Jewish holiday. Buyers were there, nonetheless. Bob pisani, hot week for the market. Hot stuff. We ended up very well. Held up very well today. Let me show you major sectors and what happened. We had a Diverse Group moving the market forward. You get these rotations going on. Airlines were the big gainers again this week. Theyve been strong. Home builders, defense stocks moved up middle of the week as Interest Rates moved down a little bit. Then a whole group of cyclical names that did well. Defense stocks and semiconductors did well. The big market leaders, big gains on the year, biotech, huge number of biotech ipos. Btk hit another historic high. Global indices also did well. I call it a 2 week. In some parts of the world they did better than that. China had a great string of five days in a row. Japan getting its mojo back. Germany up. Even brazil managed a small gain with gains today. For the week here in the united states, im calling it a 2 week right across the board. 2 gains. Dow industrials led. Ibm was for sale almost every day for the last two months but it really turned around this week. Nasdaq trailing just a little bit up 1. 6 . Besides fed tapering, folks, remember whats going on in the next few weeks. Continuing spending resolution, a debt ceiling and the german elections september 22nd. A lot of room for a lot of market moving events. Maria, have a good weekend. And to you. Have a great one. Joining me to break down the strong week for stocks, Marty Leclair and jeff cox and Rick Santelli. Thanks for joining us, guys. Mattery, let me kick this off with you. Talking about valuations, 17 times earnings at this point. Is that a reason to get in or do you think things are becoming expensive . Its not just the stock market, maria. Its a market of stocks. Sectors of the market we think are way too expensive but some areas in the u. S. Market where you can still look to buy. Were much more excited about places like singapore and parts of europe where the real value is right now. In terms of value in the u. S. Market, do you still see value here . Yes. Particularly among big i. T. , you mentioned ibm has been a laggard and others that are attractively priced and well positioned for what should be a capital goods cycle improvement. Jeff cox, a lot of headline miss in this market and going into a week where we could have more with the feds twoday meeting. How do you see it . I think that unless the fed does something completely out of the box here, were not going to see a whole lot of movement from the market on the taper talk. I think that tapering is beside the point. Its going to be what happens as far as race structure. A couple of anecdotal things that interested me. Jpmorgan was out with a note. We know theyve been wildly bullish about the market. They tried to sell their bullishness to asia and ran into a buzz saw over there. Some folks over there thinking this market is pretty mature and not poised to go in a lot of different a lot further here. I think marty made an interesting point about emerging markets. Weve seen so much money flow into those markets. I think youll see cyclical movement. This is out of character but i think the headline risk is over for this market. Its pretty much going to be company by Company Story looking at earnings and those earning projections are starting to come down. Thats the next thing the market has to confront. What do you think, Rick Santelli . Go ahead, marty, before we get to rick. We call that risk by appointment. Last two years weve had the rally, all these looming risks but market has climbed the risks. Its the risk were not focusing on could be the risk. As always. Rick santelli, what do you think . I mostly agree with jeff. I do think headline risk is probably not going to be our worst animal but im not so sure i put the nuances and details we may find out midweek is necessarily headline week. Its information. Its information mg any in the marketplace have been speculative. Only one man that can look into the camera and give us any primary information, who is ben bernanke, who, by the way, has never used the word taper. I dont know if the taper is built in. To see big adjustments in the normization of Interest Rates that the market has taken up on its own shoulders, i really think that if the fed goes too small on this, i think theyre going to be poking a stick at a rats nest. And i think the rats nest is the marketplace of fixed income treasury rates. Does anybody think tapering if the fed says, were going to cut it by 10 billion, is that priced in or not . I dont like to use the word priced in because i think its dangerous because it assumes an arrogance as far as the market goes. But i do think the market is willing to go along for a ride a bit. The fed is going into different territory. Once they move into Forward Guidance and think they can through their own verbalization and Economic Forecast somehow tell the market what its going to do two years from now, i think thats where theyll run into their big buzz saw. Now weve gotten to the top of the mountain. The question is sort of, now what . Now what do we do . Thanks, guys. Appreciate your time. Have a good weekend. Thank you. Much more ahead on these gogo markets. After the break jim grant is with me. Hell speak with me exclusively ahead of the fed meeting. Find out if he thinks the fed will start tapping the brakes and who you thinks should succeed ben bernanke. Also aheads what we see as the next billion users are not going to come from developed markets. Theyll come from emerging markets. My exclusive interview with michael dell coming up. Wait until you hear his plans to grow his company now that hes won battle for control to take it private. It does