Storage is limited amid the coronavirus prices. Oil closing, folks, at the lowest point ever seen since the original Oil Futures Contract began trading back in 1983. The drop is choking the stock market. We are very close to session lows at the moment, with the Dow Jones Industrials down as far as the biggest percentage loss here, 2. 25 or 534 points to the downside. The market action, believe it or not, would actually have been worse if it werent for the fact that we could be just about 72 hours away from another half a trillion dollar infusion from the federal governments financial fire hose, as congress inches closer to a deal to replenish the Small Business loan program. Congressman kevin brady, republican of texas, is the Ranking Member of the house ways and means committee. He is here live and we are going to ask whats going on behind closed doors as best he knows, and whats the plan eventually to pay for all of this spending. We are learning that some of the rescue money went where it absolutely was not supposed to go, where it wasnt even needed. Shake shack already returning 10 million but theres no doubt the restaurant industry, at least some of them, are getting absolutely pummeled by the coronavirus wrecking ball. Zane tankel runs all of the new york city applebees locations. We are going to ask him what will his restaurants postcovid crisis begin to look like. The virus is draining the lifeblood out of the standardized testing world, as more colleges scrap the penultimate admissions requirement. The College Board which is the Organization Behind the s. A. T. Test, will not let go so easily. The College Board ceo is here in a fox business exclusive on the future of the s. A. T. S and how he is keeping them alive. Its a fox business exclusive. Less than an hour to the closing bell on a very historic monday. Lets start the claman countdown. Liz we can guarantee that nobody has ever seen this before. Crude oil not only falling through the floor, but then falling through the basement, trading negative for the first time in history. It is dragging Energy Stocks with it, not just the broader market. Lets take a look at some of these names. Occidental petroleum, weve got pioneer natural resources, one oak, marathon oil, Hess Corporation getting absolutely torched. Occidental petroleum is down 8 . That was a 63 stock within the last 52 weeks. Right now, it trades at just 12. 54. Marathon down 4 , just a 4. 18 stock. If you look at the baskets of crude, the Exchange Traded funds, they have been caught in the tornado as well. No surprise there. U. S. Oil fund, i believe thats the largest, down 7. 6 to 3. 89. The Energy Select spdr fund down 3. 33 . Oil and gas exploration, probably because you have natural gas in there modified just a bit, is trading up about. 5 . Which brings me to cabbot oil. If you are asking why would they be up, 3. 5 , nice move there, well, it got a couple price target hikes today, possibly also the fact that it does have some exposure to natural gas versus just all crude oil. Weve got this breaking news. White house and congressional negotiators are reportedly inching closer and closer to a deal to replenish funding for the treasurys paycheck protection program, the loans that enable Small Businesses to pay their workers during the corona crisis. As you know, the treasury departments first installment which was 349 billion, vaporized in just 13 days, clean ran out of money. The new deal reportedly grants a fresh 310 billion to the ppp, another 60 billion for disaster loans, 50 billion earmarked for hospitals struggling through the pandemic and 25 billion to shore up testing capacity. How the country pays for all of this will, in part, be up to my next guest. House ways and means Ranking Member, kevin brady, republican of texas. Good to have you, sir. Thank you for joining us. First give us your best guess as to when you believe the house will get this in front of them and be able to vote on this next phase. Yeah, liz, thanks for having me. I think the short answer is very soon. I think we could have a vote as soon as wednesday. I know most of us are planning to fly back to washington tomorrow for the vote. Perha perhaps, i hope not. Look, our Small Businesses need this cash infusion. I know the number of local businesses that are just desperately waiting for these funds to be replenished and texas certainly, theres a lot of them. Its this way around the country. I think this is a good package. If you think about it, almost 370 billion for Small Businesses either through the ppp or the economic eidl loans which a number of our businesses are using as well. Thats a lifeline right there and as far as the extra funding for hospitals, theres no question they are going to need it. Liz i agree with you. But i have heard that some experts say the amount is a little lopsided and should be at least focusing more on earmarking more than 25 billion for testing because thats really the only way the experts say that the economy can reopen with the confidence and the safety that would get us back on our feet. Well, i do think we need an effort, ways and means republicans certainly working on really a healthy workplace