An informative and entertaining look at the must-see CNBC moments that will sharpen your business edge today, tomorrow and beyond. What follows is a look at some of the most compelling conversations and noteworthy moments broadcast on CNBC on Tuesday, May 7.
Up, up and away!
That's the direction U.S. stocks headed Tuesday, with the S&P 500 entering bull market territory after climbing some 20 percent since its November lows. The Dow Jones industrial average surpassing the 15,000 milestone and closed higher for the 17th consecutive Tuesday, which is its longest such streak on record.
In turn, much of the talk on CNBC centered around whether the rally can continue. To the professional traders who appeared on CNBC's "Fast Money Halftime Report," the answer is a resounding "yes."
"You don't want to fight the market here," said trader Michael Murphy. "The tape is telling you that it wants to go higher, so stick with that trend."
Stephanie Link of TheStreet.com and Simon Baker of Baker Ave Asset Management also expressed bullish sentiment toward the market, adding cyclical stocks show the most promise.
"There are valuations that are buyable. Like half the market hasn't done what the major averages have done, so this is still a great time to be selective, but you can still find things to buy despite the fact that we're at new highs on the tape," Brown said.
The rotation trade does appear to be in place, echoed Bryan Piskorowski, managing director of Wells Fargo Advisors on CNBC's "Street Signs." Past rallies have been driven by tech or financials, but this run is driven by defensive names, which makes it unique. In turn, he thinks more investors will come into the market, sending stocks higher.
Even hedge fund trader Doug Kass, a celebrated bear, admitted he got the market wrong. He had been calling for a correction since January, but now the S&P is up roughly 13 percent year-to-date.
"The earnings landscape continues to be challenging and the market hasn't cared because global monetary policy is dominating the revenue and earnings lethargy," said Kass, founder of Seabreeze Partners on CNBC's "Futures Now." "We're in a P/E driven market and these are always far more difficult to assess than earnings driven markets."
Kass added, albeit jokingly, that he didn't realize the Federal Reserve's job that gone from stimulating the economy to sending the stock market to new highs.
Kass wasn't the only one critical of Fed policy, though. PIMCO's Bill Gross, manager of the world's biggest bond fund, drew laughs around the newsroom after tweeting, "Dow hits 15,000 & PIMCO's internal Corp & Hi Yield Index hits all-time yield lows. Thanks Chairman #Bernanke! Got any more?"