Welcome. Happy to be here. Well be talking about those key meetings coming up this month, as we recognize the seventh anniversary of the bull market for stocks, march 9th, 2009. Plus square and box getting ready to report earnings after the bell. This is the first report for square since going public. Well get you ready for the numbers. And a treat for you a live interview with jack dorsey coming up. Then its the new amazon. Maybe you have heard about this. Well tell you why the ecommerce giant is leasing its own planes and starting its own Live Television program and what it all means for jeff bezos and investors, and prime members, and all those great things. Its hard to keep track of everything, but weve got it covered. They are everywhere. Lets start with the bull run, which we call the haines bottom around here. Here is the moment seven years ago when the late great mark haines called it. Im going to step out on a limb here. This is hold on, everyone. I think were at a bottom. I really do. It was a great moment, and erin didnt believe him. It was nobody else could believe that could be a call. What a call its been. Dominic chu has more on how stocks have performed. I remember those days, sara, bill. I was still on wall street at the time. It was very tumultuous. For somebody to say that was huge. Lets talk about how far the markets have vip since march 9th, 2009. That was the closing low. Since then, this is Realtime Data adjusting for the moves. Theyre up by close to 160 . The s p 500, remember a closing low of 767. That was the level we have just about tripled. 194 to the up side. The nasdaq composite leading the major indices up by 268some percent, so a huge move. The nasdaq the biggest winner. Among some of the s p 500, current members that were still around back then. You look at some of the leaders. You mentioned amazon. That stock is up 816 since that haines bottom here. Star ducks shares up nearly 1300 , and then underarmour up nearly 2500 since then. Ago for the laggards, perhaps no surprise, there are some themes developing here. Telecommunication stocks like at t, a giant there, it is up 75 , but its nowhere near up as the rest of the market. Some of these lesser economically sensitive stocks, the utility type plays moving to at least the laggard side. Financials, Morgan Stanley is up 49 , still trailing the market, meanwhile, Energy Stocks still down from the highs. Just to put it all in perspectives, other parts of the market and how they fathered russell 2000 small map up over 200 , mid stocks leading the gains. The transportation stocks, which we watch so closely now, 251 , so, again, sara, bill, as we talk about just some of the context we have seen, yes, the entire market has gone up, but not every stock along with it. We know energy has been the worst performing sector in the s p 500 since those march 2009 lows, guys. But even it managed a gain of almost 40 , which is interesting, dom. If you look at some of the correlations across different asset classes, this was really a stock market story. The price of oil is down a little more than 20 since then, right . And treasuries havent moved as much. Yeah, back then tenyear yields were close to around maybe 2. 8 , 2. 75, now about 1. 8, 1. 9. We have seen some moves. Lets not even talk about the idea you just brought up. We have seen an unprecedented amount of Central Bank Intervention not just from the fed, but the bank of japan, england, any bank that is out there has contributed to a global surge. This is an unprecedented time for the markets here. Again, overall its been an eventful testified year, so at let wee starting the eighth year of a bull market with a gain. It looks like. So far. 27 points higher. Thanks, dom. You got it. Wile were in the midst of the beinginning of an eighth. There are many cal lists coming up. Along with the ecb lets talk about all of it with luciano from wisdom tree investments at post 9. So is steve grasso from stuart frankel, and our own Rick Santelli checking from from chicago. Steve grasso, one thing that market i think the hallmark of this bull market is a tremendous skepticism. It was the most unloved bull market we had seen i think in our time. I think thats still the case right now, dont you . I think thats correct. You get people that dont want to be on board with any type of market run. Im long stocks, but im very skeptical. Its a product of being burned so badly, bill, from when we were all on this floor when those days happened, and we didnt know who was going to go out of business, who was going to be next, but we take or lead now from oil. That was the Global Growth or the sign of it. If you dont have any Global Growth, i think oil right now is caught up as a trading vehicle. You have many funds that are on the brink of going out of business that are covering shorts. Thats the catalyst for oil right now. Shouldnt be misconstrued as growth at this point. Look at that. Nearly 5 gain for oil again today, luciano, highest settlement since december 4th. I guess the key to the equity market is have commodities really bottomed . Or is this just a correction in the commodity collapse . Whats say you . I say if you look at the commodity exporting countries, look at their equity markets, eastern their occurrence sis, they have shown relative strength year to date. So im actually encouraged that the commodities equities are doing are doing so well. Oil, i agree, is a speculative bet right now. Well see what happens with the production and whether or not you actually get restrained there. But i think, you know, some risk and some stress has been relieved within the system, particularly given the rally and the affect that many e. M. Kurn sis are actually up year to date. Tomorrow is the ecb meetings, long anticipated. Are you betting that mario draghi finally fires that bazooka hes been waving around. Im not sure about this whole bazooka thing, but i think one thing is for sure. They have to figure out a way to widen the net, and