Good evening everyone and welcome to the CNBC special taking stock.

I'm Aiman Javgers.

Jim is off tonight mortgage rates topping 7% today rates haven't been consistently

above seven for a long time.

A senior Fed official said he's firmly in favor of sticking with quarter point rate

hikes stock started the day off slowly but took off following those comments the Dow

climbing more than 330 points on pace to break a four week losing streak the SNP and Nasdaq

snapping two day losing streaks both climbing around three tenths of a percent major index

is all turning positive for the week but will investors soon feel the downside of higher

rates it has to happen at some point right plus tonight the intersection of Washington

and Wall Street China in the spotlight on Capitol Hill this week as pressure to beef up

investment restrictions take center stage one of the star witnesses from this week's dramatic

prime time China hearing will be here with us tonight and the White House making a big

call for big tech when it comes to cyber security.

CEO is Splunk is going to join me here to explain what it all means.

But let's start with the markets and bring in CNBC's own Mike Santoli to break down today's

trading mic what happened out there today.

Well I am and you know one month ago today was the year to date high for this market very

strong January culminated on February 2nd that was also when treasury yields bottom they

hit about a three or four months low at that point and have been racing higher since then.

So the stock market's been pulling back in the shadow of that move higher in yields which

has come along with this idea that the Federal Reserve is going to have to keep ratcheting

...