Transcripts For CNBC Closing Bell 20240713

Market rs doing because they did see a significant bounce around about midday when the president said he would be addressing the nation at 3 00 p. M. And with it came the eck peckation that he would declare a state of emergency. That took us off the lows of the session. Were splitting the difference it was up 1339s at the high, 85 and currently 865 points lots to discuss. Straight to eamon javers who is outside the white house. Eamon, what are the key things we might be expecting from this from the president well one of the things were going to be looking for is whether he makes any mention of the bill na that nancy pelosi said hes going to pass as early as this afternoon in terms of dealing with the virus a Senior Administration official told me that the white house still objects to several provisions in that measure will the president embrace it or discard it thats a key question. Lori ann is reporting that Steven Mnuchin was on the phone with speaker of the house nancy pelosi shortly after her remarks publicly so we dont know exactly what happened on that conversation, but we know that that is the seventh phone call between those two leaders just today thats been reported on so theres a lot of back and forth here behind the scenes we dont know exactly where the moufing target is going to end up, but well see it in a couple of minutes, whether the president endorses that bill or looks to Senate Republicans to put something that he likes a little bit better. The other two keys here are a National Emergency under the National Emergencies act and an invocation of the stafford act both are possible. We dont know exactly to what levels and what authorities the president might claim under the National Emergency declaration the stafford act would give the president about 35 billion, up to 40 billion, of additional funding for fema and Disaster Response there is a provision in there for unemployment for those people who have been displaced by a National Disaster and you would imagine extraordinarily helpful as a result of those people losing jobs because of this sudden stop i was at a lunch place on pennsylvania avenue. Zero customers in there at 11 40 this morning just before the lunch rush zero you can imagine all those people who work in shops like that are very worried about whats going to happen to their livelihood over the next couple of weeks. Do stick around lots to discuss. I want to bring in stephanie link, cnbc contributor and mike, both with us for the full first hour of the show with markets at the moment 822 points mike, break down the action weve seen today a fantastic open significant bounce back. Slid from those levels and a lot resting on what were going to hear from the president. One of those days where if there was not a significant bounce, it would have been suspicious when youve had a day that was down 6 or more, the average bounce the next day is almost 3 , so essentially, that was pretty much pro forma. Middle of the day, i think there was a little uncertainty as to whether there were real buying or just Short Covering then the announcement of a 3 00 p. M. President ial News Conference just a little static as to what that might mean, but i dont think necessarily thats the driver of this last little burst higher i think its that we were so brutally oversold that you almost had to lift unless Something Else kind of blew loose. We were seeing a hot lot of scratching after the president s last conference. To detail any specific steps can he do anything right now to change how u investors are feeling about the immediate future. Well, i actually think over the last 24 hours that the moves by the fed in terms of Monetary Policy changes and improvements and the actions by the white house and congress to do something on the fiscal side i think the sense of urgency is more there now it has been and i think thats encouraging, but i think the volatility is here to stay for a while and thats because as you get more test, youre going to have more cases and thats going to be alarming for people. So i think we have to get past the next two weeks, which is when i think youre going to see kind of the pique numbers come out then maybe the dust can settle a little bit. We can kind of incorporate what all this means to the economy as well as to earnings for stocks and investing. Reminder that we are awaiting a president ial address from the rose garden outside of the white house. You can see that live picture there. Were awaiting the president the s p 500 is up 4 with 55 minutes or so left of the session. It is down 13 in what has been a torrid week for equities eamon, we saw a large amount of action from the Federal Reserve over the course of the last couple of days and everyone is now waiting to see if the government and congress are going to back that up what did you make of the way that we saw Speaker Pelosi come out an hour ago ahead of the president . Do you get the sense that the two sides, republicans and democrats, are coming together and unified yet or are we still some way from that i think were still some way from that. Or we were at 2 00 p. M its a fast moving situation if there were bipartisan unity, youd see them together announcing a joint deal. We did not see that. We saw the speaker coming out an hour before the president. She knew the time he was scheduled to peek at the time scheduled her remarks and said she was moving forward so not the two sides op on the same page. They may end up there. This is clearly an ongoing negotiation as you talk about the calls between mnuchin and pelosi right after her remarks the, this is a rolling negotiation here well see where it ends up but in terms of the fed, fascinating to see president s tweets today about the fed calling for them to take more action the president does not think that that one 1. 5 trillion yesterday was enough he wants massive qe, much lower rates and he wants it now. He thinks the fed is aleap at the switch and hes not afraid to say so publicly thats been a a consistent theme of the president and 1. 5 trillion didnt change that. Whats interesting is that we have the former treasury on yesterday and pointed out the Nations Companies have had a massive tax break and they should have, he said, cash on hand to deal with this kichnd o crisis when youre looking at thely quid issue and the fed trying to tackle that, nos not the thing thats going to reassure americans to go out an spend money if they need a new washing machine or car or even going to movies or restaurants. Theyre separate but inter interrelated issues. The Financial Market stress that came from markets trying to a adjust to the sudden stop in the economy created this liquidity issues and air pockets that the fed is trying to lubricate here with their 1. 5 trillion in liquidity. I think though its correct that its not really addressing the issue of people missing paychecks. People staying home and who knows what its going to mean in terms of a prolonged stall for the economy. We simply have no end point. Mike, just to go back to whats happening in the markets. Not just today, but this week. Weve had quite an odd situation where weve seen yields rise over the course of the week. Bonds prices fall. Alongside equity prices falling. Also alongside gold prices falling for the week some 9 this week. Whats gone on this week compared to the prior couple of weeks . The relationship broke down, especially yesterday much of the week, but especially yesterday. When yesterday was essentially sell everything and it was a rush to cash it was big leveraged professional investors, individual investors thats often kind of a give up moment in markets, where it just doesnt really matter what it is people were selling longer term treasuries to buy treasury bills at short end so thats more of a fear and panic independent kart. I think today its worth noting that treasury yields are up. And stocks are up, which is a little bit of the restoration of that former relationship, but this has been a staticy market we are awaiting a live address from the president any moment now, but in recent weeks and months, the president and his advisers and cabinet secretaries have not be shy about telling the American Public buy stocks during the coronavirus in themarket President Trump yesterday saying quote, its going to all bounce back but the white houses Investment Advice has not been well timed on february 24th, he tweeted quote, stock market starting to look very good to me day later, larry kudlow said i would suggest seriously taking a look at the market a lot cheaper than it was a week or two ago a few days later, eric trump tweeted in mmy opinion, its a great time to buy stocks lets see if im right he since deleted that. Stocks down 20 since then this morning, Steven Mnuchin called it a great investment opportunity. I look back at people who bought stocks after the crash in 1987 people who bought stocks after the financial crisis for longterm investor, this will be a great investment opportunity. That on squawk on the street this morning even if todays call by the treasury secretary turns out to be right, investors and market participants, they dont want to hear policymakers address that they want to get confidence that policymakers are sorting out the fundamental root causes of the problems without a doubt and its also a good illustration why its hazardous for any mrks administration to comment on Something Like the stock market. He said for longer term investor, it makes sense and really havent gone wrong in history buying after the market has gone down 25 if you have a longterm Holding Period thats less of a risky proposition, but yeah, trying to time the market is impossible. Lets move on the advice. Stephanie, what do you say to that, that this is a good longterm investment to get in now. Yeah, its impossible to time and as you guys know, i have been actually buying small over the last three weeks i dont know where the bottom is going to be. My strategy has been to focus on upgrading my portfolio, getting Blue Chip Companies that are truly on sale, down 20, 30, 40 . I want to have companies that have good market share god leadership strong Balance Sheets and looking at dividends, this is a big part of my strategy. When cisco yields 4. 2 and i know that that dif dent is saded is safe, i will buy that all day long i bought black stone yielding 6 . The stocks down 25 in the ls several weeks. High eququality company. Dpraet Management Team by the way, theyre going to benefit because theyre probably going to be able to get some stuff on the cheap another theme is Animal Health the way you play that is zooetis. Which is only down b bt 9 i like chewy as well for that same theme lastly, im look iing at what Companies Benefit from lower Interest Rates i look at home depot i think six, 12 months from now, these stocks will be higher and ill be phappy i bought still waiting for the president. We have 47 minutes left of the session. For today and the week, s p 500 is is up 3. 5 . Down 13. 5 for the week as a whole. Today, we are seeing financials, staples and Technology Lead the charge financials up 6. 5 in terms of the s p Sector Performance energy once again near the bottom, sorry up 1. 4 . Utilities, the worst performing sector, up 0. 7 . All 11 sectors are higher today. Up 33. 4 . Lets get a closer look at the wild market moves weve been seeing mike if this is how you make a 3. 