Thats a thing of great beauty after the volatility that we had last week. Takes the gains for the year to 6 . Joining us now for the exchange, ralph siegel and jim carr and Jennifer Vail also with us, and our very own rick santelli. Ralph, let me kick off with you. This is a very, very strong week. It indeed has been. The market seem to be focused on fundamentals. Earnings better than we might have expected. And its rejecting accordingly. Yeah. To that minority, 3m in the wake of the earnings up 8 . Phil, where do we go from here in your view . I see the s p going higher. We think adding another 2 to 3 above the years total is a possibility. I think its a wonderful time in the market. Its all coming up roses, rick santelli. Listen. I never want to deny improvement. Talking about improvement, you have to have a baseline and i try to Pay Attention to historic baselines. Theres a lot of underperformance in the economy. Countries underperforming by momo more. Not a lot changed since that drubing. All things considered, we have a big week and were going to see if janet yellen is as dovish, see what she has to say about europe. Because it amazed me how europe showed up in the minutes aggressively and the last meeting in my opinion didnt have a lot of concentration on that. And it should be concentrated on it. And i think the fed ought to be vigilant. Will the Housing Market in china, the state of just chaos in my opinion on the japanese economy, especially considering the ready to pull the trigger on another tax hike and, of course, whens going on in the euro zone. European commission in a fight with Prime Minister cameron of writing checks. Theres a lot on the table internationally we need to Pay Attention to. Jennifer, where is credit going in your view . So, as far as the fmoc meeting next week, we expect janet yellen to be dovish as in the past. Probably more acknowledgment of Dollar Strength because that amplifies some concerns out of the euro zone with the pressures. As long as the dollar continues to be stronger its possible that that in ooilts could have the perception to the consumer of being slightly tightening and likely not modify the extended period of time language at this meeting and expect them to form late the final Quantitative Easing Program for this year. Frankly, the data doesnt support extending ge at this point. Thats important for a lot of people because they would say the reason we rallied last week is bullard put the idea of an extension on the people. Are you saying its not on the table really . Well, everythings always on the table for the fed but at the end of the day if you look at where yields are at relative to where they were at the summer of last year and the taper announced, theyre lower. So theres got to be some question in the minds of the Committee Members about the efficacy of the Quantitative Easing Program. That and the data doesnt support additional addon of the program. I think that probably the rally is more due to the ecb doing, what, 800 Million Euros of asset backed purchases and then the bank of england coming out the gentleman there saying that their rates will be low for a substantial period of time. Jim, i saw you agreeing talking about the flip flopping if you want to call it, James Bullard saying, if conditions warrant well do more. He came out and kicked off the selloff saying the markets are anticipating thats more dovish than it will be and then i think he got the hand slapped by janet yellen like, dont freak the markets out. We are not going to move ahead of the growth. And so i think theyre not seeing the growth in the data and unemployment isnt necessarily where we want it to be. You see u6 underemployment far below where it needs to be growing and i think well see ratds longer for longer. Looking for a raise in june by the market and positively surprised and raise after june. Ralph, youre bullish. Rick santelli made the point of the strong divergence and all of the trouble we had last week. Phil . How forgive me, how do you explain away how do you explain away what happened last week . You have a fourth longest bull market and we have not had a 10 correction. Certainly any issue of the market, ebola or isis or china or europe is going to bring negativity to the market. No doubt. The data is still very strong. You look at the unemployment the market is so nervous last week. Look at big profits. Everyones taking money off the table. Look at the way they get a dip, the volume increases. Money in the market. Looks for a buying opportunity and runs with it. Im sorry. The earnings fantastic. Today, again, revised up over 8 . Look at the sales data. North of 4. 5 . We havent seen that anywhere in the recovery. Thats a really positive number. You have to buy that market. Ralph, houston may have a problem if Oil Prices Keep doing what theyre doing. I think this market is going up in response to the feds easings as simon has suggested. In this whole fiveyear rally, the markets rallied more when the fed is in and easing and threatened to pull back the markets have gone down. I think you can really raise a question as to whether or not this recovery is substantive and or is just basically built like a village. There are pretty store fronts and nothing behind them. Whos chuckling . Rick, is that you . Absolutely. Listen to these guests. Both of them doing a good job. Gentleman that just spoke, i obviously sympathize with his view. The previous gentleman, he makes a good argument. Bullish. I would like to know if he was janet yellen, would his Interest Rate policy still be at 0 . You cant have it both ways. Phil . I wont try to guess. If youre king, where do you peg Interest Rates . Two italian guys fighting over something. Thats not uncommon. Well eat pasta and fight through it. I dont disagree with rick. I wont try to guess the market and say simply enough, if im janet yellen, i would stop quantitative easing here and wait to interest raits until were at a point to see see, you make it seem like were at that point. Youre