Theyve been performing. Interesting crop. Includes avis, carmax, and many others tivo. That was one, wow. Other big winners. Anyway, largest Ransomware Attack in interpret history, and looking to protect yourself, a new industry of Cyber Insurance is booming, and theres a lot of Cyber Security names which are rallying today. Well get you details. People discover that etf today. Oh, boy. Hack is having a day. Best day of the year smart right now. Meanwhile, Charles Bronfman has a new memoir about the empire, talking the family business, and his tremendous efforts in philanthropy. We got a lot of Great Stories to get to with Charles Bronfman here. Playing bernie and ruth madoff, joining us, and why de niro did not meet with bernie in person. Michelle did, and i dont want to tell it dont give it away. But de niro did not meet with him, and unclear if madoff will see this, of course, being on hbo. I cant wait. Saturday night. That movie on hbo saturday night. A move up in oil, 2 move higher, but enough to basically ignite a stock market rally worldwide. You see the dow up 77 points. Wti crude as mentioned up 2 to just about 69 a barrel, a little shy of that. Last night, our time, saudi arabia extended output cuts until march of next year. President trump, meantime, meeting with the crown prince in abu dhabi this afternoon. Joining us now, aforementioned Rbc Capital Markets here at post nine. Do we believe theyll keep production cuts going . What do you think of the response . Rallying last week on the draw down we saw. Adds fuel to the rally. I think whats important is i think everyone expected extension, but now they are talking about extending into 20 system. Right. Going longer, question is, do we go deeper . Is that the surprise in the may meeting. Im honest, im not impressed with the 2 rally. It does not feel like, we know theres a supply issue out there. We also know opec cant control it at this point, so i understand that if they do especially being saudi and russia, they are in some ways geopolitical nemesis. If they come together, i get it, its a big deal, but why only 2 . They were already rallying at this point and the expectation was getting baked in that they were going to extend. So now the question is, will they carry through with march 2018 . I think theyll wait to see what happens at the may 25 thth meet because iraq could say, we want to bring on more production. We may extend to the end of the year, but not 2018. Details are not finalized yet. Two big players, but you have, you know, 11 other countries to sign on. Biggest slide as we know recently, where do we go from here . You know, people identified 50 as that it was a support level, now sort of the resistance level. Yeah. When i talked to the future stock looking towards 51. 51 on wti, could potentially go up to the highs seen earlier this year at 55. I mean, right now, we are in this sort of 50 55 range, but shale production is an issue, and so these are the pushpulls of the market right now. Leaving the question of, so, oil, looking at just below, 49 a barrel. What wti crude, brents 51, but below 50 in wti, lets say. What are the prospects for getting above that . Do we have to i mean, sounds like stories over the weekend how north dakotas experienced a boom in production. You know, pipelines connected and things so sounds like the u. S. Production industry is okay, but im not sure where that leaves everybody else. The permian is okay. One thing is its largely a permian story. A Million Barrels year on year, permian and eagle, right now, its a permian story, bigger, faster, stronger, but if youre saudi arabia, priority is vision 2030, you want to make sure that floor is in for 50 going into 2018. So, again, i think it will rally. Were going into summer driving season, but i think, you know, it is slowly grinding into the 60s, barring big geopolitical outage. Before you go, i mean, we just alluded to and pass it off, its russia and saudi arabia. What is going on there . Whats with that cooperation there . Oil order. I mean, we saw this in september. The russians and saudis had a joint agreement to Work Together on monitoring the oil market, keeping it stable. Thats been a long time coming. Whats interesting, the russians have friends on all sides in the middle east. They can back assad, but still with the saudis. Good relations with iran and ua. Russia has so filled the power vacuum in the middle east. So who is more desperate there then . Suggesting that saudi and uae need the oil prices badly they do a deal with the devil and enemy . They dont think of russia as the enemy. I talked to ahead of state who said, look, we not support russias view on assad, but he sticks by the friends and respects that. They were angry at the u. S. For seemingly walking away from the allyin allyings. Lets see what happens next week with opec. Thank you. Have a good day. Thank you, lily here at post nine. Closing Bell Exchange today, we just looked, the dow was up 104 points. At the peak, off levels right now, a gain of 77 points, joe from trust is joining us today in the closing Bell Exchange, thats peter costa from empire executions on the floor of the new york stock exchange, and we are in chicago at the cme with Rick Santelli as well. Peter, what did you think of the rally . Oil, technology is a big part of the game as well, right now. And the financials as well. Yep. I think between seeing the oil market rally the way it did, and then seeing the financials open up stronger and stay there, which is, you know, thats a feat in itself, i think thats what pretty much sustained it, but were a volume, and we said that before, but i think that, you know, its going to be more about out, but, you know, after they get to if oil hits 52, maybe 52 barrel, youre not going