5 rally look small, put it at the end of trend like this when the market went down 29 in record speed reck i drew this line yesterday. Thats a 200 week average. We sliced right through it ooempb even if we are rallied from here, its still not getting back up to a level we shopt have gone below yesterday. Kind of a high burden of proof that general zone of the lows from 2018 helped this is the current experience since february 19th. Compared to what we saw in the fall of 2008 it actually mimics it well keep in mind, the market was falling in 2018, but this was the steep part of the drop still had that great rally new low. Something like that. Wouldnt be too surprising to see Something Like that, but you have to go back to 08 or 1987 to find something this steep and comprehensive and washed out in terms of the depth and intensity of the losses in the short period of time mike, we go through all sorts of analysis, but one of the standouts is that we came from a much richer level. We did. 1987, i would say was also a pretty exuberant point from the top, which was august of that year but youre right were not as if after a 29 drop, youve gotten cheap in the markets, but its more about how fast weve incured those lozs. Thanks so much for that 45 minutes left in the session the president due start speaking any moment well discuss what that all means. When ever he comes out with black rock more after a short break. Well be back in just a couple of moments we see harnessing natural gas unleashing the promise of clean energy. At emerson, when issues become inspiration, creating a better world isnt just a result, its a responsibility. Emerson. Consider it solved. Danafarber Cancer Institute discovered the pdl1 pathway. Pdl1. They changed how the world fights cancer. Blocking the pdl1 protein, lets the immune system attack, attack, attack cancer. Pdl1 transformed, revolutionized, immunotherapy. Pdl1 saved my life. Saved my life. Saved my life. What we do here at danafaber, changes lives everywhere. Everywhere. Everywhere. Everywhere. Everywhere. 18 minutes past the hour live shot of the white house we are expecting the president the to make a declaration of an emergency, that would then put fema in charge of some of the National Response here well wait to see what happens here bring you his remarks as soon as we see the president lets have a look at the markets. We are up 4 as you can see. Russell lagging behind 3 . Russell was briefly negative in the middle of the day, but theyve all recovered over the course of the last couple of hours. Lets check in on some individual Market Movers big rebound us taking place. Norwegian cruise line, one of the biggest winners after significantly underperforming the other cruise line stocks the company Just Announced a suspension of all cruise voyages from march 13 and april 11, 2020 r for its all three of its brands the Stock Plunged 60 since monday wow. Huge moves and live fact also bouncing back strongly today after a nearly 15 decline on thursday. That come comes after the company suspended all live events through the end of march. The number of coronavirus cases in the United States now stands at 1,701. 40 confirmed deaths. As the United States works to expand its capacity, some hospital rs creating their own tests. Our next guests are are one of those hospitals producing a test this presents results in just hours instead of days. Joining us is robert garrett, the ceo of Hackensack Meridian Health and david, the chief scientific officer its great to talk to you today. First of all, can you give me a sense of how much demand there is right now for testing at the hospital theres significant demand for testing. We start ded Training Team members. When . In january, we went through intense training we were an ebola decembsignate e side we also tried to stock up u on personal protective equipment to protect our team members and physicians on pharmaceuticals. And then preparing for this virus to come to the United States, we thought by crop dwoping our own test, it would be a lot of advantages have you had the to deny patients showing symptoms of coronavirus . The cough, fever or other thi s things have you had the deny them testing because of a lack of tests . There have been a lack of tests. So weve had to prioritize those that have been the most severe so that is is true and up to yesterday, when our test was approved, the only test in the state of new jersey was the state run Laboratory Test and they had a limited capacity, so with our test now approved, were able to really increase that capacity significantly. Dr. Pearlan and his team really did a great job. They started preparing by taking p best f both ed at the cdc modn the european model developed in germany and took the best of both of those tests and developed their own model then really validated that test they got live virus from the cdc and then we got approval yesterday morning to start testing. We started testing peoplely and weve tested oyefuwa patie eed s how quickly can that be replicated elsewhere so we have two approaches internally, were looking to scale up so we want to increase our three put and number of patients 60 patients already in essential ly in the last 36 hours. Others can replicate our test. Its both scaleable and we can transfer to others we transferred it from my laboratory do you have it . I dont, but what i have is a test swab kit. And so this is whats being used throughout the country and in our facilities as well. In which you use these and youre swabbing the nose and the mouth. It then goes into the the tube with the red cap we then mix it its a special solution then e we process it and we can process it about three and a half to four hours and we have a definitive positive or negative. Looks fairly basic. I know its not and what you do in the labs. Amazes us we still dont have the number of tests yet. But remind us what is now the advice as to who should be tested versus who shouldnt and when you should be selfisola selfisolating at home even if youre not feeling that well because people get nervous i have to go make sure i dont have anything worse than what it feels like right now, everybody shouldnt be tested. The recommendation is if a person is feeling ill, they should contact their primary care physician whoever they trust in their health care community. Get advice as to whether they warrant testing. And warranting testing is probably going to mean they have shortness of breath or other conditions our the test is being use d within our hospital so were not opening it up for anybody to come get testeded. Its being use d for the most critically ill but how do we have a good sense of whats happening if were not testing people showing symptoms theres stratification of testing. We need testing across the board. Testing of individuals who have been exposed to individuals who are asymptasymptommatic and tho have unclear exposure and most importantly, we need to test rapidly those individuals who are urgently ill and we cant wait a day and a half to find out what they have and because theres been such a lack of testing up to this point, thats why these mitigation vat jis are so important. Social distancing. Not having large social gatherings because otherwise, the Health Care System is going b to be overwhelmed. So if we can slow down the spread, then at least the Health Care System in general will have a chance to really respond to the crisis if you look in italy, it didnt happen that way and they are totally overwhelmed. Thank you for joining us. Good luck with the testing hacken ssack is on the forefront of what were going to see nationwide we have just now 35 minutes to go before the closing bell. The dow right now is up 4. 2 s p 500 is up 4. 2 nasdaq composite up 2. 3 its a relief i know to see those green arrows across the board after what weve been through this week. When we come back, the Financial Sector getting slammed Goldman Sachs just upgrade one big bank to buy. That call is next and later, the european economy commissioner, the former Prime Minister of italy, will talk to us about the economic hit on the continent and lessons to learn from the crisis in italy at the moment still awaiting remarks from the president live from the white house. 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Pdl1 transformed, revolutionized, immunotherapy. Pdl1 saved my life. Saved my life. Saved my life. What we do here at danafaber, changes lives everywhere. Everywhere. Everywhere. Everywhere. Everywhere. Welcome back we have 31 minutes we are off the session lows. 900 points on the dow. The high was open. 1339 points. Low was 85 paints. Locks like well have 30 minutes or so of the day and the week after the president speaks for the week though, to remind everyone, nicely high e today, but significantly lower on the week down 13 what are some of the other factors that stood out for you this week in terms of volatility volumes. Its really just the velocity and relentlessness of the decline. Thats why we got to the very extremed levels. Okay, here comes the president. The Vice President just behind him. 30 minutes exactly left of the trading session. Lets listen in to the president. Beautiful day in the rose garden appreciate everyone for being here today id like to update the American People on our village lent effort to combat and defeat the coronavirus. Weve been working very hard on this weve made tremendous progress when you compare what weve done to other areas of the world, its pretty incredible a lot of that had to do with the early designation and the closing of the borders then as you know, europe was designated as the hot spot right now and we closed that border while ago. So that was luckier through talent or through luck, whatever you want, but through a very collective action and shared sacrifice, national determination, we will overcome the threat of the virus. I also announced wednesdaying night following the advice of our medical professionals who are doing a tremendous job and we appreciate it very much were suspending the entry of foreign nationals who have been to europe in the last 14 days from entering the United States. Citizens, permanent residents and our families, any families returning from europe will be subject to extra screening as well as selfisolation for a period of 14 days as the World Health Organization confirmed today, many of the things what we said were 100 correct including our designation of europe like our earlier very aggressive actions with china, this measure will save countless lives. I appreciate the folks behind me a lot of them said that saved a lot of lives, but it is only the dping of what were really doing and now were in a different phase. We had some very oan obsolete r that worked before but not under mass circumstances they were there for a long time and were breaking them down now and theyre very use bable for certain instances, pu not for this to unleash the full power of the federal government through this effort, im officially declarin a martial emergency. Two very big words the max im taking will open up access to over 50 billion of very importantly, very important and a large amount of money for states and territories and localities in our shared fight against this disease and every state to set up Emergency Operation centers effective immediately. Youre going to be hearing from some of the Largest Companies and greatest retailers and medical companies in the world theyre standing right behind me and beside of me im also asking every hospital in this country to activate its Emergency Preparedness plan so they can meet the needs of americans everywhere the hospitals are very engaged. New york and various places are engaged. I just spoke with governor cuomo. We had a very good conversation and are working strongly with many states including new york the emergency orders will also confirm new u authority to the secretary of health and Human Services the secretary of hhs will be able to immediately waive provisions of applicable laws and regulations to give doctors, all hospitals and Health Care Providers maximum flexibility the respond to the virus and care for patients. This includes the following critical authorities the ability to waive laws to enable telehealth, a fairly new and incredible thing thats happened in the not so distant past i tell you, what theyve done with telehealth is incredible. It gives remote doctors visits and hospital check ins the power to waive certain federal license requirements so that doctors from other states can provide service in states with the greatest need. Number two the ability to waive requirements that critical access hospitals limit the number of beds to 25 and a length of stay to 96 hours. The abety to waive the prirmts requirements of a three day stay to a nursing home. Big thing. The authority to waive rules to hinder hospitals ability to bring additional physicians on board or obtain needed office space. They can do as they want they can do what they have to do they know what they have to do now they dont have any problem getting it done. The authority to waive rules that severely restrict where hospitals can care for patients within the hospital itself ensuring that the emergency capacity can be quekly established. Well remove or eliminate every obstacle necessary to deliver or people the care they need and that theyre entitled to no resource will be spared nothing whatsoever ten days ago, a i brought together the ceos of commercial labs and directed them the begin working on a solution to dramatically increase the availability of tests. Other countries have called us and worked with us and theyre doing similar things or will be doing similar things as a result of that action today, were announcing a new partnership with private sector to vastly increase and accelerate our capacity to test for the coronavirus. We want to make sure that those who need a test can get a test very safely, quickly and convenient yently, but we dont want people to take a test if we feel that they shouldnt be doing it and we dont want everyone running out and taking only if you have certain symptoms using federal emergency authorities, the fda approved a new test for the virus we did this within hours after receiving the application from roche. A process this would normally take week, we therefore expect up to a half a million additional tests will be available early next week. Well be allowannnouncing locat probably on sunday night i want to thank roche, great company, for their incredible work id also like to thank fisher. The fdas goal is to hopely authorize the application. Within 24 hour, it will go very quickly. Which will bring additionally 1. 