Benjamin Allen, 33, the former head swim coach of Brisbane s Anglican Church Grammar School, has been charged with allegedly grooming a child and procuring a sex act under false pretence.
Jurors at the trial of an Indiana man accused of killing two teenage girls nearly six years ago will be selected from outside the county where the crime took place, a judge said Friday.
breaking with a gain of 16.5 points. history on wall street, the dow closing at a record after trading above 15,000 for the first time ever. bob, these marks jumping from the get-go on that better than expected jobs report. yeah. it was steady as we go. of course, upsides jobs report. that s what mattered today. lifting the whole market from the open t. dow the svp subpoena 500 at historic highs. growth sensitive stocks and industries all leading throughout the day. be i the way, heavier than normal volume. we haven t seen that for a while on an upside day. truly a big move. it was led, of course, by those economically sensitive names. look at material companies. the cleveland 35 i cliffs. what s naushl natural is it is all moving to the upside. the materials sector also doing better tan usual. there you go. look at that. 4% moves in some of those stock also. global cyclical names. eaton, caterpillar, honeywell all had nice moves. most of them up about 3% on the day. there have been two shining great sectors in the last few weeks. biotech, another historic high there for that biotech index. home building stock, there is that ipb multi-year high, aerospace stocks a big leader. techs also shine. it s been a great week. the semi conductor index, it s up seagate, of course, a storage device, great earnings on wednesday, that stock is at a new high. retail broker stocks all on the upside. guys, for the week, historic highs, not just on the dow and s&p but in the mid-cap index and there you see the russell 200 as well. back to you. bob, thank you so much. is there room to run higher from here? we bring in stefanie link from the street and don hodge from hodge s capital management. hi, everybody, thank you so much for joining us. hi, ma raya. don hodges would you put new money to work right here? i m sorry? would you put new money to work in this mark given these record performances? yes, i would. why? the market is back. the market is back. does it keep going up? yes, it does. we ll have some down days, but we ve lost about fivers. it s time for it to go up a while. when it went down, it went down a lot more than we thought it would. you don t want to get in front of this moving train, do you? that s right. dan what do you think? do you afree with that? i think the market will probably tend to trend higher. one of the themes today on cnbc is sell in may no way. i don t know you will have a lot of selling in may. the trend seems to be very much how do you make money in the markets? it s buying dips. today you got positive economic data. so the buyers got more aggressive. you are not seeing short selling. you are seeing plain vanilla selling and taking profit. i think while it may not be the selling may go away. we are in for a bit of an extended clause here. one of the best things about this market according to ralph acampora is everybody questions it. everybody is waiting, when is that sell-off coming? it s not happening. that s right. i think what is interesting you have been seeing this rotation. last week, we talked about it. it was the first time the cyclical index beat out the basis. i was interested to see this week if that would continue. it did, once again. i think that speaks to not just the report today but also to global monetaryg policy. europe certainly seems like they re getting their act together and is somewhat bottoming, if you will. china is stabilized and the u.s. is definitely getting a little bit better and i think that as a result second half of the year, you could see better growth. that s why the cyclicals are running. the stocks are cheap. as long as you have this rotation, maybe you don t need this correction. jeff cox, you keep poking holes in this. do you have holes today in the message is clearly with the polls, we re at another record high? my death wish continues. maria, a couple quick points here. i think when you look at the action today, one of the big things i think you have to look for would be break through a big wall like these big round numbers. that sometimes inspires a at least a sideways trade, look at that. i think two of the big things that happened in this market was no. 1 with the fed, i think that question has got to be resolved. the fed is not going anywhere. everybody is so excited about this jobs report. it wasn t that good. it wasn t that great. but it was good enough to get the bulls going again. i am calling this, maria, i am calling this the sequester rally. since we went into sequestration, the stockmarket up 6.5%. so this market can withstand everything, even spending cuts. oh, god, we got the mariacchi band now. can it get any goofier? it s may day. everybody is celebrating on the floor. but are we getting too euphoric? where else are you going to put your money? right. in europe, no thank you. treasury, why bother? why not fight the trend. when it doesn t work, look out. when does that day come? it s very, very hard to tell. but i do think to go back to my point before, the market got a little too excited. the economic winds are getting started. this will be a difficult summer. but beware of the old saying, buy on the cannon, sell on the trumpets. we have touchets plague. the cinco de mayo, by the way. let s find out from you guy was are actually putting capitals to work in this market. where do you think you will get the best bang for the buck? what areas of this market do you want to be exposed to right now, don? i d say automotive itself and airlines would be our bid. economically sensitive? yes. we are seeing a rally, the stocks are playing catch-up. we think finally they re catching up the market. we have seen some buying interest in the consumer discretionary stocks within the retail sector. we like the insurance in the retail sector. tech knowledge was unpressure. that was the loser going into the week. this week, it s the outpoerm. apple back on top. i think, as the other guests have been saying, it s the cyclical groups. technology is a part of get a company, vm ware it s down 23% the year date. yet the xoen posted 17% revenue growth. so i think it s those kind of companies that are down. they re the leader in their industry. also, you can look at industrials and ups. look at eaton, these companies performed in a very difficult environment. so just imagine when things get better, they ll be able to continue to outperform. i think there is definitely places can you put your money. what are the catalysts coming next week? what will drive things, stefanie? well, actually, i think the economic data is a little on the light side. i think even tow we don t get as many earnings reports as as we did this week and last week. we have key nachls like an emerson electric for sure i will look