Well see if we make another go to close above that level. And were going to get the outlook for stocks in general with famed Hedge Fund ManagerStanley Druckenmiller. Hes been shorting ibm for whitequite a while. We touch on a wide range of issues. I bet talking a little bit about the fed. Auto little bit little bit. You dont hear from him that often so its even better. Take a look at the markets. Dow is up by 122 points. Theres the nasdaq as kelly said, about 4. 5 points back below the 5,000 level, but it was a historic day earlier in the day over at the nasdaq and thats where we see it is right now. The s p 500 is up just shy of nine points. Time now for our Closing Bell Exchange with darren wolfburg margie patel from Wells Fargo Fund management Jeff Killburg from kkm financial, joe tannous and our own rick santelli. Joe, what should we be thinking about this day . Should we be celebrating or fearing it . I wouldnt necessarily be fearing it. I think its nice to see the nasdaq hit the record levels. The last time we were there, of course valuations were just in the completely different ball game. That tells me at least fundamentals specifically looking at the nasdaq look a lot better. Darren what about you . Is nasdaq 5,000 a significant number or is there Something Else thats grabbing your attention . I kind of wish that nasdaq 5,000 would come and go so we could talk about Something Else. I think the crude market is something interesting. Youre seeing brent fall back into more in line where wti is. I do think this market is going higher. I think that with the fed whether its june or september, theres a lot of runway for us to continue to march higher and whether its a grind or a fast move, i think ultimately were going higher near term. What were you saying darren about oil, just to be clear . Sure. So brent crude is at 60, wti is at around 50. There was a dislocation there. Youre seeing brent crude come back in today as a result of progress with iran. That would provide more supply to the brent market so prices have come down as a result of that today, but, again, all those factors are positive for the u. S. Consumer and positive for the u. S. Market by and large. Jeff the notes tell me youre cautious why . Why caution . Well id be remiss if i didnt say nasdaq 5,000 for all those College Campus viewers out there but i am cautious. Look at the month of february. It was a very very sneaky february. One of the best months on the stock market weve had since october 2011. So right now, i know i have rickster backing me up in chicago, but the bond market over my shoulder is telling a different narrative despite the fact were seeing yields rise a little bit. We are seeing two different narratives so its time to be cautious. What narrative is the bond market telling you killburg . All the bond market is telling you is the fed is still engaged as much as they ever have been. Its been six years and the 10year is at 2 . Are you kidding me . Its 2015. This lower for longer come on killer. Hes right. Judge is right. Judge is right. Weve been engaged now for 6 3 4 years. When the heck are we going to get married . Thats how engaged weve been. But in all seriousness, rick we havent seen the shoe hit the ground. The whole point look why are we talking about 5,000 today on the nasdaq . Why do we continue to talk about Interest Rates because of the feds long engagement. The one word you need to focus on there is fed, fed, right, rick . Exactly. Boy, you know what . Im agreeing with everybody today. Today is the eighth day in history that weve ever traded above 5,000, but out of these eight times, only two have closed above 5,000. Of course, until eight is now. All the other dates are march of 2000. Ill tell you something fascinating. Warren buffett was on and we were all mesmerized but we missed something important. At 8 30 eastern when we saw january spending it was down 0. 2. You have to go back to the First Quarter of 09 to find negative backtoback spending numbers. Its all about income and spending. We used to say jobs jobs jobs. But whatever the quality of the jobs is its hard to discern. What isnt hard to discern is that there is a problem, houston. That if we are creating jobs either were not doing it in the right areas, the money is not enough or the workforce is too small but we need the numbers to upon higher. Margie some people looked at the savings rate and said maybe there was some wacky winter thing going on and well get more spending. Whats your view . I think well get more spending. I think the Lower Oil Prices are giving a gift to consumers. This cycle is not driven by leverage. So i think the economy is slow growing but sustainable. So thats really a pretty good outcome for the markets. Margie what do you think about nasdaq 5,000 as a round number. What, if anything does it mean to you . It doesnt signify anything except the last time it was there compared to now the quality of the market the quality of the economy is much much better and so i think it shows were ready to go higher. I dont think it says were at a frothy peak ready to have a big correction. I think the point im trying to make is that all around the world you have markets flush with liquidity. Its a liquidity driven rally. Nothing until the fed signals and definitively raises Interest Rates for that first time and maybe for a substantial period after that does anything begin to change. So why have a different view on the market than weve had for the last few years . I wouldnt necessarily take a different view on the markets that than weve had over the past few years. I certainly believe the economic backdrop is in a good place. I think markets can continue to move higher although i would certainly temper expectations. One of the key differences between what were seeing now and what weve had is this die veshg verging Monetary Policy. Lets talk a little bit again, jeff