4 million tests on board next week and five million within a month. I doubt well need anywhere near that at the same time, weve been in discussions with pharmacies and retail eers to make drive throu tests available in the critical locations identified by Public Health professionals the goal is for individuals to be able to drive up and be swabbed without having to leave your car i want to thank Google Google is helping to develop a website its going to be very quickly done unlike websites of the past, to determine whether a test is warranted and to facilitate testing at nearby convenient location we have many, many locations behind us by u the way we cover this country in large parts of the world, by the way not going to be talkinging about the world right now, but we cover very, very strongly our country. Sourcing virtually every location google is is 1,700 engineers working on this right now. Theyve made tremendous progress our overriding goal is to stop the spread of the virus and to help all americans who have been impacted by this again, we dont want everybody taking this test its totally unnecessary and that will pass this will pass through and were going to be Even Stronger for t it weve learned a lot. Tremendous amount has been learned. I want to thank deborah and ask her the maybe come up and say a few words as to whats happening. Dr. Burks is a highly respected person ive gotten to know very well over the last six days. And what weve done is rebuild something very old, very old fashioned. Somewhat obsolete, certainly when it comes to the kind of numbers were talking about. Dr. Burks, please. Thank you, mr. President. Its pleasure to be here with all of you i think you know at the beginning of this epidemic, hh through cdc developed an essay built on the existing flu surveillance system. That system was then converted to diagnostic system but last tuesday, seeing the spread of the virus around the globe, the president realized that our current approach to testing was inadequate to meet the needs of the American Public he asked for an entire overhaul of the testing aproep. He called the private sector laboratories to the white house as noted and charged them with developing a high through quality platform that can meet the needs of the American Public we are grateful to lab corp. Answer quest for taking up u the charge immediately after the meeting and within 72 hours, bringing additional testing ak e success, particularly to the outbreak areas of Washington State and california and now across the country we are also very grateful to the universities and large Hospital Systems that took up the charge to develop their own quality tests made available by new fda guidance that has resulted in expanded testing across washington, colorado and you see sometimes those drive through options that have been made available following the meeting last week, major commercial Laboratory Equipment and diagnostic companies took action to adopt new testing systems. Last night, the initial Company Received fda approval moving from request to development to approval in record time. This innovative approach centered fully on unleashing the power of the private sector. Focusing on providing convenient testing to hundreds of thousands of americans within short turn around times and less than two weeks together, we have developed a solution that we believe will meet the future needs testing needs of americans i understand how difficult this has been i was part of the hiv aids response in the 80s. We knew from first finding cases in 1981, it took us to almost 1985 to have a test it took us another 11 years to have effective therapy it is because of the Lessons Learned from that that we were able to mobilize and bring those individuals that were key to the hiv response to this response. I understand that a lot of this behind the scenes action over the last couple of weeks was invisible to the press and the American People. But this intense effort has not only resulted in innovative solutions, but an automated, high throughput system bringing the raavailability of these quality coronavirus testing to the American People at unprecedented speed. Finally, in south korea, they had a large number of tests available over the past several weeks. Positivity rate is between 3 and 4 with lab tocorp. , its between and 2 so we want to announce this new approach to testing which will start in the screening website up here. Facilitated by google. Where clients and patients acan go, fill out a questionnaire, they would move down this and told where the drive u there options would be for them to receive this test. The labs will then move to the high throughput automated machines to be b able to provide results in 24 to 37 hours. We want to bring this across the continent. Thank you as much. Id like to maybe have tony i think everybody know you pretty well. Hes done a tremendous job b working long, long hours and weave seen lot happen, but its been a great experience and working with you has been terrific tony, please thank you very much, mr. President. This is an example of another example of what ive been referring to in my discussions with many of wrou in the audience as a proactive leaning forward aggressive trying stay ahead of the curb and what youre seeing now with this order is that were going to be able to remove the constraints so that people at the state, the local level, the individual physician, all the way up through the federal government will have as many constraints as possible removed for them to do everything they wobble poblly can so that we can imp m the things that weve been talking about. The containment. The mitigation so that as ive said many times, that curb that i refer so that goes up we dont want that we want to suppress it down to the small mound. I think what weve done today is going to be an important element. We still have a long way to go there will be many more cases. But well take care of that and ultimately u as the president said, its going to end sooner than it would have thank you. Thank you very much if i could some of those folks we know, theyre celebrities in their own right. The biggest business people, the greatest retailers anywhere in the world and one is Doug Mcmillan from walmart and id like to have doug if you would, say a few words, where ever you may be please when we got the call yesterday from the white house we were eager to do our part to help serve the country and given what were facing, we should all be doing that. Weve been asked to make portions of our parking lot available in select locations and scaling over time so that people can experience the drive through experience that the president described. Well stay involved and do everything we can at the supply chain to be of assistance. Appreciate it very much richard, if you could come up, please richard. Please similar to doug and walmart, were happy to step in because a lot of times when we have natural disaster, our stores are a beacon in the community. So we look forward to partnering with the cdc, the administration and task force and specifically to the Vice President is doing such a fantastic job, were ready to engage. Great job thank you very much. Brian cornell, target. Thank you, brian thank you, please. Well mr. President , thank you for inviting us here today along with our colleagues from walmart and walgreens and our partners a at cvs normally viewed as competitor, but today were focused on the common goal. Thats defeating the spread of the coronavirus. We look forward to working with the administration to do our fair share to alleviate that growing threat so thank you for including us today were all committed to making sure were keeping our stores open to serve the American Consumer whos rapidly stocking up on household essentials, key food and beverage items. Making sure we run safe stores and create an environment safe for our team members, making sure they feel supported during this critical time thank you for including us great job is tom here . Please. Thank you, mr. President. Were one of the leading p providers of medical dwigss as well as collection products for testing of coronavirus to ensure the right testing devices and were ready to address this issue thank you very much what a great job youve done steven, Quest Diagnostics please thank you, mr. President. As mentioned, we were call ed through leadership of the Vice President last week to come together as an industry and we took advantage of that opportunity to work with the fda, to work with the center for Disease Control and we were up u and running with tests in a number of facilities as the president mentioned, we have capabilities that will bring into our facilities this weekend and i know myself and my colleague at lab corp. Will be doing the same so the capacity able to the American Public to support this action will be increased in the next few weeks. Thank you, mr. President thank you very much appreciate it. And matt sauce please of roche matt, thank you, matt. Thank you, mr. President. So from ro krrchee we want to t the fda for their rapid approval of our coronavirus test. We really appreciate the partnership with the cdc and fda to get that to market as soon as possible because its critical to help patients in need and working with laboratories to get it up and going in the near future which will bring hundreds of thousands of tests available to patients in need in the United States. So thank you and you can do it you can do it. Great company. David pierre of cany fi health. Thank you, mr. President. We are the largest house call provider in the u. S. And we go to the homes of the most vulnerable, elderly and through our network and our logistics engine, we stand ready to help and provide our clinicians to be where theyre needed whether theyre in retail clinics or in the home and were here to assist thank you very much. Thank you very much and well be changing a lot of the rules, regular lacelations for future should this happen in the future, but we hope it never does, but it will. Somewhere out there. Bad ones over the years and i guess that will continue to an extent, b but we open it never happens, but were going to be b changing a lot of the old rules and specifications and regular laces. Adam schechter, lab corp. , please thank you, were working every segd of every day to increase the