I have got to go back reporter 50 billion to those who might be concerned that is too expensive. We dont want to talk about it it is a substantial number. Were going big. We could go back every day or every week. Were going big. Thats where mitch mcconnell, that is the way he wants to go. That is the way i want to go. I want to get it done and have a big infusion as opposed to going through meetings every couple of days. We dont want to do it that way. Go big or solid. The country is very strong. Weve never been so strong. That is what were going to be doing. We dont want, with this invisible enemy, we dont want airlines going out of business. We dont want people losing their jobs or not having money to live when they were doing very well just four weeks ago. So were going big and that is the way it will be. That is the way everybody seems to like it on the hill. Any other questions to steve . Reporter airlines and hotels, call for restaurants today. Was any type of Emergency Assistanc
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.
For several hours, there are reports that the stimulus package now being prepared maybe the first of many, in other words, congressman Congress Rather and the administration will throw whatever they have at the virus problem. The fed is pumping a trillion dollars into the economy and that appears to be helping market sentiment. Green across the board there. All of them up limit, 5 up. Lets see how we open at the market this morning. Now, again, when we open this morning prices will be freed up so we can move up from the 5 gain and looking at etfs, here is anxiety indicater. Do you realize it was 1. 3 a few days ago . Gold this morning i believe is down a little bit more. Okay, we will find it. Look at the average price of gasoline. 2. 30. Ten cents lower than a week ago. Gas is falling really fast. I call that good news. The whole country maybe slowing down as we separate out but the virus news coming quick and fast. The wife of canadas Prime Minister Trudeau Sophie tested positive. Pr
Moves. Im connell mcshane. Deirdre im Deirdre Bolton in for Melissa Francis this is after the bell. S p 500, nasdaq closing down each more than 3 . Any minute as well, President Trump set to leave the white house. He is headed to scranton, pennsylvania. Well bring you any headlines from the president. If he stops to speak to reporters on the south lawn. Meantime fox Business Team coverage. Blake burman at the white house, Kristina Partsinevelos on the floor of the New York Stock Exchange and phil flynn watching oil from the cme. Kristina, if it is not plus 500 or minus 500 were almost confused at this point. Kristina right. You know what i want to end at bright spot off the session lows we saw the markets drop 1100 points lower, so yea to that. The dow closing like you mentioned, negative 92. Weve come so far over the past two weeks and talking about these record highs. Volatility though, according to the traders are here to stay. Were seeing massive swings. Were talk about some dow lo
279 points looking at the treadsrys the 10year is at 0. 77 . That is nuts especially when you start to look at where we were a handful of months when people were talking about a 3 as rates go down cheaper this is such a panic move. Is it forecasting a Global Movement the problem is that everyone was worried that stocks were overvalued the problem is there is no way of gauging what the effects are. Everyone at this desk could have started throwing stocks at the wall people are going for safety and quality. These are panic moves im not sure it is unwarranted people will sell off first and panic later. Theyll say im looking out for a year or two or three thats probably what well reassure now can stocks bounce off the previous lows of 12 i think the market has to recalibrate to digest the lower yield and the market sitting across the table, stocks dont often bottom on a friday but the fact that everyone thought they werent going to bottom is the chance that they werent going to bottom. Bef