about Interest Rates and whats going on here. We have a situation now and i think it was jpmorgan or somebody talking about this earlier, where you have unemployment falling around the world, inflation starting to stop falling despite the drop in oil prices and some question about whether the supply side of the economy is the problem. In other words, are we going to start to see inflation moving up, unemployment coming down but fundamentally a weaker longer term struck fur for the u. S. And maybe for the World Economy . Great question but i dont think we see inflation anytime soon. Its not on the horizon. Bill gross even illuminated the fact that this behavior thats been allowed by the fed and the fed, lets be clear, the fed is more confused than anybody. Last week theyre flexibility. Theyre just as confused. Right now in Interest Rate environment has produced more buybacks and less cap ex. Spending in general was reflected in the ism number. A lot of people have been upset about the fact that Financial Engineering has trumped mechanical engineering, if you will. Isnt that in part what Alan Greenspan told you thats exactly what we were talking about. The entire narrative is shifting from one in which demand is the problem to maybe, maybe one in which the supply side is more of a problem. How do you spur investment 20 30year building programs whether its on the public or private side . Well, i think the issue is as Warren Buffett outlined this morning and many have talked about. When the Financial Engineering as weve just discussed becomes tantamount to investing in the type of economy thats going to generate tangible jobs other than shuffling paper around youre not going to get the growth, youre not going to get the vel lossity boom there it is. Youre not going to get what the government measures in inflation. Was that you, darren . Who is saying boom . That was me in chicago. Sorry, darren go ahead. Yeah. I would add one thing. I think there was a comment earlier with regard to inflation is starting to turn. I think thats a very important concept because disinflation has really dragged gdp lower across the world. The fact that youre starting to see inflation turn in europe in china, all of those factors, in the u. S. All those factors will contribute to higher growth which may get us off this Financial Engineering kind of mode that weve been in and actually get into some cap ex and thats actually why i think as you start to get the inflation propagating through the marketplace can really start to drive us higher. Play off of that then margie. Where is the best place to be within this market right now . What areas . What sector would you be betting on best . I think the industrials are a great sector because Capital Expenditures away from oil is really quite strong, maybe 5 or 6 . Stronger than gdp. I think Consumer Discretionary and health care will continue be a good place. Still has a lot of growth ahead of it. All right. Thank you to all. Thanks. Well talk to all of you soon, we know that. Bertha coombs has been in the middle of the action at the nasdaq all day long up in midtown manhattan. Bertha, what do you think . We got there and we fell back a little bit. What happens now . I think we could close there if we continue to see this momentum. It would be only the third time ever if we close above 5,000 that the nasdaq reaches that level. You know everyone keeps talking about how different this nasdaq 5,000 is from 15 years ago. It really isnt your fathers nasdaq 5k. Everyone is talking about how the valuations have come down. The nasdaq 100 has a valuation of about 18 forward pe compared to the s ps which is at about 16. So its not really pricing in that much growth. And part of the reason why is that while you still have tech drivers like today, the chip stocks are definitely powering the rally today. When you look at the alltime highs, you get some of the chip names like nxp with its deal today for Free Scale Semiconductor and, of course intuit at alltime highs. Its tax season. Look at walgreens, boots alliance. Used to be over on the big board. Now its here. You have a health care name part of the nasdaq 100, and then comcast, of course, which was one of the original nasdaq 100 members still here and still moving forward with alltime highs. A much more Diverse Company in itself. Not just cable, content now, also technology. So its hard to say that this is just tech because technology is now so much more integrated into our overall economy. And interesting thing today is were watching the nasdaq break out to these new highs, and apple isnt. Apple, of course has been the biggest driver in terms of the nasdaq large caps contributing the largest upside move but its kind of holding here and thats one of the things that some technicians are looking at. When you look at overall new highs among the major indexes, theyre making fewer of them these days which has some folks saying maybe well see a little bit of a cooling off. We might be stretched, but most folks are saying this nasdaq 5,000, unlike your fathers 15 years ago, this one has legs. Back to you. Bertha coombs up at the nasdaq. Going to be an interesting and actionpacked hour for her going into the close. The dow is up 125. The nasdaq look at this were about to hit 4,999. There we go. Things couldnt get any closer to what she just laid out. Well make another run at 5,000 before its all said and done. Up next a survivor from the dotcom crash 15 years ago tells us what he thinks of the nasdaq revisiting that milestone. Razor fish cofounder craig conar ek on whats different. And then later Stanley Druckenmiller joining us to give us his two cents on nasdaq 5,000 and also where he sees the broader markets in the u. S. Heading next. He may give us his 20 cents. He has a lot to say. Im louis, and i quit smoking with chantix. Quitting smoking is a challenge and its a lot easier to go