a. they have 30% of their reads into the markets. you certainly get whole foods. you get priceline. so there is certainly a lot of names, big marquee names we want to get a rea on what s happening oversea, what is happening over here with the consumer, et cetera? what do you think next week, dan, in tomorrows of the big catalyst to come? we are coming into a quiet period. earnings season, absent a catalyst stall, marks drift higher. i could the under on 15,000 today before i left to come down here. i think we d probably approach it next week. next week we are about 15,000 on the industrials. what s wrong with the banks, are they trading on something else on this idea they re going to have to hold more capital? i think there is a lot of question marks of banks. they have had a run. they have had a rally off their loads. if you are looking for bank exposure, you probably want to stick to bicker ones so you can get downside protection. it s kind of a question mark. nobody is certain what s the next chute that will drop in that sector? really, what has changed? an interesting data point that i reported on this week for the banks is investment banks have the largest share of investment, u.s. largest banking share of revenue in the world since 2002. 11-year high in terms of the other cornering the market now. you know, so i mean, i don t really know why these banks are fought responding more as far as shares go. i would say you are seeing rotation in the financials away from the banks and into the insurance companies. because if you look at aig, prudential, hartford, travelers,et netlife, all of them beat numbers in a very big way. so i think it s easy to put money into those names where there is maybe a little better visible, maybe a little less regulation. all right. thanks, everybody. we appreciate your time today. we ll see you soon. we ll keep watching tease markets, certainly, as you said, don, go up and up and up. much moread our special coverage of this house toric day on wall street. more history will be made says veteran technician ralph acampora he made the call. we ll also get inside from bob dochl also ahead, stocks may be surgeing. somebody here says we could be headed for a market meltdown. wait until you hear that forecast of doom a and gloom. also, president barack obama s futurer adviser will talk about the reports on the jobs today is everything it s cracked up to be. you are wrauching the close egg bell first in business cnbc world wide. what if you didn t know that boxes by the curb. make you a target for thieves? or that dog bites account for a third of all home liability claims? what if you didn t know that one in seven drivers is uninsured? and that grease fires have to be smothered? the more you know, the better you can plan for whats ahead. get smarter about your insurance. we are farmers bum - pa - dum, bum - bum - bum - bum there ll 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, you re the chief life officer. you just need the right professional to help you take charge. welcome back. green across the board today. josh lipton summing it all up for us. maria a wrap-up. amd, your biggest gainer by a long show. an a lists say the company is doing well in the game console business. a couple recent design wins also say we could be seeing a bit of a short squeeze on this one. that stock was at $2 and change a week ago. other winners include bulkan materials and apple regaining its title, worth more than exxon mobile. that stock up 15% in the last two weeks. seagate, another gainer this week. one of the largest manufacturers of hard disc drives in the world managed to report and best estimates, investors moving in. some of the worst performers this week. big pharma, merck and pfizer reporting disappointing sales and lowering for your outlooks. among the blue chip the best performers on the week includes caterpillar, ibm, 3m, lack ards, united laggards and j.p. morgan. contributor michael farr says yes, pe sher sclif has his doubts in a fed driven market. peter, what s your problem with this market? the problem is why it s rides. it s not because the fundamentals are moving. it s because of the fed. food prices go up. gasoline prices go up. and the macroeconomic imbalances underlying our economy continue to get worse. if the fed did the right thing and took away the punch roll, then the stockmarket would go down. but instead, we re going to have a crash in the dollar first ten probably the bond markets second. then vent wally the stocks will roll over, too. can you really say, don t you think today s move, just on today s move, don t think that s because of the jobs numbers we got today? well, the jobs numbers weren t as bad as people were expecting. in fact, if you look beneath the surface, it gets even worse. we didn t create any manufacturing jobs. we created a bunch of low-paying service sector jobs. a lot are part time. hours worked went down. i think what s happening is you have restaurants reducing the hours work to get people under 30 hours to get under odama care. now they have to hire somebody part time to fill up the slack. those are the types of jobs we are getting. look at the u6 unemployment that doesn t count those people, it notched up to 13.9%. what do you think about that, michael farare? you are on the other side of that trade, about you? yes or no, i don t think peter is wrong here, maria. the market is moving higher. we got a fed that has its foot to the floor here. we ve got lots and lots of cash coming in. we got maria wearing here jacket on the floor. the market is making new highs. come on, how can you bet against that market? relative to bonds, i am cautious as i manage other people s money. but this trend is going higher. i don t think we are near a frothy blowoff stage yet. so while stock selection is important. i think this has room to grow. it could pull back in the short term. we ll see higher levels. so even if we were to pull back, that s, you got buyers at the ready here. let me ask you a question about the federal reserve. bought at the end of the day, it is about the fed. when do you think the fed is going to start winding it down? you know, i listened to steve liceman earlier on liesman. there is a jump in 2014 to when they may pull back t. feds have been keeping our campfire of this economy alive by pouring kerosene on it. will it have a life of its own without that kerosene? that s the real question. but what i can say it s not a question in my mind. i listened to steve liesman. but the ben ber anything until the dar crashes. right, there is no exit strategy. the fed is bluffing. we have a completely phony economy that is driven 100% by cheap money. the minute you take it away, the whole thing implodes. but ben bernanke can t admit that, then the cat is out of the bag. so the qe is going to be here and the fed can t get away with it anymore. they can hold it a while, peter. they don t have to totally exit out of that huge portfolio. but won t you admit sort of the economic data and the trend is improving? it s not. it only looks like it s improving