type of tax incentive that while this money may go to our Government Agencies and others to accelerate the testing, we think businesses, if they return their workers and create a workplace safe for customers as well, are going to need a little help on the testing side as they reconfigure their stores and their plants and workplaces, as they buy the protective gear they need and we think theres a way for congress to help create incentives to help them do this this year. It really varies. I think businesses are responsible and can find a way as we continue to apply maximum pressure on the virus to reopen safely for their workers and customers. We just have to give them some standards and criteria in which to operate and i will tell you, so many people are ready to go back to work and they believe they can do it safely as well. Liz lets hope so. As the socalled fog of war clears, we are seeing, and i know you know about this, some companies and organizations that were already flush with cash soaked up much of the First Tranche of the Small Business money even though they were far from hardship cases. What kind of backstops, if any, would you like to see put into this phase and is that even possible as we rush to get the money out . I think the cares act was really focused on injecting cash into the businesses, just as you say, but it was really about ebbing to keeping workers on payroll. It doesnt matter if you are a server or dishwasher at ruths chris or you are at mels country cafe in texas, your job really matters. So those dollars were designed to go help those workers keep their jobs as well as allowing these businesses to ride it out. I did note, as you said, shake shack has found another way to finance themselves through this virus and get ready to rebound. Thats terrific. I think the majority, im pretty confident, much of the dollars in the ppp are going to Small Businesses from small lenders really across the country. Liz yeah, because you dont want to see Forensic Accounting later that shows a huge amount had gotten to, you know, the hedge funds, we have been seeing that, some of the private equity guys who are making a lot of money, they arent doing anything illegal by taking the money but its not in the spirit. Sir, nobody denies the americans and the American Public are in deep financial trouble and need that urgent, urgent help but at its core, your organization, ways and means, that committee is supposed to come up with the policy that would create the revenue to enable this massive amount of spending. When this is over, how will tax pay policy need to be adjusted . Would you be comfortable in raising taxes on corporations who have a very comfortable rate right now . Well, right now, i dont think we can do anything worse than raise taxes on either workers or the businesses that employ them. Liz of course. So i really think democrats especially ought to call a timeout on their need for higher tax increases. We ought to focus on getting the economy back up and running, getting those jobs, those paychecks, the same things we did to create the most competitive economy in the world, incentivize Business Investment and reward work, we ought to be doing Going Forward as well. I dont think that includes tax increases. I think it continues, in fact, i know it does, it really should include a way to contain our expenses, grow the economy like every other business thats working their way out of this coronavirus, we will have to work our way longterm out of the spending we have made to get out of this. Liz got you. Before we go, congressman, we have this breaking news on oil, trading negative, your state, texas, the economy is highly dependent on oil production. As we watch crude do something its never done before, this is for may delivery and its because theres no storage and theres no demand. The industry is setting up mayday flares. Would you be pushing for a bailout of the oil industry and to that end, who wouldnt you bail out . Would it be the cruise industry . Cruise lines . I have to tell you, energy is taking so many hits upon hits here over the last two months. It is incredible. Seeing it trade in negative territory, i never in my life thought i would see that. I dont think that will last. I think this is temporary. I think it is double whack on demand and no storage. I think the industry knows how to work their way out of this. I think it is helpful to be able to have Strategic Petroleum reserve buying some of this for storage. I do think the opec plus agreement is helpful over time. But theres no question about it, this has been, in states like ours, this is uncharted territory. Liz yeah. Indeed. Hang in there, congressman. Thank you very much. Thank you. Liz great to see you. Thanks, liz. Liz congressman kevin brady. Any time. By the way, as we look at the markets, lot of red on the screen, we will bring in our traders from around the nation. The floor show is next. Dont go away. To everyone navigating these uncertain times. Whether youre caring for your family at home or those at work, principal is by your side. Were working hard to answer your questions. Like helping you understand what the recently passed economic