Rallying and the 10year moving high owner the fact that the fed if anything worried about inflation and growth move, i mean, try to put it altogether and create a coherent narrative. I cant. Maybe the panel can. We have other news but first of all keep an eye on this level. 1962 was yesterdays high on the s p 500 index. Write that down. We took out yesterdays low on the open this morning. If we were to close above yesterdays high, technicians call ate key reversal day and would put a potentially bullish move for the markets. If we get a push higher here in the hour and see what apples doing because carl icahn put out now very sophisticated with the tweets. He is tweeting of what to tweet about. Well, thats true. Thats true. Almost like we have to watch his communication strategy as much as he tweeted out to send an open letter to tim cook, ceo tim cook, tomorrow. With all of the agitation at apple, the stock is up 50 in the time. Hes going to send an open letter to tim cook tomorrow and he said should be interesting. And the stock is up 2 right now so well see what thats about tomorrow. And will be on fast money tomorrow, as well. That should also be interesting. Thats coming up tomorrow. As we get into the final hour of trade here, market with the dow up 205 points. Again, after yesterdays decline of about 270. Lets see what our panel has to make of all of this. Lets get to the Closing Bell Exchange with dear friends. Keith fitzgerald, jack barucian, kim forrest and we have Steve Liesman and Rick Santelli standing by. Steve. I start with you. Give us the hits, runs and errors of the fed minutes ma sent the market higher. A couple quick takeaways, bill. The concern of global output and the impact of the dollar, and that potentially lowers the inflation which the unsuccessfully hitting a target and not making it and then an appreciating dollar could make it harder. Note that the fed staff, something we follow closely, they said that the fed may not hit the 2 inflation target for several years and could be below that number and changes the outlook. I think what it does, bill, my estimation, takes off the table that spring rate hike the market was concerned about. Probably reasserts the consensus being mid2015 assuming the economy doesnt take a big tidal wave of overseas with the economic weakness there. Lets take the u. S. Dollar and the impact all this might have. Rick santelli, maybe you can explain it. We were arguing about it a little while ago. Is the u. S. Dollar rallying because the fed is expected the move quickly, rallying because the u. S. Looks like the only place for growth in the world and continue this effect, do you think . Well, you know, a lot of the economies in europe in quicksand pretty soon will only see the top of their bowlers and just like were the cleanest shirt in the hamper, dollars cleanest currency in the hamper, sort to speak. Ill contend milt freedman, i dont care, take the dismal scientists, the reason there isnt higher prices because higher prices are going to be brought along with better growth. Okay . And lower prices are going to be brought along with weaker growth as in europe. Michelle ka carusocabrera said it best. We need to prevent them from going down. I defy anybody to go through the minutes of the last meeting or, excuse me, go through the statement of the last meeting or the press conference that the minutes released to today. Boy, the dollar and the european markets not underscored and highlighted and the central case of the conversation which means that they were right, the fed finding anything not to norm normalize rates. We have waded through the weeds. Lets make it meaningful to investors now. Keith fitzgerald, are you going to were you buying yesterdays selloff or are you selling todays rally . What are you doing there . Well, certainly is a conundrum. I think this is all about the fed, bill. Never met a Printing Press they didnt like and a dove they didnt want to set free. I think the market likes that. Good ceos are moving ahead. I think profits are still there. Profits translate. I think we may have a little run higher after all this. One day does not a trend make so im cautious in here. Jack, you agree . I do. In fact, yesterdays action indicative of a bull market break. You see fear and panic and then de doomsdayers. Corporate america is still strong. The earnings season is the key and tell us whether we will have a run in the last couple of months up to 2150 or maybe a move to 20, 2012. Were looking at a buying opportunity a. Vshaped bottom. Every three months this happens. This is another Good Opportunity to find value. Yeah. I mean, we keep wondering whether 5 is the new 10 in terms of defining corrections and whether today is a bottom. Well know in the fullness of time. Kim, what about oil and its role . It continues lower. Is that good for the market . Is it bad for the market . What are you doing with energy right now . I think energy is probably the most confusing. Actually, no. Energy and gold are just very, very confusing. Arent they . Yep. From a demand perspective, i dont know that the developing world is really demanding oil and thats certainly pushing the worldwide price down. In the u. S. , we have the shale phenomenon. Its adding to, you know, the problem about pushing the prices down. But its extremely interesting and it really does take pressure off of the consumer which i think for stock pickers you have to Pay Attention to that. That really is one of the Drivers Behind the light inflation is, you know, the basics like oil going down. That makes everybody who drives have a little sigh of relief. I know i do. Sure. Yeah. So, you know, you really have to Pay Attention to that. Rick and we are. And sorry, kim. I was just you made me think of something weve been talking about with