President obama starts speaking and listening in on the q a as well. Kelly . Here in aspen, weve got highlights from my conversation this morning with black rocks larry fink, hedge fund giant, and hear what they had to say about britains vote to leave the eu. They all had very different points of view. And why singer thinks it could trigger a global depression. And yuri milner is coming up after the close, bill. And so much more. But lets start with this rally on wall street that continues. Bob pisani is smack in the middle of all of the action here on the floor of the stock exchange. Robert . Maybe its the end of the quarter bargain hunting, maybe its something bigger than that, i dont know, but i can tell you, the rally is continuing. Take a look here, folks. Nine to one declining to advancing stocks, thats better than it was yesterday. The volumes on the heavy side, too. Its not just that buyers dont care, buyers do care. Theyre buying stuff and the volatility is still dropping right now. Thats very interesting. Were also starting to get, youre going to be surprised to hear this, an expansion of new hires. Nearly 300 at the new york stock exchange. Some of the oil names, exxons at a 52week high. Chevrons at a 52week high, as well. Now, you know about all of the consumer names that have been doing well. Thats been fairly typical, but heres johnson and johnson, up 1 . Thats another 52week high for them. The real moves, though, are in the Interest Rate sensitive groups. Heres at t, stalwart, they really control the Telecom Group overall, but were seeing a lot of the reits. Against, Interest Rate sensitive, heres issimon propey group. Another 52week high for them. Yes, the boring utilities. This has been a real typical one here. Duke energy here, just barely positive on the day. But a lot of them, coned, southern company, all sitting at 52week highs. And of course, were going to review the whole second couquar and give you a look ahead at the Third Quarter tomorrow and well be right back here talking about that. Guys, back to you. The burden that you have, bob. Thank you. Well see you a little bit later. Lets get to our Closing Bell Exchange today. With us is steve dodash, steve grassel is here and Rick Santelli checks in from chicago. Steven, weve come back roughly halfway from the declines that we saw friday and monday after brexit. What do you make of the quality of this rally that were seeing right now . I think if you look at it, its all about positioning. When people were told and all of the professionals said that there was going to be no brexit. They positioned themselves ahead of that. Then, we had them to scramble and get short on the event, because it was supposed to be cataclysmic, they positioned themselves then. And now, when you start to see the markets start to rally back, theyre forced now to cover their shorts, coupled, as bob said, the end of the month, you have a lot of people scrambling for positioning, but nothing has changed. Yield, yield, yield. Thats what it well still be chased. Steve youll have staples and everything there, but lets Start Talking about a multiple expansion. When people think its overvalued, youre going to have to expand that multiple. Kelly . I was going to ask you, steve dodash, about the fact we are seeing u. S. Stocks rally, but u. S. Interest rates, that tenyear is below 1. 5 . Where does this all go next . Hopefully up. But its not. I mean, we know that were in probably in the stage of qe infinity, with whats going on overseas, how is the ed going to raise rates . I wish they had have done it a while ago, theyre not now, and they basically cant. Youll have europe probably ease anymore, even though theyre at negative rates right now. Qe infinity is what were in the middle of and financials will have a rough time for the next several years because of that. How do they make money if Interest Rates are going to be virtually zero if not negative for the next six months, 16 months, however long. Rick, im going to ask you the same question kelly just asked steve dudash. The equities are coming back here, but the safety plays, the yields and the treasuries are pinned near the bottoms they hit on friday and monday. And gold is pinned at the top it hit on friday and monday. Whats going on here, do you think . You know, theres a lot of straw and a bale of hay, and one of the big strands was brexit. But theres a lot of other strands, and most of the three strands have been to the tune of keeping glob ining rates down. Global policies, less than stellar, glide rates, not stellar, policies, not working. Before the brexit votes, we had several sessions in tens that settled below 160. If you recall, it wasnt that many weeks ago that the low yield close for the year was february 11th at 166. My point is, brexit did have an effect. But a lot of things have had an effect. And i think cumulatively, what the fixed income market is telling me is more about the Global Economy, the u. S. Economy, then necessarily the longevity of stocks to rechallenge with jeff gundloch calls dead money, even though dead money could take us close to contract ties, given how we settled last year and how we opened this year. So im sure that the treasury market will be consistent. And i think brexit was an effect, but i think we would be remiss saying its the biggest effect keeping rates down. About a minute to the president here. Yeah, exactly. Mr. Grasso, if you could, give us some of these levels youre watching and maybe crude, too. Is that now just the tail, or is that as important for future market moves, still . I think it still is the real tell on the market. But the you look at all this noise, whether its 45 or 50, i think its a lot of noise in crude. Do you want to break down or break out above that level . So going into month end tomorrow, i mean, you just need to be careful, but look for flat on year. 2043, thats