And oil is up to the tune of 25 . The jobless claims rocked the street. We were expecting them to be bad. We were not expecting them to be 6. 6 million bad. Jackie deangelis, jackie. Reporter good afternoon to you, neil. Lets go ahead to start with the tweet from the president that had the dow jones up more than 300 points now. The president said, i spoke to my friend, mbs, crown prince of saudi arabia who spoke with president putin of russia and i expect and hope they will be cutting back approximately 10 Million Barrels and maybe substantially more, which if it happens will be great for the oil and gas industry. The markets are rallying on this, because low oil prices are good for consumers and businesses that use oil. Statement, you dont want the price to be so low that the shale producers go out of business. That the Oil Producers have a hard time, staying, conducting, keeping things going. So prices spiking today, more than 20 is a positive sign that it is all moving in the right
Before, and indeed is doing right now with the boston fed itself, running a special fund to back up money markets he says that regulatory changes will allow restructured loans from the banks can be brought to the Federal Reserve and be funded that way, and wont be frowned upon by supervisors, so kind of an encourage from the Bank Survivors to get to the to work with their customers and restructure loans. Finally, says its the need to support essential workers and its the best of times here for the public spirit here let me just talk about this rising unemployment rise dramatically were only looking for 0. 2 of an increase in the friday jobs report, but thats not going to pick up whatwear seeing in the more frequent data we had north of 3 million claims last week. Expectation for tomorrow is north of 3 million as well both of those together would raise the Unemployment Rate quite a bit by itself. So were looking beyond the data, tyler and kelly, because its not necessarily going to pick
Utx and Speaker Pelosi we have oil ceos at the white house later this afternoon and a pivotal day as this sba loan program tries to get off the ground, just an incredibly monumental challenge for the banks, government and Small Businesses that will apply im hopeful i know theres a lot of Community Banks up and running to do it theyve started. There are a lot of some very interesting smaller online banks that are ready to go well hear from Brian Moynihan from bank of america about whether theyre ready to go. Its been hard to understand i know i had to hire someone to understand it. I think that a banker can make sense of it. Theres a lot of money coming to people it would be a huge mistake for someone with two employees, three employees, to not immediately go to the bank the money is there you have to get it theyre ready with the money thats what i think. David . You disagree yeah, im here. Im here, guys were trying to establish this rhythm as to who talks in what order i know. I know w
The last 20 minutes or so. Nasdaq is down 33 and 3 quarters. Now these numbers coming after signs of the spread to have virus stabilized in hot spots. That led to strong rally yesterday. Here at the close yesterday, the dow gaining and s p entering bull market. U. S. Death toll topping 14,080 but there are signs that the spread is slowing in hot spots. The cdc issued guidelines to get to workers. The Trump Administration requesting 250 billion, democrats want additional 50 billion. Fed chair jay powell will be giving us an update on the economy and actions taken to combat the impact of the virus, thats today 10 00 a. M. Eastern time. More to expect from the fed. The today is a big day for oil. We are watching the contract right now. Its up almost 5 and a half percent. The investors are watching the opec meeting including saudi arabia and russia, can they come to an agreement . All rising on hopes of a deal to cut production and bring an end to the costly priced war. And then there was
The banks and government begin to roll out a 350 billion loan relief package Consumer Staples just turned positive rest of sectors are negative 59 minutes left of trade coming up on the show, well speak exclusively with Jeffrey Katzenberg well ask him about the Coronavirus Impact on the entire Entertainment Industry plus, the ceo of go daddy yoins us with a look at how Small Business clients are dealing with the kris and of course with job losses but we begin with breaking news in washington. President trump meeting this hour with executives from Energy Giants like exxon and chevron at the white house. Brian sullivan joins us now with more about what we know, brian, about this meeting yeah. What we know, what we dont, thank you very much. A couple of things here, one of which is obvious, one less obvious. These oil executives, the ones weve talked to, that ive talk ed to off the record, said theyre not looking for a bailout. They dont want any kand kind of a bailout. Theyre being reque