Points. S p up by 11 1. 5 points and the nasdaq up 20 points. You add those two sessions together and you get more than 600 points. Consecutive the 00point gains for the dow, this only happened nine times in its entire history. Granted, were talking about points, not about percentages. Look at that chart. This is something that is 17. 778. Weve got another 150 points. I dont know the i dont know the exact high. The trading sessions left before the end of the year. Or no, thats just before christmas. 0. 4 is what it was yesterday. You could say we were getting excited about 80 or 90point gains. If theyre two and three percentage point swings, then 400point swings. Like we said, to get two back to back days over 600 points or 700 points, you could probably find more. But on point, weve just gotten into this territory. Major indexes have slashed losses by nearly two quarters. Procter gamble, oracle, target. The Global Markets taking a cue from wall street. They were catching up yesterday, catching up again today. Stocks in asia extending a rally overnight. The nikkei in japan posted its best day in nearly seven weeks in early european trading. Well see whether theyre feeling good. Not as much. Theyve had some snap back yesterday and they didnt really go down, i dont think the same we did. Among the catalysts there, in addition to a u. S. Bounce better than expected consumer data out of germany. And its there. The only one up is the ftse. Lets get to the bottom markets, oil prices. Leading all the other markets around by the nose for a while at this point. Theyre up, but only by about 1 . If you take a look at where wti is, 64. 66. Lower prices than what weve been used to over the last several years. In the bond market, the tenyear note is yielding 2. 13 . Earlier this week, it was flirting with falling below 2 essentially. Right now, 2. 213 . Check out currency markets. Right now, looks like the dollar is up against the yen. Its up against the euro, too, which is at 1. 2257. It is down against the ruble. And i suppose thats good news for anybody looking for more stability coming out of that. Still, the ruble sitting at 60 to the dollar right now. Gold prices . 1,197. 1,197. 20 an ounce. Among the other stories were watching this morning, weve got some fed speak coming out of this case, chicago fed president Charlie Evans. And also lacker, his richmond counterpart, both set to give addresses today and in earnings news were going to hear from blackberry and car max before the bell. In washington, president obama is set to depart for hawaii on a holiday break. First, though, he will hold a News Conference at the white house. Lets check out a few stocks to watch this morning, as well. Nike posting better than expected quarterly result. Futures, though, are at the slowest pace in years. And a double blow to roche this morning. The company is ending a late stage study of an experimental alzheimers drug. A Breast Cancer drug failed to show a benefit of adding a drug to its treatment program. Geoff cutmore joins us now from moscow. Good day, geoff. Yeah, hi, joe. What a roller coaster ride for the ruble. But finally the government seems to have got in front of the falling night for the ruble juggernaut to the downside, whatever you want to describe it as, after president putin said he thought the economy would start recovering in a couple of years, that the central bank would take more measures. Weve seen today an expansion of the 30day repo. Theyre going to give anybody who wants it about 5 billion worth of foreign currency. That should help ease liquidity concerns. Weve seen the finance industry putting a bill to parliament for about a trillion rubles to the banking sector. Thats about 16. 5 billion at current rate. So we now see a much more aggressive reaction from the government to try to deal with this ruble downside. But i have to say, i think sentiment this friday remains relatively fragile on the economy. The trade is edgy. It would only take some more bad news in thin volume markets for us to see the ruble start to decline again. So i suspect theyve got their fingers crossed in the kremlin today and theyre hoping theyll at least get through to next year without any more pressure to the downside for the ruble. Back to you guys. Yep. You told us earlier this week that come friday you might try that russia vodka. Have you gotten there yet . Yeah, you know what . Weve been working so hard here in moscow, i havent got around to trying any. But im hoping my producer may have something for me when we finally wrap up here this friday. So we might have a go. The funny thing is, when you go into the stores, the guys running the stores are repricing the goods. So youve been there a week and were supposed to believe you havent had a single drink of vodka, cut more . Seriously . Nope, nope. What do you say, hope to die and all that. I havent touched a dry and all that. Youre a journalist. Its against the print guys that are well known for are tee totalers those guys that dont drink or well see how much of a tee totaler drunk. Youre right, i can tell you, tv, i think you can write no matter how you look or feel or whatever. They make the transcription from print, they can tell you. You were drunk . No. Joe, well meet up again at davos hopefully. And you know what davos is like. Thats where the hard charging takes place. And you get that Early Morning davos brow for anybody who tunes in and watches squawk box or other programming on other channels, youll notice that davos growl first thing in the morning. Thats because i guess people are just indulging the corporate entertainment a little too heavily. Were saved by the time change there, joe. You dont know how you are, geoff, because one night over there, the Russian Federation has invited us to something, which we want to go, anyway, but the greatest guitar player jazz fusion guitar player in history is for some reason going to be playing. I saw him when i was i think a freshman in college, senior in high school or something, return to forever. And yea wait to go now and im going to have some of that russian vodka and maybe