Morning. Coronavirus fears and an Oil Price Crash set to send u. S. Markets tumbling again. There is real data behind the fall, concerns how the spread will shrink Economic Growth around the world. Absolutely. Were covering all angles of the pandemic. On wall street markets about to open. Christine romans kicks us off. What are we in store for . In for a big selloff here, the biggest test to the bull market since 2008. This is the 11th anniversary of the bull market and youve got futures around the world tumbling. In fact, at different points, theyve been frozing, because theyve fallen so far, theyve automatically stopped trading to make it not be a freefall. You can see asian shares down sharply and when europe opened, europe opened down very badly, 6 or 7 . Some of the european markets are on the verge of what we call a bear market down 20 from their peak. Its going to be a really rough morning here, and you can see crude prices another part of the story, a big decline in crude oil prices up to 30 sometimes at night, this is a crash we call it in the oil market, a big fight between saudi arabia and russia over market share, frankly. The last thing the country needs on top of all this, you think about oilrich states like texas, the impact you have there. Bankruptcies, tough for the shale producers. A lot of jobs dependent. You could see lower gas prices in the summer, the upshot but talking about bankruptcies and job losses in this sector. Thank you very much. Lets go to oakland, california, a cruise ship held off the california coast will finally dock today. Our dan simon is there. Good morning, dan. Reporter good morning, poppy. The good news is the passengers finally get some clarity, theyll be getting off the ship. The bad news is they have to spend 14 days in quarantine. What we know is that at some point today, this grand princess cruise ship will make its way to the port of oakland, where health crews will help the 2,400 passengers get off this ship, and for these passengers, you can imagine how what a horrible orteal this has been. Theyve been isolated the last several day, havent been able to get fresh air. The way this is going to work, the most, the passengers who are the most acutely ill, they will go to area hospitals and then from there the passengers from california will get off the ship first, talking about 40 of the ship that is from california, and the crew and weve been saying that 19 of them have tested positive for the coronavirus. They are going to quarantine at sea. Poppy and jim, back to you. Theyre going to face a lot. Their families will face a lot from this, dan simon thanks. Lets get the latest from the nursing home where 16 people have now died from coronavirus. Cnns sara sidner in kirkland, washington. This is something of a test case but particular circumstances of course, because the age and the Health Conditions of those people involved. Reporter they are exactly in that bracket of people who are the most vulnerable. They are ill, they are elderly and have underlying conditions and that created really a firestorm here. Were talking about now were hearing of another death in this state, not at this facility, which brings a number of deaths in Washington State to 19. Overall in the United States so far, there are 22 deaths so you can see the huge numbers are here in this state and that has a lot to do with this facility here, where 16 people connected to this facility have died due to the novel coronavirus. We can also tell you a little bit about what were hearing from a First Responder who contacted jake tapper and had a conversation about what happened when they came into the facility last week. They said they came in, there were about three staffers here trying to care for about 90 patients, that is far too few staffers, far too many patients. All of them in that vulnerable condition, and we are now hearing that about 70 of the people who worked here also have some symptoms of coronavirus. 55 patients now left here of 120. This has been a very difficult, as you might imagine, and sad situation for the families, having to deal with all of this. Of course it has. Sara, thank you for that reporting. Lets talk about all that has developed, especially over the weekend. Justice ten lesler, associate professor at johns hopkins. He studied the disease with the team in china. We really appreciate you being here, professor. Lets talk about your work there, because you studied a group of covid19 cases in shenzhen, china. Your team found most people who decided had been sick for longer than 30 days. What does that tell you . What should that inform all of us about where we stand this morning . Well i think its an important caution about how the burden will be on the Health Care System as this progresses. You know, it was only three people in our particular study, but a lot of people elsewhere in china have died and lingered on for similar amounts of