Strong rally today. We punched through the previous high on the s p, as you mentioned, up 1850, and we continue to make gains. Bob pisani is with me. This is health care, energy and then some. Thats right. Its really across the board rally. People keep writing in, why are we up 200 points. The answer is theres no fundamental reason why we would be up 200 points. Its a technical rally. Put up the s p 500. We started hitting intraday historic highs on the dow right after the open about 9 45. 1848 was the old closing high. You got to 1850. You see the move jump up right after the open. Thats a technical move as we hit new highs, people started covering, volume picked up. You look at certain groups by the spdr, where a lot of activity is. Thats the way it is. Heres the midcap. Across the board, we are at new highs. Lets not quibble at a few points. Even the russell 2,000 just shy of a new high. I think 1182 is probably the closing high on the russell. Were close enough. You mentioned the sector leaders. Weve had energy today really strong, again, some of the smaller natural gas stocks have been moving to the upside. That gold miners gdx, thats been a leader all year long. Thats a double digit leader, up again today. Biotech, same thing. Thats double digit games on the year. Pharmaceutical, the other big winner. Basically a continuation of the trend with the biggest movers on the year outperforming the overall market. Again, this kind of day, tech dm nical rally. Sue, back to you. Two other breaking stories. Secretary of defense chuck hagel is set to announce in just a few minutes some major spending cuts in defense. We are monitoring that live. We will bring it to you when it happens. Mark zuckerberg finishing a key address in spain. Shares of facebook have been up bigtime today. Lets take a look. They are now up almost 4 at 71. 19. Take a look at a longer term chart, up 162 . Remember how skeptical many investors were. Not so much today. Jon fortt is live in spain for us. Hi, jon. Reporter hey, sue. Two big subjects that Mark Zuckerberg touched on during this chat that he had. One was whatsapp, the monster acquisition from last week. Mark zuckerberg talked about whatsapp, the size of that acquisition. Someone asked him if he might make a bid for snap chat. He said after you spend 16 billion maybe youre done for awhile. He also talked about the size, the scale, the valuation of this acquisition. Take a listen. There is some chance this is the one service that gets to a billion people and ends up not being that valuable. I dont think i am wrong. You can look at other messaging apps that are out there that are monetizing at a level of 2 to 3 per person with pretty early efforts. I think that shows if we can do a pretty good job of helping whatsapp to grow, this is going to be a huge business. Reporter my favorite part of that is i could be wrong. 16 billion, could be wrong, probably not. He also talked about intranet. Org, this goal of connecting the world that he shares. They are basically trying to go out and establish preservices including facebook and whatsapp to offer on carriers in emerging markets, could be good for them in the long term, not make money in the short term, but would certainly be a new standard in services in those markets. Jon, thank you very much. Jon fortt live with the big tech guns there. To the s p 500, its hitting new all time highs. The nasdaq is also a winner. Sheila has the details. Facebook up almost 4 . Yeah, facebooks a big winner today. You and bob were just talking about energy and health care. Cant forget about tech. It is another winning day here at the nasdaq, hitting a 13 1 2 year high for the second consecutive session. Dont forget, yeartodate, nasdaq also a big winner, looking to chalk up nearly a 3 gain for the year. On a day like today, really a broadbased rally. More than 80 of the nasdaq 100 is in the green. We are seeing some nice strength in chip stocks. Take a look at qualcomm, near a 52week high on its rollout of new products at the mobile World Congress in barcelona. Biotech, this is such an eyepopping sector. That momentum is continuing, adding another 1. 5 today. The sector is up about 12 in just the past 30 days. Finally, got to talk about some of the individual movers like ebay pushing the nasdaq higher and a lot of large cap techs, so facebook, google, all those stocks higher helping the nasdaq rally. Simon . Thank you very much. We are continuing of course to wait on secretary of defense chuck hagel to officially propose some of those massive spending cuts for the pentagon. Jane wells will be monitoring the pentagon for us live. We will also have reaction from a defense stock analyst. In the meantime, lets take a look at the Defense Sector. Seema mody is at the flash desk with more. A lot of those stocks have been very strong. They have. With the Obama Administration planning on shrinking the army to preworld war ii levels and eliminating an entire class of air force attack jets, you would think defense dogs would be on the defensive but not even close. Instead, stocks are soaring. Lockheed martin, general dynamics, raytheon, rockwell collins, all trading at record highs. Back to you, sue. Thank you, seema. As the u. S. Prepares to slash defense spending, we are following that developing story in ukraine. Our chief International CorrespondentMichelle Carusocabrera is live now in kiev amid kind of a quiet tension. Russias Prime Minister calling the ouster a mutiny. Given the tensions, whats happening right now . Reporter well, like you said, a