rick, as well. We have the u. S. Economy, rick, performing so well and inflation just isnt there and perhaps it is partly because of whens going on around the world but i wonder what do you think the response then should be from the central bank or the federal government or nobody . Do we just connect in the fullness of time it comes back and dont worry about it or not qu what . Me . It was for rick. Sorry. Go ahead. I think higher prices or lower prices are a byproduct of growth or no growth. As simple of that. I think with regard to what you said about a u. S. Economy, yeah, its doing pretty good, kelly, but based on six years after and other postrecession activity, it really doesnt stack up and i think that the best evidence to give you being in the weeds like i am, bill, is the fact that we dont have productivity like we used to have and starts to build up and get stored and thats what the problem with the japanese economy is. Theyre never going to be able to tinker with enough levers. Kelly . Wait a second. Kelly . Like to just with due respect to my excellent colleague in chicago, id like to point out theres not a lot of evidence that growth is per se inflationary. Quoting larry kudlow. Steve, whatever. That growth can be actually deflationary and creating capacity. Yeah, sure. And the other side lack of growth that could be inflationary destroying capacity. Im not sure thats the test tube to put it in. Great. Defend, defend. Actually, kim, you have ideas about productivity, ways to play the space. What do you see out there . Productivity never, ever goes out of style. So, we look to tech and especially tech that is focused on corporate sort of solutions and then industrials. You know . Both of those are all about making a worker more productive and i dont think that ever, ever goes out of fashion. What were you going to say, jack . You know, one of the things i was going to say is im worried that the yield in the 10year and treasuries to do what its been doing all year and keeping people out of stocks and rick and i have had this debate back and forth. People can walk and chew gum, jack. Cant they belong to both . You believe that but not everybody else. The biggest competition. Come on. Capital is the fixed income market. You know that. Yeah. Thats one of the reasons that every time this happens, you end up with people out of the market. Thats one of the reasons why this jack, isnt there something helping snout. Theres a simpler explanation. In the sense that the stocks rise with this sense of all the money in the bond market thats seeking shelter and thats actually a Building Block for the bull market. Again, a lot of unbelievers out there. Right. Thats good for stocks. Youre also talking about people losing purchasing power, parody with equities. If they stay in cash or bonds which is all risk and no return at these levels. Come on. Middle class, doesnt have a position no, no, in. In either market. Its not position in either market. Jack, jack, it is not all risk and return listening to rick. He has a 180 bottom call on the 10, dont you, rick . Capital preservation at this point. Thats all it is. Keith . Dont forget theres a third element here. You know, the individual consumer is still scared. Jobs are still scared. Job parody, wages. Of course. Its economic cracks in the market. What this is all about is the fed pushing money into the big banks and the system and provides liquidity that chairman bernanke and yellen tried all right. Tim . Its all about confidence. We cant get loans out. You know . Loans arent going. Hello . Ben cant get aloer. The middle class keeps voting in the lyiberals that make the rich get richer. Ironic situation in history. Stop me there. Too close to a election. Were way over time and we have to ask about apple and what carl icahn may have up his sleeve. Kim, what is your view of apple . What do you think hes doing with the position of his . I think icahn at the huge pile of cash that apple says and give me some. Im a shareholder. I dont believe tim cook is going to bow to that but i love to see the drama play out. We dont own apple at this point. You know, i like a little more i dont know less dependence on consumers in my Technology Port foal yes. All right. I like to see apple at 70. Who said at 70 . Me, keith. Id love to see it at 70. The company doesnt have innovation left and see the weeds knocked out of it. Cut the lawn. Get back to real value and then start moving forward. All right. Understood. Thats what makes a market. Thank you, everybody. Thank you. Dont forget carl icahn with scott tomorrow. Right here at 3 00 eastern time, the rally continues. The dow with 50 minutes left in trading, up 210. Healthy gain of 1. 25 . The action yesterday has us wondering, are shorts tryinging to win or in danger of getting squeezed here . Well talk about positioning coming up. Jcpenney with the First Investor day in three years and hear from somebody that says investors would be smart to shop for shares of that retailer. What she says are cheap. Plus, ask you, do you think jcpenney will achieve their turn around . Your chance to vote on cnbc. Com vote is just ahead. Up next, he turned down a kings random from time warner because they wanted too much control. Vice ceo shane smith after the break. 