Will have issues producing energy so lets go out and buy 10 billion or 20 billion worth of oishlgs fil, fill up the res. The oil market has nothing to do with the coronavirus other than theres just a lot less demand at this point. But youre right, unprecedented issues. Maria yeah. No surprise, russia would pile on just in the middle of a crisis for the United States and say im not going to cut production. Secretary mnuchin, a pleasure to have you. Thanks very much for the clarity. We appreciate it. Thanks, maria. Great to be with you. Maria see you soon. Secretary mnuchin. We cut into varneys time. Stu, my sincere apologies. Varney Company Begins right now. Have a great day, everybody. Stuart good morning, maria. Good morning, everyone. If i may just say very quickly, the key sentence to me from listening to secretary mnuchin was we will destroy this virus and the economy will come roaring back. We will go back to a normal world. Good morning, everyone. Lets get going on the program. A
Spending in france and switzerland neglect any of if january and twos, threes and fiveyears are measured in basis points the dow plummeting 3200 points in the week the worse since the crisis yesterday experienced the biggest oneday point drop ever, 1,109 points as we approach the end of the red february for stocks the dow is the weakest of the three major indices, down almost 9 monthtodate. Goldman again this morning, jim is saying they dont think this is over and that buying the dip is in their words riskier this time theres no doubt about it s theres a part of of the s p and its good to look at individual stocks here that are not buyable and if anything its involved with travel and leisure, autos, housing, because house something sl housing is slowing down and i dont thinkfed cut rates it would matter we do need to talk about something at the cooperman, and ive always talked about which is the algos are in charge i noticed this morning at 3 00, what am i doing up at 3 00 the bond Int
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
The dow gaining 188 points, nasdaq surging 2. 3 . This is an important snap back because it gives us a glimpse into the future. Lets start with the set up. If you listen to the wise men of the hedge fund energy, theyre telling you believers will be crushed. They loved the market a month ago. Many of their fears are legitimate they have trillions of dollars in debt. The Oil Companies alone owe hundreds of billions of dollars. They cant pay it back in crude. Airline is toast supply chain could cost 60 billion. The hedge funds i listen to, well, theyre warning of 25 unemployment thanks to the government mandated lockdown. Thats not a great recession, thats Great Depression with a c. You cant have a Restaurant Industry if youre an allowed to go to restaurants. Hotels sold to you malls, malls are bowling alleys. Actual bowling alleys, baby boomer storage lockers arcane dollar trades, ooh, really scary, devastating. And as Small Business finished time to break out the apple stands and the sa
China is the manufacturing workshop of the world and its shrinking, manufacturing, shr k shrinking at its fastest pace ever. This is an astonishing move into the safety of tenyear u. S. Treasuries. At one stage that yield had dropped all the way down to an alltime low of 1. 03 . Right now, we are at 1. 08 . Historically very, very low. The virus is the problem. We do not know how much our economy will slow if large numbers of people are quarantined and people are unwilling to go out and shop and travel and mingle. We have these developments on the virus. Deaths, two deaths in what appears to be a cluster of cases centering on a nursing home in kirkland, washington. Firefighters who went to the home are now quarantined. There are confirmed cases in nine states. Florida has declared a Public Health emergency. Theres this bombshell from iran. A Senior Adviser to the Supreme Leader has died from the virus. Several members of the top leadership are infected. But iran has done little to rest