So very surprising to see the turnaround this morning. Maybe it is offset by some companies that we hear from. Heres a story we have been following all day. You get fired from your job in just over a yearandahalf and leave with a severance package worth nearly 60 million. Ill take it. Sorry, just didnt work out, but here is a nice parting gift for you. It actually wa lly with one yah executive . Whats that say about the ceo marissa myer . Well have that story. It was on this date 25 years ago cnbc launched to the world. Well have vintage clips and talk to the man who ran cnbc back then, bob wright, who was the first person ever seen on this network. Stay with us for a very special two hours. Bill, i am so happy and privileged to be anchoring with you on this day. Well tell that story later. Yes, we will. The markets right now, the Dow Jones Industrial average and all major averages are in positive territory right now. Oh i spoke too soon it just dipped back. Because it is the most volatile hour of the trading session. 16,423. Same intraday pattern but the nasdaq is still in positive territory, however. As for the s p, higher by 4 1 2 points. 1,866. Lets talk about it in todays closing bell exchange. Today with is at the big board, kimberly fontz, karen hughes, jim lowell, Gerard Fitzpatrick and our own Rick Santelli standing by in chicago. Jim lowell, what matters more to the markets today do you imagine fundamentals like earnings or fed policy . What do you think . Both. No question about it. Janet yellins speech says the fed remains in the market and economys corner. Hasnt paid to fight the fed for several years and it wont for several years going forward. In terms of earnings, while ibm and google disappointed last night, american express, the best bellwether indicator of Small Business lending and also Consumer Lending and spending, weve seen growth. This has enabled this market to gain more ground than its lost over any meaningful time period. Can it keep going when a lot of people are wondering whether the Interest Rate market is telling us that the economy cant keep up . I think slow and steady wins the race. Yesterday with janet yellin reiterating that hey, they are going to keep Interest Rates low and theyre going to tie it to the jobless market or unemployment market, inflation under control, this is good news i think for the markets on overall for long term. Heres a reason i completely agree. If you take a look at the longterm treasuries today because yesterday we did have the janet yellin speech and the market just took off on us here but yes, weve had some disappointing earnings. Mixed reports really. Jpmorgan was not good. Bank of america was not good. Her point yesterday was the economy is not stronger yet. Heather hughes, is this this safety net that we know still exists yes. The bernanke input and the yellin input. Have you that beige book, the current Economic Indicator released and published by the Federal Reserve yesterday. Loan growth is picking up, loan demand, consumer spending, consumer confidence, manufacturing and auto sales. Yet, Interest Rates, yes, they are a little higher today, 2. 72 i think on the 10year, but shouldnt they be even higher than they are now . If we have this positive Economic Data . I dont understand. Since we began the tapering in the beginning of the year in january we with drew the bond buying purchases yet yields have really done nothing but go lower. That doesnt make any sense. I think yields will stay lower though in that situation. The change has really been from the unemployment market to inflati inflation. Unemployment, the economy is Getting Better but with yellins remarks on inflation to get inflation relatively low, i can still see yields staying pretty low for a bit longer. But eventually those yields will go higher. She sheez no sees no signs o inflation. First of all, i think this is a very important dynamic. I a never advocating selling equities. We are not in synonymous territory looking at the economy and looking at the equity markets. Having said that, i so dont buy into the reason that the long end is spongy in terms of lower yields than many many would suspect is really an inflation, disinflation or deflation. I dont see it. I still say that if you look at the actual indexes for ppi and cpi, even under new calculations, theyre pretty lofty. Food and energy, pretty lofty. I think it is very clear that the equity markets may have moved on thin ice at various points over the last couple of months in 2014, think january, think three weeks ago, and that really does open the door for buying on treasuries to kind of hedge that. It doesnt surprise me. If youre going to buy treasuries, youre going to buy the long end. If youre going to buy long, buy something that gives you a little fig. These are the conversations we have whos buying the 10year treasury right now . What is it thats keeping the 10 and 30year yield low . Who wants a 2. 7 yield . No no. Look at the money markets theres how many trillions of dollars in money markets. If youre willing to step into the money markets, i think youre most certainly willing to step into the long end of the curve. And then add in, gee, a 3 spanish 10, a 3 eitalian 10, where do you think there is more risk . That opened up a whole new glide path i see a different choice that investors make every day. They can buy the 10year yielding 2. 