time, and if we have those people in the hospital, not to mention all the people who hopefully recover in the hospital, its a huge burden on the Health Care System. Do you have the basic machines, et cetera, breathing machines here to take care of them . I want to ask about the 80 of cases that have been described as mild, because this is something folks at home, we keep hearing that listen, for the vast majority of the people, it will be very mild expression of the disease, symptoms, et cetera, but looking at the chinese data, some of those 80 or perhaps many of them did actually face more than what you would face with a common cold, et cetera, even cases of pneumonia. What did that data teach us . Yes, so i think its important to remember that 80 who is mild isnt even the sum total of the people who dont have severe disease. Some people are going to be asymptomatic and never get sick at all, particularly young children, but yes, it is a severe disease. I dont think people should be thinking of this as just the common cold, and because its a severe disease, youre going to see people even in the mild category with fever and with potentially developing pneumonia. Its also good to remember the categorization come in early in the course and as they progress, they may worsen. This is just a stunning statistic in our piece by sanjay gupta this morning on cnn. Com, and i wonder what your take is on it. This is based on estimates from the department of health and human services. They estimate that even with a moderate outbreak, professor, 200,000 people in the United States will need intensive care. The next sentence is, the United States has less than 100,000 icu beds. Half as many as its estimated is needed. Yes, and i think that is really frightening statistic, and it gets to really where the danger from this outbreak lies. There might not be a huge amount of personal risk to any one of us particularly those of us who are younger, but there is a huge risk for the Health Care System, and a huge burden, and thats why mitigation is critical by doing Little Things like avoiding mass gatherings, not shaking hands, and stuff like that. We can help spread out this outbreak, so those 200,000 people arent hitting those 100,000 icu beds all at once. Thats a good point. Having it spread out maybe a year or two. Great point because it gets to where y its recommended to stay away, to slow down the rate of infection. I want to get to the numbers for a moment because we have as you could see on our screen, 565 cases so far confirmed in the u. S. , but you speak to for instance dr. Sanjay gupta and others. They will say really we havent even begun to test large portions of the population, that the fact is very likely that that number is much higher. Do you have any sense, can you characterize that for people watching now, how high that real number actually is today . Yes. Unfortunately i dont know, and thats one of the big problems here, is were essentially flying blind, because the testing came on line so late in the United States. So you know, were not able to tell if this is actually seeing a growing outbreak or were just seeing the effect of more and more testing coming online. Its unfortunate that we didnt have more tests sooner, and this is where we are. We appreciate it very much, professor lesler, thank you. Thank you. Have a great day. So right now, in northern italy, millions of people under lockdown, were talking about major italian cities, as coronavirus deaths skyrocketed in italy. It gives you a sample of how some countries are responding. We saw this in china and now northern italy. Cnns ben wedeman joins us from bologna in the north. Theyre telling people in effect not to travel. Are people listening, even specially not to travel. Are people listening . Reporter its not all together clear. The restrictions theyre calling these new areas covered by this new decree the orange zone. Its not the same as the red zone. People can actually go in and out. They need to give the authorities at the checkpoints a decent explanation. So its a little looser than that, but nonetheless, the numbers are disturbing. Theyve made the numbers of recorded coronavirus cases has tripled in italy since last wednesday to more than 7,300, and theres another Disturbing Development today, in 27 prisons around the country, there have been riots after the authorities decided to limit the number of family visits. During these riots, six prisoners were killed, two of them from drug overdoses after they broke into one of the pharmacies in a prison in poulia in the south, 20 of the prisoners have escaped, and this of course at a time when the authorities are trying to focus the security forces, the police, the army on trying to contain the movement or rather restrict the movement of people, so this situation is getting ever more complicated by the day. Jim . Poppy . Ben wedeman we appreciate your reporting from