because of the cheap money and they cannot exit. exit is impossible. they are the bond market. they re the buyers. they can t sell. the data are improving because of the cheap money and what the fed is doing w. ehope we will hit some sort of escape velocity and the market can take on the fed alone. it s a sick economy making sit sicker. just like if are you a drug addict, you take more drug, you feel better, but you are fought getting healthier. the cheap money is preventing the economy. i always wanted to figure out that drug thing. i ve never gotten on to that ting yet. peter, at the end of the day, this is reality. this is where we are. the federal reserve is on qe infinity. that s the bottom line. just yesterday, they said, look, we can even increase it from here. this is the reality we face. whether or not this is a manufactured market or not, basically suggesting what you just said, you ve got no alternatives to stocks. so why am i going to get from front of this trade? yes, you do. copper, look at the big move up in oil. copper? you can invest in foreign stocks. the dollar was actually softer today. but i know what the reality is. the reality is we are living in a bubble. all bubbles burst. it s unfortunate we didn t learn that lesson in 2008. we are about to learn a much bicker lesson. when this bubble burst, it will make 2008 look like a sunday school picnic. are you telling me you are expecting a severe sell-off? you are telling me you are expecting a sell-off to the likes we saw if 2008? no, no, i m not talking about the stockmarket. i m talking about the u.s. economy. the next collapse is in the value of our money the dollar. prices skyrocket for consumer goods. what about when people are waiting in line to buy food, waiting in line to get gasoline because the dollar has collapsed. that s what s coming. yeah. maria. i got to push back on this. what am i going to go in if not the dollar? other currency, you can own some gold, because the central banks can t print get but there are a lot of other currencies in better shape. what if i get caught in the largest sell-off in 30 years like what happened a couple years ago. look where gold is, 15, 1,500. it s gone from un300. did you ever see a bull market that finance find a correction. don t buy this dip. don t talk about the crash in the gold market. the gold market is in a much bicker gold market than the stockmarket and i think a few years from now, the dow is going to be at a much lower level relative to gold than it is today by for. back in 2000, the dow was 40 ounces of gold. now it s only about 10. it s going a lot lower. i gotcha. i hear you. gold plumtd just a couple weeks ago. it was the worst day in 30 years. it s not just media hype. it certainly happened. maria, look how much it went up. look where it still is. meanwhile, it s gone up over $100, $120 an ounce since then. are you covering that? i don t know, gold vs. dividend securities. gold vs. dividend paying securities that are gaining from the growth in hot fund out of the u.s. hmm. it s not gold vs. stocks, too. it s gold vs. the dollar. the dollar doesn t pay any dividends. you put it in the bank, what do you get, nothing? i m looking to an alternative to stocks. you have the lost word. maria, in 1997? november, allen gren spann when the dow was 6,000 said irrational exuberance at 6,000. yeah, i remember. able to months later, eight mon rts later, we were at 8,000. now, i don t think green spann was wrong. but he was off by 33% in terms of a market move in eight months. if you can t predict these things, you got to be very careful about calling markets tops when you get this much momentum behind this much money in motion. i m not calling the market topped. i hits the irrational. it s a lot more irrational today if people think the strength of the stockmarket indicates anything other than inflation. it s a debasement of money. i think when he said irrational exuberance, pes were much higher than where they are now. you are talking about a 14 pe. we got to continue this next time, guys. thanks so much. maria, where are those earnings coming from? a lot of companies are buying cheap, bike back their stocks. that s not earnings. corporations have a lot of debt. and a lot of cash, too, peter. many companies have pa lot of cash. they borrow to get it. a lot of that cash is offshore. they can t bring it home. the taxes are too high. gentleman, thank you. a lot of complaints. now, you are tloek taxes in there. a special coverage of today s record market surge continues. ralph acampora who told you to buy stocks months ago, years ago. he has been a bull for sometime. find out how high he thinks this market can go next and whether or not we are at a point we could see a reversal. we ll check in with ralph. and we will talk with bob doll. find out why he does not want to see the economy recovering too quickly. back in a moment. with scottrade s 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 real-time. plus, my local scottrade office is there to help. because they know i don t trade like everybody. i trade like me. i m with scottrade. 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[ female announcer ] today, cisco is connecting the internet of everything. so everyone goes home happy. all right. welcome back. a record-setter on record. ralph acampora said 20,000 is not as far off as you think. he joins us with more. ralph, you have been bullish for some time now. you called it on this program a long time ago, saying the dow 15,000 is going to be here soon. it sure is. we hit it today. when are you expecting 20,000? by the year 2017, maria. you want to know why? yes, i do. i d like to throw cold water on the arguments we just heard before i get on this show. the two people that were discussing and rightly so, discussing all the problems with the fed, et cetera, et cetera. i think the united states of america, the country we love so very, very much is on the threshold of becoming energy independent. now, stop for a second and think about what that means. that means the money we save on importing oil and the revenues that we re going to make on exporting energy is going to be magnanimous. if that happens, i know it will happen, all the concern about budget deficits things like that, i think it muted in a big way and the market looks ahead, maria. that s what it s looking at. it s looking at something above and beyond all of the rhetoric we keep hearing about all of current problems. it s not what we re looking at now. it s where we are going to go in about four years. so you think in the next four years, we re going to see strushl change to the u.s. commitment you think the u.s. will become an oil exporter? absolutely. i don t have the numbers. i will get the numbers. we ve sit down with an economist and talk about what it really means to our economy. just imagine, if it s not 2017, so it s a couple years later. yes. we re going to be in a position that we haven t been in our lifetimes. worry going to be the super powtary we are. that is a really important thought and sort of a long-term