Alltime low territory. Earlier in the day we had inventory numbers on crude oil look theres the 40year. I feel like bringing Rick Santelli in this moment but well bring in in a second. Theres crude oil. Inventories were higher than expected for crude oil, so it pushed prices lower. Were almost at a sixyear low. They keep pumping oil. An hour from now another huge Earnings Report. Its from facebook this time. The social networking giant trading higher ahead of the closely watched numbers. Well get them to you first with top analysis from the street. And hes a billionaire who flies on private jets. He has a huge home and hes made headlines when he do this last week. Americas lifestyle expectations are far too high and need to be adjusted so we have less things and a smaller, better existence. Were talking about jeff greene. Hell be here exclusively to clarify those remarks. You certainly dont want to miss that coming up. A lot to watch out for. And the markets right now, the Dow Jones Industrial average eking out a small gain of four points. Remember, its outperformance relative to the s p has a lot to do with boeing beating on earnings. The broad market index is down. Were in the red. Its off a quarter of 1 . Obviously a lot better than the trading activity we saw in greece this morning. That was the concern before we turned our attention to developments here. And nasdaq up 0. 2 helped by Strong Performance from apple. I said im sure apple shareholders would love it if the company could report earnings every single day. Just how many phones they made every day. Lets talk about it. Our the closing bell exchange. We have d. R. Barton from money map press, Jack Bouroudjian beth is with us on the big board and we have liesman and santelli joining us as well. Steve liesman, the fed statement, no surprises. Market kind of responded in an odd way. What did you make of what they had to say today . Let me set the table a little bit. Theres a big debate going on among economists and you can see it in the market and i want to hear from Rick Santelli about why it is theyre rallying in the bond market but theres a big debate about what was in the statement. Three changes, they upgraded the economy from expanding at a moderate pace to expanding to a solid pace. Two is they said inflation is falling further away from the goal largely because of energy prices. Let me stop there. What you have is theyre getting closer on their employment mandate, theyre getting further on their inflation mandate. The third thing is they added International Developments to one of the things yes, thats it wait a minute. Let me finish up. I made a chart, how did markets react . What is the conflict going on . The euro it sold off. Thats a hawkish sign. Bonds, they rallied, thats a dovish signed. Stocks sold off, thats hawkish and the fed funds which is a subset of bonds, thats dovish. A real conflict going on. Something for everyone something for the doves, something for the hawks, and ultimately what im hearing is people saying june is back on the table because of that solid pace. Hang on a sec. Before we get to rick through the lens here as i see it steve, theres only one way to interpret the Market Action and that is dovish. The dollar is down i dont know. Youve got bonds down crude oil got whacked. Rick here is what why would crude owl getil get whacked. The market interprets this as indicating that they may be slower here to move. Is that the only possible conclusion from the markets reaction here . I came up with Something Different and steve nailed it on the last one. I called around to various Asset Managers and some of my sources. I never had such a unanimous answer. Why . And here is what they said ill read it because maybe not everybody saw the statement. This assessment will take into account a wide range of information, including measures of the labor market indications of inflation pressures and Inflation Expectations and here it is. And readings on financial and international develops. Those last two words for traders are synonymous with its not looking good. Theres a light coming in the tunnel and it may be a big train. Thats my point. Thats my point, rick. It doesnt matter what the reason is. The net result is what . They think the fed is going to be more cautious than they did before the statement, correct . No, no no no but it really isnt about the fed. Its the relative value trade on steroids. What traders are taking into account is that if europe continues to deteriorate and the relative value trade is on it is going to draw these yields down and theyre getting in front of that trade. But why do stocks sell off in that underneath those conditions . That is a hawkish sign to me kelly. Because there isnt any santa claus in the statement for them. Thats why. Theyve had the lazy money trade for years now. Now they have to work a bit harder. Stocks actually initially went up after the fed statement came out but then went down. We had a real stutter step there going on. Beth ann you know just yesterday we were talking about whether the economy was actually slowing down after that weaker than expected durable goods report. We had the news from caterpillar that the strong dollar and weak oil was slowing them down among other companies at the same time. Now we get this fed report that says the economy is growing at a solid pace. Make some sense of this for us please. Well we at sapp have p thinking the u. S. Economy has been moving on at a nice pace. The jobs number close to 250,000 monthly job gains. Youre seeing some home sales that were pretty nice as well. While were seeing a couple hiccups, were moving ahead at a steady pace. Do you agree with the word solid then . I was pretty impressed by that statement, but i did think that were looking look at the two last quarters. They were Pretty Healthy readings. Were expecting something around 3 for the Fourth Quarter and around 3. 