this after the debt ceiling negotiation. Its set up for another slugfest over obamas economic policy. Theyre going to argue president obama now owns qe, qe2 as well as the taper policy. And i think that the overall concern is that its just going to be another ugly fight for another several weeks, right after the debt ceiling negotiation. Rick santelli, whats the i can imagine what you guys are talking about with janet yellen there. What is the reaction to her being the nominee finally . First of all, i would like to congratulate her. First female head of the fmc. I hope im not speaking too soon. People on the floor look at continuity issue in the form of needs and wants. Theres a huge debate whether qe satisfies needs but traders with a glimmer in their eyes and wallet smile, its what they want, so in that regard its definitely a prostock situation. But prostocks may tend to lead to rising rates. I read the minutes to the fmocs last meeting. Other than three sentences there was virtually no talk about the fiscal shutdown. There was a bit at the news conference, which leads me to think that it is interesting in a rearview 20 20 mirror, as we now live the shutdown, to think that was the main fed reason. But after reading the minutes, i just dont think they had any inkling to pull back. And i dont think youll see any pull back well into the first or Second Quarter of next year. Thats interesting. Peter anderson, i want to get your take on this momentum market that has been in place for a little bit. Up until the last couple of days or so, biotech sells off, gets slammed yesterday. Stocks like tesla. All these momentum names that have been catching the bid. Is it over or do you want to go back to momentum today, now that the expectations is in place that perhaps janet yellen keeps this going . I think through the end of this quarter you will start to see a pick up. Im not looking to say draw four aces in this quarter. Id be happy walking away with one or two in terms of earnings results. I think you will see momentum pick up. One thing janet yellen is known for, and i hope everyone is aware of, shes champion of this new communications policy. Ive done some research and shes on record saying why she thinks this new communication is extremely important to bring the fed into the current times rather than just all pieces of paper communicating. And i think theres some good and bad in that, as you know. Well see how that plays out. Dont you think the communication policy failed a bit . I mean, the headlines we were running on, all voting members but one said it was best to wait the taper. The fed was well aware the markets expected a taper. Thats a fail. Absolutely. And i think there is a good and bad to this whole policy of communications. Thats exactly what were seeing. Some good things, some bad things, and shes also arct articulating it as an experime t experiment, too. We want to take a short break, then take you back to washington and hear president obama make that official announcement. Were sitting near the highs of the session with a gain of 63 points. And we are just minutes away from the nomination of janet yellen, as you said. And then after the bell, bond king bill gross will give us his reaction to the nomination of janet yellen. Youre watching the closing bell, right here on cnbc, first in business worldwide. If youre just joining us, president obama is expected to announce the nomination of janet yellen as next fed chair any moment there in the state dining room at the white house. Well bring you that live coverage momentarily. Were all anticipating that. Well bring in our allstar panel. Diane swank, keith from bank of tokyo and eamon javers and steve liesman. Diane, let me kick this off with you. Is this the right choice . Do you think the markets expecting this . What will the reaction be . Whats your take . It is the right choice, the markets are expecting this. This is important Going Forward because i think i take issue said something earlier, yellen is not a bernanke clone. She was influencing financial policy in the 1990s when he was trying to figure out what caused financial cries in his academic career. Shes going to communicate more clearly without the sausage being made. That will be better. Chris, what do you think the international communitys response will be to janet yellen . How do they view her . I think they feel shes a very, very good candidate. Most of the criticism of janet yellen comes from, well, frankly, congress. Theyre concerned shes too dovish. Admittedly, shes put out her own Research Showing if she had her way, she would not raise the Feds Fund Rate until september 2016, which is another year past what the majority of the committee is saying right now. Eamon javers, whats the talk in washington . Why janet yellen . There was dithering about Larry Summers, so much so he. H to pull his name out. What do you think this means in terms of further stimulus from the Federal Reserve . Clearly the expectation is there is going to be further stimullmulus from the Federal Reserve. Remember when the Federal Reserve decided not to taper, one of the big reasons why was the big concern over a Government Shutdown. Its a a big drag on the fiscal economy. Its going to be a bigger drag on the economy if we reach the debt ceiling. The further thought is shell continue to extend the economy. The democrats on capitol hill will be enthusiastic about this. Weve already seen, however, a couple negative responses from some senate republicans, senator corker sent out a skeptical press release yesterday. Shell face resistance in terms of confirmation, but shell keep her foot on the gas at the Federal Reserve. Steve, knowing she was not the president s first choice, i cant wait to hear this introduction. How about you . It will be interesting. I think the president will have to finesse that. My guess is he may make a joke about it, if he talks about it at all. I think whats interesting, what was said earlier, the market is okay with this choice. Its not like hes hoisting somebody on the market thats not the markets first choice. All of our cnbc polling has shown the market preferred yellen. It was really the president was, in a sense, the market having a tougher time introducing summers than yellen. On the sensitivities here real quick, there is sensitivity about the Larry Summers name. Its not a name youll hear during this ceremony but i asked the white house, for example, when did the president actually make the offer of this job to janet yellen, did they speak in person or on the phone . When did that conversation take place . Theyre not giving us the details of when the offer was made or anything else vouning it at this point. The white house seems a little sensitive about the terms of this deal and when it was made and how its happening. As you can see, they just put the remarks on the podium indicating the president is going to be walking out imminently. Very quickly, chris, knowing who the next chairman of the Federal Reserve would be, would you put new money to work in stocks right here . I think whoevers going to be in there well, we know whos going to be in there. I think, you know, youve got to be careful. Theyre probably going to come with a cut back in qe in december. October 30th, that decision date, they wont have the payroll jobs data. But theyve got to stop qe. Look, theyre buying over500 billion treasury. Theres only 600 billion. You cant buy 500 billion of 600 billion being offered. I would look for qe to go away. My real beef is the markets should be focussed and emerging markets are on the firstrate hike. That sounds like a no, you would not put money to work in this market, knowing qe will begin to end . No, im all in 100 . When do you think tapering begins, then . I think the earliest we see it is january. Could be later than that. It will be tough for the fed without enough data and without certainty about how strong the economy is in the wake of this shutdown to do it much sooner. Heres the president. Lets listen in. Hell have ben bernanke and janet yellen there with him there. Good afternoon. Over the past five years, america has fought its way back from the worst recession. Weve passed historic reforms to prevent another crisis and to protect consumers. Over the past 3 1 2 years our businesses have created 7. 