thought, which i think is a great point to make. let me get your take on this current rally, ralph. because the last time we spoke, you said there are a number of stages that this market needs to go through before actually saying, well, look, we ve hit it. you say one stage is nobody ever bleempbd it. when you got a long secular bull market, people don t believe it. they re always saying, when is the sell-off point? everybody is questioning the viability of this market. you said the second state is when small cap stocks, smaller companies start leading. we haven t really seen that yet. so are we in that? what phase of this bull market are we in based on your idea this is a secular long-term bull market? well, we re definitely not in phase 3, maria. that is the complacency and speculative phase. the last time we saw that was the bubble in the late 1990s. the tech bubble. we are not even close to get i see no speculation whatsoever. the most impressive thing about this market is getting sector rotation. the technology stocks which have been dormant are really now starting to take over. people are starting to feel a lit i little bit better. they re willing to take a little more risk. i think perhaps we re on the cusp of going from phase 1 disbelief to phase 2, where we start to see belief and trust. and i love it when people keep talking this market down. and we haven t even talked about the public being all in cash and money markets and treasuries. maria, this has a long way to go. let me ask you about get you don t think this buying so far has been the retail investor participating? you think this is all institutional? oh, absolutely. it s all professional. just look at the volume. we keep hearing people complain about the volume. the volume if are you lucky on the new york stock exchange runs about 600 or 700 million shares a day. in the good old days, it was a billion-and-a-half shares a day. that other 50% was definitely public and they re not here. what s the one group you want to buy right here? technology. because it s underperformed? semi conductors. oh, yeah, technically, they re all breaking out. they look fabulous. we ll leave it there. ralph, we so appreciate your time tonight. thank you, marie. thank you so much. we ll see you soon. ralph acampora joining us. president obama s former top economic adviser christina roamer will join us next. in today s job report, shifts her stance. we ll ask her about the impact of the sequest ever and the economy. later, j.p. morgan chase, seeing red after a new york times article alleged more manipulated trades in electricity mark. the latest developments there as well as my observation on more capital and liquidity. and too big to fail. back in a moment. flying is old hat for business travelers. the act of soaring across an ocean in a three-hundred-ton rocket doesn t raise as much as an eyebrow for these veterans of the sky. however, seeing this little beauty over international waters is enough to bring a traveler to tears. we re putting the wonder back into air travel, one innovation at a time. the new american is arriving. welcome back. more reaction now with christina romer, former chair of the president s council of economic advisers. christina, thank you for joining us. great to be here, maria. a little debate about the jobs number, some say the quality wasn t up to par, yes, they were better than expected. the revisions were lower than people thought. what is your take out of this jobs report? i think it s a good, solid report. any time you add 165,000 jobs. that s good. it s also good the unemployment rate is ticking down. i think we need to put this in perspective, employment is still down a couple of million from its peak. we need is rapid job growth. we shouldn t be complacent. these numbers are fine. i d rather see these numbers in february when we were up 300,000 or so. yes. absolutely. i think people feel we should be at this point in the recovery around 300,000 a month. one would expect from the recovery at this point in the cycle? certainly, if you want to be really repairing the damage that s been done, you need numbers like get so, absolutely, you want get and we certainly wish we were seeing it. let me ask you your take on these revisions. why all the revisions? can we trust these numbers? how come they re constantly getting revised? you think the numbers come from a sample and any time you take a sample. there s sampling error. i think part of what, you know, what we face as a country is the there s kind of a cost benefit calculation. we could get more accurate numbers if we took a bigger sample. a bigger sample costs more money. most of the time the revisions are fairly moderate. they don t sort of mess up our decision-making and our policy making. you know, sometimes they are much more of a problem. i think back to the fall of 2008 when our numbers were off by hundreds of thousands and really did i think mess up people, policy-makers didn t know how catastrophic the collapse of the labor market was right after the collapse of the lehman brothers. yeah. what about this sequester. does today s report, given that it is better-than-expected. does that mean the sequester is actually not having a negative impact on things? i don t think that s the right interpretation at all. i think we ve got a lot of historical evidence that when you cut government spending, it absolutely does tend to lower growth. you see that in all the forecasts. the people that make money, tell you the sequester is going to shave maybe a half a percent or a percentage point off gdp growth. that is certainly going to be sequential. importantly, most othat effect is supposed to be in the 2nd and third quarters. so we re just getting into get the way i see today s numbers is they show a lot of resilience. we can grow 165,000 jobs even with the sequester is a good sign. but again, just think of how big that number might have been if we weren t having this foolish fiscal policy in washington. let me ask you about the fed. earlier, you had said the fed should give some extra m.p. h and accelerate bond buying. you cahastised the naysayers. people are calling it qe-infinity. and there is some question about if this is a manufactured stockmarket rally because it s all about the fed. what would you like to see the fed do at this point? i d certainly like to see them at least continue with what they are doing now. one of the things i have been noticing is, you know, i think there is enough dissension or difference of opinion on the policy-making committee that they seem to be responding, perhaps too much to short-run information. so early in the year, there was talk of maybe they d dial back bond buying. yesterday we heard that maybe they d think of increaseing it. i think the fed needs to keep their eye on the big picture. which instipulation we low her to targetment unemployment is above their target. that gives you an indication of which way policy needs to be moving, which is it needs to be accommodateing, expassengerary, trying to feel growth. especially if fiscal policy is going