not involve selling mobile phones. Also ahead, with twitter going public and going forward, were asking social media companies, hot or not . Well run through the list of winners and losers since their ipos. There are a few names that may surprise you. Youre watching the closing bell on cnbc. [ male announcer ] the allnew 2014 lexus is. This is your move. Therell be the usual presentations on research. And development. Some new members of the team will be introduced. The chairman emeritus will distribute his usual wisdom. And you . Well, youre the chief life officer. You just need the right professional to help you take charge. Is in new this week. Lets take a look at the market moves. Essential retailer Urban Outfitters shocked investors when it sent in a market reading that sales were not up. A big m a deal, molex being bought out by cocacola. Best performer in the s p this week. And disney, best performer in the dow this week after the cfo said it would spend 6 billion to 8 billion in stock buybacks next fiscal year. That could be double what it spends on buybacks. Another stock, jp penny, another high profile departure from the board of directors. This time its Vornado Realty trust ceo ross. In that filing they say it will review its investment there. Vornado has previously said it intends to sell its jpc stake in the not too distant future. Certainly watch those jcp shares. Thank you so much, dom. More eyes on the Federal Reserve next week. Many anticipate the central bank will begin tapping the brakes on the Bond Buying Program during wednesdays meeting. At the end of the meeting we could hear they took tapering from 85 billion a month to 70 or 75 billion a month. Reports the president is getting closer to nominate Larry Summers to run the Federal Reserve once ben bernanke steps down next were year. Lets get reaction from grant Interest Rate observers, jim grant. Good to have you on the program. Thank you, maria. Nice to be here. At the risk of saying will the fed taper, will the fed not taper because thats sort of guesswork, although im sure you have an opinion. No. No, okay. Let me ask you what to do about it. If we were to see the Federal Reserve comes out and lowers the number of bonds its buying, should we be moving . Should we be doing is there an investment play there . I think not in this very well ventilated and internally discussed business about what the fed will or will not do. The way to proceed in investing is look for margin of safety, universally viable, cheap and promising on the basis of fundamentals. I have a nomination for you. Okay. The most loathed and detested securities are common equity of russian oil companies. Luke oil, rosnev, gasprom, trading at six times. Is that it . Upward of 4 . Luke oil is the most westernized the of the three. Reports in english gap. And i think you can buy the adrs here. They trade in relatively liquid fashion in london. Gasprom is most like Vladimir Putin in that it reports intermittently or at length in russian. Gas prom is meant to be the worlds worst company, Bloomberg News announced it at such. It trades at less than three times earning . What if things go right . Insider buying there, multiple reserves, a tiny fraction of not only american oil makers but also of emerging market oil companies. Emerging markets i like the dividend story. I like the oil story. Because oil is at 107 a barrel right now. Right. Emerging markets are generally out of favor. Not is so out of favor than russian oil. Grant observer, taking the realm into russian industry i think you should stick your neck out here. Thats what necks are for. These answer Value Investors criteria for something that is offers margin of safety, reasonable business prospect and out of favor. Someone told me so well a while ago, successful investing is about people having to agree with you later. Yeah, i get that. This is an equity and really a valuation call because they trade so cheaply. Correct. Its an asset call and possible management turnaround and perception call. Theres no end of reasons to distrust russian commerce. Let us say governance is not the strong suit of the heirs of the josef stalin interviews. We as investors are about to look at anything. The sentiment is compelling and the opportunities are, shall we say, seemingly distant. Well have to look at that because valuations certainly looked attractive. I didnt realize they were that low. Putting that valuation call aside, do you think fed tapering means higher Interest Rates . Weve seen this huge move in the tenyear. Do you think if we see tapering happen, does that rate even go higher . I think a lot of this certainly must be in the market. Weve talked about nothing else for the past six months. It seems to me, for whatever its worth, that bonds might be going up just because bonds are going up. You know, Interest Rates in the past have trended going back more than 100 years, have trened in generationlike cycles. Thats the tendency. Not the law of nature but the tendency. Interest rates went up from 1946 to 1981. They have fallen for the past 30odd years. It might just be at nothing percent per annum they will owe enough that it will be youre seeing the beginnings of a longterm odyssey higher. I think thats the case. Fed chairman, what about that . Whos the right candidate for the job . Do you buy into that its either Larry Summers or janet yellen . I, frankly, dont see much difference between the two. You dont . In that both are on the side of suppression of market forces. Both believe the government knows best with level of Interest Rates. Both have boundless faith in human beings to override. I think what we want in a chairman fed is a set of convictions embodied in one person. The