5 million new jobs. Our Housing Market is rebounding, manufacturing is growing. The Auto Industry has come roaring back. Since i took office, weve cut the deficit in half. I think everybody understands we still have a lot of work to do to rebuild the middle class, but weve made progress. And we shouldnt do anything to threaten that progress. For these hardwon gains have made a difference to millions of americans and, in part, we can thank the extraordinary grit and resilience of the american people. In part we can think the dynamism of our businesses. A lot also has to do with decisions we made as a nation to create jobs and growth. One of the most important contributors to this whole process has been the Federal Reserve under the strong leadership of ben bernanke. For nearly eight years, ben has led the fed through some of the most daunting economic challenges of our lifetime. For some time now hes made it clear that he intends to finish as Services Chairman at the end of his term, which is this january. So, today i just want to take a minute to pay tribute to ben for his extraordinary service. But i also want to announce my choice for the next chair of the Federal Reserve. One of the nations foremost economists and policymakers, current vice chairman, janet yellen. You know, after i became president , i was proud to nominate ben for a second term. And while the fed is and must always be independent, i want you to know, ben, im personally very grateful to you for being such a Strong Partner in helping america recover from recession. Perhaps its no surprise as the son of a pharmacist and a School Teacher that ben bernanke is the epitome of calm. And against the volatility of Global Markets hes been a voice of wisdom and a steady hand. At the same time, when faced with potential Global Economic meltdown, he has displayed tremendous courage and creativity. He took bold action that was needed to avert another depression, helping us stop the freefall, stabilize Financial Markets, shore up our banks, get credit flowing again. And all this has made a profound difference in the lives of millions of americans. A lot of people arent necessarily sure what the chairman of the Federal Reserve does, but thanks to this man to the left of me, more families are able to afford their own home. More Small Businesses are able to get loans to expand and hire workers. More folks can pay their mortgages and car loans. Its meant more growth and more jobs. And id add that with his commitment to Greater Transparency and clarity, hes also allowed us to better understand the work of the fed. You know, ben has led a new era of fed speak, and been a little more clear about how the system works. And that is good for our democracy. And i have to tell you, as i travel around the world, you know, the job of the fed chair is not just, you know, our top Monetary Policymaker. The world looks to the american fed chair for leadership and guidance. And the degree to which ben is admired and respected and the degree to which, you know, central bankers all across the world look to him for sound advice and smart policymaking is remarkable. He has truly been a stabilizing force not just for our country but for the entire world. And i could not be more grateful for his extraordinary service. So, ben to you and your wife, anna, and your children, joel and alyssa, i want to thank you for your outstanding service. Thank you. [ applause ] now, as ive said, the decision who will succeed ben is one of the most important appointments any president can make, because the chair of the fed is one of the most important policymakers of the world. The next chair will help guide our economy after ive left office. Ive considered a lot of factors. Foremost among them is an understanding of the feds dual mandate. Sound Monetary Policy to make sure we keep inflation in check. But also increasing employment and creating jobs, which remains our most important economic challenge right now. And i found these qualities in janet yellen. She is a proven leader. And shes tough. Not just because shes from brooklyn. Janet is exceptionally well qualified for this role. She served in leadership positions at the fed for more than a decade. As vice chair for the past three years, shes been exemplary and a driving force of policies to drive our economic boost and recovery. Janet is renowned for her good judgment. She sounded the alarm early about the housing bubble, about excesses in the Financial Sector and about the risks of a major recession. She doesnt have a crystal ball, but what she does has is a keen understanding of the markets and how economies work. Not just in theory but in the real world. She calls it like she sees it. She knows how to build consensus, brings people around a common goal. As one of her admirer says, she brings people around her. Shes held in high esteem by colleagues and those around the world to look to the United States and the fed for leadership. Janet is committed to both sides of the feds dual mandate. She understands the necessity of a stable Financial System where we move ahead with the reforms weve begun. To protect consumers, ensure no institution is too big to fail and ensure taxpayers are never left holding the bags because of the mistakes of a reckless few. At the same time shes committed to increasing employment. She understands the human costs when americans cant find a job. She said before, these are not just statistics to me. The toll is simply terrible on the mental and physical health of workers, on their marriages, on their children. So, janet understands this. Americas workers will have a champion in janet yellen. Janet, i thank you for taking on this new assignment. And given the urgent economic challenges facing our nation, i urge the senate to confirm janet without delay. Im absolutely confident she will be an exceptional chair of the Federal Reserve. I should add shell be the first woman to lead the fed in its 100year history. I know a lot of americans, men and women, thank you for not only your example and your excellence, but also being a role model for a lot of folks out there. So, its been said that janet found love at the Federal Reserve, literally. This is where she this is where she met her husband, george, a celebrated economist in his own right, and their own son is an economist as well. You can imagine the conversation around the dinner table might be a little different than ours. In fact, ive been told their idea of a great Family Vacation is the beach with a suitcase full of economics books. But this is a family affair. We thank george and robert for their support as janet begins this journey. Again, i want to thank ben bernanke for the outstanding work hes done. Hell continue to help keep our economy moving forward during the remainder of his