blologna. Several members of congress, including texas senator ted cruz, have selfquarantined after coming in contact with an individual infected with coronavirus. Also new details on a growing rift it seems between the white house and the nations Top Health Agencies overseeing this pandemic. A new cnn poll out this morning shows joe biden now a doubledigit lead over bernie sanders, just one day before primaries in several key states. Technically a navy. Oh, thats right share those see that kid over there . I dont even know who he is. Its the harrison kid. Oh, the harrison kid. Youre gonna let them eat all of this food . Yeah we get triple points on groceries so each time they clear me out, im closer to something for me. Nice new gear. Yeah, remind me to thank the harrison kid. Find more in your everyday spending with the more rewards card. Navy federal credit union. Our members are the mission. These are our sales. By product, by region. You can actually see taste trends. Since when can we do that . Since we started working with bdo. announcer people who know, know bdo. Saving for avas college. Financial security. Being able to retire. On our terms. No matter what your goals are, our trusted advisors can help you reach them. Ameriprise financial. Lets be honest. Quitting smoking is hard. Like, quitting every monday hard. Quitting feels so big. So try making it smaller, and youll be surprised at how easily starting small can lead to something big. Start stopping with nicorette. And i dont count the wrinkles. But what i do count on is boost high protein. And now, introducing new boost women. With key nutrients to help support thyroid, bone, hair and skin health. All with great taste. New, boost women. Designed just for you. Dont forget you could just show her how you feel. Make the moment mean more. Jared. This morning, several members of congress now are selfquarantining, this after coming into contact with aer. Who contracted the coronavirus at a conservative conference. Lauren fox has the details. Who are we talking about . Ted cruz and paul gozar announced last night, poppy, they have elected to selfquarantine after they were told they came into contact with an individual at cpac who has since contracted coronavirus. Now, ted cruz says this is ten days later. He still has not experienced any symptoms, but he said in a Statement Given the interaction was ten days ago, the average incubation period is five to six days, the interaction was for less than a minute and i have no current symptoms, the medical authorities have advised me that the odds of transmission from the other individual to me were extremely low. Gozar and his staff say they feel fine but this was an extra precaution. The office of at tending physician on capitol hill sent a note to lawmakers saying there were multiple members who came into contact with this individual at cpac who had coronavirus. They said multiple members have selfquarantined. They did not say how many members have can feel quarantined, they did not say how many members came into contact with this individual, but this really just overshadows capitol hill and the crisis that the rest of the country is really dealing with right now, how it could affect the u. S. Government. Poppy and jim . Are they setting an example as well for how americans who might be concerned as well, what they should do in response to this . Lauren fox, thanks so much. Now to growing distrust a rift it appears between Health Officials and the white house. The president is in maralago this morning. What do we know . Reporter good morning, poppy and jim. If youve been following the trump administrations reaction to coronavirus at all, a boiling point between the white house and top Health Officials seemed inevitable. Weve seen these Health Officials out there trying to paint a realistic view for americans of what this virus was really going to look like, only to be contradicted by the administration, by Trump Supporters and allies, the as well as the president himself. On friday we heard two Administration Officials say this virus was contained. Were waking up this morning and were calling it a pandemic. More than 200 cases since friday. So theres one angle of all of this tension. Now theres another layer, and this is the white house officials are starting to have these private conversations about whether or not hhs, the cdc made the right decisions at the beginning of all of this, particularly when it comes to the cdc and adequate development of testing. Outside of the white house theres a more chilling conversation, though. Was this political . Thats what some republicans are wondering. I want to read you a statement from one republican official who has been involved in the coronavirus response, they say the message is if you are on the wrong side of this administration, you are gone. People are afraid, either there was a terrible incompetence or a heavy hand on the scale. So a