to see anything above that. Thats probably the top, and, you know, this smi can withstand a 52 barrel oil. I think its perfectly fine, and you have to remember the ka y canadians are involved as well. Sorry, go ahead. No, no matter what they want or think they want in production cuts, it doesnt matter much. Its more about the pricing and supply, and the supplys going to be there at levels. Joe, if thats the case, where does that leave you in the market, which, note my, is just off the alltime high, nasdaq at pretty much alltime highs here today. I think theres a lot of moving pieces heerk and a lot of things that support this market to continue to move higher. We have just finished almost done with earnings season as you know. Earnings season this past quarter has been quite strong. Guidance for the quarters ahead look good as well, and the underlying Economic Data seen here across the u. S. And around the world has also been encouraging. Youre left with an environment of very low interest rates, still accommodative monetary policy, and, finally, oil prices, which are well off the lows. I expect that all the underlying and fundamental drivers continue to help markets move a little bit higher. I just caution people from getting too excited in the sense that its unlikely youre going to have the first half of this years returns repeated in the back half of this year. Speaking of which, rick, with oil moving up here, what do you think the treasury market does with that . I mean typically oil is higher, treasury yields would be going up as well . Do you see that happening or not . No, i really dont. I think theres a lot of different channels opened up with oil issue especially since, in my opinion, the United States, United States technology, fracking technology, all of that is really defined the price structure, and looking at russia, saudi arabia, they pay a higher price than they talk about on a daily basis from the triple digit costs to basically half of what it is, less than half from the hay day prices. I do think that those dynamics should be interpreted in many different ways. They could be viewed in a supplydemand scenario, viewed in the notion that all the high yield, all the junk paper that financed technology is now moved from default into new hands. The price structure of break evens has gotten lower, so i think theres a number of ways. As it comes to interest rates, you know, the one chart i found fascinating today is the dollar versus the chinese concerny, the yuan. That chart looks like a chart of ten year, the same pattern for bunds and equity markets, and the distribution consolidation, low volatility small ranges is pretty much correlating to many of the large Financial Charts that traders look at, and i think that condition is going to trend for a long time. Until it doesnt. I dont see anything in the crystal ball in the immediate future that will challenge that. And go ahead. Peter, if rates go up, then, does that cause the equity pullback you waited for . Well, you know, bill, i dont think it will. I think that there will be some softening in the market, but i think the expectation is its going to happen, and i think a lot of that is its getting priced into the market, even though the markets been rallying. I think the bigger issue is looking at where the s p trades. Once it reaches a certain level, its back off with the three separate times, same with the dow. I think that thats actually a very short term strategy. I think its a good strategy to get the 2400, and then, you know, short it, and see the market come back in, the s p comes in, 23 , thats the traiding scenario that were looking at. I think as far as interest rates, i think people expect it to happen, and i dont think theres going to be any surprises unless they bump up rates by 50 points, which i think would be the best thing that could happen for the rest of the year. Right. May hurt that day. It will not hurt the rest of the year. I think that would be, to me, ideal. Dont hold your breath. It wont happen. Joe, before we go, what do you do on a day like today with the Cyber Security names because of what happened over the weekend, is it a chance to fade them, do something else, look for value elsewhere, run with it, or just finding different ways of playing the theme . What do you do . Well, i think, broadly, looking at the technology sector, one area that appeals to us, but i think this is just a prime example of certain areas and niches within technology that can benefit from, you know, various events taking place for crisis around the world. We continue to look at technology. We continue to look at financials. I think when you have strength in the market on days like this, some cases, it does make sense to trim and take profits, but beyond that, of course; its looking at the overall themes in the underlying trends, and if we believe markets continue to move higher from here, i dont necessarily its a time to take risk off the table. All right, very good. Thank you, guys. Always enjoy chatting with you about the markets. Thank you for joining us today. Thank you. Heading into the close, a little more than 45 minutes to go, dows up 72 points, just about 30 shy from 21k, floating up and down here. The s p below 2400 now, ninepoint rally, a good gain, but pretty average, the russell up seven tenths today, and nasdaq, as mentioned, i think new high territory at the moment, 6144 . Yep. Wow. Had it earlier, s p and nasdaq. Wow. Charles bronfman is here to talk about his memoir and biggest regret leading to the collapse of the family secret empire. I want to hear you keep saying memoir. Memoir. Memoir. Later, Robert De Niro and Michelle Pfeiffer talk about playing one of the most infamous couple the world has seen. Youre watching cnbc. Clvp welcome back, dow up 77 points, movers today, jcpenney is low, another alltime low at ratings downgrade from neutral to buy, outperformance at jcpenney did not play out, citing recent lackluster same store sales figure and p the stock could face pressure from Institutional Investors who say 5 as a key threshold for them. So many investors cant hold a stock when it trades below 5. Its at 4. 