package can mean for you. Were more than a financial company. Were a together we can get through anything company. Now, more than ever. Its more than just fast. It keeps all your devices running smoothly. With builtin security that protects your kids. No matter what theyre up to. It protects your info. And gives you 24 7 peace of mind. That if its connected, its protected. Even that that petcamera thingy. [ whines ] can your internet do that . Xfinity xfi can because its. Simple, easy, awesome. [ barking ] liz what youre seeing in the markets right now are bailout failouts. When we are talking about bail out failouts, they are drenching markets in the red. The dow is down 449 points, but look at oil right now. Crude has crashed to negative, again, this is never seen that minus sign by the left side on the price, negative 35. 94. Opec pluss attempt at cutting output to stabilize prices a week and a half ago has failed. Second bailout failout, the Federal Reserve has said you know what, we are going to try and buy junk debt from Good Companies just to prop them up. That has failed as well. Gas buddys Patrick Dehaan is on the upside for consumers when it comes to gasoline and we have scott redler, our trader, to talk about this intervention by the fed and how the junk bond bailout has failed at the moment. I first want to get to patrick. Theres an upside here and that is for the consumer. Not that they are driving that much right now, but tell me what youre seeing a couple weeks down the line for gasoline prices, if oil is trading at negative 37 a barrel for may delivery. Well, gasoline is going to continue to fall nationally. We are likely in the next ten days to fall under previous 2016 lows. As we continue to go down theres a good possibility we will take out the 2,000 low with the National Average falling to 1. 49 a gallon or more. We will have to obviously keep an eye on this. But the physical market now, i mean, just look at the numbers from today. Now the whole concern is that theres just basically no one to demand these barrels of oil. Basically nobody is filling their tanks. Liz it shocks me, because the actual steel that the barrel is made of isnt worth anything at this point, as we trade minus 35 and change in the aftermarket. I do want to make something clear foor peopr people. The may delivery is expiring the day after tomorrow. What we are or tomorrow, i believe. So its june, the june contract thats around 22. Its still down precipitously but plus 22. Give us a sense, you said 1. 49 was the previous low we had seen for gasoline per gallon. Couldnt that be a lot lower and what will that mean to a lot of the gas stations and retail sales because that includes gasoline within that number. Yeah, i think the National Average could go even lower. I think a lot of what we are seeing, we are seeing the slowdown in the decline. The decline had been really gaining momentum a few weeks ago but that has slowed. I think stations are worried about lowering prices too quickly even though they have the capacity to do it, worried about lowering prices with gasoline demand figures that are down 50 to 70 . Some of these storers are holding back on delivering low prices to basically absorb the margin as their businesses could be in peril. Liz natural gas, interestingly enough, is up 12 . Still only 1. 95. Its been languishing there for awhile. Let me get to scott redler. Obviously this situation, this bizarre move that we are seeing with oil at negative 35, is something that is gyrating the markets, too. Is today a day to at least pick up some names, because on friday, we saw the dow up more than 700 points. Well, liz, i will tell you right now, at this point oil is at the same level or below, when the dow was below 10,000. Although i do think longterm the market does win, at this point, be very careful because the market right now has not shown how bad the economy is right now or the effects of the coronavirus. We havent even seen the First Quarter earnings let alone the Second Quarter earnings that will really be affected. At this point i would say dont rush in. Traders are trying to go week by week, investors should stick to their plan. Right now oil where it is, it could cause a lot of bankruptcy. You heard what the fed did two weeks ago when we had the crazy unemployment claims. They said they would buy junk bonds. Thats unprecedented. At this point, they are doing unprecedented things to keep this economy intact but theres only so much they can do. They say dont fight the fed. We understand that. You want to stay the course. But you also dont want to have a false sense of security here because we dont know how long this is going to last and at this point, after a 25 plus move off the lows, i would be a little more careful and i would wait a little bit for lower prices. Liz i do just want to say that we have now had a new low for the Dow Jones Industrials, minus 615. We are kind of bouncing around on that bottom there and the s p not doing well at all either. Its good to see both of you. Patrick dehaan is calling for maybe lower than 1. 