number of tests that we can run. Were working with Academic Medical Centers with our colleagues at quest, with other hospital and other lob laboratories to ensure we do everything we can to increase the testing as we move forward we understand how important the testing is and we are committed to doing Everything Possible great job thank you. Thomas, cvs thank you. Thank you, mr. President. We have been focused since the start of making sure our patients and the customers we serve have the information they need, the safety they need as well we are committed to working with the administration and local Public Health officials to make this work as well and thank you, sir. Great job and bruce greensteen stein, lhc group. Thank you very much. Mr. President , thank you for the honor of being here and the Home Health Industry has been treating seniors in the safety of their own home for decades. Were proud to be part of the equation for testing in their open home. For americans who cant get to a test site, were here to help and to partner with our hospitals and physicians as well as the people we have here today that will be doing testing around the country thank you. I like that thats good. Were also announcing the fol hoeing emergency executive actions today. To help our students and their families, ive waived interest at all Student Loans held by federal Government Agencies and that will be until further notice thats a big thing for a lot of students that are left in the middle right now many of those schools have been b closed based on the price of oil, ive also instructed the secretary of energy to purchase at a very d good price, large quantities of f crude oil for the u. S. Strategic reserve. Were going to fill it right up to the top saving the american taxpayer millions of dollars and making us even further toward that wonderful goal we achieved which nobody thought possible, of energy independence. Were buying it at the right price. And thats something that would have not even been possible a week ago the price of oil went down quite a bit so were going to fill it up its a good time to fill it up ide like to ask mike pence to say a few words, please. V. P. Thank you, mr. President. It is, this day should be an inspiration to every american. Because thanks to your leadership from early on, not only are we bringing a whole of government approach to confronting the coronavirus, were bringing an all of america approach now mr. President from early on, you took sisive action you suspended all travel from china. You created travel advisories. South korea and italy. We screen all travelers from all airports in both those countries. And on the unanimous recommendation of your health experts, you at midnight tonight, will effectively suspend all travel from europe and americans that were returning will be screened and ask to voluntarily participate in a 14day quarantine throughout this process, mr. President , youve put the health of America First but you brought the best of america to address it. Its not just at the federal level. As you said, mr. President , weve been working with states across the country we issued broad guidelines from cdc for every american, but u this week at your direction, we taylored specific recommendation from cdc, new york, Washington State, california, massachusetts and florida and weve been in con tin jous yous contact as you said with governors around the country. Mr. President , you have forged a Seamless Partnership with every state and every territory in this country you put the health of our nation first. But today, i trust that people around the country, theyre looking on at this extraordinary public and private partnership to address the issue of testing with particular inspiration. After you tapped me to lead the White House Corona Task force, mr. President , you said this is all hand on deck and you directeded us to immediately reach out to the American Business sector, commercial labs, to meet what we knew then would be the need for testing across the spectrum and today, with this historic Public Private partnership, we have laid the foundation to meet that need and for americans looking on o by this sunday evening, well be able to give specific guidance on a when the website will be b available. You can go to the website as the president said youll type in your symptoms and be given direction whether or not a test is indicated. And at the same website, youll be directed to one of these incredible companies that are going to give a little bit of their parking lot so that can come by and do a drive by test and mr. President , i want to join you in thanking walmart, cvs, target, walgreens these are companies synonymous with communities large and small and now theyre going to come together to meet the needs of the American People. These labs have done an incredible job stepping forward and are going to literally make, literally make hundreds of thousands of tests available and being processed with results to patients in the very near future but its all a result of you tasking us with you bringing together, not just government resources, which allstate labs can now test across the country. Cdc is testing, but you said, mr. President , that we wanted to bring all the resources of the country together and thats what this partnership really means. Truth is, that we have coronavirus cases now in 46 american states. And while the risk of serious illness of the coronavirus remains low, we want to encourage every american to practice common sense, practice good hygiene go to the cdcs website to see what the guidance is for your community or for the American People broadly and as the president said, its especially important now that we look after Senior Citizens with with chronic, Underlying Health conditions last week, the president directed the center for medicaid and Medicare Services to raise the standards at Nursing Homes increase inspections at nursing home ls and today, were offering extreme guidance which well articulate about visitations at Nursing Homes its important to remember they were there for us when we were growing up for us, mr. President , they helped us with their homework, tucked us in, cheered us on in our education, our kcareers and now its time for us to be b there for them and to recognize that seniors with chronic Health Conditions are the most vulnerable and americans can make a difference. So wash your hands, use common sense look after the most vulnerable and mr. President , i know i join you in saying that American American should be proud of this incredible Public Private partnership thats going to be speeding access of testing to millions of americans in the weeks ahead and together as youve said many times, together well get through this together, well put the health of America First where is seeba . Id like you to maybe take that a step further well thank you to the president for the declaration. It allows my agency, cms, that runs medicare and medicaid and has oversight of all of the Nations Health care facilities to suspend regulations that could get in the way of treating patients during this time. These temporary National Blanket waivers are reserved for the rarest of circumstances and they represent a. Matt ive mobilization of our countrys resources to combat this terrible virus. And the flexibleties we are offering will be a god send to the provide es, clinicians and facilities on the front line of this fight and late e, cms is going to be issuing guidance to Nursing Homes to temporarily restrict all visitors and nonessential personnel with a few exceptions, such as end of life situations. We fully appreciate that this measure represents a severe trial for residents of Nursing Homes and those who love them. But we are doing what we must to protect our vulnerable elderly thank you. I said in my address to the nation the other night, all americans have a role to play in defeating this virus our most effective weapon right dmou is to limit the damage to our people and our country and slow the spread of the virus itself the choice we make, the precautions we put into place are critical to overcoming the virus. Reducing its spread and shortening the duration of the pandemic which is what it is. The cdc has published gloo eed e on the coronavirus. Gov to enable its coronavirus. Gov and its heavily used right now, i will say. To enable every american to respond to thdemjanju epidemic. While the risk to young and healthy americans remains very low, learned a lot about this over the last two weeks, anyone can be a carrier for the virus and risk transmission to Older Americans and those with Underlying Health conditions and those who are most at risk they have not done very well Older Americans who are especially if they have a health problem. They have not done well. We must take all precautions and be responsible for the actions that we take and that we see other people take. We want to prevent the spread and transmission of the disease. Its incredible whats sports, whats happening with the sporting world where so many of the great sports weve gotten so used to at this time of the year, theyre not going to be meeting and theyve done a Great Service actually by that, that would be another way that it could be problems could be caused this is why i outlined on wednesday night my administrations fact that wevish issued a requirement suspending all medically unnecessary visits to various places but in particular, Nursing Homes. We should all be working off the same playbook when it comes to protecting americans we have to, we need to be consistent in adopting measures to limit the spread of the virus. The virus the same whether its spreading in cities, towns or rural communities. The tools and tactics were attacking it are similar no matter where you go. You have some hot spots throughout the world right now that people would have never thought possible theyre being seriously affected here among these efforts to breaking chains of transmission between people, these measures have been to wanted by many company, universities and schools. And we want to protect the safety and the health of their employees and their students i encourage every to follow the guidelines weve issued by cdc and these common sense measures. A lot of it is common sense. For the areas where the virus is spreading, the cdc is advising communities to postpone large gatherings postpone assemblies. Social functions and sporting events stagger recess and lunch for schools. That rather than t that arent canceled limit meetings and cancel work sponsored travel among newmumerous other steps tt can be taken, americans are the strongest and most resilient people on earth and in the coming weeks, well all have to make sacrifices, but these will produce longterm gain and again, ive said were learn in a lot for the future and future problems like this or worse or worse could get worse. The next eight weeks are critical we can learn and we will turn a corner. On this virus. Some of the doctors say it will wash through it will flow through an interesting terms and very accurate i think youre going to find in a number of weeks, its going to be a very accurate term. In terms of hardship, the true character of america always shines through we live in the company of the greatest heroes and the most inspire iing citizens anywhere n the world. We want to take care of our people we want to draw on the strength of our history, the strength of our people and we will get through this together. Well just get through it. So much progress is already been made and frankly, the numbers because of steps that have been taken are at the level that a lot of people are surprised especially when you compare them with other places. Far, smaller populations the spirit and the will of our nation is unbreakable. We will defeat this threat wh when americas tested, it rises to the occasion and to those families and citizens worried and concerned for themselves and their lovered ones, i want you to know your federal government will unleash every authority resource and tool at its disposal to safeguard the lives and health of our people so were with you every