Reach an agreement on a nearly trillion coronavirus response. Bill what we have a basic philosophical conflict, democrats blocked republican proposal oregon senator jeff merkley calls it a slush fund for big corporations like the Airline Industry so theyve invested 50 billion in profits during the good times and buying their own stock. And giving huge bonuses to to their their management. A bad time they want to see what the public bail us now republican senators say bipartisan negotiations were going well until House Speaker nancy pelosi showed up back in washington and got involved and angry senator john thune of south dakota said the bill included many provisions democrats walk like direct checks for americans increased Unemployment Insurance and money for Small Businesses to pay their employees that right there is billion. Going to workers. Soon says there is 500 billion worth of money for big corporations but stresses that money will be given out as loans and they all higher milli
That gives you a better indication of where trading would be if we were to open here look at the treasury market. Weve been watching that closely too joe did anyone else see 5. 7 and say, oh, it is not nine . I had the same reaction i saw the etfs, i actually thought, occasion. 5. 6 or 5. 7, which is just crazy. We keep trying to figure out where is the bottom. Look at the 10year note yield of 1. 15 a week ago, you were looking at below. 7 . The moves we have seen have been pretty phenomenal. The government is stepping up its efforts to pass a massive stimulus many are betting on whether it will be big enough the Federal Reserve is pulling out its own tools. We have huge Team Coverage of these major stories. Getting over to eamon. Starting with you in washington. Good morning. It was just 24 hours ago we were talking about the idea that american politics has really changed. Every 24hour news cycle, it is different. And now embracing the idea of sending 1,000 checks to just about every
Stabilize and support the financial system, support and rescue. Its moving quickly. On the ground, it is grim. 22 states have deployed the national guard. The virus is now infected all 50 states and d. C. And this is a first, kansas closes all schools for the rest of the school year. Its beginning to sink in that many of us will be confined to our homes for weeks and millions will not be getting a paycheck. You are waking up to an anxious america. Theres an eerie feeling when you see empty cities, shuttered businesses and a country thats really grinding to a halt. Now the markets. Limit down before the opening bell. We might be 5 or 6 down in early trading. Remember, if the s p goes down 7 trading is halted for 15 minutes. We have already seen that twice. The dow, s p, nasdaq limit down, big red arrows right there. Look at this. The yield on the tenyear treasury is now 1. 12 . So money is coming out, repeat, out of treasuries. Why is that . In part because some investors have to cover
Just a few minutes ago we hit another record low. The nasdaq of course is obviously under stress as well, down triple digits. Then of course, the Dow Jones Industrials completely lower by 1,862 points, although i would point out the low of the session is a loss of 2,096. Let me take you back to four minutes after the open. Stocks fell so aggressively that the First Circuit breaker as its called, the level, level 1, to halt trading kicked in and that exact trigger would be the s p 500 hitting level 1, a loss of about 7 at that time. Now, after 15 minutes, this is what the dow was doing earlier on the new york Stock Exchange, after 15 minutes of the halt, stocks then reopened and thats when the dow promptly fell 2,046 points. At its low, 9 50 a. M. Eastern time exactly, coming within 200 points of a bear market level. In the last 15 minutes, the dow hit another new intraday low so we can change that 2,158, 2,158. Lets talk about oils response to this deadly Coronavirus Impact on the glob
Global economy. Welcome to bloomberg surveillance. Itsve a lot to get to, five days of a packed agenda. We have many World Leaders at the forum. No matter where you are in the world, we need to check on the markets. The markets a little bit thin on compared to other days. Im looking. In crude oil is one we need to watch out for. You see on the screen, really rising today. Lower, ittocks edging will be appropriate earnings and gold climbing parade get to the first word news. Libyas oil industry have been caught in the crossfire. They havewn shot shut down and output 2011, peacesince talks are underway to work towards the p cease fire. Oilfieldave halted an letting widespread a second oilfield is expected to closure. Around 600 people have died and thousands wounded. In the u. K. , prices increased for the most on any january on record. 307es increased to nearly south of the pound. Before a new tax on foreign investors. China at least three people have died and 200 diagnosed with a new v