ill try caviar because andrew says once you have it, you have it three meals a day. Caviar. Its good. Just like having a big thing of salt, isnt it . And you dont want to think about what it is. Okay. Thank you, cut more. Hes going to get wasted later today. From what i could tell, friday and all the vodka over there, did it look like he was just sort of waiting, depriving himself . Yeah. Its beginning to look a lot like christmas on wall street. Weve been talking about the depressive dow stats. Santa came calling the last couple of days. Lets find out what investors can expect today and next year. Here with us, james lou, from jpmorgan. On set, steven freedman, ubss Wealth Management research. Let me start with you, steve. What was it the last two days, was it janet yellen, oil stabilizing or was it an oversold market just snapping back . You had a combination of those, right . Yellen clearly all her commentary and the fomc statements were perceived as dovish in part because of the reduction in the inflation outlook. Personally, i think that things were probably a bit more balanced. But in combination with an oversold market, i think that was enough to stabilize the whole situation. I didnt think yellen said anything surprising or new or actually it didnt strike me as particularly i dont know. It wasnt what i wanted to hear. Patient with patient has been what theyve been now for six i mean, i guess patient is more hawkish than theyve been. You have to change the language. They can use some table time after ending qe, given that qe had already ended. We dont think the change in language was that significant. What is interesting is that basically in the fed conference said that the first rate hike may come as early as april when pushed to define what patience meant. Nobody has changed their expectations. The main consensus was for june dollars next year. I think this is really just the qe side of what you said in combination with the rebound after an oversold market. Okay. James, im almost ready to i dont know what well do between now and december 31st, but lets talk about 2015, assuming that not that much changes between now and then. Weve had six years and a really good two years if you add them up. 2015, another good year or one where we sort of back and fill . Yeah, i think with the u. S. Equity markets, it will still be another good year. My one comment on the janet yellen statement is i dont think it was as dovish as we thought. I think there was some misjudging here by the markets. I do think that it is on the table and i think the final point is that does eventually need to raise rates. When the Market Movers and markets coming in strong. When you look at equity markets, other historical patterns, actually two quite well when rates rise if the economy is stronger. I dont think thats the case in europe and i dont think that is the case in america. China is a big question mark at this point. Going into 2015 i still like the u. S. Markets. Id love to know about crude and id love to know about the ten year over the next 12 months. Yeah. So for crude, im not ready to call a bottom on it, although the stability weve seen is rather good. You earlier mentioned the fact that the s p was up 2. 4 yesterday. So the Energy Sector is up 7 in the last three days. Just a really spectacular rally. And i think the problem with crude is it is going to hit earnings and it is going to hit the economics of the u. S. Longer term, Lower Energy Prices are an upper and not a downer. Its just a question of timing. When you look at the ten year, it is going to stay relatively anchored because of Global Investor demand. Especially if you continue to have deflation in europe. With the tightening, i expect the tenyear to start up slowly. On the tenyear, were on the same page. Clearly, you can see a massive adjustment because of yields. But in the context of the fed being about to normalize towards the middle of next year, we do think tenyear treasury yields closer to 2. 8 in 12 months time than where we are now. I can remember for 25 years watching bonds and i dont ever remember saying that the german paper is the, you know, actually an anchor, something that totally will dictate where the ten hadyear is. Is that new . Its very unusual. Weve seen something unusual happen this year with the is it the internet or something . What the hell is it . Are we all the same now . Maybe we should tear down all the it might be global citizenes and have one we should all join the euro. No. The main thing is, its different than yield between those two markets. Its so extreme now that it almost forces some arbitrage. Steve and james, thank you. You know the fist steps towards a global yeah, because i see theyre trying to draft us. Andrew and i are going to be cohosts of the chairman of the i want her theres nothing id want more than for her to run. You know . I could understand your logic. But remember, alec baldwin said he moved to france or something if canada. Ed. And we wont have to move to france. The opportunity and gdp and id stay. The rich cream coffee. And the red wine. Thank you. When we come back this morning, carl icahns move to save Atlantic City and why some arent happy about it. Plus, googles next big project. Why the tech giant wants to revolutionize how technology is used in your car. And Michelle Caruso cabrera will join us from cuba. This is the central bank of cuba. Very little is known about it because cuba doesnt belong to the imf or any of the major institutions in the world. Coming up on cnbc, were going to talk about what its going to take for cuba to reenter the worlds capital market. Act i. Scene 3. Open port twentytwoohoneseven on the firewall for customer db access. Install version twopointthree of db connector and ensure verbose flag is set in case of problems. clapping sound isnt the cloud supposed to make business easier . Get the one that can connect to the systems that you already have. Today theres a new way to work. And its made with ibm. I was thinking about htaking this speed test from comcast business. Oh yeah . If they cant give us faster internet or save us money, theyll give us 150 bucks. Sounds like a win win. Guys faster internet . I have never been on the internet and i am doing pretty well. Does he even work here . Dont listen to the naysayer. Take the comcast business speed test. Get faster speeds or more savings, or well give you 150. Comcast business. Built for business. Welcome back to squawk box. Google is working on the Tech Innovation for your car. Right now, google requires the phone to be built into a compatible car and a built in screen is used to access apps and streaming music and apps. Google trying to dominate the market. Also worth noting, the change could give google access to a valuable trove of Data Collected by a vehicle. Hopefully theyll xwooind combine surfing the web with the cars that drive themselves. So even now. Theres a few times where im going between Radio Station is and if youre going 80 where youre allowed germany . 