TODAY | July 12, 2013
>>> much. wall street is looking to build on a record today. the dow jones industrial average and s&p 500 closed at all time highs on thursday. that's only part of the picture this morning. here to bring it in we have maria, anchor of closing bell on cnbc. good morning.
>> good morning.
>> if we needed more prove ben bernanke can move markets, he did. a highly accommodated policy is needed for the future and will make wall street soon. it's going to keep coming.
>> that's what he is saying. this week he basically said look, there's no guarantee that we're going to begin to end the stimulus by the end of the year because the economy is still growing at an nemic place.
>> seems like there's a paradox here. it's great to see the market go up but the economy still needs help from the fed.
>> for a long time, several years, bad news has been good news for the stock market . it's like this goldilocks economy . not too hot. not too cold. that's what he likes to see.
>> 7.6 unemployment overstates the health of the economy.
>> that i thought was the key comment. in other words saying, yes, we have an unemployment rate , 7.6% but it's probably a lot worse than that and that's one of the key measures that he is looking at as a marker to begin rolling back the stimulus. that's the key ingredient there. unemployment is still a major issue. the fed is going to be there.
>> another quick thing, mortgage rates . we're starting to see them rise at the time that the housing sector which is the basket case of this economy is getting better.
>> remember when we could have borrowed at 4.5%? yes. we moved from 3% to 4.5%. we have seen a move that had shut some people out of the market but we're still looking at very low rates. this market in terms of housing is different across the country. i don't expect a run away market any time soon and i don't think rates are going to skyrocket. we're still at good levels.
>> always good to see you.