changing. Wait, wait. This is the discussion we have every day. Im saying equity market, im bullish. Im talking the economy. Im absolutely going to say to you that we are 50 to 60 of capacity of gdp with room to grow as the economy strengthens and then well begin to raise rates. A natural progression. One step at a time. Not a leap. So if i was your client, youd say, you should be long equities and tell me that the economy is only 60 . Wait. Id say be long equities. Be smart. Keep the duration short on fixed income. Diversify. We know safety there. Manage the risk. Jim, would you tell clients different if your view is lower for longer world here . We love this environment. This environment to us means that companies can continue to borrow cheaply, invest in the world thats growing slowly and not contending with inflation. Wages arent going up. Commodity prices arent going up. Strong profit margins, i dont think the fed has to act because i think theres enough slack in the economy, enough capacity in europe and asia were not seeing inflation for some time. And by the way, lets just finish on this. That is the central if people want to think about what has happened, what is this weakness really about . Inflation expectations have been dropping like a stone. Thats what this is all really about. Yeah. May be more to do with the Global Economy than just with the United States. One of the concerns about some of the large cap stocks to be or that the large cap stocks have a problem because as the Dollar Strengthens, their earnings are going to be suffering. Right. In translation. More importantly, if im a central banker abroad, if i cant take rates below zero or i dont want to face the i want to ill debase the currency which means that if the dollar keeps strengthening, the multinationals will have a harder time either exporting, into those countries, or theyre going to face stiffer competition of the exporters. We are out of time. Great conversation. Thank you, rick and 50 minutes to go here into the close. Markets with another strong day. Dow up 113. Green arrows across the nasdaq and s p. Amazon sinking. Are investors fed well the idea of future profits . The pros will weigh in coming up. Also ahead, ebola hits new york city. Well go live to the hospital where a doctor that treated patients in west africa is battling the deadly virus. Ebola survivor Nancy Writebol will give us her take on whether the doctor acted responsibly for not traveling through new york city. When change is in the air you see things in a whole new way. Its in this spirit that ing u. S. Is becoming a new kind of company. One that helps you think differently about whats ahead, and whats possible when you get things organized. Ing u. S. Is now voya. Changing the way you think of retirement. An Unprecedented Program arting busithat partners businesses with universities across the state. For better access to talent, cutting edge research, and state of the art facilities. And you pay no taxes for ten years. From biotech in brooklyn, to next gen energy in binghamton, to manufacturing in buffalo. Startupny has new businesses popping up across the state. See how startupny can help your business grow at startup. Ny. Gov welcome back. After the volatility we have had this month, the Dow Jones Industrial average, all the indexes, doing quite well. In fact, simon, as you pointed, the Strong Performance from the s p this week it actually makes it one of the 14th best in point terms that we have seen. So pretty strong snapback. It takes the gains of the year to 6 . Solid. Not where we were last week. The fact theres gains itself. Yeah. Okay, meantime, we should get the rally despite developments with the new york city doctor that tested positive for ebola. Meg terrell at the hospital where the doctor is receiving treatment. Meg, over to you. Reporter hi, simon. First, we are getting word that the Obama Administration is considering quarantining Health Workers returning from west africa. Thats in response to the new york city ebola case. According to reuters which is citing a cdc official. Reporting that changes to the guidelines from returnees are likely and number of options on the table and that Spokesman Says that any changes must nt hamper the u. S. s effort to stop the outbreak at the source. An also news today on nina pham, first dallas nurse diagnosed with ebola. He is discharged of the nih and now virus free and today she met with president obama. Now, we know that she was diagnosed october 12th and moved to the nih from dallas october 16th and we have heard that amber vinson is making good progress. Her tests are no longer detecting the virus in the blood but she is still receiving care at emery in atlanta. Here in new york city, dr. Spencer is being treated at bellevue hospital, stable condition, the fiancee and two friends are in quarantine. Will be isolated and monitored for 21 days but theyre all currently well. Health authorities tracing the contacts and everywhere hes been. We know that he did ride the subway on wednesday night and went bowling. Health officials are saying that the places are considered safe and didnt have the fever until thursday morning. Really emphasizing that new york is well prepared for this. Back to you guys. Meg, thank you for now. We want to bring in Nancy Writebol, an ebola survivor and worked in west africa. As you may remember, this summer she was rushed back to the United States to be treated for the virus. Nancy, welcome back. How are you doing at this moment . Im doing great. Thank you so much for having me today. Well, were glad to hear it and glad to have you with us. As somebody whos both had ebola and works as a nurse, what do you think about the precautions or lack thereof that have been taken by doctors and nurses in west africa and when they have come back to this country . Well, i think that doctors and nurses are taking precautions, following protocol in west africa. And i think that its just a virus that you just cannot see. And i think as