49 average per gallon of gasoline coming up. It will certainly be a relief for consumers to pay that once we get out of our quarantine. Scott redler, always a pleasure. Thank you so much. Closing bell ringing in 39 minutes. Dow jones industrials, kind of bouncing around the lows here but lower by about 587 points at the moment. The coronavirus still troubling travel. United airlines hitting rough skies on its forecast of a 2. 1 billion loss in just the First Quarter as major cruise lines also sink. Look at these numbers once again. We have carnival, royal, norwegian all down anywhere from 3 to 7 because jpmorgan took a hacksaw to its price targets on all three of them. All three of them. To another victim of the coronavirus crisis, standardized testing, the anxietyinducing rite of passage for students allimportant entry into college, now being cut by more than a handful of universities amid the outbreak. What the College Board ceo, the guy behind the s. A. T. , now says is the future of standardized testing. Its a fox business exclusive. Its next on the claman countdown. Ive got kids. I want to know what they will be doing. Stay tuned. If youre the spouse of a military veteran, heres money saving news from newday usa. Your spouses va streamline refi benefit lets you easily refinance when Mortgage Rates drop. And they just dropped to the lowest in newdays history. Refinance now. Theres no income verification, no appraisal, and no out of pocket costs. One call can save you 2,000 a year. Refi now. Heres the thing about managing for your business. S when youve got public clouds, and private clouds, and hybrid clouds things can get a bit cloudy for you. But now, theres the Dell Technologies cloud, powered by vmware. A single hub for a consistent operating experience across all your clouds. That should clear things up. Liz it was about two weeks ago that the university of california, we are talking about berkeley, irvine, san diego, ucla, all of them decided to suspend the requirement for s. A. T. S and a. C. T. S, the standardized testing for college entry, in 2021. This amid the coronavirus pandemic, where you cant do social distancing if youre sitting close to students. According to the National Center for fair and open testing, a whole bunch of universities followed the uc system. More than 1,130 accredited fouryear colleges and universities are now making the a. C. T. And s. A. T. Quote, optional for applicants seeking to enroll in 2021, talking about virginia tech, wake forest, boston university, tulane, university of oregon, university of texas and the list goes on. So far, harvard, yale and some of the other high profile universities of the ivy league are still requiring them, but leaders of the College Board which owns and administers the s. A. T. Exams say they would ensure that athome s. A. T. Testing in the near future would be something that will be made available. We thought lets bring in the ceo of the College Board, David Coleman, joining us live. Thank you for being with us. What was your gut reaction when you heard that the uc system, ucla, berkeley, all of them, were suspending the need for the s. A. T. And the test scores for the class coming in for 2021 . You know, honestly, there are things in this life more important than tests and i fully support and we at the College Board fully support all the flexibilities our members are putting in place at this time. Whats at the heart of the matter for me this year, in this very demanding year, is if it is an option in some places, its important that low income kids have that option, too, to strengthen their grades with a strong test score next to them. So mine really is not about whether the test is optional or required but really, it must be an option for all kids to strengthen their application. Thats our mission during these demanding times is to make sure the s. A. T. Is widely available in a world where some schools are requiring it and in some cases its optional. Liz lets talk about the s. A. T. Being widely available in this what could be a new normal. We have restaurants that are already drawing up new blueprints because they know they have the remove some tables in the future because of social distancing. How do you envision kids taking the s. A. T. If not sitting next to each other in a crammed classroom . Well, we came out with a few announcements, as you know, in how we would provide the s. A. T. Broadly this fall. Our first way we would provide the s. A. T. Is in school. As much as students are back in school, even if sitting further apart from one another, Many School Districts and states provide the s. A. T. To free for every kid in the school. That happens during the school week. We will do an opportunity test this fall so all those kids who missed it in the spring when they would have taken it during the school week will take it for free this fall. Then secondly, we have national administrations. We just canceled the one in june because as you say, its too soon for students to sit and adults together near them and be safe, all of them to be safe. But if schools reopen safely, we could provide physical administration and make larger distances work. It would just require more proctors but we will do everything we can to make adults and students