to buy more, you have to buy them at yields that arent more negative that than, of course, the negative deposit rate. Considering the talk we have seen or heard, hes probably going to go negative. I dont think it will accomplish much. I was there the haines bottom day, i remember that like it was yesterday. I thought dom did a great but everybody is talking about, you know that we have tripled. While all of that went on, were still basically at crisis overnight rates. And when steve grasso and many others, including bob pisani who may have coined it said the most unloved rally ever, is because the fed didnt have confidence to raise rates to make it more love. I think theyll be pays the price for that for a long time. Richard fisher was on today. Hes been very frank and said we pulled a lot forward. How much do we have to go further to main at the levels in the pool. These are very important things we have to think about. And luciano, center banks are still very much in play. We have an important twoday fed meeting next week, i think the question now is, do the markets have the same faith in those Central Banks that they have most recession, which drove so much of the gains in the stocks over the last few years . Well, i dont think the issue is whether or not the Central Banks, what theyre doing is right or not. The question is, is it necessary . They believe its necessary, because they still have a debt problem and growth problem. The government frankly is not getting is done and neither are the private corporations. So they may continue to do more of what they started. I would not be surprised to see if the ecb go further negative, increase the qe, extend the duration of the qe, and i think theyre doing it because they have to do it. You know, steve, you have to navigate this market as we go through the various important meetings. What are you expecting to happen . You say youre still long, but skeptical. The key is we had the China National congress. That was basically an event where people wanted to put risk on. Youre always nervous about the wild card being china. Now you have the ecb. I do think this rally, as everyone else has felt is a big long in the tooth. We dont know whats going to happen. You dont know what the central bank are going to do. Us and the Chinese Government are tightening right now. No matter how loose it looks, if china is selling treasuries and supporting the yuan, thats tightening the monetary supply. The markets are addicted to easing. So whether you like it or not, its a fact, and markets sell off when were not easing. Weve got to give the last word to you, because you set up the and some of the expectations around it. I wonder, though, what you are hearing and what you think about the reaction, given what we saw when bank of japan went to negative and the market rejected it just a few days later. Traders are a bit nervous, i have to tell you, sara. I have a chart ready. This is a 30year japanese government bond, and bill, forgive me here, youre going to laugh, but it went from 47 basis points to 71 basis points in one session, a 53 increase in that rate in one session. Now, i dont like to use percentages right, right. As they numbers get small, but in this case it makes you nerve out bund yields had a 50 move in two sessions, so no matter what happens, to answer your question, the market doesnt have the girth or liquidity or anything to be prepared for the kind of volatility that has to ensue when these Central Banks run out of rope, and they will or have. Tomorrow will be very interesting. I know the Worldwide Exchange will have much more on that tomorrow. Yes. When you wake up tomorrow. And when i go to bed tonight. Thanks, guys. Appreciate it. Your thoughts on the days market action. 50 minutes are left in the trading session. The dow is up a whopping two points. Though it did go negative. Well see what happens in the last hour. Coming up square and twitter Ceo Jack Dorsey will be following those results from square. Its the first Earnings Report since going public, and his second Earnings Call of the quarter. Very exciting. Up next, though, amazon advancing its push into cargo delivery and to Online Fashion. Thats the one thats got my attention. Well discuss the retail giants latest innovation and whether they can boost profits or not. Hey, youre watching cnbc, first in big worldwide. We need to be ready for whatever weather may come our way. My names Scott Strenfel and im a meteorologist at pg e. We make sure that our crews as well as our customers are prepared to how weather may impact their energy. So every single day were monitoring the weather, and when storm events arise our forecast get crews out ahead of the storm to minimize any outages. During storm season we want our customers to be ready and stay safe. Learn how you can be prepared at pge. Com beprepared. Together, were building a better california. Welcome back. We want to bring you up to date on the situation involving chipotle. Its falling on news of this burrito chain temporarily shutting a massachusetts restaurant after four employees fell ill. It has undergone a full cleaning, already been cleared to reopen on friday. The States Department of health says no customers are known to be sick. Chipotle, of course trying to rebuild sales and the stock price since the e. Coli outbrack. This incident involves the nor ovirus this time. It just goes from bad to worse, as cramer set earlier. He sticks with the stock, just as the tide was starting to turn, there was a survey released just a week ago, saying that sentiment bottoms in january for chipotle, they looked at about 800 customers, they were looking at how the customers reacted to some of these promotions. And said things have turned. Theyve been looking since november. Well see. Certainly it hurts their credibility when they try to reassure customers its safe to come back again, and Something Like this happens again. We will wait and see. Another headache. Amazon making a big usual