Something we havent seen for the dow and s p in more than a ho month and a half to wilfred frost who has breaking news. Hi, morgan. Yes, james gorman the chairman and ceo of Morgan Stanley sent a note out to colleagues that were seen by myself and the content confirmed by a spokesperson at Morgan Stanley, in it he said, quote, 90 of our employees are working from home. As a result the normal bonds created by every day interactions with colleagues have been impacted and im hoping my perspective on the firm and crisis will be helpful and you have all seen the Federal Reserve actions are extraordinary but given the circumstances necessary markets cannot function without liquidity and they have taken real steps to address this critical issue he went on to say, slowly, governments across the world are putting aside their politics to arrive at blockbuster support and stimulus packages. Way too many people have lost their jobs overnight and it is central for government to act as aggressive as
Relative sense yes yes. Yes, and they are. Theyre at home as they have been all week and focusing on on frankly theyre not symptomatic and there was the need for testing. Bill ackman on our air earlier today suggested the nation should shut down for a month or so, an extended spring break. If that were to happen, and i know you dont think someones voice is coming through to us, and i know you dont think that is the right course of action, if that were to happen, do you think that would be supportive of market levels or not . I dont think so. I think we need to make sure people need to have access to the markets and i dont think we would reduce concern about how events are unfolding in the coming weeks we have a few weeks of uncertainty and we will get through this and well see how quickly it evolves, but every single day we learn more every single day we put in new protections and new measures and people are taking this very seriously and thats an important thing to highlight well get
Im brian sullivan, if you are keeping track at home, were pretty sure youre at home heres a sobering stat on the selloff. The dow has fallen nearly 11,000 pointing since an all time high in mid february. Thats a nearly 40 drop the fastest in history investors continue to see their portfolios fall, while washington falls short stimulus still on hold were expecting a briefing on the coronavirus outbreak in about 30 minutes time. Were going to bring it to you live when it begins. Kayla has been tracking the stimulus situation all day long and is with us now on what happened what happened, what didnt happen. And what comes next. For a second time in two days, the vote to advance the stimulus package coming out of the republican side failed meeting are taking place in the wake of that with Steve Mnuchin meeting with chuck schumer, followed by a meeting with mitch mcconnell. Those two back to back meetings, an update on where things stand. A Senior Administration official tells me its unlike
Information is incorporated there. Im keeping an eye on relationships between stocks and bonds. Bonds have vastly outperformed you can see the chart in the bond mark ket index. A lot of chatter about how Pension Funds will have to rebalance out of bonds into stocks to keep ratings consistent whether yesterday was a front running of that activity or whether by the way individuals may now use it as an occasion to say my allocation is out of whack because stocks are smaller, that is something we can watch perhaps play out on over the next few days mike santoly, thank you that sets us up well for our first discussion, market panel of the day well start with market action, another volatile trading session so far good morning andrew, ill start with you, how are you advising clients right now . Especially given the fact we are coming off the dow having the best day in 80 years, but historically weve seen these moves on a singlef day basis in the midst of recessions or bear markets. Great ques
And ask about rand gold versus todays rally, second one in a row 496 points, rising 1. 5 , clorox, clorox wipes, you want to buy clorox. Nasdaq dipping 1. 4 , shows wall street has faith in the stimulus Charitable Trust owns it, some plan we came in weak it this morning, higher looking to buy it back then roared, sacrificing gains lets of go to gary in florida, gary. Caller i respect your at the close because a handful opinion and insight. Of senators are holding up the love to hear your thoughts on bill ice. This stock has fallen down in Bernie Sanders thinks its too generous to corporations a straight line. I say its possibly too generous its like its selling ice to he right now. It was the sanders discordant is eskimos. Theres multiple trading threat that freaked everybody thats not the end of trading, out. Hes not trying to change the thats a buy were not done bill were going to trevor in texas hes trying to fast track it sideshow, please, no panic trevor caller jimmy chill clorox.