Hitting the alltime record high on february 12th and the definition of a bear market is 20 lower than the recent highs. The markets tumbling just as President Trump is expected to meet with some of the biggest banking ceos in the world to find out how stable the Financial Market system is and what to do to keep it there. We are still waiting on word but if cameras are allowed in the room we are going to take you there and hear what they all say. This as the battle against the deadly coronavirus pandemic moves into a new phase, as National Guard troops get set to sweep into the hot zone in new rochelle, new york. And as businesses and colleges close their doors, Microsoft Teams is swinging to their digital defense, with a suite of Software Products to help those working from home or moving to online learning. I know a lot of you were experiencing that or your kids are. Countdown has a lineup of power players to tackle all these topics. Steeple chairman and ceo ron krusz kruszewski on th
Rally. You can thank the Federal Reserve for that. Is hovering above 1 , which is a good thing. They are launching qe. Well, they are not calling it qe. We are calling it qe. David let me put you on the spot. A question a lot of people are asking today, is the market down because of the fed or despite the fed . Some people are saying there are indications that the market is going to be down a lot, and he said may not have made a better. Taylor potentially, the two emergency rate cuts made people wonder whether the fed know something we dont. The fact that they came out sunday and they knew something they couldnt wait until wednesday, they had to ask sunday night, that potentially made markets nervous. On the others on the other hand, like you said, this is a medical crisis, so markets could have been down the matter what until we get that flattening out of the curve in the terms of the number of cases. David thank you for being here. For more on that emergency fed rate cut yesterday, w
Coronavirus confirmed in the u. S. New york, new jersey and connecticut are banning all gathering over 50 people and closing dine in restaurants and bars following that recommendation from the cdc. U. S. Airlines are seeking 50 billion dollar in government assistance and if approved, it would be the industrys first broad bail out since after the september 11th attacks we have full Team Coverage this afternoon. Bob is monitoring conditions at the new york stock exchange. Rick is out at the cme watching the bond market. Bob, well begin with you. Third trading halt in the last six trading sessions. Thats this morning after the open 9 30 or so. 15 minutes the s p down 7 these trading halts have, at least, served to slow the markets down a little bit and do bit put a bit of a break on things well keep an eye on that. Were continuing to see this bifercation in the market. Health care and staples are out performing this has been the trend since thursday here. Market gainers, if you look at so
Driving the action first and foremost of course the heightened fear about the coronavirus. More countries go into lockdown as the steady spread of cases continues. The fed made a dramatic move cutting rates to zero and announcing new assets. And the economic slowdown with weak manufacturing data this morning from both china and the u. S. As we just said we are down about 9 on the dow. The low of the session was down 12 or 2,800 points. The dow is down about 31 from the recent market highs as we stand with just under we have every angled covered for you. Lets drill down on the selloff Mike Santelli at the market dashboard and lets begin with bob on the floor of the exchange. Trading halt this morning, 15 minutes right after the market opened our third trading halt in the last six sessions. Look at the s p 500. Our low is just a tad above 2,400. So well off of that number everybody down here waiting to see what if anything the president might have to say. Take a look at the dow movers, t
Actual and of the dollar when the fed cut on sunday night just as it had by the way in march of 2008 during the financial crisis in the beginning when bear stearns collapsed here we saw emergency rate cuts of 100. 00 basis points down to 0 it took them down Interest Rates down to 0 percent essentially and the markets tumbled the dollar is something weve been talking about for many years and its the only store of value at the moment everything is collapsing against the dollar so how long will that last probably not a long time because. As weve seen during brain woods or through the plaza accord of the 1980 s. Theres going to have to be a global coordinated sit down to rearrange the global 4 x. Market we arrange the global currency grid and the dollar is not the thing were going to have to match against because that runaway value on the dollar is whats causing. This deflation and thats whats causing this global depression part 2 so theyre going to have to rejigger the global currency gri