34 now, down another 4. 75 today. Cisco among the biggest gainers in the dow today, Morgan Stanley upgrading overweight from equal weight. Its trading at 34 now. The firm expects management to boost market share gains and software and to improve replacement cycles, cisco reports earnings after the bell on wednesday. I feel like its dicey for upgrades before the earnings release. You know, its i know its par the course. Good point. See what happens wednesday with cisco, leading the dow today. Right. Security stocks rise in the wake of friday. Heres what we know. Attackers used a cool allegedly stolen from the nsa to exploit flaws in Microsoft Window systems to spread. Hackers locked files on more than 200,000 computers in more than 150 countries. Victims so far include narc Britains Health service, fedex and sooe san. Hackers only made 50,000 as of this morning on ransom demands of bitcoins. Download the patch if youre able to if youre still vulnerable, windows xp in particular. The attack is shedding light on what could be the insurance industrys next cash cow. Morgan brennan has that part of the story now. Morgan . Bill, thats right. So Cyber Insurance, now that market is estimated to be about 2. 5 to 4 billion in premiums, but growing fast, expected to potentially triple by 2020, so if its like this ransom ware attack, help fuel the growth, and, in fact, some insurers say they are already experiencing more demands. Weve got a lot more calls today, and i think well see more through the weeks and months to come, particularly in industries that have underserved Cyber Insurance for manufacturing. The cyber experience portfolio grew by 25 last year, and other insurers, the two biggest in the market, cite similar growth numbers. More International Companies expected to take out policies now as europe implements new regulations next year, and because right now, nine out of ten policies are actually state side, meaning Many Companies affected by wannacry do not have coverage. Also, whats included in the policies . Thats changing, becoming custom to include coverage for business sburp interruption, and interestingly, as more Industrial Companies digitize floors and connect machines, theres coverage for Property Damage tied to hacks. Thats become a component as well. You got Companies Like aig working on that. Guys . Yeah, sounds like its, you know, been a huge area of focus, morgan. The question is, how Many Companies have Something Like this already, and how many realize after this weekend that they better get Something Real quick . That, i think that is the thats the big question, right . When you are talking about in terms of companies, you mean clients, looking for Cyber Insurance i presume . Right. 2. 5 to 4 billion in premiums annu annually. Thats not a lots. Not a lot . I spoke to folk, and earlier today, and they said about 30 of Companies Across industries, across sectors have Cyber Insurance policy in place. Its a very small number, and when you break it down further, the vast majority, nine out of ten of those policies, are state side. When you see an attack like this, affecting so many International Companies, Many Companies do not have coverage, and presumably, you see an increase in demand now that some of the companies have been affected the way they are. Also worth noting, more traditional insurance policies out there they do have aspects of coverage in. Some of the companies, they dont necessarily have Cyber Insurance. Might will be able to find coverage in the traditional policies, but all in all, they are not necessarily going to mic up for all the lost cost and Business Productivity secretary of stated with this. 300 for ransom is not much. Seeing an entire network thought for hours and days at a time, thats where the real impact is. Quickly, before you go, kelly mentioned the patches that microsoft put out there, fixing and things, if you do not keep up, does that invalidate your insurance or ability to get insurance . I talked to experts about this for several days now, and theres no direct answer to this because so many Cyber Insurance policies underwritten now are more customized for the client, so some of these policies are actually going to be able to cover the Companies Even if they did not do that patch. Some of the other more traditional ones, not so much. Okay. It depends on the policy. Got it. Thanks, morgan. Thank you. Very important story there. We have 38 minutes left, dow up 75 points right now. Believe it or not, 20 years exactly since amazon went public. Up next, how much 10,000 worth of amazon back then would be worth today. Oh, brother. Also ahead, because i know how much also ahead, two of the biggest hollywood stars say what its like to play most of the most notorious people involved in a wall street scandal. I cant wait for this interview coming up on closing bell. Are you ok . What happened . Dad kinda walked into my swing. Huh . Dont you mean dad kind of ruined our hawaii fund . I thud go to the thothpital. There goes the airfair. I dont think Health Insurance will cover all. Of that. Buth my fathe without that cash from aflac we might have to choose between hawaii or your face. Hawaii what . Haha. Hawaii you might have less coverage than you think. Visit aflac. Com and keep your lifestyle healthy. Aflac its a fraud. The Investment Service is a lie. What do you mean a lie . All the papers,