step of the way, no nation is more prepared or more equipped to face down this crisis as you know, were rated number one in the world. Were also helping our other nations. Many other nations were helping them a lot and theyre doing okay in some cases theyre doing okay, in some cases, theyre not doing well at all, but were working a lot of different nations. With faith and heart and hope and love and determination, we will succeed we will prevail, we will be very, very successful and learn for the future thank you all very much. If you have any questions, we can take some. Go ahead if youd like to ask some of the folk up here, it would be fine where are you with the house bill you were opposed to it what has happened since then and whats the hold up we just dont think theyre giving enough. We dont think the democrats are giving enough. We were negotiating. Wing thought we had something, but they didnt agree to certain thing they agreed to so we could have something, but we dont think theyre doing enough theyre not doing whats right for the country if i could ask dr. Fauci . Please. You just mentioned waiving interest for Student Loans you talk ed about buying oil frm the spr or adding. What other specific targeted measures is your administration taking Steve Mnuchin said youre just in the second inning thats true and were looking at many Different Things some theyve been written about widely, but were going to be reheesing a paper in about two hours. Stating quite a few other steps. Very important ones. Go ahead thank you so much, mr. President. I want to know if you are in contact with the brazilian president after a member of his delegation who was with you saturday was tested positive and i want to ask another question if you let me. Senators Lindsey Graham and also senator scott, rick scott are selfisolating are you planning to take any kind of precautionary measure to protect you and your staff who was there . No. We have no symptoms whatsoever and we have, we had a great meeting with the president of brazil great guy. A very tremendous, hes doing a fantastic job for brazil and as you know, he tested negative meaning nothing wrong this morning and we got that word, too, because we did have dinner with him, we were sitting next to each other for a long period of time. Are you in contact with him over the Coronavirus Crisis . Were talking b about it country to country, but we did discuss if he had a b problem. It was reported that he may have it and he doesnt fortunately. Dr. Fauci said earlier this week that the lag in testing was in fact a failing. Do you take responsibility for that and when can you guarantee that every single american who needs a test will be able to have a test . Whats the date of that . Yeah, no i dont take responsibility at all because we were given a, a set of circumstances and we were given rules, regulations and specifications from a different time wasnt meant for this kind of an event with the kind ofs that were talk iing about and what weve done is redesigned it quickly with the help of the people behind me and were now in very, very strong shape i think well be announcing sunday night and this will start very quickly and well have the ability to do in the millions over a very, very quick period of time. So no, and what we have done and we are going to be lead iing a very indelible print for the future in case Something Like this happens again, but it was a and thats not the fault of anybody and frankly, the old system worked very well for much smaller numbers but not these kind of numbers sunday night, will every american be able to get a test zm. So just to reiterate what i said to many of you many times, the system was not designed for what it was designed for, it worked very well the cdc designed a good system if you want to get the kind of blanket testing and availability that anybody can get it or you could even do surveillance to find out what the pen trance is, you have to embrace the private sector and this is exactly what youre seeing because you cant do it without it so when i said that, i meant the system was not designed for what we need. Now looking forward, the system will take care of it mr. President if you go back to the swine flu, it was nothing like this. They didnt do testing like this and actually, they lost approximately 14,000 people. And they didnt do the testing they started thinking about testing when it was far too late what weve done and one of the reasons i think people are respecting what weve done, weve done it very early and weve kept a lot of people out mr. President , mr. President , the last administration said they had tested a Million People at this point. Well ask hthem how they did with swine flu it was a disaster. Next, please they had a very big failure with swine flu. Very big failure i want to ask you about the european travel ban that goes into effect tonight and the exepgs youve offered to the u. K. There are 17 countries that are in the socalled zone that have fewer coronavirus cases than in the u. K. And just in the past two hours, the u. K. Has added 208 cases to their total why do they, mr. President , deserve an exception and will you consider adding them that was recommended to me by a group of professionals and we are look iing at it based on the new numbers coming out and we may have to include them in the list of countries that we will say ban or whatever it is during this period of time. But yeah, the numbers have gone up precipitously over the past 24 hours so we may be adding that and we may be adding a couple of others and we may frankly start taking some off. Im a correspondent with hong kong phoenix tv. You have mentioned that the number in china had been decreasing china has made tremendous progress in the past weeks true. Im wonder how much confidence does this give you to control the virus in the United States and do you see the data china has been sharing with United States has been he felpf . I think it has been helpful weve been working very much with china ive spoken as you know with president xi they went through hell and their numbers are starting to look very good. Theyre really look iing very good were very happy about that. We are sharing data. Quite a bit of data, include in the fact that system of our pharmaceutical companies are working over there right now with large groups of people. Go ahead, please. Thank you, mr. President. You spoke with canadian Prime Minister trudeau yesterday did you discuss the potential closing of the border between canada and the u. S. And by extension, are you considering ways to salvage the 2 billion trade . We didnt discuss the border. Weve had a very Good Relationship just about finished with the u. S. Mca he called me to tell me that i think that was the primary reason at the time his wife had not been diagnosed. Hes a lov shed a wonderful lady great lady since then, ive heard, read, that the result was that she has it and i was a little surprised i think he was also. We did discuss it. Shes going to be fine, but he thought that she would not most likely have the virus. Unfortunately, she does. But we didnt discuss the border yesterday, no. Go ahead, please if you have any questions for these great geniuses up here, you should even a business question, relate it to what were talking about. Mr. President from as a new floridaen, what is your message today to the cruise industry that florida depends upon and since senator rick scott and Carlos Jimenez have the same exposure as you and they are selfisolating, whats your u message to them, that they shouldnt be in. I dont know if i had exposure, but i dont have any of the symptoms and we have a white house doctor and many white House Doctors frankly, an i asked them that same question and they said you dont have any symptoms whatsoever and we dont want people without symptoms to go and do the test the test is not insignificant. As far as the cruise line business, were with them all the way. Its a great business. Its a great u. S. Business, frankly. And i know how important they are to the country it includes airlines, but the cruise line business obviously was hit very hard. We had a tremendous success out in oakland where we moved it Vice President pence did a fantastic job with that. We worked with the u. K. , with canada they took their people back in canada, approximately 600 people back to the United Kingdom and we have people quarantined it was a big operation and worked out really, really weapon mike, you may want to Say Something about that that was really done properly. Well, thank you, mr. President. That program, grand princess ship, is continuing b to be administered highest standards. Americans that needed treatment have received them i spoke to the governor of iowa today and some of those who have been cleared are able in proper supervision to be returning to iowa theyre making arrangements for them to do that. Others in texas. Others in georgia. Again, its another example of the extraordinary cooperation governor abbott, governor gavin newsome, Governor Brian Kemp of georgia. But to add to that, the president directed me last saturday to travel down to miami. We met with all the leaders of the cruise line industry several cruise lines have announceded a 60day pause in operations our department of Homeland Security has praised them for doing that because of the unique health challenges, particularly presented to seniors with understo underlying conditions. We have a proposal from the cruise line industry, but theyre currently considering what other steps they might take perhaps even similar to what those lines have taken were anticipating some response on that in the next 24 hours, but as the president said, the American People cherish our cruise line industry men and women that work on the ships, men and women who work on the shore. All the economies that are so benefitted by a vibrant cruise line what the president s directed us to do is whether theres a pause in the moment as some cruise lines are doing and as we all continue to discuss, we want to work with the cruise line sftri to ensure that when e come through this, that cruise lines and the medical services that are available and for the passengers and all of the crew, that the cruise lines are safer than ever before and can prosper for years to come. Go ahead, please. This question is for doctors fauci and burks. Dr. Fauci, based on what you currently know, what is the trajectory for when this will pique . How long will the American People have to remain on this emergency footing in and for dr. Burks, the next need could be respirators and related hospital equipment. So what is the administration doing right now to ramp up protection of respirators and that kind of equipment should this outbreak persist . So when you have an outbreak like this, particularly if youre trying to interfere with it, its really impossible to predict the time element of when its going to pique and when its naturally going to go down. So if you look at the situation where countries really did not get to the point of trying to contain and mitigate very well, you see a pique over several weeks then down again over several weeks. What were trying to do with the efforts were doing is to blunt that i mentioned it many times and i think its important to mention it again because it answers your question when youre talking about preventing questions from without in, the travel restriction, how do you handle what you have in your country . You continue some sort of containment, but you also do mitigation and you try to proportionate to the areas where there are the most infections. The suck esz success of that and how much you make this turn into this is going to give you the amount of time if were successful, it will be less if were not successful, its going to be more but these kind of things generally run out in a few months hopefully well make it several weeks. Eight, nine, whatever weeks. But i cant give you a number because it depends on how successful we are. Great, thank you, its a great question and weve worked together a long time and continue its a privilege to work with him every day. So i think you can