to be moving in the other direction, the fed s the only game if town. the only game if town. that s what the feds said, yesterday, they said the fiscal policy is slowing things down. i assume they re talking about the lack of policy on the fiscal side. do we need fiscal policy? so, certainly the payroll tax going away, tax increase is going in on january 1st and the sequester, all of that is a fair amount of fiscal contraction. that is a drag on growth, no doubt, in this year. you know, the big picture on fiscal policy, you know, i wish we d be doing smarter fiscal policy. we need to be taking some serious measures, like entitlement reform, like tax reform, to deal with those numbers as we go forward. it doesn t have to be this year. not when the economy is still in a precarious position. we could, in fact, be doing war infrastructure investments. good things to spur growth now. but as part of a package that absolutely has fiscal contraction as you move through the next five to ten years. all right. christina, nice to have you on the program. thanks very much. sure. great to be with you. christina romer joining us slow but steady. up next, bob doll on whether the marmgs are looking for gradual rather than strong growth rnts and unmanned vehicles or drones are known for destroying, not creating. they do create jobs, plenty of them. coming up, inside the world of drones. back in a moment. i m only in my 60 s. big plans. so when i found out medicare doesn t pay all my medical expenses, i got a medicare supplement insurance plan. [ male announcer ] if you re eligible for medicare, you may know it only covers about 80% of your part b medical expenses. the rest is up to you. call and find out about an aarp medicare supplement insurance plan, insured by unitedhealthcare insurance company. like all standardized medicare supplement plans, it could save you thousands in out-of-pocket costs. call now to request your free decision guide. i ve been with my doctor for 12 years. now i know i ll be able to stick with him. you ll be able to visit any doctor or hospital that accepts medicare patients. plus, there are no networks, and you never need a referral. see why millions of people have already enrolled in the only medicare supplement insurance plans endorsed by aarp. don t wait. call now. here we are, me and you on the road and we know that it goes on and on [ female announcer ] you re the boss of your life. in charge of making memories and keeping promises. ask your financial professional how lincoln financial can help you take charge of your future. oh, oh, all the way oh, oh welcome badge. one of our guests said on this program, when the s&p 500 hit 1,600, the party is over. the correction will begin harriton dent of ahs dent management and editor of the survive and property per news letter made the call. on the phone from prague is bob doll harriton, first to you. two months ago, you said the top would be the s&p 500 hitting 1,600. you said we would see a 7-10% correction. is that what are you looking for now? no, i m not. we broke through that. oh. that s a trend line through the tops of the s&p 500 in 2002 and 2007 bull market. so that was very important resistance, if we were going to get a correction, that s where we expected it. we expect the markets still to peak later this year in the summer. but the next target is 16,000 on the dow. over 1,700 on the s&p an 6700 on the dow transports where we get similar resistance on those markets. the markets look like they will be up more at this point. but we re still warning people. we think a top this year. we think this is the third bubble to peak. so what going to be the catalyst for that topdown. if the federal government is still there stimulateing this economy, where is my alternative away from stocks? no, no, it s not going to be here, maria, obviously. we are doing okay. $2 trillion to create $400 billion in growth. not a good ratio. we are doing okay. europe could ploy up. like the last crash was triggered by four states having a subprime. we are seeing vicious cycle. that hurts the export industries of emergeing countries. now, china is selling more to them to the u.s. and europe. that hurts china s exports, when their exports go down, commodity prices go down. actually, we re seeing the biggest problems emergeing in commodity prices. the trigger is not likely to come from the u.s. it is likely to come from japan, southern emerging markets. let me get bob doll into the conversation. are you in prague. i assume visiting clients and talking with clients. what are they saying about this? clients are dialing the rally, as most people r. even the bulls are reluctantt bull, maria, as you well know, which is why we climb the wall of the wary on the monetary inflation party the world has never seen before and any u.s. and global economies that are improving. the pace we could quibble with. that s just the.. too many people want a strong economy. once we get a strong economy, we will worry about the fed stopping, about inflation. this is a beautiful picture. i think it can continue. okay. so where do you think the strike comes next, bob? well, i think the market has continued. i think for the market to continue, we need to see some of what we saw today, some rotation in the cyclical areas that have lagged. it is the defensive stocks, as you know, that have done well year-to-date. they can t carry this market, in my opinion, straight up. it need to broaden out. we need some better momentum. it might take some sort of sloppiness in pullback before we get there. i think we will hear from the technology and industrial stocks before this is over. harry, finally techs started showing life here this week. they have been real underperformers. yeah, they have. the russell 2,000 the small caps have underperformed on this most recent rally. we do not see enough underperforms in these sectors to say this is the top. we still think at some point we get a correction, a minor correction, 5-8%, something. then you see a final rally well into the summer that takes us to these new highs, substantial highs. again, we re still very bearish for the next couple years. we re not bearish yet. we don t see the signs of a top here. now the markets clearly look like they re edging higher sooner or later. it s got to be hard to be bearish in this market. thank you so much. we ll see you soon. jp morroccan of course one of the few dow components in the red. over to you. maria, j.p. morgan down by better than 1% after reports detailed the intensifying regulatory scrutiny the bank is facing. both the wall street journal and new york times saying j.p. morgan s rek regulator the occ expressed discontent with management since april. they are reporting into whether fernlg traders manipulated prices and the bank has denied allegations. a swlied for gm comes as the rest of the sector sees green t. financials up the big winner. morgan stanley closing up better than 2%. the reason for all april jobs report as well as from february and palm beach revisions. mohr people employed as more confident consumers taking out loan, credit cards, emergency. all big billions. i want to take a final note and give a special thanks to my producer jessie bergman for two wonderful years working for me. seven years at cnbc. heading to the wild west of washington for a new ven cure. jesse, we wish you luck. to say you will be sorely missed, rather, is a huge understatement. best of luck, jessie. jesse, congrates. 