pretty disturbing there, if there is any kind of element of politics or showing loyalty to President Trump that played into this response. Lets hope not. Kristen holmes, thank you for the reporting. Thats coming from a gop. Youre right, good thing to point out. Coming up for us, a cruise ship with 21 cases of coronavirus is set to dock today at some point at the port in oakland, california. Everyone on board will be quarantined at military bases across the country. What will that be like for them . We will ask someone who has firsthand knowledge. No question for them and their families. Moments away from the opening bell on wall street and futures indicating a more than thousandpoint drop in the dow. This as oil prices are crashing, dow is set to tumble at the open. Well be live from the new york stock exchange. Extra life. Extra power. Extra life. Extra power. Extra life. Power. Life. Power. Extra life. No need to argue. Vs. Coppertop,. Duracell optimum delivers extra life in some devices or extra power in others. Duracell optimum delivers extra life dont jusplan to live. Ire. An annuity helps cover your essential monthly expenses, so youre free to live the life you want. Find out how an annuity can give you Lifetime Income at protectedincome. Org when i needed to jumpstart sales. Build attendance for an event. Help people find their way. Fastsigns designed new directional signage, and got them back on track. Get started at fastsigns. Com and go[ natural drums andk. [ music begins to build ]] [ drums beat faster ] introducing an unlimited coffee subscription for 8. 99 a month. At panera, your cup is always full. [ slow dance music plays ] sfx record scratch music plays throughout [ watch me walk by Spencer Ludwig ] yo dj, can i put in a request . Dont have no sass about this im on my way im on my way cant take no class about this im on my way im on my like this this is a moment you plan for. To start your investment plan, find an advisor at massmutual. Com sfx [ mnemonic ] can you help keep these iguys protected online . . Easy, connect to the xfi gateway. What about internet speeds that keep up with my gaming . Lets hook you up with the fasoptions for the family . Ity. A of course, you can customize and save. Can you save me from this conversation . That we cant do, but come in and see what we can do. Were here to make life simple. Easy. Awesome. Ask. Shop. Discover. At your local xfinity store today. Across the country, people are stocking up on supplies, and disinfectant wipes, just try to find Hand Sanitizer at the store youll see whey mean. Fear of the coronavirus is leading to panicked buying, empty shelves as a result. Cnns Polo Sandoval joins us now. Not all of this is necessary but were seeing this happen in a lot of different communities. Reporter for the last several weeks we heard Administration Officials say there are reasonable steps families could and should take to prepare especially social distancing is necessary. You have two weeks of food, should you have to stay home. Do you have the medications that are necessary . But toilet paper, stockpiling it, of course thats certainly something were seeing from coast to coast. The experts say its the unknown fueling the fears of possible supply shortages, obstructions to everyday life but when you hear from authorities from Health Officials and of course Administration Officials, theyll tell you that the risk of contracting this still remains low but certainly with that high demand comes those higher prices that we are also seeing. Weve heard from attorneys general from states across the country that are warning some of the third Party Retailers that price gouging does come with some serious consequences, so theres that, but ultimately if you went to a store over the weekend, and you do get a sense that perhaps fears over the coronavirus could be spreading faster than the virus itself, because it all comes down to hand washing, when you hear from Health Officials, doing that could potentially help you much more. Of course. Polo, thank you. Appreciate the reporting. Carl goldman, first tested positive for coronavirus last month, when he was on board the diamond princess, the first cruise ship held off the coast of japan since being evacuated, hes been kept in isolation at a pie yo containment unit at the university of nebraska hospital just waiting and hoping for a negative test results. He joins us now from his hospital room, and first of all, our thoughts go out to you. We hope you have a quick recovery and also what youre going through and your family. Youve been in quarantine since february 4th. Tell us, i think folks at home want to know what its like to experience this virus and what the treatment theyre giving you for it. . Thanks for having me on this on. Im in omaha and february 4th was the day we started our quarantine aboard the diamond princess. I flew back to the state on february 17th, so i think quarantine