learn very and i preeappreciate there weree graphics done by some of the reporting over the last several days if you align the data from china with the data with south korea, you can start to see almost a complete overlay thats what were tracking very closely as well as italy you have an excellent question in south korea, i want to repeat only 4 of the tests were positive that means 96 of the people had a different respiratory disease. Because were in the middle of flu season, cold season and all of the other respiratory dise e diseases we get every day. In corp. And quests liearly daa i theyre running is to 2 positive that means we have a will the of other respiratory diseases other than the coronavirus thats why the screening is critical even with the screening, were going to run low rates needily to say, were taking it extraordinarily seriously to plan for what could come blunting the curve, that makes it much less high need that the peek of the curve so were in full inventory by the president on lack iocking and the emergeny order and the secretary of hhs ability, it unlocks those needs, what the va has, the dod has, what the National Guard and every hospital as and the hospital Emergency Preparedness plan allows them to deelective issues to keep those hospital beds open for those who might need it. So were in full planning mode for each of those things and were in the process and in some case, ive already done it ordered a large number of respirators just in case we hope we dont need them, but weve ordered large number of. Go ahead, please thank you very much, mr. President. In your speech to the nation, you mentioned this the situation in china and korea have improve and youre thinking about remove the restrictions and warning in place right now. When can we expect that announcement and how do you see the overall progress that Asian Countries make . Well some are making progress some are not as you know, but some are and as they make progress, as they get down to the number that we all think is right that they know is right, we know is right, well be opening it up and some are really moving along rapidly. We hope to be able to open things up as quickly as possible go ahead, please go ahead mr. President , i id like to ask secretary azar and dr. Fauci just how dr. Fauci better not 100 but 90 . This af this affects the elderly. Is there any research as to why it affects our Senior Citizens more than others i dont mean to diminish your question, but we already know why it would affect Senior Citizens more. Because when you talk about anything that requires a robust immune system, as you get olderr your immune system is not as potent as it is when you were young. Thats the reason why when you talk about even influenza, which we have extraordinary experience with over decades and decades, the people who are very vulnerable are the elderly and those with underlying conditions the same thing holds true for a variety of other disease why cancer is more prevalent in mostly in older individuals. Of course the immune system that screens for it is less robust. So it really is something that is kind of wellknown over a lot of studies. Okay. Oh mr. President , the chinese officials are expressing some tones of discontent with how where the source of this virus has come from and theyre spinning some odd narratives what are you response to the chinese officials who are doing that and have they signalled an kind of resistance to upcoming trade talks in response to how were handling this. Theyre going to be buying 250 billion worth of goods and 50 billion from our farmers and its a great deal for our country. Its about time somebody did that and frankly, phase two will start negotiating. I did read one article, but u i dont think that article was representative, certainly not in my conversations with president xi and they know where it came from we know where it came from thank you, mr. President. My first question is you said that you dont take responsibility but you did disband the white house pan ddei office and officials that were working in that office left this administration abruptly so what responsibility do you take to that and the officials that worked this that office said that the white house lost valuable time because that office was disbanded what do you make of that well, i swrus think its a nasty question because what weve done is and tony had said numerous times that we saved thousands of lives because of u the quick closing. And when you say me, i didnt do it we have a group of people, i could ask perhaps my administration, but i could perhaps ask tony about that because i dont know anything about it you say we did that. I dont know anything about it you dont know about the the administration, perhaps they do that people let people go he you used to be with a different newspaper than you are now. Things like that happen. Go ahead were doing a great job. These professionals behind me and these great incredible doctors and business people, the best in the world and i can say that whether its retailers or labs or anything you want to say. These are the best in the world. Were doing a great job and we are 40 people right now. 40 compare that with other countries that have many, many times that amount. One of the reasons we have 40 and others have and again, that numbers going up. Just so you understand and the number of cases which are very small relatively speaking, its going up, but weve done a great job because we acted quickly and early and theres nothing we could have done that was better than closing our borders to highly infected areas. Thank you, mr. President. Also for spain i waould like to ask you two brief questions one, for how long were going to have the National Emergency and i hope not long, but its there now and it gives tremendous powers for things that we need tremendous power, actually and stafford act and various other things that were involved where and have studied and memorized in so many different ways and forms gives the kind of power we need to get rid of this virus and were going to do it very quickly and i hope we wont need it long, but whatever it takes so for now, we still dont know for how long and something very important i wanted to ask you is like how do you think, do you really think its essential coordinating with other countries and learning from they low sons they already suffered of course like china and south korea but now recently italy and spain . How is that coordination done . Thank you so much. Yeah, were in touch with italy. Its a country we love we have tremendous millions and millions of people originally origins from italy and were orkior i working with them. Theyre in relative lly speakin, the toughest position of all were in touch with everybody. Were in touch with many of the countries that you know about that youre writing about. And theyre calling us asking for advice theyre asking for the advice of the people behind me italys golt a tough situation, but they have really clamped down aingd theyre going the see very good results. Its tough what they did they really took their medicine, but theyre going to see some much better results. Jeff thank you, sir. With regard to domestic travel, should americans feel safe r or should u they at all be traveling to states such as Washington State, new york and other hot spots within this country youre asking americans are coming back from europe to selfquarantine for a couple of weeks. You were in a picture with somebody who now has coronavirus from brazil at maralago. How is that different . First of all, im not coming back from some place you were exposed. There was somebody they say has it, but i take pictures and its for seconds. I dont know the gentlemen were talking about. I have no idea i havent seen the picture i take sometimes hurricanes of pictures a day and that night i was taking hundreds of pictures, so i just dont know now i did sit with the president for probably two hours but hes tested negative so thats good. Its just a matter of and the go ahead, please. I would say if you stay home, its not bad its not bad and there are certain parts of the country that are essentially have no, zero problem. Washingtons been very tough the state of washington has been very tough its been a big tablg of when you talk b about the how deaths, its been a big percentage of the deaths as you know very well they all came from a very certain area unfortunately, please, go ahead go ahead okay thank you very much, mr. President. Sky news you talked this week about u. K. Doing a good job in tackling coronavirus. In light of the rise in cases, you changing your mind about that you also jest just spoke about possible travel restrictions in light of the results as we discussed before in light of the results were going to be looking at it and i know the task force is looking at it strongly Vice President , everybody. It was looking good, but theyve, the results have been b building up rapidly, so well be taking another look at that. Yes, absolutely. Go ahead, please mr. President , thank you. I want to first follow up on jeffs question because the person you were standing next to, whether you know who he is or not, tested positive for coronavirus. Dr. Fauci said this morning if you stand next to somebody who tested positive, you should selfisolate and get a test. You say your white house doctor telling you something different. Who should americans listen to and my second question is i think they have to listen to their doctors and i think they shouldnt be jumping to get the test unless its necessary but i think they have to listen to their doctors and i havent seen the picture somebody said theres a picture with somebody taking a picture with me, but i havent seen it doctors have said you might have it even if you dont have symptoms are you being selfish . I didnt say i wasnt going to be tested are you going to be most likely not for that reason but because i think ill do it any way fairly soon. Were working out a schedule my second question, mr. President go ahead. Yeah i know theres been a lot of talk b about testing i just want to make sure were clear though because weve been hearing from doctors who say as of today, they still cant get patients tested who need a test. So as of today, can everyone who a doctor wants to have tested get tested and if not, when . Thats been true for a while, but ill let mike, why dont you answer that, mike. Well as the president said, and dr. Fauci has articulated, the nature of our Current System where the cdc has samples sent and tests are performed or state labs perform tests, in some cases, university and labs perform tests, its generally adequate for an Infectious Disease or people getting a diagnostic work done but given the sheer scale of this, the president tasked us to bringing together this extraordinary public and private partnership. Today, but some estimates, when you add all the labs together and today, the president made it possible for for every state in the country and their state labs to authorize labs across their state to do coronavirus testing. Were estimating somewhere between 15 and 20,000 tests a day. Are able to be performed but very soon, with the program that was announced today, americans will be able to visit one of the sites closest to them as described on the website if theyre symptommatic, if the questionnaire indicates it, be able to have a test there and these incredible companies will process the test and theyll receive that information but for now, the best advice that we can give for people is to speak to their doctor as the president just said and if the doctor indicates that physician its its not a university hospital, they can contact the state lab. Every state lab in the country can perform tests today. When i was tasked with the task force, open up tests across the country. The president said a few days ago that we made it clear that any american that wanted to get a test would be able clinically to get a test because i literally heard from the governor of Washington State who said the tok tors in Washington State said if you were only minl mooildly symptomatic, they would not order a