safe. Then as you have already noted, if in fact schools dont widely reopen, we are ready to provide the s. A. T. At home. In that unlikely case, schools not opening on a mass scale, we are ready to provide the s. A. T. At home for all students. Liz wow. I would imagine there would have to be all kinds of builtin protections against cheating in that case. I figure you guys will hammer that out. I need to know, though, before the coronavirus, and because i have a high school senior, my sister said oh, look at this list of more than 150 colleges and universities now, some of them really good names, that are now test optional. Do you fear that the s. A. T. At some point is going to go by way of the dodo bird, that at some point people are going to say we dont need this anymore . Its not my main fear. I will tell you what is on my mind. I do think that when a test becomes optional, you just have to make sure its an option for all students and not some, because for a very long time, grades are very different in different high schools and different situations, so its going to strengthen an application if kids choose to submit a test score along with their grades. I just want to make sure that low income kids have that opportunity, too. When you look at the coronavirus and its impacts, its hurting certain communities, undocumented, underrepresented students, and the poor, and their families, much harder than the rest of us. And the College Boards real mission is not to ensure people take the test but to ensure that that opportunity to distinguish yourself not by grades alone but also through exams is available to everyone and you know, interestingly, the bigger announcement of uc that really excited us and meant something to us is that they are accepting the a. P. Exams kids will take a month from now. We are providing the advanced placement exam to three Million Students at home. Whats fascinating is from lower income kids to high income kids, overwhelmingly kids in a. P. Classrooms want to take the exams and take the credit they have earned. Liz David Coleman of the College Board, i did not distinguish myself bake when wan in the s. A. T. But we all find a way. Good luck to you. Its great if you guys are not going to charge low income kids. We will watch this and more. When we come back, zane tankel on the new restaurants of the future. They will have to eliminate a third of their tables, paper menus forever. Whats going on . He runs the ab wipplebees in n york city. Life isnt a strai. And sometimes, you can find yourself heading in a new direction. But when youre with fidelity, a partner who makes sure every step is clear, theres nothing to stop you from moving forward. A partner who makes sure every step is clear, about medicare and 65, ysupplemental insurance. Medicare is great, but it doesnt cover everything only about 80 of your part b medicare costs, which means you may have to pay for the rest. Thats where Medicare Supplement insurance comes in to help pay for some of what medicare doesnt. Learn how an aarp Medicare Supplement insurance plan, insured by United HealthcareInsurance Company might be the right choice for you. A free decision guide is a great place to start. Call today to request yours. So what makes an aarp Medicare Supplement plan unique . Well, these are the only Medicare Supplement plans endorsed by aarp and thats because they meet aarps high standards of quality and service. Youre also getting the great features that any Medicare Supplement plan provides. For example, with any Medicare Supplement plan you may choose any doctor or hospital that accepts medicare patients. You can even visit a specialist. With this type of plan, there are no networks or referrals needed. Also, a Medicare Supplement plan goes with you when you travel anywhere in the u. S. A free decision guide will provide a breakdown of aarp Medicare Supplement plans, and help you determine the plan that works best for your needs and budget. Call today to request yours. Lets recap. There are 3 key things you should keep in mind. One if youre turning 65, you may be eligible for medicare but it only covers about 80 of your Medicare Part b costs. A Medicare Supplement plan may help pay for some of the rest. Two this type of plan allows you to keep your doctor as long as he or she accepts medicare patients. And three these are the only Medicare Supplement plans endorsed by aarp. Learn more about why you should choose an aarp Medicare Supplement plan. Call today for a free guide. Liz well, take a look at this. Doing the right thing is actually paying off for the stock of burger chain shake shack. That stock is jumping about 5 at this hour. You know what, make that 6 . Right now its up 6 after shake shack returned the 10 million grant it took from the paycheck protection program. Shake shack gave back the money in the wake of fury that Small Businesses who had stood in line for loan money did not get it because the money ran out. 349 billion of it ran out and there were no more funds left because a lot of Companies Got there first, including shake shack. Well, cheesecake factory, look at that one, surging after rourke capital invested 200 million in