ushers in a new round of quantitative easing and fuel for the bulls. we have the market reporters. mary thompson is where we start and i think this time yesterday we were talking about the fact that goldman upgraded the number of jobs to be created. >> different story today. you mentioned the quaint tative easing. they say it's not weak enough do that and seeing a selloff here. the markets accelerating in the day. the dollar is a winner. bonds are a winner today. the euro a big loser hitting a two-year low and losing stride today on a couple of sectors. tech which is leading the decline in the broader markets followed by industrials and materials. energy hit today because of dollar strength impacts the group. look at informatica. off 29%. a warning because of down size deal and affected the tech sector with concerns of demand in the second half of the year. >> seeing you throughout the show. thanks a million. over to you, ty. prospects of quantitative easing looming large for the gold market. brian shactman on the case at the nymex. i would have thought that qe 3, 4, 11, whatever it is, would have been good for the price of gold. >> i think they think it's not bad enough. look at a 24-hour chart. see a spike after the jobs report. then pulled back. no traction anywhere else in the marketplace. why keep it in gold? obviously 1,600 with support. busted through that to the downside. dollar's a factor, guys. but sue, although bonds are getting a bid, people rotating out of gold for cold, hard cash. >> can't blame them on a day like today. thank you. how do you play the market today? matt cheslock is here with us. all right. i talked to some guys down here saying the prospect of quantitative 3 is back on the table. others say, no, it's off the table. how do you trade a market like this? >> very carefully. you know? i would continue to probably continue to short it. getting worse and dow 1204 probably short more. i think things get really bad and fast and no confidence in europe right now. i don't think the number is bad enough. i'm in that camp. you know, i think they ratcheted up the numbers yesterday too early. i think the expectations were too good. i think we're right where we should be so i don't think the fed will do anything from that regard. >> how much of the selloff we saw today and seeing today is because there's very little volume, a lot of traders aren't on the floor here today. a lot of investors are away. so is it a thin market making the moves more extreme than they would be or not? >> yeah. you know, i don't consider a 160-point move that extreme with the numbers we have got. manufacturing numbers weak, job numbers weaker based on expectations. china with the rate cut. none of this is very positive right now so the volume is hurting in that regard not getting that buying the dip mentality. a combination of both things and continue to short it. not a buyer of dip on this move today. >> thanks a million. now to rick santelli. treasures got a bid today. ricky, where are we standing in terms of yields? >> well, in terms of yield, we are down about 10 basis points or 164, 165 yesterday. we are at 164 yield now. if you look at the week, it is very interesting. obviously, today makes sense. we had jobs light. two months in a row. and the treasury's all over it. on a weekly chart, down about 10 basis points and if you look at a weekly chart of boons, they're down 25 basis points on the week. at one point, there was a question. you know, is germany's balance sheet stretched? maybe it is. this is a good read there's anxiety again. we have all talked about how rates in italy and in spain have moved back up to levels that are very difficult for funding. the last chart, everybody's talking about it. there it is. going back to june 1st of 2010. we haven't seen the euro currency close at these levels in two years and that really is something that will affect trade next week. back to you, tyler. >> all right. thank you very much, rick santelli. president obama and mitt romney reacting to the jobs report today. john? >> reporter: you can tell what it meant by the campaigns by how directly or indirectly they responded. president obama took eight minutes in to the speech in ohio on a bus tour before he addressed the jobs numbers, 80,000 jobs added this month and did so not in the context of how weak they were but in the long arc of recovery from the great recession. >> business is created 84,000 new jobs last month and that overall means that businesses have created 4.4 million new jobs over the past 28 months including 500,000 new manufacturing jobs. but we can't be satisfied because our goal was never to just keep on working to xwelt back to where we were back in 2007. i want to get back to a time when middle class families and those working to get in the middle class have some basic security. >> reporter: the president hoped for a more upbeat message on the bus tour and has him in the state of pennsylvania. mitt romney for his part welcomed the chance to get off the discussion of how similar his massachusetts health care plan is to obama care. he came out and hit obama hard and said that the numbers today make his case for change. >> that is time for america to choose whether they want more of the same, with unemployment above 8% month after month after month is satisfactory or not. doesn't have to be this way. america can do better. and this kick in the gut has got to end. >> reporter: and tyler, this is an especially consequential job report because of how close we are to the election and undecided voters are hardening the perception at this moment. >> i want to bring in lon he chen. welcome. good to see you. >> thanks for having me. >> your candidate says america can do better and this kick in the gut has got to end. how would candidate romney change it if he becomes president romney? what would he do? >> we have proposed a series of specific steps to turn the economy around. it starts with ensuring to take advantage of the domestic resources, ensure open markets abroad, particularly in latin america. we hold china accountable for cheating they may be doing on the global trade stage and finally bring balance back to the relationship between business and labor. there's a series of