now here in omaha february 17th. I tested positive for the virus on february 15th, but those results like to my journey back to the United States, didnt get those until well after i was in omaha in a biocontainment unit where they confirmed my tests for positive. Ive been here for a while. The virus was mild for me. I had a high spike of fever, i went on the plane back to, we were headed to Travis Air Force base from tokyo, fell asleep, woke up two hours later, when i fell asleep, i was fine. Woke up two hours later with 103plus fever, so they put me in a quarantine unit on the plane. Other than the high fever, which lasted about eight, nine hours, and then a cough, a dry cough that lingered for many weeks, today is one of the first days i feel like that cough has finally left me. Other than that, there have been no symptoms. If i wasnt contagious, i would have been back at work the next day. Wow. So your wife, carl, was on the cruise with you, but as i understand it, did not contract the coronavirus, and has been allowed to go home. Is that right . Yes, poppy. In fact, we spent valentines day quarantined together in our cabin on the diamond princess. When we came here to omaha, we were separated, so we did separate quarantines. She had to do a 14day quarantine here. She always was negative, returned all with negative results. So you now, youve in effect served two quoorn tearantines, the ship and one now in nebraska. What do doctors say to you about when you can go home . Youre waiting for your first negative test . Thats it, im waiting for three negative tests in a row. So far everything has been positive. Last night i was positive again. Originally, jim, there were 15 of us from the diamond princess who came here to omaha. Of those, eight have left now. Two never got the virus, including my wife, which is one of the mysteries, why would she not get it while the rest of us have it. 13 of us have the virus and now were down to seven of us still here in the quarantine unit, and i dont know, i think all of us need to just be taking a little longer. I have a syndrome guillainberet, which is why they put me in the b bio containment unit to begin with. Im 67 years old and they thought i might be compromised with the gbs, as they call it. That may be whats slowing me down. There are six others here who came at the same time and they also are still testing positive. Listen, carl, we wish you a speedy recovery and hope youre out thereof and home soon. Thanks so much. Thank you, carl. Thanks, guys, take care. The breaking news on wall street, markets have just opened, the00is set to tumble, there, go, down 1,500 points, fears of economic slowdown but also drop in the oil market. Christine romans is here with again our chief Business Correspondent alison kosik. Nearly 7 . Put this in context for us. When you get down 7 theyll stop trading, the Circuit Breakers that hit. There are these natural levels where they try to stop panic from ensuing, so im not ruling out that that could happen here sometime soon. Here is whats happening. Coronavirus fears for several weeks now, news over the weekend that shows it is spreading in the United States and the u. S. Has gone from containment to mitigation. That means now were dealing with the fact that it is in the community and it is spreading in the United States. Cnn is calling it a pandemic. So thats where we are, and coronavirus, adding to that a crash in the oil market, because of a big dispute between russia and saudi arabia, a crash in oil prices 30 remarkable. When the s p 500 hits this level it will stop. This is the Dow Jones Industrial average, 30 stocks, a narrower look at what is happening in the economy. Watching all of this together with bond yields at an historic 0. 44 , you have Global Markets in turmoil, you guys. Were looking here at previous percent. You want to watch the percentage, right . Market goes up and down. Percentage tells you what chunk of the market disappeared. You go back to 2008 to see one this high. Thats right. Go back to 87 and previous really bad panic days on the market. Alison kosik is down on the floor there where are investors looking for a sign of relief . Reporter at this point ive never seen this much anxiety on the floor of the new york stock exchange. Id say since the opening after 9 11 after the floor was closed. There are traders running everywhere. We are watching the levels, i know youre talking about the dow and its loss of 1,800 points. We are watching the s p 500, because what it takes is a level of 2764, right now it is at 2769, were at 66. So were two points away from possibly seeing trading stop here at the new york stock exchange. Theyre called Circuit Breakers, theyre measures put into action to stop the trade, because the tumbles are happening too quickly. Too fast. Circuit breakers are put into action so better heads can start thinking about whats going on and everybody can assess the