new funds to help tide it over during the coronavirus pandemic, so cheesecake is up 2 . As many of these bigger chains figure out a way to get financing, to get some credit. While some get this kind of credit, u. S. Restaurants today asked congress for more financial aid, as they are on track to lose 240 billion by just the end of this year. Apple metro is the new york metropolitan area franchisee for applebees neighborhood grill and bar. This company runs 29 applebereft ran restaurants in new york city and westchester. Their head count has dwindled to double digits from 2500 employees. Apple metro ceo zane tankel joins us now with an update on whats happening in your restaurants right now and what will happen after the virus. But lets tackle what you are doing. Your restaurants for in dining are closed, so what are they open for and how many . Thats correct. We started two weeks ago with ten restaurants, just as an experiment. We pivoted from in dining to just to go and we got to know our way around pretty quickly. A week later we opened 11, we opened 12. Tomorrow we open number 15. So we will have 15 restaurants open only for to go. Couple things have changed the dynamics. One is as you probably know, the governor lifted the ban on selling alcohol if you are licensed, so we are licensed but we are not a to go bar. You have to have a meal. With the meal, you can order a burger or maybe in todays word, you are ordering a martini instead of a beer with that burger, but you can order alcohol which lifted us a bit. I heard you mention shake shack, the shake shacks and burger kings and chipotle, because they are not sell liquor, so we can so that gives us an edge there. We also have a much broader menu, fish, chicken, steak. When you go to fast food or fast casual as shake shack would be considered, its a burger and to some degree, its fried chicken. But you cant get fish, you cant get a steak, cant get the other things. Sorry. Liz yeah. I know. I know. We order from outback down the street and it is a limited menu. We are grateful. We are grateful. We want to help local area franchisees. Did you take Small Business loan money . We did. We just got funded today, as a matter of fact. We were approved just hours before they ran out of funding. But taking that funding, i want i you to know two things. There are very strict guidelines for it. I cant take that money, it has to be utilized for paying our labor, bringing people where we are open back to work and to induce us to open more restaurants quicker. So its only for 75 has to go to salary and 25 to rents and utilities to try [ inaudible ]. Liz before we go, i need to know, have you started modeling, writing up blueprints for the restaurants of tomorrow postcovid crisis . What will that look like . Do you have to get rid of tables, all paper menus . Give us a sense. Great question. I think we have three plans here. One is the shortterm plan which was basically survival. Just stay alive. We are now morphing into very quickly, because everything is changing quickly, into the middle plan, the middle road, so to speak. That is tweaking our to go, getting it better, Getting Better at it, training new jobs. For example, we have a Quality Assurance expert. We never had that. They look in the back, they make sure the burgers are there, the fries are there, the catsup is there. So we have new jobs we created. Then the longterm plan which is to your question. The longterm plan can look really, really funny. Im planning on 50 less tables. 50 , now, what does that do to the model . 50 less income. 50 less income, weve got to renegotiate our leases, weve got to renegotiate our food, weve got to renegotiate the whole model. [ inaudible ]. Liz i think were losing zane. Fascinating. A little depressing. We hope you hang in there. Zane tankel of apple metro. Charlie breaks it next. So i listen to audible almost any time that i can. Its my own thing that i can do for me. Since i dont have time to read, i mean i might as well listen. If i want to catch up on the news, or history, or learn whats going on in the world, i can download a book and listen to it. I listen to spanish lessons sometimes to and from work. Yea, it makes me want to be better. Audible reintroduced this whole world to me. It changes your perspective. It makes you a different person. See what listening to audible can do for you. Woi felt completely helpless. Hed online. It makes you a different person. My entire career and business were in jeopardy. I called reputation defender. Vo take control of your online reputation. Get your free reputation report card at reputationdefender. Com. Find out your online reputation today and let the experts help you repair it. Woman they were able to restore my good name. Vo visit reputationdefender. Com or call 18778668555. Ifrom newday usa. Fic news for veteran homeowners Interest Rates have dropped to record lows. Newday usa makes it so easy to refinance that one call can save you 2000 a year. Newdays va streamline refi lets you refinance without having to verify your income, without getting your home appraised and without spending one dollar out of pocket to get it done. It is the quickest and