specific steps the governor proposed. the president doesn't. >> what would he do on taxes? let's talk about that. because that's obviously a place of demarcation between the two candidates and the two parties. clarify it for me. >> yeah, significant demarcation. governor romney talked about, first of all, cutting individual tax cuts and marginal tax rates 20% across the board and broadening the base. and ensure that we maintain revenue neutrality. he's also talked about reducing the corporate tax rate to 25% to get us competitive with oecd countries and talked about ensuring to remove the penalty on the repay tri yags of assets so these are the kinds of changes to make to get the economy going again, creating the jobs that middle class americans need. >> it's john harwood. what do you say aft criticism, the ideas you ticked off are things to help in the long run but wouldn't do much of anything in the short term like some of the things the president has proposed in terms of aid to state and local governments to prevent the layoffs of teachers and other public sector workers? >> john, that critique doesn't hold. if you look at the actions of governor romney, building the pipeline creates jobs right away. not just in terms of folks building the pipeline itself, but the downstream effects of manufacturing a more attractive business here in the united states, ensuring that we have low cost energy and reliable sources of energy so governor romney's got a jobs plan not just for the long term but the short term, as well. >> do you want the republican congress to act on the proposals the president has put before them that he says will create jobs? >> well, i think what we need to focus on is policy change that's going to make a difference both in the short run and the long run and that's reducing policy uncertainty, ensuring that investors and entrepreneurs know it's a certain environment. >> so you're comfortable with the congress killing the president's jobs act? because your candidate said today the president doesn't have a proposal. he's put a proposal before congress and you're happy if the republicans but ri it? >> these are not ideas to fix the economy in the long run. we are talking about more stimulus, more spending. when's needed is a change of course. we just came out of the worse job-creating quarter in two years. what's needed is some real fundamental long-term change and that's what mitt romney writes to the table. >> thanks. we'll talk with two men trying toee ate jobs. how do the ceos do it? they're up next. before the break, though, another market check for you right now. the dow jones industrial average off 162 points. the s&p 500 is off 15 points. the nasdaq is faring the worst. it's down 1.5 or 47 points on the trading session. gold, a bill selloff there. almost 2% or $31. west texas intermediate is down 8481. we're back in two. [ male announcer ] what if you had thermal night-vision goggles, like in a special ops mission? you'd spot movement, gather intelligence with minimal collateral damage. but rather than neutralizing enemies in their sleep, you'd be targeting stocks to trade. well, that's what trade architect's heat maps do. they make you a trading assassin. trade architect. td ameritrade's empowering web-based trading platform. trade commission-free for 60 days, and we'll throw in up to $600 when you open an account. joe is the ceo of deloitte. joe, welcome. good to have you with us. >> thanks for having me. >> good to talk to somebody on the front lines. you have added jobs in the company over the past year, right? >> absolutely we have. >> in the u.s.? >> in the u.s. >> what gives you the confidence to do it when it seems like so many ceos don't feel secure enough to add? >> part of it is value creation. adding value to companies there's demand. we're positive about the outlook of this country and demand and added about 17,000 jobs net last year and will be on course for the same next year. >> 17,000 jobs net addition? >> 17 thourz hires. the net about half of that. we basically train people for the greater workforce. they leave us and go to corporate america. >> why do you think -- this is my hypothesis, not yours. >> yes. >> i look at china's slowdown. europe yees debt crisis. our stalemate and the looming issues of taxing and spending in this country and leave aside for now the question of the health care law, i think that adds up to a sort of freezing of confidence. why do you think so few executives feel confident today? >> well, i think that part of -- you hit it, right? global economic situation. you have the stalemate in washington. that's a lot of uncertainty. business leaders, ceos like myself don't do well in uncertainty. >> what needs to change? what needs to get fixed? candidate romney says this punch in the gut has got to stop. do you see it that way? >> i see this way to think about where we were and where we've come. we have added 4 million, 5 million jobs but that's not enough. we need to continue the journey. washington for starters is going to have to move from a stalemate. eliminate uncertainty. deal with regulation and create some certainty for us in business to invest, lend. because in the private sector is where we create jobs, tyler. >> certainly is. most of -- and the governments right now, losing jobs. let's bring in richard daly, ceo of broad ridge financial. you do i.t. proxy servicing and things like that, correct? >> correct. >> have you been adding jobs? >> we have. >> why? >> you don't have a choice but to grow and so we have looked at the current environment we are in and recognized that in order to grow, we have to have product and services maintain high services levels to the existing customers and offer additional products and services to be more efficient. over the last five years we have grown employment a little over 40%. half of that came through acquired products. about half of that of products developed ourselves. >> ceos generally i think are a confident lot. you heard joe say i'm sort of long term i'm favorably disposed to america. i assume you feel the same way but have i got it wrong there's ceos who while they're putting on the big, broad face to the public saying i'm bullish, they don't feel confident enough to do