Outbreak in the u. S. , but new jersey reported its worst day yet. More money for Small Business as the treasury secretary and lawmakers signal additional funds will be allocated for the Small Business program, which has seen enormous demand and m. G. Firms from exxon to halliburton may lay off workers in light of the economic turm l turmoil. Well speak with the ceo of verizon about the companys effort to keep students informed while they are away from school. And the ceo of state street will join us. We have details on the Small Business relief meeting that is taking place this hour at the white house. Mike santoli is tracking the markets fading gains this hour. Ka kayla, first to you on breaking news in washington reporters are entering the roosevelt room right now where President Trump and his economic advisers are set to host a Virtual Meeting with a slate of financial industry ceos to talk about what they are doing to assist Small Businesses. The list of attendees includes some of
Record levels were hearing 47 Million People could lose their jobs, 32 unemployment stocks will soon collapse under their own weight according to morgan stanley, we could be looking at a 25 contraction in our Gross Domestic Product my money manager friends were all glued to their machines sunday why, of course, like every sunday night they expected the futures to be down the limit so how the heck could the market rally today . I mean, dow gaining 691 points, s p climbing 3. 35 nasdaq pulling 3. 62 simple because American Science is at last in play science that may allow us to not only contain this virus, but actually one day beat the darn thing. Look, i in no means want to disparage the extraordinary efforts to get the pandemic under control. Its absolutely essential. Thats why ive been calling for national lockdown, as much as it rankles some we have people gallavanting around like nothing is wrong new york city is a travesty. The new york mayor waited too long and were paying for it
A move like we saw yesterday doesnt typically begin the recovery from a dow turn the likes of which weve had, does it no this is one of the greatest oneday bull markets ive seen. You had to come in at the darkest hour, if you didnt, youre coming in on total quicksand. We had a move that was so accentuated by the machines, algorithmic. They exacerbate which ever direction it is. I hate it as much when it goes up as when it goes down, it brings in a lot of people who think maybe its all clear its not all clear its almost like youre lucky if you bought yesterday and you should ring the register today weve seen prices that will hold up but everything ive heard this morning is about how were ready and open for business, but no one talking about going to where theyre ready. Boeing, yeah, thats great you want to fly . When do you want to fly again . Thats a great question, jim. When you talk about what life is going to be like once the crisis passes right or when people go back to socalled no
Trading here. What is really interesting is the sentiment on the floor, right . Ive been coming down here for the last three weeks. Weve seen very, very extreme swings daily and traders right now are basically desensitized to what theyre hearing and what theyre seeing and these big movements in the market. It is not to say theyre not worried about it, and theyre not worried what will come out of wall street. The question, and the point they make to me, this virus needs to get to the point where it peaks and starts to trail off. That is where the markets calm down. Not until then will we see volatility subside a little bit. You see the Market Selling off 1000 points today. The point made in the previous show. There was a lot of hope yesterday that washington would come up with some sort of a stimulus solution. Right now, folks are kind of scratching their heads, wondering whatever they come up with, if it will be enough. Were watching the dow down 1052 right now. The the biggest dow dra
Home prices up 3. 8 year on year. Roadmap begins with a turnaround tuesday. Stocks set to bounceback as markets attempt to recover from the worst drop since 2018. The drug maker shipping the first batch of this Coronavirus Vaccine as the World Health Organization warns the outbreak has the potential to become a pandemic. And the top performer sector just last week losing more than 200 billion in market value yesterday and set to fall again at the open today. As stocks come off, as we said, the worst day in the couple years, the coronavirus numbers continue to climb both in and outside china. Total confirmed cases exceed 80,000. Deaths surpassing 2,700, heading into the session the downd at s and the s p are in negative territory. We have croatia, bahrain added some. The Iranian Deputy Health minister tested positive. You cant read all the headlines theyre coming too quickly. And i think iran and italy are the two that i think people are focused on. But all these others, they always in