65. Seems like they dont necessarily pull you over at 79. No. I will say, though, this morning, i was reminded again how important it is to be paying attention. There was a jogger wearing black in the dark coming straight at me. I didnt see him until last minute. That wasnt your start. That will ruin your day, believe me. Or a deer. Put on some white clothes. And a lot of them have lights that blink and stuff or yellow sneakers. This guy was in all black. Are you sure he was a jogger and not a burglary . He was running pretty fast. Maybe. Carry ago black screen tv . No. Empty handed. The other question were asking this morning is can carl icahn save Atlantic City . Paying 20 million to keep the trump taj mahal to be the fifth casino to close this year. His offer coming after the union, representing casino workers, claim icahn had gone back on his word by scrapping a more far reaching deal. Atlantic citys fortune is fading fast with competition from neighboring states. If you have been down there, if you have seen how dark its gotten and devastating its been for the city, i think you would want any deal for anybody to come back in and save something. I agree. And did you see this . It was one of the papers. Congress has to lift the embargo. We had a couple of guests on yesterday. Really . How far does this go without congress . We have a historic week for u. S. Cuban relations. Hillary clinton has been pushing this, too. Michelle Caruso Cabrera has made her way to havanna. One of the guys on the nightly broadcasts, one of the major news, he got down there immediately and i was thinking, really . Why didnt they use a green screen with some old cars and would it have mattered . Would anyone have cared if hes delivering the news actually there or just with a green screen . Youre speak to go someone who is standing in havanna. Or so she says. I saw her in makeup this morning. It must be freezing. Hello, joe and becky. Welcome to cuba. Welcome to the land of almost no internet. There are 11 Million People on this island, but only 1 million computers, half a million internet connections. Thats according to the government. Roughly 3 million cell phones. As you can see, theres lots of new for Telecom Equipment which is part of the new rules revised by the obama administration, about being allowed to bring more of those to cuba if you are the u. S. Company. Its also the land of euphemism. Theyve been doing some small, tiny free market reforms, but they dont call it that. They call it updating the socialist market. Making socialism sustainable. Things like shop owners, seam stresses, party plans. But they are not called owners or entrepreneurs. They were called [ Foreign Language ]. That means you can work for your own account rather than the government account. And because of that, it leads to all kinds of things that the outsiders seem incredibly strapg. Like the central bank, what does the central bank here do . They one and it is quite mysterious, very difficult to get any information about it. We went over there yesterday. All the people i wanted to talk to they told me were out of town. But what do you do . What does this institution do . I was here one year ago along with about ten other financial journalists that had been invited by the cuban government, and they did give one News Conference, the number two guy there spoke with us for a while. And he was deluged with questions like, do you have a Monetary Policy committee . How often does it mean . Who is on it . What do you decide . The poor guy was i chased him down the hall. I had so many questions. Have you ever met ben bernanke . Do you have a degree in economics . All kinds of stuff. Remember, cuba does not belong to the imf or to the world bank or any of the Major International institutions. So they dont have to report all kinds of data, like the level of reserves, etcetera. Now, come back to me on camera. The last time i was here, they did give me a couple of magazines published by the central bank and they do things like maintain the atms. And one of the new things theyre doing, part of the reforms is about two years ago, they started giving out private loans. And during that News Conference, the guy says things like, for the first time were giving out loans base odd risk and ability to pay. Weve had to come up with ways to assess collateral. Think about this. This, at the time, would have 2012, 2013 they are doing these things. So they have so far to go here when it comes to upgrading this economy in so many ways. Despite the pain and the infrastructure, the financial infrastructure, as well. Wow. Have you ridden around in a car thats more than 40 years old . Oh, yeah, many times. Not on this trip, i havent had time. But yes. And theyre everywhere. How do they get the parts . Theyre everywhere. By the way, the american cars are a toel testament to american manufacturing. They are still running. You talk to people here and they would have the american cars that are old rather than the more recently made russian cars. What was weird was before we got so nice and liked everyone b, they used to drive them to miami, which was weird, remember . Yes. Some were converted, absolutely, into ways to get to the United Sta