into a fight when youve got somebody thats got your back. Having chantix as a partner made it more successful. Along with support, Chantix Varenicline is proven to help people quit smoking. Chantix helped reduce my urge to smoke. Some people had changes in behavior, thinking or mood hostility, agitation, depressed mood and suicidal thoughts or actions while taking or after stopping chantix. Some people had seizures while taking chantix. If you have any of these stop chantix and call your doctor right away. Tell your doctor about any history of Mental Health problems, which could get worse while taking chantix or history of seizures. Dont take chantix if youve had a serious allergic or skin reaction to it. If you develop these stop chantix and see your doctor right away as some can be lifethreatening. Tell your doctor if you have a history of heart or blood vessel problems or develop new or worse symptoms. Get medical help right away if you have symptoms of a heart attack or stroke. Decrease alcohol use while taking chantix. Use caution when driving or operating machinery. Common side effects include nausea trouble sleeping and unusual dreams. Chantix absolutely helped me quit smoking. Ask your doctor if chantix is right for you. He may give us his 20 cents. Welcome back. The nasdaq today traded above 5,000. We havent seen that since 2000. The question is will it close there . All that attention, meanwhile, drawing some attention away from what otherwise is a pretty good day on wall street. Markets up half a percent despite the ism pmi number coming in soft. Despite Consumer Spending coming in soft and despite oil under pressure. Dow is like saying, hey, dont forget about me. Nasdaq 5,000 generating all the buzz, even across the atlantic at the mobile World Congress in barcelona. Seema mody has been hobnobbing with tech ceos. Pretty bright mood over there . Hi scott and kelly. Yeah listen nasdaq 5k grabbing headlines not just in the u. S. But here in europe as well. Some of the International Leaders i have been speaking to say the nasdaq is in some ways used as a barometer to measure general interest in tech. When youre looking at the nasdaq trading at the 15year high breaking 5,000 this morning, leaders saying that indicates this growing appetite for tech and that has a positive impact scott and kelly, on European Tech companies as it makes it easier to raise funds as they can point to some of the Success Stories like facebook and apple, but the bigger concern the bigger question is does nationalsdaq breaking 5,000 mean were in a tech bubble. Bill mcdermott this morning said no. The former ceo of apple told me were headed much higher. I think its totally realistic to think that some day were going to have a nasdaq 10,000. So i dont think the bubble is nasdaq 5,000. I think were just at the beginning of something even bigger than anything weve ever seen with the worldwide web. Maybe no bubble in the Public Market but the private market is telling us a very different story given the valuations were seeing in silicon value. Uber at 40 billion, snapchat at 19 billion. Investor from Silicon Valley are looking overseas for opportunities, specifically here in europe. In fact, european Venture Capital investment guys last year reached its highest level since the dotcom boom. Forget all those concerns about deflation and sluggish growth in europe. Investors looking for opportunity here in the private market. All right, thank you so much. Thank you. Our next guest experienced the changes in the Tech Industry first hand. Yes. Joining us in a cnbc exclusive is craig can narkanarick. Thank you for having me. You were in the middle of it all, the ups, the downs, going public, being in the middle of a 60 minutes interview and all of that. What are your thoughts on revisiting this benchmark today . You know first of all, thanks for reminding me of the good times and the bad, but, you know, i think people have been saying this all day. Its exciting to see us back at these levels and in some ways its just a blip. You know its a nice sort of target and a place where we can sit and reflect, but i think everyone has agreed this is not the way it was 15 years ago, and that were going much higher. You think there are some real concerns in the late stage private market though . Yeah. When you look at some of the valuations . Absolutely. In 1999 and 2000 ipos and going public were really the only opportunity for people to make significant money, to make significant to have significant exits. These days youre seeing private valuations being, you know, as seema just mentioned, 40 billion for uber theres a lot of private valuations i think are huge and thats different, right . Because companies now have this alternative of just looking for private funding the entire way through. On the public side of it why do you so casually confidently say were going higher on the nasdaq . People have been saying it all day long. The pe ratios are completely different than the way they were 15 years ago. The companies were talking about like apple are much more sophisticated. You know steve jobs was barely out of apple in 2000 but i think also theres a difference in the way people are investing now. In 99 and 2000 investing in ipos and hoping for a 600 return in one day was commonplace. It was expected. And so you had individual investors heading to this gold rush of ipos and day trading, which i just dont think we see anymore. So the market is in some ways more professional and less speculative than it was 15 years ago. Did you ever think wed get back to 5,000 . I did. I didnt know if it was going to take 15 years or 20 years. And, you know, 5,000 is interesting. Im curious about 7,000 which is where i feel the next real level is because if you take inflation into account, then 5,000 is really not at the same level as it was 15 years ago. Interesting. Look, in the same right,