test and fortunately, the president directed cdc to clarify that now anyone in consultation with their physician regardless of their symptoms can request a test and their doctors will contact the agencies, labs in their state, but very soon, americans will be able to go to these drive in sites and be able to obtain and participate in a test dr. Burks, is there more to that. I think thats perfectly said i think just to review the time about the testing. With lab corp. And quest, i think many of you have been to doctors offices and seen the boxes outside. What they do deliver both the specimen collection piece. Its a nasal swab, not a tube of blood, they arrange to pick that up an important piece is theyve gone from a machine that may have a lower throughput to the potential to have automated extraction i know you dont want all these details, but its really key for the laboratory people, its an automatic extraction that then runs in an automated way on the machine with no one touching it and the result comes out at the other end so sample to machine to results that cuts out a lot of the manual pieces that were happening that were delaying the results. With that, whats the timeline like for when youre tested to when you get results like next week, what should people expect . With the prior prior test federal government, it was taking several days, because the test is lower. We believe that the testing can be from start, remember it has to transport to the laboratory that will run it then were hoping that all can be finished within 24 hours, which is similar to other tests you receive today. These are not point of care tests. We are working on point of care tests. But we have to realize point of care tests take six months or more to develop so were not waiting for those, were still diagnosing this on nucleic acid, so this is actually the antigen, the actually virus in your nose that were amplifying. I think you have to remember though were working very closely with states and you have a smaller form and more targeting form of government going in and doing it like in new york where the relationship is very good like gavin newsome, where he made some very complimentary, california. He made some really compliment comments the other day about how were working together we worked on the ship together, but also on other things having to do with this. I cant think of a bad relationship were helping them finding them in some cases depending on what it is youre talking about and were working together very closely. So weve really done a tremendous job of team work with the different states one or two more and if you have questions for these folks, does anybody have a question for the folks up here . Who has a question up here you have okay go ahead if you have a question, go ahead. Thank you u i have one for you as well i thought i do have one for them. I was waiting for that. Because i havent ask them. Sxwl yes, i will with regards to the ceos, can you please tell us when you expect to see items like Hand Sanitizer that that have been going out of stock very quickly back on the shelves . There have been a lot of reports about that and for you, mr. President , could you talk about a potential bailout for the cruise industry. Is that something youre still looking at and how much would bit . I didnt suggest it, but its an industry thats been badly impacted by whats going on. With the virus and its a great industry. Very important industry and we will be helping them and we will be b help iing the Airline Industry if we have to assuming we have to. So far, people having asking but if they should be asking, we want to make sure our airlines are very strong and one day all of a sudden, was looking so good interestingly, we were just talking, talking to doug and the numbers theyre doing from the retailing standpoint i guess because of this, this is like the opposite all of you have been, youve Blood Pressure selling a lot of stuff. Do you want to answer the question as to the Hand Sanitizers sure. Specifically, the areas where were seeing pressure in supply chain are surface cleaners, cleaning pliey supplies, paper goods, Hand Sanitizer is going b to be difficult to have 100 stock. Were still shipping it, but as soon as it hit it is stores, its going so all the retailers are workin hand in hand with the suppliers to bring that to the market as fast as we can whats your advice for americans seeking those items . Theyre selling out online, in the stores i think this team has given you what you can do and you should look at the entire list dr. Fauci, dr. Fauci. Please. Obviously it sounds very sim plis ic, but wash your hands often as you can youre not always in the position to be able to wash your hands, but wash them as much as you can. If you dont have the alcohol wipe, try and get them if you cant, just try as best as b possible to do it you got to do the best you can general preparedness. You want to wash your hands. You want to keep distance from people and if youre around someone sick, keep away from them. Basic, basic Public Health now these guys are selling a lot of toilet paper. Can you give guidance that toilet poaper is not effective against getting the coronavirus. Hot water, soap, 20 seconds. Thats how you do it one more. Go ahead go ahead no ill be behind ou. Behind you thank you very much, mr. President. You have a great team of course. True. Thank you. My question to mr. President , are you happy from the time of response, what correct really told you what really happened those days and second, Prime Minister modi have closed borders until april 15th if you have spoken to the Prime Minister of india and if they have needed help and finally, sir, any message for the Small Businesses because they are losing some businesses because of that. Thank you, sir well, on Small Businesses, the Small Business administration is now stacked with money to help them. And were going to make the money readily available if they need it. We had a great time in india it was an incredible two days and hes a great friend of mine. A friend of his people because he was greeted incredibly warmly. And i loved being with him so say hello to him but we talked about everything we talked about far more than just borders and as far as president xi like wooi wise, hes a friend of mine. I believe we are dealing in good faith and we just worked as you know as i just said, we just worked an incredible deal, big deal, one of the biggest deals ever made of any kind. Big even by the standard of people here that deal with china. But i think they want to get to the bottom of things, also were working, our drug companies, our pharmaceutical companies are working closely with china and with india as you know and with all over the world and theyre all over the world these are magnificent companies that are very, very knowledgeable and its were very lucky to have them because i think youre going to come up with whether its therapeutic or just help. Helping Getting Better then ultimately a vaccine, which takes a little bit longer because of the test periods and a couple of other reasons, youre going to have it quickly because of the great knowledge and theyll have it very quickly. Thai made a tremendous amount of progress thank you all very much. We appreciate it thank you very much. That was the end of the press conference with the president and a whole team behind him of course there in the rose garden. A couple of the Key Headlines coming out of it he has he has declared a National Emergency 50 billion for states and territories that the number of tests an additional 1. 4 million tests available next week. 5 million additional ly in a month though he said he doubted that we will need that number. He did say quote i dont take responsibility at all for the lack of tests initially. A couple other market moving headlines. He said hed release a paper in a few hours focusing on other areas. Well be helping the cruise industry, the Airlines Industry. On the house proposal, he said quote, dont think that its doing enough so still perhaps some way to get full political agreement on this. Hes saying he will be tested coming forward suspending Interest Payments on Student Loans held by the government and they will be buying large quantities of oil for the Strategic Reserves that gave oil a 6 or 7 jump if we look at the s p 500, it was up 4 before he started speaking briefly dropped to only 2. 5 higher, but rallied health ily goot cloeds, up 9. 3 lets bring in eamon javers outside the white house for some reanchors on what we heard from the white house. A strikingly different tone from the president of the United States today than weve heard over the previous couple of weeks. The president warning americans here that in the coming weeks, were all going to have to make changes and sacrifices the president saying the next eight weeks are going to make the difference here. A couple of things stood out on this one to me one is that degree to which the president is doing this as sort of a joint effort with the private sector, that host of ceos that you saw up there, target, walgreens, some of the medical firms. The president name checking google saying theyre going to be responsible for creating a website reali website related to infections here all of that, more leaning on the private sector than weve seen in one of these National Crisis or emergencies before. Nin the past hurricanes and things like that, youve seen Companies Like home depot stepping up. This is the most ive seen a president i would say relying on the private sector here. The other striking thing is the idea were see iing a parallel universe here on one hand on capitol hill, you have nancy pelosi and her team of House Democrats moving forward with their bill to deal with this coronavirus and then here you have the president moving ahead with executive actions and executive authority declaring this National Emergency both leaders trying to do what they can to stem the crisis but seemingly in parallel and sometimes unrelated efforts. Aim aen, thanks so much for that and stick around for us. A number of the president s plan there laid out brought up by jim cramer on mad money. He joins us now. Great to see you clearly a couple of things in particular like buying oil for the reserve, waiving Interest Rates on Student Loans and the bro broader theme, partnering more with the private sector the get things out there are thing youfr been talking about for some time include i including last night look, i, its human u rouse to say this stuff was mine im glad these things are happening. Its whats time i do think that a lot of those companies arent even aware they were quoing to be pull ed in. Even 48 hours ago. But they did come in and i know that theres a, hate them or like them, i know the president did pull together this coalition probably in the time since adam silver ended the nba season, which is probably the most seminole event thats happened in the United States to keep focused but yes, these are a lot of my ideas and if i had any movement in this stuff, im thrilled. What its really about the is partnership and its a big deal because its real. These are not joker ceos who went up there for a handshake which you werent going to get any way. I read the commentary. Everyones very cynical about this im not cynical about brian cornell. Doug mcmillan. Im not going to be cynical about cvs. These are Real Companies and they want to do something about this these arent a bunch of bure rats who say we want to do something. This is really fire power. It did cause a short squeeze this could probably be given up u when dr. Fauci gives bad news next week, but at least theres movement we were watching the markets retreating when the president first spoke then ended the day in terms of percentage gains if you havent seen that, since late 2008 when we were heading into the financial crisis here in america you talked about these are are real xens, but do we need to cats to be delivering an authoritative, cohesive message from capitol hill right now to the nation well, look, this was the health side. We need fiscal side. I know that the republicans and democrats