set of convictions would have to due with respect for monetary history, the respect that gold has commanded in monetary history from the beginning of time until yesterday, as time is measured, respect for mechanism and wisdom and intelligence of the marketplace. What we have seen under chairman bernanke and before him, to a degree, chairman greenspan, systematic overriding of the market by this collection of Government Employees called the federal open market committee. Does it make sense . I. Know. A lot of people youve been the voice out there to explain why it doesnt. Im glad you mentioned gold. Down 22 this year. Where are you . Do you think im very bullish. Still . Yes. Markets are per verse. They tend to throw you a curveball when youre looking for some heat. And gold perversely is down in the face of americas loss of geopolitical standing. Its down in the face of this drama over the fed. Whos the next fed chair . We dont know. We will certainly it seems to me the market is imputing all manner of competence in the Federal Reserve that has shown every reason to doubt its confidence. Jirnlgs always a pleasure. Good to have you on the program. Russian oil companies. Jim grant joining us. Coming up, dont miss my exclusive interview with michael dell fresh from his victory to maintain control of his company. He has big plans for dell. Do those plans involve taking the Company Public once again down the road after taking it private on this round . First, fire and floods. Out of the bible and out of real life in america this week, unfortunately. A raging fire destroying a large section of the rebuilt new jersey boardwalk. Just what they needed, unfortunately. Fast rising floods swamping colorado as well. Well take you to both places live next. Cond. With fidelitys guaranteed onesecond trade execution, we route your order to up to 75 Market Centers to look for the best possible price maybe even better than you expected. Its all part of our goal to execute your trade in one second. Im derrick chan of fidelity investments. Our onesecond trade execution is one more innovative reason serious investors are choosing fidelity. Now get 200 free trades when you open an account. Welcome back. Jersey strong will need to flex its muscles again. A year after sandy devastated the jersey shore, they face a new recovery. This time from a heartbreaking blaze. Scott cohn is live in seaside park with the aftermath. Over to you. Reporter maria, its heartbreaking because they were so close to coming back. Both in spirit and financially. This summer was not good for businesses on the shore. They were down 30 , 40 from a normal summer. They figured they could make it, especially if they could pick up a little more business in september and maybe into october. And then a windwhipped wildfire that took out some 30 businesses, devastated the boardwalk in seaside park. They had to fight it like a forest fire, so whipped by the wind, jumping from building to building. They had to dig two trenches through the boardwalk they just spent tense of millions to replace after superstorm sandy. After they were doing all that, they were trying to preserve evidence because theres the possibility, although its too early to tell, this was not an accident. Governor christie says the task ahead now is to rebuild. Hes determined not to destroy all the work thats gone on in the ten months since hurricane sandy. I know that we lost a place that has provided generations of memories to our citizens. We will rebuild. Well make new memories for our families because thats what we do. Reporter there were no injuries fighting the fire, but this morning three officers seriously injured when in a mishap involving a transport vehicle. Their condition or identities not yet released. Maria, back to you. Thank you so much. On the other side of the country, another disaster. Deadly floods in colorado forcing thousands of people to abandon their homes. Nbc leanne gregg with the latest from boulder. Reporter maria, for the first time in a long time, weve seen some sunshine today. Thats not expected to last. Rain is expected later this afternoon but nothing like we saw before. And you can see the cleanup effort is well under way here. A few hours ago this looked like a river at the intersection and yesterday it was a raging river. They cleared off the mud, debris, the rocks that had fallen down from the runoff that came from the mountains. There are still swollen rivers and streams of concern. Evacuation orders are in effect in many places in the region and the problems are far from over. The flooding threat will continue for the next couple of days because even a little bit of rain with the saturated soil could cause some problems. There are multiple road closures still, bridges have been torn apart and roads have been damaged. A lot of work and planning and assessment that will be happening within the next few days. Also more than a dozen people are unaccounted for in Boulder County alone. Even though the weather has broken a little bit, the problems and uncertainty remain. Maria . Thanks very much. Well take a short break. When we come back, my exclusive interview with michael dell coming up. Your name is on the door. Is the point here to take it private, fix things, lead this company to where you need it to go and then take it public once again . Wait until you hear how he answered that one. A lot more with michael dell coming your way. 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At massmutual were owned by our policyowners, and they matter most to us. Whether youre just starting your 401 k or you are ready for retirement, well help you get there. Welcome back. With the battle for dell between michael dell and carl i