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But when youve got an entire company who knows that the most ontime flights are nothing if we cant get your things there too. Its no wonder more People Choose delta than any other airline. Welcome back. Some sad news of dallas today. The ebola patient in that city dying from that virus. Meg terrell is covering that story in a great way. She has the latest now. She is in philadelphia where a pe meeting is taking place. Meg . Reporter thats right, guys. We learned this morning that thomas eric duncan, the only patient to have been diagnosed with ebola on u. S. Soil passed away today. Now, we have been talking with a lot of Infectious Disease specialists here in philadelphia, noting the length of time before mr. Duncan was treated was problematic and a lot of questions raised about why he was initially turned away from the hospital. It wasnt until sunday he was admitted and treated for ebola. Cdc said thats a teachable moment for the United States. We spoke this morning with a doctor of Emery University treating a few of the u. S. Ebola patients saying hospitals have catching up to do in terms of emergency preparedness. A lot of medical centers around the world are just in the planning stage, and so, we are likely to see additional patients slip through the cracks while people are implementing their protocols. Reporter now, its important to note that none of mr. Duncans contacts showed symptoms. Its been ten days since he was admitted to the hospital and questions of how to prevent spread in the United States. The cdc director said only way to limit the outbreak is stop the outbreak in west africa. Theres enhanced screenings coming in from west africa. Those airports are new yorks jfk handling the most travelers coming in from those countries, washingtondulles, new york, chicagoohare and atlanta international. Back the you. Thank you. Meg, do you know how that affects passengers generally . Will they see so what kind of screening . Have they said yet will take place at these airports . Reporter they have some guidelines. Looking at passports. If they have come in from those three countries in west africa, which are guinea, sierra leone and liberia, theyll be taken to a screening place, temperatures taken, questioned. Showing signs and similar tolls they will go through further procedures. Shouldnt affect people. Not yet. Meg, thank you. Thanks. Also this week, we have been highlighting the top leaders and inmany va or thes on the cnbc next list, a list of people to change the face of business over the next 25 years. Joining us is our own Andrew Ross Sorkin with the cofounder and ceo of vice media, shane smith, part of the next list. Andrew . Thank you, bill, for that introduction. Shane is here. We were talking about ebola because theyve done great work. We have a few theories. You have quarantined your team. It is not a not something you mess around with. Were careful. Working with the cdc an theyre under quarantine now. Its a tragedy. Talking business if we could segue there at all. Youre on their list, our next list. Sure. Congratulations. Thank you very much. Congratulations even more importantly, you raised some money, 500 million bucks. Yeah. Valuing the company at 2. 5 billion. Premoney. Premoney. Sure. Explain to what vice is supposed to look like in five or ten years to make that valuation make sense. Well, i think, you know, our concentration is going to be on mobile. Which is where the majority of growth is coming from in audience so weve made a lot of investments. We bought care creative, 50 of the best engineers on the east coast and mobile is a focus and looking at tv and online and three screens, one screen, ott. We want to be everywhere. Is it possible to truly scale this business . You have a you have a brand and you have a Great Program on hbo, for example, a lot of people watch. You do all sorts of stuff online. Is there enough, can you create enough Quality Programming to feed the beast if you will. Yes of networks not not just the u. S. Network but potentially networks around the world and what you are trying to do internationally. Yeah. Thats what we realized. Selling tv bits and bobs and selling in 28 countries and we realize generating so much content. 35 offices around the world. 1,800 staff and theyre cranking out this great stuff, same stuff online, on hbo. We won the emmy. When everyone throws around preemup content, thats the Gold Standard of tv and we believe we can do that. The next generation that watches your stuff online, will they watch it on tv . Tv proper. Hbo is progressive so they have hbo go, investing in tech for the ott business, as well. So we have were one of the new shows on hbo that has its good ratings on tv but crazy ratings on demand and ott and all that stuff. Bill back at hq has a question. Go. Shane, how are you doing . Im curious. Good. How are you . You guys in Digital Media have free rein on content and no government regulations. Are we past the point of no return for governments to have a say on what is or is not were at the time now the fcc more concerned about the nickname of the Washington Football Team than anything else, so could you ever see governments try to rein in you guys in Digital Media or free rein down the road . Well, i would hope that we have free rein but, you know, if you look at it, the fcc exists because of television. Television pays for the fcc and i think that going forward, as online usurps television more and more, no offense, the fcc to stay alive, to keep, you know, the lights on has to start regulating in some Fashion Online because otherwise, you know, it is a dwindling stream of money for them for their existence. I think that its sad that that will happen because i think tv is overly regulated and if you look at online, it has been a lot more democratic and a lot more free. Shane, you had a comment earlier this year about cnn saying its a disaster, spiraling into a word i cant use on our network. I swear like a sailor on shore leave. What do you think about the next political election and how tv networks, Traditional Tv Networks cover them and the next generation that you have historically appealed to. How would you cover that differently . I think that news in america for whatever reason, theres a lot of reasons, has sort of splintered into tal