the level to be your bullish, bearish barometer. I think you lighten up as we break to the downside of that. And if we stay right here, sideways to higher is the trend. Utilities, staples, gold. All right. We just got a correction on the twominute warning. Its not overall News Conference. And were going to wait until we hear from president obama, which should come in the next few minutes here. So weve got some more time, steve dudash, what are you going to put to work here . Youre a contrarian by nature. What do you see thats an opportunity to put some money to work here as we try to pick off the pieces of whats left of the brexit trade . Well, against what rick was saying there, i dont see how you can say brexit isnt whats forcing down all the uncertainty thats going on there. This has never happened before. We dont have is a blueprint on this. That uncertainty is going to keep rates down for the foreseeable future. But if youre going on the other side, and i really hope europe goes after england harder, britain hard on this. And makes every treaty hard to get past, every tax opportunity they go after, and burns them down, essentially, not out of spite, but out of protection of the eu itself, because if one other country follows them, thats it. Thats the end of the game. Britain was always the one that was the outlier in that group, anyway. So if were under the assumption that the eu is going to go after them hard and make it very difficult to keep everyone there, youve got to believe its undervalued right now, go after large cap stocks in europe, get in nice valuations now, assuming they can stay together. But keep your finger on the trigger, because if one other country looks like theyre gone, youve got to run. Youve got to run back. You know, rick, im looking at stocks in the u. S. , you know, jumping higher, and now they have a lower pound sterling and lower Interest Rates. Is this going to turn out to be a massive net positive for the uk here . Even for the u. S. . But especially for britain . Even though everyone was caught wrongfooted by it . Listen, its only my opinion, and we dont know the future, but in the medium and longterm, my answer would be a resounding yes. And i dont agree about brexit being an event weve never seen. But it doesnt base points in ten, is basically the range change brought upon by brexit. Thats not an end of the world catastrophic outcome for the fixed income markets, that was already treading water within reaching distance of its alltime low sentiment under 140. Were already but i were already goen on. Were already at lows. To me, bad policy is way bigger than brexit. Brexits this big. Bad policy, whether its ab nomics or theres no way to see, brexit is a function of those things you know what britain never wanted to be a part of it in the first place. The experts have called for usually do happen overnight, the really bad ones. Im sorry, the Global Economy should be a cat that has nine lives and the experts were wrong. The experts were wrong, youre say everythings going to fall apart because of that . The experts were wrong, by a few percentage points. Theres no doubt about it, but you have to keep the eu together. Because if it doesnt stay together, thats it. Why . why . stick with a bad plan . Lets see, democracy and peoples will versus a couple of percentage of a gdp for a few years . Theres no chance that any economy can sustain any growth in the eu, in any of them. Oh, thats hogwash. Hogwash steve. The strong economies the strong economies, steve, will break off. When you look at the uk, that was giving 12 after a decade . Youre right. Youre absolutely right. So thats so much intertwined. It took 20 years. That you shouldnt one at a time. That you shouldnt just jump down and bite your nose off to spite your face. The strong economies will survive. The weak economies are forced to figure it out. It took guys, we have to thank you so much. Are still weak steves and rick, and its not the last well be talking about this issue. We really appreciate you joining us. Its a big day for u. S. Banks, meantime. The fed is actually releasing results of its annual banks stress test if the next hour of the show. Lets get to Kayla Tausche telling us which banks are expected to make the grade. The answer, kelly, is most of them. We got the first wave of results from the Federal Reserve last week. Todays will show how much extra capital the banks have built up. And how much of that capital those banks can then get back to shareholders in the form of dividends and buybacks. Of the biggest banks, only Morgan Stanley has passed recent years with no reservations. They all needed to make adjustments to their submissions in prior years. Citigroup did get an outright fail from the fed on the qualitative basis in 2014. All major banks, though, the 33 that are submitted, are expected not only to pass the bar, but to increase their payouts. The question is how Deutsche Bank trust will fair. The fed found qualitative issues last year when they submitted their plans. Well see whether they righted those issues this time around and whether that has any tea leaves we should be reading for barclays, ubs, Credit Suisse and a handful of european banks that will have to go through the stress tests themselves next year. Also, the data were supposed to get this afternoon, that show that capital being built by these banks, since the financial crisis, im told will only highlight the growing gap between how investors perceive the progress of u. S. Banks in cleaning up their books, building capital compared to now. What we are saying about the overseas peers, which still have hundreds of billions in opec assets. Theyre questioning the health of their sblaets. And the european banks have been leading the selloffs. The financials today are doing well. Part of that is because of perhaps bullish expectations about these stress