Up for today. Were going to look at all of todays market moving news from new york and london. We want to begin in washington were the Trump Administration stoc struck a deal on a rescue package. Mitch mcconnell says it is an historic plan. At last, we have a deal. After days of intense discussions, the senate has reached a bipartisan agreement on an historic relief package. It will rush resources onto the front lines of our Nations Health care fight and will inject trillions of dollars of cash into the economy as fast as possible to help american workers, families, Small Businesses and interested and industries make it through this. Alix joining me is kevin cirilli. Walk me through what is in the bill and what to expect. The deal will likely pass within the next 48 hours. They are bullish to get this done. 500 billion for Large Companies as well as corporations bailout cash for industries that have been impacted by the economic effects of coronavirus. 350 billion for Small Businesses.
To talk about the markets. I will bring in romaine bostick. Romaine of course, the worst yesterday. 987 we retraced some of those losses today, about 6 . Almost all of the sustained buying, defensive stocks, talking about utilities, real estate, consumer staples. Utilities attractive at this stage because a lot of these Companies Pay dividends. When you talk about consumer staples, we are talking about , a lot of the goods, like food, cleaning supplies, and other sort of essential staples. Another aspect we saw, recommending stocks that they say are great places to hide. Facebook,ut amazon, saying the workathome movement we are seeing here, of course with you being sheltering in place, that that will be a boon to companies that deliver like amazon, or like facebook. They are also recommending Companies Like walmart. Again, the stocks moving higher are those that stand to benefit from the pain that a lot of people are expecting to see. Really, everyone we spoke to today, the main word o
Measures fail to emerge. On the monetary side, the bank of england, becomes the latest to cut rates treasury yields hovering around 80 basis points. Full Team Coverage of todays market plunge. Mike san tolly is with us and meg on the latest on the coronavirus. But well begin with breaking news out of washington major Bank Executives meet with the president today. Well get to wolf at the white house. Reporter the president and the Vice President and the treasury secretary currently hosting in the white house behind me the leaders of the major Financial Institutions of this country in attendance we have the leaders of jpmorgan, bank of america, citigroup, goldman sachs, wells fargo, black stone making it the type of gathering we havent seen since the peak of the financial crisis. Theyre all inside, as we speak. What will be on the agenda well, two main things. Number one, liquidity and the functioning of markets number two, lending to businesses that are most affected by the coronavirus.
Wiped out. Were back to where we were right after the financial metdown. A lot of people are wondering how many arrows are left in the feds quiver. The president is taking Emergency Action of his own. He is already Restricted International travel. Of course for School Systems across the country, comprising now better than 11 million kids, theyre closed and a lot of kids sort of have to, technologywise do their classes on their home computers. I can tell you as a parent of a couple teenagers good luck with that. Meantime the Global Impact is clear, as one market after another sells well off into bear territory. Deirdre bolton following all of that. Bolton, we are jolten. A tough start to the trading day. The fed seemed to make more traders anxious than not. The fed, neil, you know this, basically what the fed has done in credit crisis over seven or eight month period t was done within hours this weekend markets reacted in the first 10 seconds. We dropped on the s p 500. We had a 15 minu
Eamon, its jon fortt by my account its been about a week since the last gasp of real partisan that i saw when mcconnell and mccarthy were talking about the house bill calling it an ideological wish list and what not. I think the lawmakers pretty quickly started getting on the same page and getting too a different posture, but from where you sit at this point, is it clear where there might be any types of divides around what types of measures congress is willing to take . I know that payroll tax cut was on the table for a bit and then off the table, but beyond that, are there areas where democrats and republicans clearly differ at this point . You know, its unclear right now. You saw Chuck Schumer out earlier today and yesterday saying that what democrats want is a real focus on the workers, if theres going to be bailouts we want to make sure the focus here is on labor and the workers, the people who might get hurt and not just bailouts that would benefit executives. I think theres a sp