people come back to the United States that the precautions of taking temperatures and monitoring and looking for symptoms are really important. Nancy, help us out here because certainly around new york today theres a feeling that dr. Spencer in doing what he did and traveling freely around manhattan and knew that ten days ago he was dealing with the patients, he had the protective gear on trying to save their lives and comes back to new york and the rest of the community has to rely on him. Taking his temperature twice a day. In order for him to then say i think i might be going symptomatic, in other words, contagious and handing himself in. And other people are saying, but were relying on the judgment of one person to the extent that the Community Overall could be infected really very badly getting the judgment call wrong. What would you say to critics of that . How can we improve the situation as it stands . Well, again, i think that one of the thing that is we really need to remember is that he was not contagious until he was symptomatic and so to be out and around even though he had been in west africa, he was not contagious. Not not being irresponsible. And as soon as that temperature spiked, he was responsible in contacting Health Care Workers and so i think that hes done exactly what he needed to do. Nancy, some people focused on the health care professionals, for example, the police i think it might have been or doctors throwing away the gloves after they were in his apartment or dealing with him the other day into a public trash bin. Is there anything wrong with that . Well, probably should have been thrown into a trash bag that was going to be disposed of in another location. I think that, you know, we want to take all precautions that are necessary. Nancy but again, if they were not touching bodily fluid, then they are not you know, theyre not contagious. Nancy, how do people get well . We keep having people come back who were infected with ebola. Is it the experimental drugs . Whats actually working medically . Well, i think there are several thing that is are probably working medically. One would be the experimental drugs. One would be convalescent serum, the supportive care. Those are many thing that is are adding to let me just point out, by that, you mean receiving the blood of somebody else who has already been infected and got well again . Was that did you get that in your case . No, i did not. Okay. Its good to see you, nancy. Thank you very much for joining us. Nancy writebol joining us there on thell ebola outbreak. Triple digit gain heading for the weekend. Up next, left at the altar and holding a 1. 5 billion breakup profit, issue drug maker shire ceo is here to talk about the deal. Well be right back. Big day . Ah, the usual. Moved some new cars. Hauled a bunch of steel. Kept the supermarket shelves stocked. Made sure everyone got their latest gadgets. Whats up for the next shift . Ah, nothing much. Just keeping the lights on. laugh nice. Doing the big things that move an economy. See you tomorrow, mac. See you tomorrow, sam. Just another day at norfolk southern. Ameriprise asked people a simple question in retirement, will you have enough money to live life on your terms . I sure hope so. With healthcare costs, who knows. Umm. Everyone has retirement questions. So ameriprise created the exclusive confident retirement approach. Now you and your ameripise advisor. Can get the real answers you need. Start building your confident retirement today. Meg terrell supposed to be in massachusetts today for the interview of ceo of shire whose deal collapsed of the treasury rewriting the deal. Meg is reporting on ebola for us around the country and now going to her in manhattan. She will be speaking to shire ceo in a cnbc exclusive. He is in lexington, mass. Meg, over to you. Hi, guys. Thanks very much. Now bringing in dr. Fleming ornskov. How are you . Thank you very much and thank you for having me on the show. Thank you for joining us. I apologize i couldnt be there with you. We want to get to your quarter. A beat and raise this quarter. First, lets start because its in the news with ebola. As the ceo of a drug company, how should the drug industry respond in a Public Health crisis like this one . This is clearly a big challenge for Public Health and collaborations of industry and government is one of the tools available. As a physician, i have seen that and worked firsthand and worked in africa and i have seen firsthand the importance of the collaborations and sure im several people working in labs in the u. S. And around the world to find a solution to the devastating situation. Right. Well, lets get to the news about shire today. And of course, most recently, the more than 50 billion deal you had agreed to now being off. I think thats surprising a lot of people. Can you tell us your response to that . Were you surprised by the outcome . Yeah. I think everything was going along. The integration work was progressing very well. We were certainly totally committed to the deal. Certainly, the board of directors decided that they could not approve the deal after rulings on tax conversion. Although we were distracted, we continue to have strong momentum for shire as an independent company. Talk to us about the rules. Do you think that its fair that it makes sense that they could apply to deals that were agreed upon . You hadnt closed the deal. Is that fair for this outcome to happen . Its difficult to say whether its fair or not. It happened. There was an opportunity for them. If their board of direct tors changed the recommendation which they did, in that case, that is, our board of directors had to make a decision. Should we go forward with this, with the board of directors of abbvie not recommending it . We decided in the best interest of our shareholders, in the best interest of our patients and employees, we should bring an end to this. The outlook for a potential deal not existent and entered into a termination agreement and walked away wit