push into new territory. Morgan brennan covering the transport story, and Courtney Reagan all over the fashion story. Well start with morgan. After months of speculation, its finally official. Amazon is leasing 20 planes from air transport services group. This is the latest step in addition to trucks, curlius and drones in the quest to develop an inhouse Delivery Network and drive down costs. The agreement will involve a minimum of 20 boeing freighters leased, operating the fleet domestically. Atsgs management say the ecommerce giants will have 15 planes by years end and five are already in use. Amazon can take an it will have warrants to buy nearly 20 of equity, also get a board seat. If you look at shares of air transport, those are soaring on all of this news, up 16 , but amazon is also a big customer of u. P. S. And fedex. So u. P. S. Says it chooses not to speak about the business plans, but it will continue to work with amazon. Feddics saying it wasnt a surprise, they have been aware for some time about their need for supplemental services. Back over to you. Morgan, stay right through. Over to courtney right now for amazons push into Online Fashion and Television Style shopping. Courtney, what in the world . Sound familiar, bill . Amazon has forever altered the retail industry, with the latest moves, amazon is taking some plays from veteran retailers playbooks. Private clothing brands and a shopping so allay qvc and hsn. Amazons 30minute style code live is free and streaming daily at 9 00 p. M. , from the host, and rachel smith and mtv host rodriguez, live chat with viewers and of course direct viewers to purchase items right on amazon. Com. The new show follows the rollout of the seven any private label apparel lines. Private labels are cornerstone for many traditional retailers capturing higher margins. Thing costco and the kirkland bread or st. Johns bay and j. C. Penney. A survey shows 25 more consumers bought apparel on amazon in february than in 2015, which means amazon is likely taking share away from companies that have built their entire about is on selling clothing. Keybank ed aruma estimates that it could add at least 25 cents to earnings, even higher if it can execute strong privatelabel sales at those higher margins. I mean, whats interesting about both of these stories is they really tell the big picture. You always have to read into the small steps to get jeff bezos plan. Are they going to charge marketers to appear on the show . Or is it all about advertising amazon. Com products and pushing people into prime . I dont think its jeff bezos number one concern to turn a profit. If he wanted to do that, we assume he could do it, but right now its all about so they just want you to buy goods from them. If they need to do a live tv show to explain the latest trends and entice you to buy those goods, they will. Theyre going to talk about trends, suggest products. They appear at the bottom of the page. You can directly purchase them. Amazon actually suggests in its promo, that its best to watch the show on the desk top, tablet or phone, presumably so that its easy to buy. You stream it through your television, its a bit harter. I personally know some tv executives from many, many years ago, who dreamt this kind of television commerce, and they are drooling, im sure at the opportunities that amazon is presenting here. How far along how long better you start hearing about drones . You start and just to hear the government say maybe theyre going to, under certain limited circumstances, youll see drones being put into the business here to help them deliver packages. Yeah, well, i certainly think drones are kind of like the sexy item that everybody has been talking about. I think you can till see it a while before thats deployed in a fullscale way. It makes more sense in terms of rural deliveries where the last mile is particularly expensive to get it out on time. But i mean, in the meantime this air Cargo Network theyre building out. Youve got a shipping contain irlicense that amazon has gotten to move freight from china. You have a courier fleet, their own trucking fleet, and, of course, their whole Logistic Network in general. In general amazon is becoming more and more of the transport network. And because investors and analysts are worried one day they could have a network big enough to actually become competitors and not do their own deliveries. Great stuff. Morgan, corti, thank you both. See you later. We talked earlier about the tremendous skepticism involving the overall market. People have been skeptical of amazon from day one. And thats been the wrong trade. Yes. 40 minutes before the closing bell, just barely hanging on to gains here. Dow injure flipped into negative territory. S p 500, though, hanging on to about a quarter of 1 gain right now. Nat dab doing the best, up 3. 3 . Its not your imagination, yes sara is up and anchoring when the sun is up. Unusual. Great to have you here. Cant get enough of it. Jack dorsey speaks with us after square posts its first Earnings Report since going public. And ceo weighing on the wile right. And where he sees them heading by the end of the year. His stock has been an outperformer. Closing bell will be right back. Youre an at t Small Business expert . Sure am. My staff could use your help staying in touch with customers. At t can help you stay connected. Am i seeing double . No maam. Our at t buy one get one free makes it easier for your staff to send appointment reminders to your customers. And share promotions on social media . You know it now im seeing dollar signs. You should probably get your eyes checked. Good one babe. Optometry humor. Right now get up to 650 in credits to help you switch to at t. In new york state, we believe tomorrow starts today. All across the state, the economy is growing, with creative new business incentives, and the lowest taxes in decades, attracting the talent and companies of tomorrow. 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