7 and onethird of the s p 500 yields even more than that. Why wouldnt they buy because the stock goes down. It is for the diversification. People are looking for that diversification out there. Equity markets has had a great young. Yellins response being there is still some concern that the economy is fragile, if it does fall over it is not the expected view but if it does fall over thats where you want to hold the treasuries. Treasuries give you that diversification irrespective of where the yield is because the price is going up if the equity market is going down. Kimberly, do you buy stocks for their yield right now . We are fully invested so we do have stocks in the portfolio with a nice dividend and yield on it but i think the best defense is a great offense for clients and investors and that is a diversified portfolio. Make sure that you still have the treasuries and still have the bonds and portfolio as well as the equity. Gerard, are you recommending emerging market . What do you mean . Like emerging market credits like Corporate Bonds or do you mean stocks in those countries . We like on the bond side. We like emerging market debt particularly local currency as well. Those current account deficits have turned around. A lot of negativity there recently. Blink your eyes, you opened them and the emerging market current accounts are so much better. Theyve cheapened recently. A lot of fear from the likes of ukraine out there. Fundamentals are still looking better. There is still the risk on appetites going on. All those factors go to support emerging market debt. We like emerging market debt. Higher yielding in a lo Interest Rate world. Appreciate your thoughts as always, gang. Thanks for joining us today. Heading toward the closing, about 50 minutes left in the trading session here, markets are hovering really. It feels like a day before something. Oh, it is a threeday weekend coming up. Yes were up ten points on the dow. Time flying when you are having fun. Right . Hard to believe cnbc hit the airwaves 25 years ago today. Now that picture was taken 23 years ago today when cnbc merged with my network, fnn. Financial news network. Yes, it was. But, it is still back in the early days of business television. Im bob wright, the president of nbc. Id like to welcome you to the most significant programming effort nbc has ever undertaken outside of the network. The consumer news and business channel, cnbc. The man himself, former head of nbc officially kicking off cnbcs first broadcast ever. Bob wright joins us next for a trip down memory lane and we will hear about the day cnbcs future was saved and that day changed my life drastically as well. Well explain that coming up. You got a lot colder didnt you . From california to new jersey . And who would have thunk it . The s p heading for its best week of the year. What happened to that scary correction . Were going to talk to the pros about how long this stealth rally could last. Plus, netflix is seeing green on the heels of an analyst upgrade. But is it too soon to fall back in love with this black and blue stock . Our netflix watchers will duke it out coming up. Something you cannot afford to miss. Stay tuned. [ banker ] sydney needed some Financial Guidance so she could take her dream to the next level. So we talked about her options. Her valuable assets were staying. And selling her car wouldnt fly. We helped sydney manage her debt and prioritize her goals, so she could really turn up the volume on her dreams today. And tomorrow. So lets see what we can do about that. Remodel. Motorcycle. [ female announcer ] some questions take more than a bank. They take a banker. Make a my financial priorities appointment today. Because when people talk, great things happen. Make a my financial priorities appointment today. All stations come over to mithis is for real this time. Step seven point two one two. Verify and lock. Command is locked. Five seconds. Three, two, one. Standing by for capture. The most Innovative Software on the planet. Dragon is captured. Is connecting todays leading companies to places beyond it. Siemens. Answers. Female announcer its sleep trains interest free for 3 event. Get three years interestfree financing on beautyrest black, stearns foster, serta icomfort; even tempurpedic. Plus, get free delivery, and sleep trains 100day low price guarantee. Youll never find an Interest Rate lower than sleep trains interest free for 3 event, on now. Sleep train your ticket to a better nights sleep im bob wright, the president of nbc. Id like to welcome you to the most significant programming effort nbc has ever undertaken outside of the network. The consumer news and business channel, cnbc, will tell you what circumstances are affecting the economy and the markets and how those circumstances affect your life. Well give constant attention to news affecting you, the consumer. Were well aware that cnbc can only proceed by becoming an important part of your life. We look forward to the challenge. Former nbc chairman bob wright introducing cnbc to the world on the 21st day of april, 25 years ago today. We are so excited to have bob back with us today to talk about the creation of the network and its evolution, all of which probably never would have happened without bob wright. You havent changed a bit. You look exactly the same. Unlike the rest of us, you havent changed in 25 years, bob. And look we dont even have to suck up to you anymore i had dead david running a dell prompter. It was probably the whole secret. He loves to tell that story, too. I know. Did you ink think 25 years from then youd be sitting here celebrating this, that wed be as successful as it turned out . Well, i was always very optimistic. It was an enormous challenge, michelle. I mean, my god, it was a brutal effort. Even chuck dolan ran out of money before we got up on this. It was a very difficult thing. Then we doubled down two years later with fnn. Then we got some very good people, including yourselves. Then people forget in 1993 we went to asia and europe simultaneously. This was like talk about taking on longshot odds. We really