tests, but well know in about an hour and change time exactly how they did fare. Yep, 4 30 eastern. Well wait for that. See you then, kayla. Thanks very much. In the meantime, weve got about 48 minutes left in the trading session here. The dow sitting near the highs of the session at the moment, up 287 points. The s p is up 36. The nasdaq once again, the leading to the upside, the leading index, up more than 2 at 4786. President obama is in the midst of beginning a News Conference right now with Justin Trudeau and Enrique Pena Nieto, the president of mexico, as they wrap up their north american summit there in ottawa, canada. Well take you there live and listen in on the q a when that gets underway. Later, russian billionaire, yuri milner, speaks with us exclusively from the aspen ideas festival. Hes poured tons of money into facebook, twitter, and spotify, among other tech startups. And now hes targeting outer space life forms. Well get his details on the latest venture, coming up. Youre watching cnbc, first in business worldwide. Stephen king, the master of suspense and the macabre. I enjoy keeping people up at night. My Analysis Shows your stories are actually about human connection, even love. Great storytelling needs drama and empathy. My cognitive apis can help any business Better Connect with its audience. You should try writing a book. Find a remote hotel. Bring the family. I do not think that is a good idea. Welcome back. The stock markets major averages holding near their high of the season. The dow up 285 points. But take a look at shares of tesaro. Theyre surging today, up more than double, up 104 with the company reporting positive results of a latestage Clinical Trial for an experimental Ovarian Cancer drug they are working on. Datas show that the drug extended the time that elapsed between treatment and tumor progression, more importantly, it extended the lives of the patients who were taking that drug. Ovarian cancer, you may know, is the fifth leading cause of cancer deaths in the United States, kelly. All right, bill. I sat down earlier with a group of heavy hitters in the investing world here in aspen for a panel called reimagining capitalism. Republican donor and hedge fund giant paul singer was one of the panelists, and he had some tough comments for gop president ial candidate, donald trump. The most impactful of the economic policies that i recall him coming out for are these antitrade policies. And i think, if he actually stuck to those policies against elected president , its close to a guarantee of a global depression. Widespread global depression. So thats preposterous. As the rest of it, its a work in progress. Paul, if you have to pick from Hillary Clinton or donald trump in november, whos it going to be . None of the above. Gary johnson . No. Jill stein, writein candidate . I was actually thinking of writing in myself. Those are thats paul singer, of course, bill. You know, hes not hes somebody as known as being a more gopfriendly guy, so its interesting to get his take on the election. And is that the mood at the conference . I mean, im sure everybodys talking about brexit to begin, but as far as u. S. Politics, can you get a sense of which way theyre going here . Reporter well, i think if you pulled the aspen ideas crowd here, youd probably find one thats more sympathetic to Hillary Clintons candidacy. But, you know, i think its the same kind of decision people have about the uks decision to leave the eu, which paul singer vociferously said would be in britains longterm interest. And he thinks the eu itself is a failed project. But i think his point of view is few and further between out here, at least prior to that panel. So well have more comments for you coming up. Were awaiting president obamas comments, too. Hes speaking at the north american Leaders Summit in ottawa. John harwood, what are you expecting to hear . What im expecting is for president obama to talk, first of all, about the terror attack at the istanbul airport, which he did in the photo op earlier today, in which he seemed to suggest, even though there hasnt been a formal assignment of responsibility, that this was an isil operation. We expect him to talk about donald trump and the trade remarks that donald trump made yesterday, about pulling out of nafta, pulling out of and unraveling the transpacific partnership. These are direct results on president obamas policies, as well as Hillary Clinton. And i would expect him to also deal with the issue of Climate Change, which is something hes been talking about with president nieto of mexico and Prime Minister trudeau of canada, both of whom he is claiming as allies of the United States in the Paris Agreement and in bilateral efforts to reduce carbon emissions. Do you have a sense of how these three get along . To use that term, is there sympatico among the three amigos here . I dont know about president nieto, certainly, Prime Minister trudeau shares some things in common with president obama, in that theyre both sort of charismatic media stars who burst on to the scene in their countries as young men. Of course, the difference is that Justin Trudeau is the son of a former Prime Minister. Barack obama, somebody who came out of nowhere to become president of the United States. But certainly, in the kind of Media Coverage they get, in their styles, theres some resemblance between the two. And president obama pamade a jo at the recent white house correspondents to that effect. So i think hes probably got a little bit of a bond with Prime Minister trudeau there. Its a curious time, still, john, with all of these issues swirling on nafta, coming from both sides, frankly, of the campaign, and now people have even suggested, you know, could there be a new member of the trade agreement. Wind of talk do you hear in washington these days about nafta opening it up, leaving it alone, that kind