3 for 2015. D. R. Whats your reaction here . How do you trade this fed statement . Well, i think rick really nailed it when he talked about the international goings on. Lets face it the bond prices have just powered through the shorts like they were Marshawn Lynch in beast mode. Weve really got a lot of money saying the u. S. Is the place to be and theyre going to keep coming there until yields prove them otherwise. But i dont understand what youre saying and what everybodys point is about International Markets. What is the point about what the fed is going to do here . Well go ahead. Its not so much the point about what the fed is saying theyre going to do its that theyre saying for the first time were worried about International Markets so money right. Isnt that a dovish development . Yes. Keep in mind i dont know if you can go to me but keep in mind that while the ecb made this pretty big move in terms of quantitative easing and its going to put more upward pressure on the dollars which will hurt exports, but another thing the fed could take is that this also helps stabilized eurozone, something they want to see and that to me means they could keep going along with moving Interest Rates higher. Jack the fed statement would seem to play into your arguments, but the market response doesnt. What do you make of this . Well give it a couple days, bill. I think right now the market is doing a lot of digesting but i could not disagree with what santelli was saying any more. Right now what these central bankers are more concerned about than anything else are the disinflationary pressures out there. When our Federal Reserve is talking about the pressures outside or off of our shores that is what theyre referring to, the fact were not in a vacuum. But the bottom line is this it seems like everybody becomes cassandra the soothsayer of doom when we come off a couple points. Were only three or four points off of our alltime highs. Remember that. So then you agree with me, jack. You dont disagree. No. Theres a disconnect. Everybody that is in your camp has been wrong, rick. They have been out of the stock market. They have been buying bonds jack one at a time. The best rally in the stock market that we have witnessed in our lifetimes. Not only that come on medication. Youre talking about operating margins. Listen, i dont know what the heck youre talking about talking about energy hang on, guys. You cant get away from globalization. Go ahead, rick. Globalization is what its about. And there was a time where everybody was talking about we only have a small percentage of our economy on exports. Its not what its about. Its about earnings in the s p, multinationals. Its a global economy. And earnings are at alltime highs rick. Steve hang on everybody. Hang on. If the point about this being an International Concern for the fed ultimately do we have to acknowledge that theyre effectively acting as the worlds central bank not just americas . Theyve been. They have been hang on. We have been the leader. Hang on guys. I think whats going on here is i think what the fed is saying is theres a lot of stuff going on everyoverseas that has the chance of impacting the u. S. Economy. Bingo. This is very important. When something rises to the level to come into the statement, and not only into the statement but in a way that it become one of the metrics or gauges upon which the fed will change Interest Rates, it becomes a very big deal. Now what were going to do when we talk about that metric of International Developments is specifically watch the European Central bank and its new quantitative easing program. Is it working . Is it not working . Remember, the fed is neutral about International Developments, only that its watching it. The story is this if eqe as i call it because its a lot faster than the other stuff, if eqe works, raises the inflation level, raises growth gets europe back on track, that could mean a faster fed. But oil prices are dropping. Thats true but what i think is something that needs to be taken away kelly, is the fed i think was a little unclear. The fact were having a debate here over whether or not theres a hawkish or dovish statement, i dont know that this redirects back to june or gives fodder for the doves and its further from june. I think the fed needs to clarify here. Lets close this out because were running out of time to beth ann. What do you think this means for fed policy going down the road. Were all wondering when this is going to happen. Weve been saying since last year, since march of last year they were going to raise rates in the Second Quarter of this year. We kind ever narrowed it down to june and we think theyre still on track. We say theyre going to move this might spook all the people listening. We think they could reach 1. 25 by year end. Theres a lot of things like we talked about the eurozone issues as well could slow them down but we think theyre heading along that path. Jack before we go is this a signal to everybody who might have a mortgage are be trying to make a decision about Interest Rates that it might be going lower. All your bullish talk would not point to this outcome. What i see is this big disconnect that rick and i always seem to argue about. You know one of these days were going to see this bubble in the bonds pop and one of the problems that i have is that there are too many people that are looking at that bond market right now and, unfortunately for me, i see all risk and no return. And worse than this, theyre missing out on an amazing best act in class of 2014. Thats what jack bogle told us. Its a theme were going to follow. Thank you, everybody. Thank you. Lively as we knew it would be. Always is after a fed statement of some kind. Boy, oh boy. Just about 45 minutes to go into the close here. This tug of war, keeping the dow roughly neutral. Its off 31 points. The s p a little weaker. Giving up 0. 