quiet tension. There are thousands of protesters still in the square. What they are waiting to see today and over the coming days is what will come out of parliament and the new acting leadership of this country. Are they going to do what these protesters want, which is to pursue an agreement with the european union. Its not that these protesters are so interested in trade, but theyre interestd in good governance, transparency, a government that doesnt rip them off. We just heard some noises here. Not quite sure what they are. We will keep you up to date on that. In the meantime, once again, like i said, they want a government that doesnt rip them off. Now that Viktor Yanukovych has left the city and they are able to see the palace where he lives and there have been documents uncovered there, they are beginning to see that he likely was stealing from the country by an extensive amount. Frequently, what you hear from protesters here is they dont want to be governed by a kleptocracy. Thats government by those who seek chiefly status and personal gain at the expense of the governed. Thats what they feel they have lived under now for decades here in ukraine. One of the outcomes of that, i want to show you this chart, this bar chart that shows the concentration of wealth. If you take the 50 richest americans in the United States, they represent, their net worth, 4. 5 of u. S. Gdp. If you take the 50 wealthiest russians, their net worth is equal to 17 of russian gdp. The 50 wealthiest ukrainians, their net worth is more than 45 of gdp. The wealth concentration that came about as a result of botched privatizations in the mid 90s still hinders this country and these people are quite angry about it. Thats the situation they face here and the situation down on the ground is that theyre waiting to see exactly what comes out of parliament. Sue . Michelle, stay safe. Thank you so much. Appreciate it. Another worrying sign overseas today, reuters reporting iran has signed a 195 million deal to supply iraq with weapons. That breaks a u. N. Embargo on weapons sales by iran. Defense analysts say that could force the u. S. To stop sales of sensitive weapons to iraq, fearing iraq will in turn share those weapons with iran. A story we will continue to follow. Absolutely. Defense spending is going to be a very, very big issue this afternoon. At any moment, defense secretary hagel will outline his plans to slash Pentagon Spending or more accurately, slash spending on the army. We have an analyst on standby. Thats also the Yahoo Finance question of the day. Tell us where you stand. Plus a big security hole for apple. The company is responding. The stock, not so great today. If you have an iphone, a mac, whatever, you will need to know about this. It partner, youll experience reliable uptime for the network and services you depend on. Multilayered Security Solutions keep your information safe, and secure. And responsive dedicated support meets your needs, and eases your mind. Centurylink. Your link to whats next. Which will cause me to miss the end of the game. The x1 entertainment operating system lets your watch live tv anywhere. Can i watch it in Butterfly Valley . Sure. Can i watch it in glimmering lake . Yep. Here, too. What about the dark castle . You call that defense . come on [ female announcer ] watch live tv anywhere. The x1 entertainment operating system, only from xfinity. Welcome back to power lunch. Im seema mody tracking all the big movers on this big market day. Lets start with the nations number one supplier of wood, plastic composite decks, trex. It hit a record high after posting better than expected Fourth Quarter earnings, reversing a loss from a year ago. This on improving margins, sales rose 38 from a year ago. The company also announcing a two for one stock split and a 50 million stock buyback. The stock up, wow, about 26 . Simon . Listen up, apple fans. A security flaw has been exposed leaving Apple Software open quite literally to attack. Threatening your email and financial data. A fix has been issued by apple for mobile platforms like the iphone. For more on that, go to apple. Com support. There has yet to be a fix issued for mac, osx, laptops and desktops, but in a statement to cnbc, apple said we are aware of this issue and have and already have a software fix that will be released very soon. Eric hasseldoll is Senior Editor with re code. Com. Nbc universal has a Minority Stake in re codes parent company. What do people need to know here about this security error . Basically, first off, apple is not running and hiding from this. They talked to some sources today, they take it really seriously, and they are definitely on this. Whats going on here is this is basically the software plumbing. When you are a Third Party Software developer or even apple itself, you are using this plumbing basically to establish a secure connection back to an external server, whether checking email, doing secure browsing with the Safari Browser or whatnot. The initial diagnosis was that this vulnerability primarily affected just the Safari Browser. If you use google chrome, which a lot of people do, on the mac, it was not affected. Point one, if youre on the mac, probably better to be using chrome today versus safari. I use chrome myself generally anyway. Secondly, the check go ahead. I think the other advice is not to use land networks, publicly open wireless networks, is that correct . Yeah. Especially. I was just going to get to that. If youre checking banking data on the wifi network at starbucks, probably