The fresh rears, two the year yield now is at. 8 , just below that we are at a level we havent seen since april of 2011. What is that screaming for right now . The most interesting thing is this is happening, these yields moving higher even as we are getting this nice rally with the dow up 250 points and counting. Coming up Richard Fisher will join us at the Stock Exchange to give us his odds for an Interest Rate hike in a couple of days. He is the perfect guy to have on today. Tesla getting some high end competition. Could porsches electric concept car really give tesla a run for its money . Weve got the video, the super cool looking car and both sides of that story coming up. And Mark Zuckerberg fielding questions right now at a facebook town ham. We will bring you the late fres that event throughout the hour and you can choose to like or dislike. Yes, you may do that now. You will have a choice. Isnt that interesting . Lets get right to bob pisani who has been tracking this action all day. What interesting action were having, bob. It is government things going on, first the day before the fed meeting and historically that is an up day for the markets, its very well documented, the fed did a paper on this a number of years ago. Were seeing that exactly on queue. Volumes on the modern side and many of the big cap names all up 2 . Merck, pharma stocks, here is procter gamble, up 12. 5 . 7 million shares, a lot of the big Global Industrial names, 3 m trading here almost up 2. 1 , volume on the moderate side. A lot of the other action stood in Interest Rate sensitive groups, you were mentioning those moves, selling bonds and moving into stocks. Thats benefitting Interest Rate names because yields have been moving up here. If you look at the banks here, here is jpmorgan up 2. 3 and a lot of the smaller regional banks like citizens there up almost 3 , synovus up 7. 1 . Were also seeing other Interest Rate sensitive sectors moving up as well. A lot of people speculating will what exactly it means selling bonds and moving into stocks because sometimes you dont see the bond sales, you see the stocks move up prior to the fed but not the bonds selling off and thats got a lot of people speculating about some people moving some positions around and maybe lightning up on those bond positions. Why exactly theyre doing that. A lot of theories about t but bottom line, great day for the stock market. Guys, back to you. Thank you, bob. We are at session highs, up 265 points. As the world waits for the fed, remember, it could have more of an impact this decision thursday on countries beyond our shore than on us in particular. News from china and brazil could be moving wall street. Michelle Caruso Cabrera has details on both of those more us now. China and brazil two of the key bricks in there. First lets start with china. Theres so much concern about whether china is growing 7 . Theres a new study out from the center for strategic studies they have and commissioned two top china researchers to look at what is the state of the chinese gdp. They spent two years trying to answer that question. Here is what they found out, that they think that actually the 2013 chinese gdp was understated by the government, the official government figure is 9. 5 trillion where as the center for strategic and International Studies say they think its 10. 5 trillion, a full trillion more. It turns out china is using an old model, a 1993 model while most of the world has moved to a 2008 model. China promised by 2014, in fact, in december nine months ago they were going to move to that model and revise upward the previous years gdps, they never did that. No explanation and to why not. What they have suggested in the report maybe its china struggling to hit 7 growth. If you are starting from a smaller base its a lot easier to hit the change in your growth targets if you can mover from a smaller number. So when we ask about whether or not they are actually growing enough, it gives you some insight as to whether or not they can actually meet the numbers and whether or not they actually fudged the numbers in some ways in order to achieve had a what they need. Lets move on to brazil which is facing austerity situations just like we talked about in europe. They have announce ds a new round of austerity measures, the finance minister went on Television Last night, its 17 billion worth. Theyve got to do this because theyve got a big budget deficit, they were downgraded to junk by standard and poors and as a result they have to respond. What did the markets do today . The braz long stock market responded fairly positive to this, when it comes to brazils ten year yield it hasnt moved very much its still around a whopping 15 though its lower than it was just a few days ago. Back to you. Wow. Wow. Jinx. Michelle, thank you. Two big stories and two big economies there, too. Joining our cloeging bell exchange, rob frost from frost and frost wealth management, we have Jonathan Corpina from meridian equities. And rick santelli. That two year note is what has gotten everybodys attention,. 