are not as close as i thought they would have been even about 12 hours ago. I thought they were coming together with a plan i know the republicans dont think the democrats are loading things up, taging advantage of this moment, put more things in it i know the democrats think theres not been a very good jobover running this thing so far. And why should we just open up a checkbook. Im confident there will be something but i cant tell you its going to be done tonight. I thought it would by 5 00 just doesnt look like its going to get done. They seemed to be b closer earlier in the day when secretary mnuchin was working closely with the speaker im not panning out the way the health care side is. The cynics out there who hate the president or whatever, i dont think you should hate a Doug Mcmillan. You shouldnt hate a brian cornell. Theyre give iing their time, ti parking lots you may think theyre just capitalists trying to profiteer. Thats the last thing they want to do. Ive tried to get them on. They dont want to do it because theyre trying to do it for what i would regard as being patrio patrioti patriotism these are guys we know from ou business and they dont donate, they dont do these things unless theyre called upon so i salute them and the greatest source of social change. I quite agree its fantastic to see them doing these types of actions in the sbes rf nation, not just the companys bottom lines takes me back on the meeting with the bank ceos, Brian Moynihan saying the most important thing is more tests and the health issues. Thats clearly been done and in quite a significant way. Surprising to the upside if you will i dont want to down play that because its significant and positive, but what are the other types of things you think we need to see now . The market needs to see on the fiscal side and specifically, the president said theres going to be a paper release in a couple of hours. He said they want to help the cruise industry. They want the help the Airlines Industry all that will need congress to come alongside with him. What do we need to see there we need to see congressal approval to do a 500 billion 30year piece of paper that the world seems want 30year paper is in short simply i know liquidity is a problem. I could be negative all you want, but i cant be negative after i saw the things that were happening but i think without the fiscal side, we wont be able to keep people at work. We wont be able to keep the rust ra restaurants and alive and stay at home we are a Service Economy and youre staying at home and not traveling and these things need to be and secretary mnuchin putting that together and Speaker Pelosi id like to think they can come, and people wont be able to shop at the walmart. Jim cramer, thank you very much for joining us. A short squeeze at the end so lets not get too crazed big runup in the end and 20 higher, and Morgan Stanley is an example and more than half of that move coming in the last hour or so of trade. Jim cramer, thank you. Mad money to get more with jim. To get with us, mike santoli and lets bring in scott ren from wells fargo mike, to you first, lets just break down the market move and to jims point and it was a ferocious rally into the close and making it the best day since october 2008. Exactly so yesterdays the worst single day since 1987 and this is the best day since 08 in other words, its coming back from a day like we had yesterday and the only way you get a 9 up move is that the market is pounded beforehand and stretched and springloaded for Something Like this and that being said, however it got there, whatever the news flow, you saw some of the things you do want to see which is very heavy volume skewed to increasing stocks and skewed to up volume. So youre going to be able to say thats plausible as a place we can use as a reference for a low meaning yesterday. We also did close above yesterdays high remember when the fed came out with its measures and the market rallied briefly and we did clear out, as well and nothings decided just yet, but it is characteristic of this type of highly stressed market to get one of these. Scott, weigh in on what you heard from the president , what you heard from the nations ceos and what you heard from the people around the president and what there is to like about this moving forward well, i think clearly the market liked this press conference and what the people had to say and really if you if you there is a lot of collaboration going on and behind the scenes theres not just a lot of collaboration going on between the government and the people that were standing there with the president and theres a lot of collaboration between the u. S. And around the world with scientists trying to figure this out and i think this press conference brought that home, and you know, on the bounce in this market, jims right whens the last time weve gone home with the smile on our face on a friday. Its been a while because nobody wanted to go home long because god only knew the news that was going to come out over the coronavirus was going to be and it was negative most of the time you had some people that were short and you had some Short Covering and if you look at where did you need some good news and you need some good coronavirus news and fiscal stimulus news and good oil news, just a little bit of it and we got good news in all three of those today. So you know, when you see things like the chicago board options exchange, put to call ratio on monday it was 1. 12. Yesterday it was 1. 28. I mean, you only see these in complete panic selloffs and also i mean, virtually every time when you see the levels above one and that far above one, youre within a few days of a really good bounce and i think all of those things combined to really put the market really closing at the high of the day this is a pretty impressive rally today. Stephanie, we havent seen republicans and democrats come together in congress to approve a significant funding bill, Corporate Funding bill yet, but weve just seen the executive surprise to the upside on action, and yesterday we saw the central bank do so as well does that do enough to start to turn the Market Sentiment and move it to the upside in a more prolonged fashion than weve seen in the last couple of weeks. Very much so the market doesnt like uncertainty and we dont have a lot of uncertainty i think the press conference, the tone and the confidence and not only by trump and pence, but the ceos was really very impressive and if you noticed when the market really started to take off it was when dr. Deborah bricks actually spoke and gave the detail, the level of detail that is going on behind the scenes, and i think that surprised to the upside so yeah, we do need fiscal policies we have the monetary policies and well see what happens as we said earlier on, we are not out of the woods yet and volatility is here to stay for a while and well get 4 million tests next week and 5 million in a month and lets just see the numbers and take it day by day and thats why i am nibbling every day. I cant time it, but six to eight months down the road this is probably behind us. Scott ren, thanks so much for joining us stephanie link also our thanks to you mike, final thought on the market yields, as well, has been a key guide of whether the markets improving sentiment or not. Arguably peak panic yesterday and some of that got unwound today and i think thats probably your story and the markets been rushing ahead of the government policymakers and panicking about the virus and today it seems that the policymakers perhaps were catching up a little bit and even if the specifics and the measures were not the key. Lets get information coming in with phil. This came out during the president s press conference fitch putting boeing on credit watch negative and theyre saying that boeings being hit by a double whammy you have the impact of coronavirus on all of the airlines that could lead to Many Airlines saying well defer deliveries and how were going to pay for certain aircraft in the future and thats one Pressure Point on boeing the other Pressure Point, whats going to happen with the 737 max and will the company be able to make deliveries as targeted by the middle of this year and the ungrounding and deliveries in the third and Fourth Quarter so those two combining creating what fitch is saying is a really an amount of uncertainty for boeing and thats why theyre putting the company on credit watch negative back to you. Thanks so much for that we also have breaking news on Royal Caribbean. Royal caribbean, the worlds second largest cruise operator announcing a short time ago theyre suspending cruises in the u. S. For 30 days that begins at midnight tonight. The company says it is reaching out to guests to help them work through the disruptions and also said in a statement, we understand the gravity of the Public Health crisis confronting the country and this is our part to play. Unclear when these cruise lines can get back to play and they announced a similar suspension and that takes place today through april 11th and year to date, theyre down significantly. Royal down 75 year to deet and norwegian, i believe, down 81 cones it a back to you thank you very much i appreciate that coming in. News from Berkshire Hathaway and bill gates is retiring from the board. The former American Express ceo and now the chairman of Venture Capital general catalyst has been nominated to replace him. Gates joined the board in 2004 mike, its been a long time to have him on that board this will be a real changing of the guard. Somewhat of a change, i guarantee because bill gates is overcommitted elsewhere and probably just wants to ease back a little bit and formerly running American Express and has been for many years and i dont think it necessarily means strategically all that much, but its certainly keeping things within Warren Buffetts circle i want to switch back to the markets and what we heard in the last hour and interesting that we got the two news bites from Royal Caribbean and boeing it reminds us of the sectors that are most affected by this crisis and as great as it is to hear more testing is available and were addressing the problem at the root cause. Those kinds of companies are lacking demand and will be for the months ahead well need to wait and see whether the market has found confidence and they enjoyed the bounce and a long way to go for those companies. What you never know is how much the market decline has the expected difficulty to come. When you have the dynamic rush lower and a strong rally like we had today and even if it lasts a little while, maybe there will be another test of those and the bad stuff that the market anticipated with the initial drop then comes to the surface and we have to contend with it again and thats the argument about the crowd psychology anyway. Very quickly, we were talking for months about the strength of the American Consumer and shouldering the burden of this Global Economy is that in doubt now its in doubt temporarily, at least and people are retreating from economic life, commercial life and to some degree dr. Fauci, i believe in response to the question said maybe this is going to go seven, eight, nine weeks. Thats a good long time and those are months that are more than their share of spending for the whole year basically into the summer. There you can see s p 500 closed hir closed higher 9. 3 and an extraordinary rally and it was still down 9 for the week as a whole. What a crazy week. Dont miss cnbcs special markets in turmoil at 7 00 p. M. Eastern time. Were out of time. Have a great weekend nap does it for closing bell. Fast money starts now. An incredible record breaking rally capping off what was an incredible record breaking week. Stocks surging into the close on the back of the president s News Conference the s p 500 gaining more than 9 today, its best day in nearly 12 years. The dow all it did was post its biggest point gain ever and this follows what was a brutal week of selling so the question now is how do you position yourself given this crazy week that we had today joining us to break it all down is tim, br