had them. That day in april, tom rogers was there, david zazlov were there, two of the people were instrumentally. Tom runs tivo, david now runs discovery communications. You had a very deep bench back then, too, bob. Oh, we were very fortunate. We had Mike Estridge as our general manager. He was a very smart guy. He kept saying, i dont know. If this it really going to work im killing myself for it. I always heard when fnn was bought in bankruptcy, one of the reasons you wanted it because it had this Cool Technology called the ticker. Before that i remember my dad driving down in the Charles Schwab office at lunch time so he could watch the stocks go by. Then suddenly there was on tv instead. Is that true . We tried to we tried to buy or merge with fnn for two years. Even before we went on the air and we couldnt get anywhere with the mad neurosurgeon was running the shop. It was very difficult and so finally, we had to they got into so much trouble that when it went into bankruptcy, then we got in this enormous bidding contest with dow jones and westinghouse. It was quite a ride. Those were crazy times. You know, we forget, bob, back then, no email, no internet, no cell phones. The information flow was a lot different than it is now. So for people who wanted uptodate information about the stock mark or whatever market they were trading, i mean fnn was in the 80s, but cnbc did a much better job of providing that information when it went on the air 25 years ago. Right . Well, it was also remarkable how much the trades were actually generally daily newspapers. They covered the Networks Like it was every day was a president ial election. Every little thing was covered. Every argument, every default, every issue was covered. So you couldnt get out of the print. What do you think is the next 25 years for cnbc . What does it hold . I hear a lot of sirens. Is this kind of ukrainian situation . It speaks to the fact that the floor is so empty now and they get bored and there is a guy whooping over here like crazy. It is the day before a threeday weekend and everybodys in a holiday mood. They dont have russian flags. No. Everythings fine here. Obviously now weve got digital technology. Were global. Were social media. All of those things that are now part of our not only our revenue stream but our transmission stream at the same time. Where does it go from here, do you think . I think you have to accept and fall in love with every new piece of technology and try to maximize your ability to deal with it as fast as you can. Some of them wont stick and some of them will be less effective. But you just cant ignore it. And everybody thats in the business. You started, bill, in 1981 with fnn along with sue. Youve seen that world change around you. You have to constantly adapt. But the basic fundamentals are still the same. You have a period right now i know the piece that bob pisani wrote about, youve got a lot of people now, theyre not baby boomers, theyre millenniums earlier, they need a lot of help. They dont have retirement programs. Theyre 401 k oriented. They have to learn about equities, about bonds. I mean it is a very challenging environment for them. They dont have theyre not going to look forward to defined benefit pensions. When we show people the original video of you speaking, the symbol for cnbc did not have the peacock. It actually einvolved a lot. Why didnt we have the peacock at the beginning . The peacock was like the war of the worlds with the affiliates. We had knockdown, dragout battles six months ahead had of time about using the peacock. It was a very you have no idea how difficult this was. Glad it finally happened. Bob, were thrilled to have you spending time with us. Our best to your bride, suzanne. We love seeing both of you here a couple weeks ago for the Autism National awareness day as well. Good to see you, bob, thanks. Thank you very much. And congratulations on all the good work you do and keep it up. Im certainly a watcher all the time. I get joe kernen on early in the morning. Weve always loved your support. 15 years ago now. I interview at cnbc. My grandfathers so excited, thats my favorite channel. I get home, i call my dad, daddy, i just got back from the interview. And he doesnt say did you get the job, how did it go, did they like you. No, my fathers first question is, did you meet Bill Griffeth . I get a call from the boss. He says can you come into my office in a minute . There is a young lady in there interviewing for a job. She stands up and says my grandfathers a big fan of yours. I was a big fan, too. No, you had no idea who i was at that time. I did as Humphrey Bogart said, i knew it was the beginning of a fun relationship. So it was great. Fun times. More to come, too. 40 minutes before the bell, the Dow Jones Industrial average right now is in positive territory by roughly 17 points. As we head toward the threeday weekend, this is what the floor here at the New York Stock Exchange looked like 25 years ago back when madonnas like a prayer was number one. Well talk to some wall street veterans who were among the first guests ever here on cnbc. Some old, dear friends. Wait until you hear what they see your money doing over the next 25 years. Thats worth sticking around for. Netflix bouncing off recent lows on analyst upgrade. Find out how the bull Case Scenario for the stock holds up against a major netflix bear. Thats next. Keep it right here. For what reality teaches you. Firsthand. E. In the face of danger, and under the most demanding circumstances. Experience builds character. Experience builds confidence. And experience. Has built this. The 2014 glk. The engineering, and the experience, of mercedesbenz. 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