8 . Is that the market trying to figure out what the fed is going to do on thursday . Are they forecasting a rate increase . No, i think its anxiety showing up on the trading sheets. I think as we get closer and closer to thursday more decision right side being made in an emotional underpinning and i think this is the type of volatility you see when you add that emotion into an already thin trading environment. I know that the volume isnt super light but i know its not super heavy in stocks and its not super heavy in treasuries. Takes a lot more volume horsepower excuse me, it doesnt take a lot of volume horsepower to move the markets and that explains part of the distance traveled for the two year or three year or even 305 on a 30year bond. I think its pretty simple. We are now at a point where many traders are thinking about the fed in the following fashion, no way janet yellen and stan fisher would sit by for the past week and watch the markets and not voice any type of push back if they werent going to deliver some form of normalization on thursday. And i will stick with that. Rick, they are in a quiet period. Do you know what, they are in a quiet period, i understand that, but the dynamics of whats going on now, there is a lot of channels to get the word out. This is some pretty big big issues were dealing with and i think quiet period aside if this wasnt right there would be voices, dsh. Stories in the wall street journal. You still have two more editions of the wall street journal to go before the announcement on thursday so theres plenty of time. Of exactly. Lets move on. So i think it happens. Its going to keep going. Okay. This is what happens when you normalize, period. Jonathan, whats this stock rally about, then . If there are those who feel that the fed is going to move on thursday is that what the stock market is forecasting as well with this rally . I dont think we can tie that directly to that right now. I think the market is very confused as to what is going to happen on thursday and investors feel the same way and that translates into these volatile markets that we continue to see. Easily we can be down 150 tomorrow. We are in uncharted territory here, we dont know what the fed is going to do. If you go back to june and look at so comments that came out of washington, we would have thought something would have happened much sooner and the world has clearly changed since june. So the market right now is going to continue to trade in this wide range until we get more information on thursday, but at this point right now until more articles come out or any leaking of information as rick might allude to, were not going to really have a good feeling as to where this market is going to move and how its going to react on thursday. Jump in the viks, was that price nothing a lot of the fed moving here . Is that why maybe we already have been through that periods of difficulty thats why were sailing more smoothly here today . What do you think . I think a few weeks ago there was more concentration on what the fed would do because Economic Data seemed a little weaker or seemed a little stronger than it is right now, so with a little bit weaker data people are starting to bet that the fed wont raise rates. But then why is the two year popping . How often earth anybody conditioning that if the feds raise Interest Rates 15 or 25 basis points its going to derail this economy which is clearly headed up i just dont understand. And secondly, i think anybody that bets that the fed wont raise interesting rates and is surprised on thursday is going to be about as surprised as someone in greece was that they couldnt get money out of the atms, they should have expected that a long time earlier. Jonathan, have you figured out or does anybody guess what a market would do on thursday if the fed does in fact raise rates . I havent seen any of the volatility numbers that would be associated with that and pricing any derivative structures towards that right now. I gist think that investors are very much going to sit on their hands and just wait to see whats going to happen. There is no advantage right now unless youre really certain as to whats going to happen to come into this market. So what happens is that investors will pull back and they will wait, they will get their opportunity once we get headlines coming out on thursday. Before we go, rick, again, just for viewers who might be confused, im confused. Do you think we just had rob frost saying this market doesnt think they are going to raise rates f that was true would we still see the two year yield popping the way it is today . If this was two weeks ago i would say the two year note movement doesnt mean much, but considering the timing i would be absolutely floored if the fed doesnt do something but the issue is something is a very large room, there is a lot of somethings they could do that would satisfy Market Participants and keep the equity game alive. Thats what Equity Investors are thinking. Maybe they only do an eighth, maybe its small, the wording about how this fits into the grand scheme of things and there is is where they can thread the needle at least in the short term. 12 1 2 basis points that would just be oh, my goodness. Lets move on. The white house giving new details on why it does not support this bill that would lift the ban, the long time ban, on u. S. Oil exports. Eamon javers stepping in with details on that. Oil markets moved just within the past couple minutes as its white house announce it had opposes this republican bill in the house of representatives to lift that ban which goes back to the 1970s on exporting crude oil from the United States, but we went back and listened to the entire answer the kpraus press secretary josh earnest gave from the white house podium and when you listen to the second part of his answer he throws out a couple of things that he thinks that the Oil Companies and the republican backers on capitol hill could do. Listen to what he said here and then we will talk about on the other side. Here is josh earnest. End the billions in