not a good idea anyway, but definitely not a good idea to do it today. Lot of Third Party Applications are also affected by this. Twitter, the desk top client for twitter, apple mail, couple other Third Party Applications affected by this also. Im getting from my sources, the fix is coming soon and that could be days if not hours. We could be talking about this being fixed as soon as tomorrow. Thank you very much. Useful information. A big chunk off the Mississippi River is shut down due to over to you, sue. I actually do not have a flash. Back over to you, sue and simon. Thanks, seema. Ill take it and update you on the markets. We are up about 180 points on the Dow Jones Industrial average. S p in record territory. We will talk next about a big chunk of the Mississippi River that was shut down due to that oil spill over the weekend. That includes the port of new orleans. Thats just ahead. Plus, one area of the u. S. Economy coming to a virtual standstill. Morgan brennan live in the port of elizabeth, new jersey with that. Truckers are backed up for miles here, right . Reporter yes, trucks have been backed up for miles here on and off at one of the countrys biggest ports. We will tell you why and what it means for businesses and consumers, next. Pay my bill. Phone your account is already paid in full. Oh, well in that case, back to vacation mode. 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Driven to preserve the environment, csx moves a ton of freight nearly 450 miles on one gallon of fuel. What a day. Cant wait til tomorrow. We know were not the center of your life, but well do our best to help you connect to what is. announcer scottrade knows our and invest their own way. With scottrades smart text, i can quickly understand my charts, and spend more time trading. Their quick trade bar lets my account follow me online so i can react in realtime. Plus, my local scottrade office is there to help. Because they know i dont trade like everybody. I trade like me. Im with scottrade. announcer ranked highest in Investor Satisfaction with selfdirected services by j. D. Power and associates. Welcome back to power lunch. Seema mody here. A big rally on wall street but dillards not part of it. The Department Store operator at session lows after reporting weaker than expected Fourth Quarter earnings. The company saying markdowns designed to boost sales cut into its profitability. The stock down 6. 4 . Back over to you, sue and simon. Thank you, seema. More evidence today that frozenomics is the main topic for Business Leaders from coast to coast. Morgan brennan is at the port of elizabeth where ice and snow has been causing major delays. First to Steve Liesman at a key conference in arlington, virginia, where the weather has become job one for economists. Reporter a lot warmer here than it is for morgan there. A lot of long range talk here about long range growth forecast, budget deficits but also the short term. Understand the loss of momentum in the economy from q4 into q1 and increasingly economists are pointing the finger at weather which is taking a bigger bite out of the economy, especially housing, over the next several months as the data come in. One of the big stories here, everybody says existing housing, if california was up, then why was it not why was that weather and because its two reasons. California might have been private institutions not buying Investment Properties and the other parts of the country, weather. So a lot of finger pointing at the weather. Macro economic advisors, one of the better forecasting shops in the country, says it could take a 0. 7 hit out of gdp over a two quarter period. Cold weather definitely slows down activity. But the thing thats a little bit harder to gauge quantitatively are the big snowfalls. Those can keep people from getting to work and not everybody can work from home. Reporter now, he is among those who say you can get a rebound or snapback of 0. 7 on the other side in the Second Quarter and i am hearing talk here of a Second Quarter that could be as much as 4 to get back what we lost from Mother Nature and the weather. Sue . Eventually spring will come but not soon enough for me. Thanks. Reporter are you sure . Im not sure this year, but i hear, rumor has it we have about four more weeks left of winter. Now to that big backup at a major east coast port which is going to impact spring retail sales in a very big way. Morgan brennan is braving the elements for us at Port Elizabeth in elizabeth, new jersey. Over to you, morgan. Reporter yeah, were at one of the largest ports in the country. You can see behind me, there is some trucks that are moving back and forth to get cargo. Its moving right now but what we have seen over the last couple weeks, last couple months, is lines, truck lines that have extended out as far as a mile and a half to the jersey turnpike. Its been causing massive wait times. There are two reasons we are seeing this backup. The first of course is the weather. We are seeing cold temperatures and big piles of snow that have caused multiple closures at the ports since early january. The second, labor shortages for unionized longshoremen. All of these delays of course worrying retail associations. For example, the Retail IndustryLeaders Association saying the disruptions have had quote, damaging consequences on the delivery of retailers goods. Among the companies that receive goods here, kmart, dollar tree, walmart and home depot. Home depot spokesperson tells me the company is aware of the delays but their Logistics Tea