easiest refi theyve ever offered. One call can save you 2000 a year, every year. The xfinity my account app puts you in control with Digital Tools to give you the help you need when you need it. Get fast and easy answers with personalized help 24 hours a day, 7 days a week. Change your wifi password to a phrase thats easy to remember. Even troubleshoot your services on your own. Were working to make things a little easier for everyone. Download the xfinity my account app today. And now for their service to the community, we present limu emu doug with this key to the city. [ applause ] its an honor to tell you that Liberty Mutual customizes your Car Insurance so you only pay for what you need. And now we need to get back to work. [ applause and band playing ] only pay for what you need. Liberty. Liberty. Liberty. Liberty. Liz breaking news. Wrap your mind around this. Oil prices which closed during the regular session at negative 37. 63, just went even lower. We are now at negative 38. 39. I mean, a negative yielding asset like a commodity, we have never seen this before in crude oil. I believe once before we saw it in natural gas. But who knows whats being taken down with it. Margin calls are probably going nuts right now. We may see some funds go bellyup. All right. Lockdowns and fiscal fears making risky muni bonds less appealing to investors and now one state in particular is not only set up for a very bad beating, but could be in danger of a fullscale default. Charlie gasparino joins us now with the exclusive details. Charlie . Charlie liz, i will get into why theres a real technical reason why oil is getting crushed right now more than just a fund going down. I can get into that later. Before i get into this muni bond story, this is pretty fascinating. What sources are telling the Fox Business Network is that the big banks are now working with treasury, the treasury department, to plug some of those loopholes you and i have been reporting on in the ppp program. As you know, congress, the white house is getting ready to announce and put out another batch of ppp money, 250 billion is the number i believe thats out there. We understand that jpmorgan is now talking to treasury about possible fixes to the Lending Program that allowed major restaurant chains, financial firms, very profitable companies, essentially to get to the top of the list because they have very deep banking relationships, get the money while real Small Businesses essentially got screwed. And are complaining now they didnt have access to this money and thats why they are laying so many people off and thats contribute toiing to the econom downturn. We dont know what will happen out of this, we dont know if the rules will change. We know some of the banks are talking to treasury. I har jpmorgear jpmorgan is at f the list. Lets get into the muni story because this is one of the shoes thats likely to drop if the economy gets really bad and its pretty bad right now given the price of oil. Gives you an indication of main street economy. What we understand is that the muni bond market, lot of traders are focusing on illinois right now. It was a state that had bad fiscal problems, a big unfunded pension liability before the pandemic basically shut its economy, its now a state where essentially, budget gaps are widened. We understand its Pension Fund Liabilities have grown substantially and it has this weird law which even before it has to pay off its debt, its general obligation debt, it has to make good on its pension fund and its a very generous public pension fund. So you are at the point right now where the state is essentially running out of money to meet these obligations, and it may need it definitely needs a federal bailout. We dont know if that moneys going to come. As you know, the second part of the fiscal stimulus is being debated. Nancy pelosi, the House Majority leader, wants the House Speaker wants money for the state of illinois, but the big test for illinois is does the market, it wants to sell bonds on may 1, does the market buy those bonds given the fiscal situation. Remember, thats how new york got basically blown up and forced into the financial crisis and technically defaulted on its debt in the 70s. It went to the market one day and no one would buy it. The big banks that used to control the Municipal Bond market backed away. It will be interesting to see if illinois faces the same situation. Getting back to the oil market, liz, a couple weeks ago i reported that the real price of oil, it was Something Like 10 to 6 a barrel. That was being reflected in the futures prices today. It was a cascade down. Why today . Well, tomorrow those future prices, the latest contract, expires so it gets priced in at that point. The real question is why does it keep going down to obviously negative territory. Two reasons, i understand. Its not a Big Hedge Fund that blew up, although it might be. This is what my sources are telling me. They are telling me [ speaking simultaneously ] traders are taking it on the chin but theres a technical reason. Apparently you cant buy this contract now, a day before it expires. Thus, theres no floor to the price on this