subsidies that oil and Gas Companies in the United States already enjoy and actually use that money to ensure the longterm success of our economy and our and the Energy Sector in this country which making important investments in things like wind energy and solar energy. Investments that even some of those Oil Companies themselves have bragged about making. So the White House Press secretary there talk being oil kms potentially ending its subsidies that they get from the u. S. Government in a variety of different ways and making investments in wind and solar and other renewables. Listening to the press secretary there you doggett a sense that this is a hint by the white house of what an ultimate deal to end that embargo or that ban on crude oil exports might be here in exchange for ending that ban you can see the white house asking for certain concessions and you just heard the White House Press secretary say among those concessions might be ending subsidies and also making some investments in wind and solar and other renewables. So take a listen to what the White House Press secretary said you and you start to see maybe the outlines what have could be a deal. Whether that would be acceptable on the hill or oil industry is another question. Lets clarify as well were looking on our screens talk being a possible pipeline deal. There was no mention, not even an allusion to keystone. Is that at all what youre talking about or is that what kind of doesnt seem to be, no. Doesnt seem to be. What hes talking about here in this answer is ending billions in subsidies that oil and Gas Companies in the United States already enjoy and then using that money, earnest is saying torques ensure the longterm success of our economy. Hes saying he wants to see the Oil Companies spending money on wind and other renewables and r d in that area and ending those subsidies, then you start to see the terms of a possible trade. Did he not talk about a pipeline as part of that of that comment. But clearly the horse trading has begun. Its deal making time in washington, yep. Thanks very much, eamon. You bet. We have 45 minutes to go here. The dow is up 264 points, 1. 5 gain for both the s p, the broad index and that dow. The nasdaq hang nothing about 65 point gain. Up 1. 3. Mark zuckerberg is host ago town hall from facebook headquarters in Silicon Valley right now. We will have highlights from the billionaire ceo, questions he has been answering from facebook users coming up in just a moment here. Up next, two tesla experts weighing in on the new challenges elon musks electric car company is face frg apple and porsche. Stay tuned. Its more than a network. Its how you stay connected. With centurylink as your trusted technology partner, you get an industry leading Broadband Network and cloud and hosting services. Centurylink. Your link to whats next. I was out for a bike ride. I didnt think id have a heart attack. But i did. Im mike, and im very much alive. Now my doctor recommends a bayer aspirin regimen to help prevent another heart attack. Be sure to talk to your doctor before you begin an aspirin regimen. Sometimes they just drop in. Always obvious. 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Your words have the power to shape their world. Learn more at first5california. Com parents the rally continues. Moments ago the dow was up more than 270 points, pulled back just briefly there, but still a healthy gain that some people are wondering whats its all about. Up 1. 65 on the industrial average right now. A couple of stocks we want to highlight right now that have been moving today, Owens Illinois among the biggest gainers inside the s p, bank of america upgrading the worldest largest maker of Glass Containers to a buy from neutral. And ups is rising after the Worlds LargestPackage Delivery company said it plans to hire up to 95,000 workers for this upcoming holiday season. Here we go again. Its about the same number as they hired last year. Package handlers, drivers and driver helpers will make up the bulk of those new jobs. Porsche, its taking on tess l. A. The german auto maker vw unveiling porsches mission e, an all electric car that accelerates to 62 miles an hour in 3. 5 seconds, it can rechange to 80 compass knit 15 minutes, thats half the waiting time required for elon musks model s. Will tesla be able to withstand this type of competition . Lets bern in James Albertine and andrea james. There was a time years ago when if porsche was talk being an electric car that would just be blasphemous, but now how much credence do you give that and what would that do to tess ra louisiana . There is a lot of innovation going on in electric vehicles, its being driven by the government, government regulations but also being driven by teslas own edge, they are winning a lot of awards, other auto makers want to participate in some of that success. I want to know what the price is going to be and profitability is going to be on those vehicles because we dont have those details yet. James, do you ever any idea . Im going to start saving now because im sure its going to be pretty high. Its funny, i think andrea hit the nail on the head, by the time the Porsche Mission e comes out we will be talk bgt model 3 tesla at 35,000 to 40,000, we will be talking about autonomous driving features that already are in the works and close to being released to tesla and infrastructure build that tesla is undertake something going to be three years advanced not to mention the giga factory. Where is porsche going to get their bats ri cells and how are they going to turn a profit on