All rolled into one and a quick 7 fall and a trading haul the dow down more than 2,000 points and then right around 1 00 p. M. Eastern time the stocks tried to stage a comeback on the back of the news that the fed will inject 1. 5 trillion back into the market and prevent a fullblown credit crash. The stocks kept falling and we ended the day on the lows and we have a huge show for you tonight. For the host of big names with guggenheims Scott Maynard and john hess. Well get to those in moments, but first, lets get more now on exactly what the fed did and tried to do today with their trillion and a half dollar injection. We are joined by phone by Steve Liesman. Im not on the phone here, brian. I am joined by the Federal Reserve. In the first instance, it extended its purchases to 60 billion across the range of maturity and the fed was buying on the short end and it was going to buy a whole way of maturity and the reason for that is because there was a lot of dislocation and well talk abo
Speakers have appeared before the club over the last century, and have established a very strong tradition of excellence. I would like to take a moment to recognize those of our 297 members as the Centennial Society attending today in the front of the room as their contributions continue to be the financial backbone for the club. They actually enable us to offer our wonderful diverse programming now and into the future. Wed also like to welcome students joining us today from Columbia Business School and Harvard Business school. In addition, we have attending members of the 2019 class of ecny fellows, a select cohort of next generation thought leaders sponsored by members of the club for our yearlong program. Welcome to all of you. [applause] it is both an honor and a privilege for me to welcome the 45th president of the United States, donald j. Trump. [applause] President Trump built on his success in private life when he entered into politics and public service. Hes a graduate of the
Of new york. Im honored to preside at todays event. Currently in our 112th year, the Economic Club of new york is the nations leading Nonpartisan Forum for discussions on economic, social, and political issues. More than 1,000 prominent guest speakers have appeared before the club over the last century, and have established a very strong tradition of excellence. I would like to take a moment to recognize those of our 297 members as the Centennial Society attending today in the front of the room as their contributions continue to be the financial backbone for the club. They actually enable us to offer our wonderful diverse programming now and into the future. Wed also like to welcome students joining us today from Columbia Business School and Harvard Business school. In addition, we have attending members of the 2019 class of ecny fellows, a select cohort of next generation thought leaders sponsored by members of the club for our yearlong program. Welcome to all of you. [applause] it is
Yields have picked up. Tenyear yield above 5 . That is a significant level. We touched briefly above that for a nanosecond last week. Since then, you have to go back to 2007 when you have seen yields at these levels. 5. 012 for the tenyear yield. By the way, check out energy prices. You will see wti which is off 33 cents. 87. 76. We have merger monday as joe mentioned. Look at what is happening here. Chevron buying hess in the deal of 53 billion. 171 a share. That is a low premium over the Closing Price for hess on friday. Hess shares are up 2. 25 . Chevron down 2. 9 . This deal comes just weeks after exxonmobil made its move to buy pioneer natural resources. Both stocks on the move. Hess ceo john hess will join chevrons board. I just got off the phone with mike wirth. Very low primemium on this. This goes back long before the rumors came out about exxonmobil and pioneer. That deal went through last week. A lot of people thought after the deal, that chevron would look for Something Els