4 . The other big story of the day, apple skyrocketing thanks to that blowout Earnings Report you heard right here on the closing bell last night. Apple selling nearly 75 million new iphones last quarter, but is the tech giant becoming too dependent on that one product for its profits . Were going to hash it out with some of the pros coming up next. Also ahead, blackrocks head of fixed income rick rieder will speak about us exclusively. We want to hear what he has to say about these moves on the back of the fed announcement and when they see the fed pulling the trigger on an Interest Rate hike. You just got a big bump in miles. So this is a great opportunity for an upgrade. Sound good . Great. Because youre not you youre a whole airline. And its not a ticket youre upgrading its your entire operations, from domestic to international. Which means you need help from a whole team of advisors. From workforce strategies to Tech Solutions and a thousand other things. So you call pwc. The right people to get the extraordinary done. Markets still trying to sort things out after the feds statement. The dow was higher now its lower, down 65 points. Were looking at the ten sectors of the Standard Poors 500 index. Only one is positive. Thank you apple. And energy is lower as wti crude hits a five sixyear low today. So its down 3. 33 . Kate rogers is covering some big individual movers. Well kick it off with the Energy Sector moving lower as crude oil fell to its lowest level since march 2009. Now, boeing hitting a new 52week high after the jetmaker posted better than expected quarterly results. Investors shrugging off its light guidance. Its trading up 6 . Hanes brand gaining ground after the Company Raised its Quarterly Dividend to 40 cents a share and announced a four for one stock split. And we end with apple, of course gaining ground today after posting its biggest quarterly profit in corporate history. Boosted by record iphone sales during the holiday season. Trading up over 6. 5 . Thank you very much. Apple investors obviously loving the record earnings that came out last night for the last quarter but it has many wondering if the company now has relied too much on one product, namely the iphone. We saw a slowdown in sales for macs and ipads and other items but the iphone was the big blowout this time around. Joining us for more on whether this can continue edmund lee with michael. Welcome to you both. Ed, you know its hard to pick an issue with apple after the quarter they just had, and it sounds like the products they may launch including the watch, will drive more people into the iphone ecosystem. Is there a risk of putting too many eggs in this one basket . It seems like they could do no wrong. I know people have talked about is this a onetrick pony company now that iphones are a big, huge majority of their sales. I think the bigger read is the iphone is really a trojan horse product. It just gets people in other apple products whether its ipads or laptops or desktops. The apple watch. Thats their lead in product, their anchor product, and in a way its not really a stand alone. If you start to like it it gets you into their other lines. And i think longer term its definitely a positive for them. Its not just that one item thing. I was going to say you have to put money to work there. This does concern you, doesnt it . Absolutely. And it was clearly incredible quarter and incredible we knew there was pent up demand for the large screen phone, large screen iphone and this quarter was clearly amazing, but at the same time the company is now relying 70 of the revenues is relying on the iphone and actually the ipad. The ipad sales are slowing and they went from 20 a year ago now to about 12 . The mac sales, mac sales actually getting benefit from the halo effect probably from the iphone and to increase but relative to this incredible performance from the iphone they are down below 10 . So the company is really relying on a single product Going Forward and one would expect that for the next couple quarters the iphone sales is going to continue to accelerate and might be even 75 or 80 of their sales. It is becoming a problem and weve been waiting for this next great thing to come out, and so why is that a problem . Michael, i dont understand why thats a problem at the moment. Sure. Well, it is not a problem at the moment, and it is not a problem if youre looking at the past. But if youre a longterm investor and looking at three to five years out, then it is becoming a problem. Each product goes through a cycle. We have seen the ipad sales peak and lower. We have seen ipod sales peak and go lower. Eventually it will happen to iphone, too. Ed are consumers abandoning the ipad for the larger iphone . You have to definitely think that theres some cannibalization going on and, you know, i think the idea that theres theyre relying too much on this one product. The other thing to note is theyre still forging to new markets. China was huge for iphone. Theyre number one now. Exactly. And a lot of the signups, a lot of the new customers are new to apple. So i think theyre getting introduced to the company, to like their product line this way, and i think its going to take another iteration or two before you start seeing the larger halo effect of those xhu customers coming in and saying i like apple iphone i want to get their laptop some of the other products. It will come in cycles, thats true, but this is the first for a lot of customers, especially abroad especially in china, and i think longer term it will be a positive for sure. Is it also michael, better for you as a shareholder than if they were putting money into other kinds of products that frankly may not pan out . Why not double down when you realize you have a gold mine . Well of course they should and i think they are doing it and i expect for the next two, three, or four quarters iphone to continue this way. But at the same time when you are making all this incredible money, you should be investing in other products and looking where are you going to go next and i think we have the apple watc