contract. If you look at later contracts, they are higher. Why are they higher . Well, those traders are pricing in the likelihood that fiscal and monetary stimulus will help prop up the price. Back to you. Liz charlie, thank you. Tomorrow, during this hour, you guys will see that oil will probably be back around 20, 21, 22 a barrel. Its anybodys guess. But to the upside, not negative. The countdown closer is next. The Online Education effort, there are two names we will give you that our countdown closer says you may not know but they might be a real opportunity to educate your portfolio. Americas oldest lighthouse has weathered many storms. Seeing the break in the clouds before anyone else. Together, well weather this storm. Its putting that hard asset as an insurance you might say against the paper dollar. Thats why i bought gold. Its not for my insurance, but its for my daughters and the grandchildrens insurance that i felt like that generational aspect of passing down gold is securing them a future. That i am covering my bases. Its a hard asset. You can turn it back into cash. Whereas keeping a lot of cash in your bank account can really almost end up being nothing. You have these dollars over here sitting in a bank drawing practically zero interest. I think gold and silver has a greater potential for increasing in value. I mean, you have to keep cash. But you dont have to keep everything in cash, and you dont have to put everything in the stock market, and you dont have to put it all in a bond market. You do a little bit of everything. And then you sleep at night and dont worry about it. In fact, i sleep better with gold than i do with the stock market. Because its tangible, its there. If youve bought gold in the past, or would like to learn more about why physical gold should be an important part of your portfolio, pick up the phone and call to receive the complete guide to buying gold, which will provide you important, never seen before facts you should know about making gold, silver, and platinum purchases. With nearly two decades in business, over a billion dollars in transactions, and more than a half a million clients worldwide, u. S. Money reserve is one of the most dependable gold distributors in america. Liz look i know there is a lot of red on the screen, the dow is down about 543 points but ibm shares are at least keeping the dow off of a worst floor than weve seen right now. They have firstquarter earnings out after the bell. Cheryl casone with a preview. Hi, cheryl. The first Earnings Report since rometty stepped down, what is the guidance going to be. Is there guidance. Well ask that question a lot throughout the season. Were find out hopefully did the companys 34 billion acquisition of clout specialist red had the the hat boost the numbers . The stock is higher. After final brutal day for the markets. Revenue 16. 62 billion. If that revenue hits the tape that will be down from a year ago. The dow still higher by more than half a percent. Liz, a day like today, happy i can give you Something Green own your screen. Back to you. Liz yay, i take it. I like green. It looks better with purple than red. Thanks, cheryl casone. We talk about the zoom classroom. More parents are are the teachers helper. More stocks name with a china connection, work with us, that she says will make the deans list for your portfolio. Bring in American Century investments market manager patricia ribero. Good to see you, patricia. Give us names of companies and how they work in with Online Education trend were seeing. Sure, hi liz. College education and edu, so those are two, you know, they trade as adrs. We really like the education space in emerging markets. It is an area where we find names that are doing well good quality in a part of the world where the demand for better education is pretty high. Those specific names that chinese names, here, why we like them, so broadly speaking, they have very strong brands in a very fragmented market in china. The government has been putting a lot of emphasis in called education in the country. Those two names have a very strong brand so they do well in that space. Here is one of them is k12 andtude tore, and the other one is prep for coming to university. Both of them are big beneficiaries. They have, they offer online. They have the obviously having challenges more recently like everyone with the covid19, shutdown of the country but they names are expected for the last three years are between 30 and 40 . Liz okay. [closing bell rings] patricia good to have fresh names and names. Tdl and Ticker Symbol qeu. Markets are closed. Big headline from this day forward, oil for the First Time Ever closed in the negative. That will do it for the claman countdown, now after the bell. Melissa extending losses in the final hour of trading. Stocks closing near session lows as oil settles below zero for the First Time Ever. Unbelievable. Im melissa francis. Connell im connell mcshane. Welcome to after the bell. Unbelievable indeed. Well talk a lot about oil. The dow ends up lower by 2 1 2 . Dragged down by boeing, and of course exxon which makes a lot sense. S p and nasdaq not down as much. S p closed 1. 8 to the