Welcome to Closing Bell. I'm Scott Wabner live from Post 9 here at the New York Stock Exchange.

This make-a-break hour begins with a debate over where stocks are heading next

after the sharpest rally in nearly 18 months. Is there steam left or will things simply fall apart as the calendar turns to a new year with many new challenges?

Let's first take a look at the scorecard with 60 minutes to go in regulation. There's a bounce for the NASDAQ today.

It's been down for the past five days.

Apple, how about that stock getting back above $3 trillion in market cap for the first time since August

third. Nice gain there. Nearly $4 alphabet, Amazon and video also as you can see

their winners on the session today. Well, Tech's gain to Russell's Payne, small caps,

but they're sinking after a really nice run lately and bond yields talk about

sinking they're taking another turn lower the 10 year below 4.2 hit as low as

4.16 earlier today which takes us to our talk of the tape. The great debate in the market

right now over where your money is likely to go. Our bull, NFJ's John Maori argues the broadening of the rally is legit and can go even further.

Our bear canters Eric Johnston who's made the case repeatedly right here that stocks cannot sustain

the momentum and are sure to fall and fall a lot.

Both here at Post 9 as you can see to make their respective cases.

Gentlemen, welcome back.

Eric, I turn to you.

This market has done incredibly well over the last month. Why aren't you? to you

finally, finally,

finally bullish.

Well, the economy is slowing.

One of the backbones of this economy has been the labor market.

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