100,000 new jobs created. up next, a high-tech industry creating jobs as well as economic growth. stay with us. [ male announcer ] the first look is only the beginning. this is a stunning work of technology. this is the 2013 lexus es and the first-ever es hybrid. this is the pursuit of perfection. andthe ocean gets warmer.rid. the peruvian anchovy harvest suffers. it raises the price of fishmeal, cattle feed and beef. bny mellon turns insights like these into powerful investment strategies. for a university endowment. it funds a marine biologist. who studies the peruvian anchovy. invested in the world. bny mellon. welcome back. drones have generated a lot of controversy, of course, privacy advocates are crying foul as the faa gears up to let more of them fly over american towns and steps. by 2015. but drones are also generating much needed jobs and economic growth. jon fortt with the story. hi, jon. hi, maria, i m here at 3 d robotics, a company that makes these. most importantly, the intelligence here, the auto pilot, that s the difference between this, a drone, and just a remote control helicopter. interesting, this industry is just starting to take off, as you mentioned, regulations, right now, are a little bit in the way, but a lot of people are saying, farming is going to be the biggest market for drones going forward. take a listen. agricultural applications are going to be far and away the largest contributor to that $82 billion of economic impact. and the drone industry overall says around 100,000 jobs could be created by 2025. $82 billion, again, in gdp impact. added several hundred jobs over the past couple years. big questions, though, really surround the use of drones over private property. when it comes to agriculture, it s generally a farm where it s, the person s own property, they can take pictures to see where crops might be diseased, maybe even do some crop dusting with a heavy duty drone. but it s interesting, maria, the other countries right now are ahead on drone regulation. right now, europe is a little bit tighter on regulation of these things, pretty tight, as a matter of fact. you have to get license to do pretty much anything. australia and new zealand, a little bit lighter. once the faa figures this out, 2015, then we ll probably see the best position companies really leap ahead. all right, jon, so, can we credit drones for dow 15,000? i don t know. not yet, but one of the biggest drone makers, boeing, has been the biggest contributor, though, to the dow rally, as the dow moved from 14,000 to 15,000. thank you, jon. boeing s rise was good for 144 points. can the stock keep on flying? we want to get in on the action with brian stutland. would you bet on boeing? it s had a great run. if you look at the five-year chart it looks fantastic. i believe the stock trades above $100 a share here. it feels like the stock wants to move to new all-time highs, good 5%, 10% above 100 bucks. we highlighted this on the blog on the cnbc website, big call bilers a few weeks ago, spotting that boeing would trade over $90 a share. today, people are betting that boeing trends a little higher. there s a floor at $90 here. i think the stock trades higher. you are talking about a stock that s done very well it pays out a dividend yield better than the ten-year treasury. if you think boeing is going to be at this level or higher over the next ten years, why wouldn t you buy boeing here, rather than buying the ten-year treasury? that s one way to play it. and i think option activity says it s going higher here. the droeb market is going to be big. already 20 states out there applying for testing sites for drone activity. so, that shows you that the u.s., individual states, looking for activity to pick up. this should be nice added revenue. all right, thank you so much, brian. see you later on for more great insights. tune into options action, 5:30 p.m. eastern, tonight on cnbc. up next, my thoughts on who missed the party on wall street today and why every investor might need to worry about that. stay with us. 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[ female announcer ] what if the next big thing, isn t a thing at all? it s lots of things. all waking up. connecting to the global phenomenon we call the internet of everything. it s going to be amazing. and exciting. and maybe, most remarkably, not that far away. we re going to wake the world up. and watch, with eyes wide, as it gets to work. cisco. tomorrow starts here. and finally today, my observation on this one laggard in the record-setting performance today, and that was the major banks. jp pmorgan down 1%. the other major banks not keeping up, as the s&p and the dow surged to new highs. it feels like the banks are trading on different things than the rest of the market. this seems to have everything to do with the increasing rhetoric around the banks being forced to hold more capital and face tougher regulations overall. many analysts today telling clients to focus on the fed, as well. for example, federal reserve governor talking about wanting more bank capital and tying it to liquidity and ending too big to fail. this leads to more talk of the breakup of the meganames in the space. because the more financial firm relies on wholesale febding, the more capital it must carry. we re talking about higher capital surcharges, potential size caps on banks. the regular lay torps are doing everything they can to force banks to break up without actually forcing banks to break up. jpmorgan as we heard a short time ago is under scrutiny on several fronts and owl of this is creating uncertainty around this dow component. one analyst telling clients today, regulatory matters persist and this will likely cap any multiple appreciation. adherence to forced modifications of operations will likely raise costs and jpmorgan may become more bureaucratic and less flexible. keep in mind, these initiatives on too big to fail are a long way off. we are still watching the rules being written. never mind being implemented. the regulators are far and wide and what they want to do, with local regulators and international standards often not on the same page yet. so, why, yes, we have a long and strong bull market, investors are not buying everything. they are being selective and rotating. this week, they rotated into technology. less so into financials. and that is very telling. before we go, take a look at the day on wall street it was a record-setter, certainly. the dow jones, 14,973 is the new report high for the dow and it did smash through 15,000 before ending just below that with a gain of 142 points. inside nasdaq up 38 points. s&p 500, new record high there, 1614, up 17 pointspoints. have a great weekend, everybody. i ll see you monday. live from the nasdaq market site in new york city s times square, i m melissa lee. reaching records. both the dow and the s&p 500 crossing milestone levels, making it a historical day. are the bums turning another corner or getting tired here? casting call. bob iger and disney gets ready to release earnings. and the popular restaurant chain adding patron to its menu. we