trade. If we hear a bell, trading has stopped. Has trading stopped . It has passed that marker, though, based on if you look at the screen, its passed, Christine Romans, the 7 mark . For the dow. On the s p . I dont see it yet for the s p but well watch closely. Its awful close and look, six and onehalf dozen of the other. This is a really ugly morning for the stock market and tells you that investors want to be out of stocks and assets like bonds and goal and they know theyll get their money back eventually. Stocks off their february 19th highs. A correction of this day 11 years ago we were sick it our stomachs watching the market fall apart. That was the day where the green chutes of the bull market were to come. Perspective for people, there is a difference between now and 2008, when the fundamentals were not there, the consumer had lost all confidence, lehman was collapsing, the World Economy changed. This is different and also there are mechanisms in place that stop things when there is a panic. Can you explain for people at home not knowing what sense to make of this . This is a virus problem, and now an oil problem and Interest Rates around the world that are very low. The fed has been propping up, Central Banks propping up or nursing the economy along for a decade now. They have less that they can do. And investors are aware of that. What theyre looking for is coordinated there we go. Christine, hold that thought, alison kosik on the trading floor, has trading stopped . Reporter trading has stopped because weve seen a drop of 7 , which means trading will stop for the next 15 minutes. The idea is so speculative trading doesnt come in, so Accurate Information comes into the marketplace, and cooler heads can prevail and everybody can assess their positions. The idea with Circuit Breakers is putting these measures in so everybody can kind of take a breath. Jim . Romans, weve heard to finish my point, 2008 Interest Rates were higher. So you had more leeway to give the market a boost. Absolutely. Now you have Interest Rates at 1 to 1. 5 . The president would like negative rates which is a sign of distress and you have just you need to see coordinated global approach and targeted stimulus from the white house. To that point of targeted stimulus, negative Interest Rates historically we have not seen those beneficial in europe, in japan. Do you want those economies . I dont think so right now. But targeted stimulus can work. Larry kudlow said to me late last week the fact theyre looking at more targeted stimulus but didnt give a lot of details. Several are discussing an airline bailout, empty planes are flying and youve seen travel shrink and its a problem there. Paid sick leave, targeted bridge loans for companies that especially Small Companies that need help. There is a little bit of this in terms of Health Care Response from the emergency funding we saw last week. Maybe a couple of economists tell me theyd like to see tariffs lifted for companies. Thats companycentric. Is there talk of things that would go directly to the consumers. Some folks raised the idea of a tax cut. Temporary tax cuts for consumers, yes, and also guaranteed paid sick leave. Ive been banging this drum for two weeks. We have so many people die every year of seasonal flu, people are not paid to stay home if they dont feel good so they spread it. Its not their fault. Its the way the system is. If you feel bad, stay home. If youre making 18,000 a year and you live paycheck to paycheck and two kids to feed youre going to work and that will spread the flu. For some people there may be no choice. Folks may be reliant on day care, for instance the Day Care Center is closed you cant go to work if you dont have a family structure. Companies are leaders. Uber and lyft have drivers told to stay home or two weeks lockdown for coronavirus, they will pay them. You need to see more Companies Say the same. Back to the exchange. Christi christine, stay there. Alisyn, for people watching and they see the market halted, right, the dow is off 1,884 points, down 7. 3 , it stopped because trading stopped. The trigger was hit, the mechanism is in place to stop things for a little bit while you see a panic. Reporter yes, the idea is take a breath. Ive listen asking traders what are you doing for the next 15 minutes . They said were going to take a breath. Obviously youve got them behind me and all over, assessing their positions, trying to figure out what their move is going to be, and a little less than 15 minutes, when the market reopens, but clearly, this is panic trading in the markets, and this is feardriven. One trader coming up to me saying this isnt real. Although you know, weve got the panic in the oil markets, which set off this latest fear, its just one more layer in addition to the coronavirus fears, and you know, unexpected impacts of the coronavirus on the global economy. So the oil markets plunging, bond markets flashing a red signal about a possible global recession. Its all of that just together causing this fear in the marketplace, and around me here, you can see the traders fever h feverishly figuring out their next move when the market opens. Thanks, thank you, alison kosik. Just crunching some numbers here to calculate what the market has dropped from its peak now, i believe the peak was close to 30,000, Christine Romans. Well get you the numbers when we have it. You want to watch any given day, you can have ups and downs, and weve had a lot of downs we should note but lets look at the trend line, well get the numbers as soon as we have them. Romans, talk to us about what you do when you already have a federal funds rate at 1. 