what you have done and add jobs. why is that? >> well, first of all, we need to stop the negativity. and truth be told i would rather be ceo in a better economic market than the one we're in right now. however, the negativity is too strong. >> when you say negativity, do you mean the idea that the obama administration bashes business too much? what are you driving senate. >> i think it goes beyond an administration, just the overall tone. we need to recognize capitalism works. we became the greatest society in the history of the world through capitalism and responsible risk taking, the deployment of financial and human capital. it's what made us the great nation we are and what's going to -- the private sector is what's going to take us there again and continue to grow from there. >> all right. gentlemen, we'll continue the conversation in just a little bit. joe, you stick around. i know you take part in our next conversation. richard, sue, down to you. >> thank you very much. in a bid to bring back the individual investor, the nyse is making it possible for them to trade directly with the exchange. lowering prices. it's a pilot program approved by the scc yesterday. joe mccain is joining me here on the floor. this is called the rlp but that's short for a retail li liquidity program, right? >> correct. >> how does it lower the costs for the individual investor? >> it allows for retail orders to get price improved beyond what is available in the public quote in the market, and so, historically exchanges didn't treat types of orders differently so what the program does for the first time is allows us to say if an order is from a retail customer and there's various ways to designate them from the firm that is send us the orders then we'll have orders that allow for price improvement to execute against those orders. >> this program has been compared to the dark pools that are out there, but if you look at the details it seems as though it provides an alternative or kind of combats the dark pools. >> yeah. it's -- what's important about this program is that it's conducted in an exchange environment. and so, some of the historical practices that other venues have been allowed to do like segmenting the customers are now done in an exchange environment which is positive because it's much more transparent, much more open. creates a much broader audience for participation. >> some of the critics say it also, though, albeit transparent is a two-tiered market system and darker than the dark pools. how do you respond? >> there is a two-tiered market in a way. retail investors right now do enjoy a better than average exchange experience through wholesalers and firms that handle their orders. what doesn't exist is ability for exchanges to treat different customers differently. >> before bringing in richard, some broker dealers say that you're stealing some of their business. >> you know, the intent is really to be complimentary to the process, not really compete as much as find a way for us to provide value in the current ecosystem that does exist, and so, to the extent to bring new participants in to the process, to the extent to create more opportunities for price improvement, we think it results in a better experience for individual investors, encourages more people to trade and makes it more effective. >> let's talk to richard daly once again. richard, how does this affect your business if at all? >> sue, at broadridge we right now through the securities systems, we support about 4 trillion a day in equity and fixed income settlements. we provide our clients which is about 100 -- just 100 major financial institutions, we provide them the ability to route their orders to various execution points. i am not fully familiar with all the details of joe's new process. however, this strikes me as being another execution point. the other comment to make, though, is that joe knows because we have had conversations about this in the past as well as with duncan, it sounds to me like to create a level playing field the best way is through technology, not through regulation and this looks like a great execution of that. >> yeah. >> i would assume you would agree. that's a ringing endorsement to the program. >> that's a great point and we have talked about this in the past. this is an effort as rich said to level the playing field, to allow different types of executions to happen on exchanges that currently do not so this is a good way to make the market competitive, to use technology to make it more effective. >> do you think it goes far enough to bring the retail investor back in to the market? you know, if you read some of the emails that come in to cnbc every day, a lot of people feel as though the market is quote/unquote rigged. do we need more endeavors like this, more technology improvements like this to bring the individual investor back or the nature of the market changed so much we have lost that generation of investors? >> anything to make the playing field both in perspect and reality will help. the other thing we need is that positive business environment with sustainable growth in earnings and ultimately be the thing to bring retail investors back. >> thank you both. thank you, richard. thank you, joe. starts august 1st, right? >> august 1 ths. >> we'll talk more with joe in a few minutes. ty, back to you. >> our poll coming to us through deloitte. the top trouble spots, which is more worrisome for you. you see the graphic on the screen. go and vote. yahoo.whatever it was there. i can't remember. whatever. so, go and take a vote. meantime, before you go to another website, a scare is under way and threatens to turn your computer in to a zombie. you could lose control. no more checking stocks, no more shopping online. no more cnbc.com. no more nothing. see how to protect yourself next. before the break, though, five of the biggest dow losers led by caterpillar. and so too is the summer event. now get an incredible offer on the powerful c250 sport sedan. but hurry before this opportunity...disappears. the mercedes-benz summer event ends july 31st. wouldn't it be nice if there was an easier, less-expensive option than using a traditional lawyer? 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