doreen is off tonight. just a few hours before the cherry blossom festival begins, the d.c. government has called in its snow team. 160 plows will hit the roads this weekend. jane watrel is along the tidal basin. we begin with veronica johnson up in the storm center. thanks, jim. i m having to say there s not going to be any snow on saturday. but sunday that s a different story. let s look and see what s going on now because we do have a little weak system passing to the south. that s where all the clouds came from. some folks picked up a sprinkle that dried up on its way downward. in the rockies, that s the storm system that s going to hit the plains and start coming this way for saturday night and sunday. take a look at the time line at the top of your screen, the time. saturday we re fine. this is 7:00 p.m. southwest virginia, by the time we get to 2:00 a.m., snow develops between 2:00 and 4:00 and 7:00 over it overspreads the area and sticks around till 4:00 p.m. sunday. coming up, we ll see amounts in the area. thanks, veronica. this cold weather and the potential for snow could not come at a worse time for the cherry blossoms. the peak bloom already has been shortened. and economic impact cannot be understated. jane watrel continues our coverage now. jane? reporter: well, jim, as you know, the festival kicks off d.c. s tourism season and it adds in never $100 milli over million to the economy. so yes, i will tell you the snow isn t welcome. a quiet night along the tidal basin on the eve of the cherry blossom festival. temperatures in the 30s have kept the crowds at bay. it s a little cold and a little bit windy. yeah. but it s still beautiful. i am surprised. i said maybe it was going to be very crowded because of the season and because of the trees and everything. now that we re down here we re, like, okay. reporter: still there are hearty souls out to see the blossoms for the first time. like the burrows family who moved from california to loudon county. it s beautiful. a little cold. feels like spring left. but we ve had a wonderful time. walked all the way around the tidal basin and it s beautiful. reporter: the blossoms are beautiful. and inching closer to their peak blooms. the national park service predicts the peak will occur next tuesday through friday when 70% of the blossoms are open. and snow forecast for sunday won t have an effect. why? the majority of the blossoms are not out yet. the petal to the stem is still very strong. and very resilient. buns the blossoms are out for a couple days and you get a heavy wind, then they ll start falling down. this shouldn t affect them at all. reporter: already the cameras are poised to click and shoot. this photography instructor is planning to bring his class to the tidal basin. people come from all around the world to shoot pictures during these two weeks. as a matter of fact, all year long i m hearing from my clients, can we go during the cherry blossom time? are you going out? people are planning this thing six months out. reporter: the national parks service says over 1.5 million people will come to the washington region during the cherry blossom festival. almost half of them travel from outside our region so the snow could have an impact. reporting live along the tidal basin, i m jane watrel. back to you. a hostage situation that played out on live television. a bank teller s life in jeopardy. a gunman not willing to give up. ultimately three officers ended the standoff by shooting and killing the gunman. tonight news 4 is hearing from them exclusively. jackie bensen. reporter: jim, all three officers have been cleared of wrongdoing in the shooting which was a defining moment for this police department. hostage. my side. he s got a gun to her head. her pleas, i can still hear them every day. please don t let me die. reporter: january 28th, a man holding a gun to the head of a terrified hostage walked out of the capital one bank in tacoma bank and was met by a small army of police officers with weapons drawn. he s got hostages. he s out front. reporter: an exploding dye pack added to the surreal scene. he tried to negotiate with the robber. drop your weapon, give up, release the months thostage. reporter: one wrong move could have meant death for the hostage or a cop. but it was the bank robber who slipped up on snow. the hostage made a break for safety. the suspect grabbed at her. as soon as i saw him raise his weapon up towards the back of her head, that s when i fired my first shot. reporter: the officers wish it hadn t come to the need to use deadly force against carlos espinoza arcia. i didn t know what was going through his head, knowing that there was nowhere for him to go. why didn t he just drop the gun and give up? i don t really have a problem with what i had to do. it s unfortunate that something like that had to happen. you know, it s part of the job. reporter: their boss agrees. you plan for these things. you train for these things. and in this case, everyone did their role. everyone remained cool and calm. reporter: just this week, a grand jury cleared the officers of any wrongdoing in this shooting. jim, back to you. jackie bensen, thanks. a 2-year-old child is in critical condition right now, but she is alive after falling from a seventh story window. it happened this evening at an apartment building in the 800 block. the child was flown to children s hospital. based on the location where police put up tape, it is possible either a bush or an awning broke the child s fall. what do you do? stand up, fight back! reporter: activists crowded into the government district headquarters friday inside the d.c. mayor s office today. they re worried that next week s budget cuts will take a toll on important city services. the group is called save our safety net. it s asking mayor vincent gray. mayor gray has indicated he s shying away from any more than $300 million up for grabs tonight in the mega millions drawing. people were buying tickets all over. it s the sixth largest jackpot in the game s history. the baltimore sun did some math. between 200 and 300 missiles led by the u.s. coalition in ib libya. it could almost buy the huffington post. or you could buy enough ipads to give one to every resident. here are the numbers. 