75, 1. 5 . When you dont have a lot of room to cut, are we talking about another qe, another quantitative easing . Weve never been here so we dont know. Weve never been here, near zero Interest Rates. Theres two more rate cuts i think baked into the cake here, people are expected. The market already knows that. That doesnt happen, its going to be worse. Look, ive heard people talk about could there be another qe . Qe is effective when rates arent one. Youre buying credit things off, out of the market. There was some discussion over the weekend from some people i talked to about maybe the fed has to have congress broaden its mandate so it can buy stocks. What kind of a political fight would that be . It raises the question, did the fed set it up for this to some degree by being so loose throughout a market rise . It takes away the leeway when things go down. Hold those thoughts. Lots of questions here. Well bring you the information, we have it, take a short break. Well be right back. Fun fact 1 in 4 of us millennials have debt we might die with. And most of that debt is actually from credit cards. Its just not right. But with sofi, you can get your credit cards right by consolidating your Credit Card Debt into one monthly payment. Including your Interest Rate right by locking in a fixed low rate today. And you can get your money right with sofi. Check your rate in two minutes or less. Get a nofee personal loan up to 100k. Get a nofee personal loan remember, you have out the hilton app. Can the hilton app help us win . Hey, heywere all winners with the hilton price match guarantee, alright . Man, you guys are adorable alright, lets go find your coach, come on book with the hilton app. Expect better. Expect hilton. Markets in freefall, watching it closely. Alison kosik is down at the floor of the new york stock exchange, where traders are reacting. Lets find out what it means. Alison, tell us what youre hearing. Im here with stacy cunningham, nyse president. People should understand that this is by design so we put the Circuit Breakers in place to slow it down, give investors an opportunity to adjust to information and react to it appropriately. The systems are designed this way and tested this way and evolved over time so were always making sure we have mechanisms in place and weve learned from prior incidents so people should understand this is working as its supposed to. Reporter the day will be a rough one. There could be another Circuit Breaker in place at 13 down. Its possible the next Circuit Breaker would be 13 . The reason why we put Circuit Breakers in place so we can slow the market down and give investors an opportunity to react, absorb information, and recognize the fact that the markets are here for the longterm. Reporter market is going to be reopening in a little less than four minutes. What can we expect . Well see in four minutes. Whats important is investors are reacting, the markets where theyll reopen. Reporter should americans be afraid . Markets are here for the longterm. We think about the beginning of markets, start in the lower left corner of the chart and extend up to the far right corner. It isnt a Straight Line but it happens over time. Weve triggered market Circuit Breakers in the past and here today with the dow much higher at that level. Reporter stacy cunningham, thanks for your time. She has somewhere to go. Ill pass it back to you guys. Alison, we appreciate that. Well take a quick break and be back with you in a minute when the market reopens and see what happens. Stay right here. Hey allergy muddlers. Achoo . Do your sneezes turn heads . Try zyrtec. It starts working hard at hour one. And works twice as hard when you take it again the next day. Zyrtec muddle no more. Trading has started again on the dow, stopped for 15 minutes a Circuit Breaker built into the system to calm things town as you have drops like this, and as it opens again, it continues, it continues to fall. Were joined by alison kosik on the floor, Christine Romans here. Folks at home are watching this, theyre concerned about their savings, retirement. In so over time, these kinds of pullbacks and corrections, and if it becomes a bare market, its not very far from there, these become longterm buying opportunities. But right now, this is a very nervous moment. Youve got Oil Prices Moving violently. Youve got stock prices moving violently. The dow down more than 7. 