22, 24, 31, 52, 54, the mega ball is 4. coming up in the broadcast tonight, the senate campaign in va irginia kicks off with attac directed at the white house. a trooper killed at only 24 continues to help youngsters in our area even after his death. later, an avalanche surprised on monday night, president obama will address the nation to explain the u.s. military involvement in libya. he is under increasing pressure to justify the combat mission against moammar gadhafi s regime. after a week of air strikes, a military official says gadhafi s ground forces are still a big threat. the no-fly zone soon will be enforced by nato which expects the operation in libya to last at least three months. in virginia, republican george allen spent the day on the campaign trail. he was at a breakfast in bristol, virginia, today as he prepares for the 2012 senate race. like many republicans last november, allen focused his criticism on the white house. and the country s trade. webb said he ll not seek re-election. prince george s county leslie johnson was charged in federal court today with conspiracy to commit witness and evidence tampering. she s accused of flushing a $100,000 check as the fbi knocked on her door last year. they stem from her ex-husband. paying to get preferential treatment. still to come, a state trooper s legacy lives on in a youth mentoring program now led by his brother. we could see some flurries tonight maybe, but the real stuff comes in later this weekend. what s up? what s up? what s up? from a commercial to the from a commercial to the dictionary. i can t say enough about them. i can go in, get the things i need, and i know i m saving money. why would i shop anywhere else? at giant, we want to thank you for making us the store you love to shop for over 75 years. this week, look for savings in every aisle, just for you. like super g boneless chicken breasts, $1.99 a pound. and pepsi 2-liters, just 10 for $10. i pay for my groceries, and i look at the bottom of the receipt, i m like, yes! i did it! that works for me. more savings every time you shop, with your giant card. nine months ago maryland state trooper wesley brown was shot and killed. he was only 24 years old. but brown acted much older and wiser than his age. he had already started his own youth mentoring group. and tonight that group lives on inspired by trooper brown. darcy spencer has our report. work hard and never, never quit. reporter: on a recent saturday, these young people gathered for a talk about leadership about making it in life despite the challenges. spl whatever happens in life that does not kill you is going to make you stronger. reporter: it s part of a series offered by the young men enlightening other men group started by trooper wesley brown. he was gunned down at the age of 24 last june. wesley was there to, like, motivate me to go back to school. i would say this group is motivating me to become a better person all around. reporter: trooper brown was worked a security detail just outside the applebee s restaurant. i was just going to take it as far as i can. reporter: trooper brouchb. it s important to my heart to keep my brother s legacy alive. reporter: one thing the two shared was their love for motorcycles. after his brother s death, he good to get on the bike. it s called a blue angel. we believe he s always watching over us. reporter: the bike has prayer hands. trooper brown s badge embedded on the gas tank and other images of the family a. many say he left a lasting impression on their lives. he showed me. reporter: strong leaders like trooper brown guided them to a straighter path. if it wasn t for him, i think a lot of us in the group would have messed up. reporter: trooper brown s mantra was there is a bigger and bright brighter life ahead. i m getting that big house, that $500,000 house on the hill. i can do this. i can get in the pentagon. i want them to know that they can do it. good for them. so it s not exactly the latest that we ve ever had snow, is it? no, there s not. as a matter of fact, we had a viewer, sandy, is from april 2007. you can see it there. we picked up i just hope it won t happen again. saturday, late through much of sund sunday. we ll be talking about it. yeah, i don t think it s going to cause a lot of trouble. let s talk numbers now. augusta county in that southwest pocket of virginia where there is currently a winter storm watch in effect. there could be more than three inches of snow there. but not here. let s talk about what we ve got going on. we ve got some more showers on late sunday night, watch the white. that s the snow coming into the area. also shy of area, and then it s out of ear, and that s it. three inches in the areas far to south and west. maybe partly cloudy and cold. tomorrow even though it s going to be on the chilly side, it s going to be the best day out of the eek end weekend. the first part of next week, too, is going to stay a bit on the coming up, the unique view of an avalanche from a camera strapped on the skier s chest. and in sports, close does not cut it can t wichb them all, can you? can t win them all. it s the end of the season. i don t think guys are mailing it in or anything. they just played two pretty good team. the caps like the problem you like to have, semib, but coach boudreau says there s a possibility the team would use both. no noivert. take another look. the puck goes off both. referees review it, and they determined. bruce body row not, ottawa takes a 2-0 lead. later in the third, caps on the attack. gets something to johansson. her it s the tenth time washington has been shut out this season. apparently this fan doesn t get his money s worth. the wizards are on pace to match the worst record season at 82 games. the kings went 1-40. tonight, out west in denver. first quarter, tied at 9-9. danilo gallinari drives. layup attempt no good. kenyon martin there on the. gets the lay yuf, but he s fouled. flies in for the follow-up. he s got a lot of tattoos. the los. i d say. he had 17 points. yug g talking baseball now. let s talk small ball. bunts, walks, more than 30% of the games played last season were decided by one run. jim riggleman calls it, he lifts a pollup skip schumacher hits one into left center. you know what i call this? glovely. 3-2, cubs. opening day thursday. can coming up, w a skier who was trying to capture his adventure on video recently got more than he bargained for. he was up in british columbia with a camera strapped to his chest. when a small avalanche overtook him. he was sent tumbling down the mountain and the snow was like being in the ocean. a friend was able to ski down and help him out. both of them continued to ski back down off the mountain opinion a tiny high school in northern virginia has landed a very big name for graduation speaker. first lady michelle obama will give the commencement address at quantico high school. ms. obama will only be speaking to six graduating seniors and their families june 3rd. she ll also speak at west point, university of northern iowa the gold standard of dictionaries has added some new words some of which have been part of the american vernacular for a decade now. what s up? what s up? what s up? inspired by this 1999 budweiser ad, the oxford english dictionary now included whassup! lol and omg, laughing out loud and oh, my god. also making the cut, muffin top, the flesh that protrudes above the waistband of a tight pair of pants. i have one but i didn t k