8 , making this one of the worst days in the stock market, but the s p is the one that if it goes too far too fast, they stop the trading. The next level to stop is way at a 13 decline, not even close to that. Deutsche bank downgraded its expectations in the Second Quarter to a contraction. The u. S. Shrinking in the Second Quarter and that was before the crashed oil markets. Everyone will be sharpening their pencils and going back to see what kind of scenarios theyll have. A week ago Goldman Sachs made a splash by predicting 0 growth in the Second Quarter, now you have the bank looking at negative territory. Allisison, youre at the exchange, but we need to be focusing on the s p, a broader index. How much farther are we from official bear territory being off the highs right now. The dow is off 2,000, the s p reflecting a similar loss. Were quite a way from 7 . If the s p falls a total of 13 from the overnight trade and then from the opening bell, that is when we can see another Circuit Breaker or measures taken to stop trading again. As you said, were looking at that dow number. Its incredible to see it fall 2,000 points, but were really watching that s p level number. Its that level were watching to know whether or not measures will be put into place to stop trading. The bear market level for the s p 500 down 20 from its recent peak is 2,708 points, so it has a ways to go from this official bear market, but a 10 decline from the p cap and very kwibqui, and you younow youre gunning levels. It shows how slow the market can be. The Financial System is dealing with something really interesting here, broken supply chains for companies, meaning potentially hundreds of billions of dollars of bills wont be paid from companies. They will draw on their lines of credit, which means the banks are going to be on the hook for making sure that they see bills can be paid. Thats one of the reasons why the new york fed today injected some liquidity to make sure there was enough oxygen in the system. The coronavirus outbreak here in the u. S. And around the world, what real economic effect its having. What kind of trade, travel, et cetera. Chief economic adviser at hemco, and hes the author of the book, the instability and avoiding the next collapse. Mohammad, please tell americans what they need to hear this morning. They need to hear that this is a very unsettling environment, and for good reasons. We have lost three anchors at the same time. Weaver be weve been taken out of our comfort zone, but we shouldnt panic. Weve been taken out of the anchor of our economy because the coronavirus is destroying both demand and supply at the same time. We are losing it by fear. We are losing trust in the ability of the Federal Reserve to save us yet again. And finally, we are losing market anchors, technical issues that most americans dont look at but people like me focus on. And when you lose that, you get massive air pockets. When folks at home watch this, what kind of relief should they be demanding here . What does you know, theres been a lot of talk about Interest Rate cuts. Theyre already very low. Theres talk about stimulus. What needs to be done, in your view . Sequentially, first and foremost, we need to focus our resources on the two things that will help us form an economic bottom. An economic bottom is critical. You need a flaw. One is medical advantage that helps us contain and predict this virus, and two, medical advances again, hopefully through vaccine that allows us to increase immunity. That is critical. Second, we need very targeted measures to contain financial dislocations and to protect the poorest and the most vulnerable in our population. And finally, we need to put all this in a government approach. This isnt the agency doing the whole thing, you need a whole level of government approach. The coronavirus is a global problem, and we need collective action. And we need honest talk. We need honest talk. Not politics. So grateful for you. Stay close. Well need your expertise through all of this. We appreciate your time this morning. We are watching the markets this morning in a short time. Please stay with us. Fe. Extra power. Extra life. Extra power. Extra life. Power. Life. Power. Extra life. No need to argue. Vs. Coppertop,. Duracell optimum delivers extra life in some devices or extra power in others. Be stronger. With nicorette coated ice mint. Layered with flavor. Its the first and only coated nicotine lozenge. For an amazing taste. That outlasts your craving. Nicorette ice mint. Top of the hour. Im poppy harlow. And im jim sciutto. The dow opens with a near 2,000point drop. Its near 1600 now following week 11. This is the real economic effect of the outbreak. You had