Virus could put you in hospital for weeks or even kill you thats a warning from the World Health Organization telling young people dont be complacent in the fight against the pandemic and the u. S. Has announced it is limiting non essential travel across the border into mexico and want to force a new statute to block migrants from entering illegally. In my increasing the mandates because the numbers are increasing and as a lockdown in new york state the governor announces tighter restrictions and calls for all nonessential workers to stay at home. For we got a lot of developments to take you through with regards to the coronavirus pandemic the number of deaths continues to rise rapidly especially in europe it is now considered. The epicenter of this crisis we start with the news out of italy where the death toll has climbed to more than 4000 we have seen the largest single day rise in the number of fatalities 600 and 27. 00 people died there on friday as we say that total now up above
Student loan debt and new york orders 100 of the states workforce to stay home except for essential sftss. California, illinois and United Kingdom asking residents to do the same moments from now, he runs the largest restaurant in the world. Mcdonalds ceo will join us for an exclusive interview to discuss the companys response to the coronavirus that live interview coming in just a few minutes lets focus on the big stories we are watch iing. Mike tracking the market moves in the final hour of trade bob pisani on the unprecedented week for stocks. Meg has the latest on the coronavirus. Mike, first to you on this Market Action on the final weekday of a crazy week. Its still skittish there was a couple of days we were able to pull out some clues of stabilization a chart of the s p 500, we keep going back to the levels of tight end 2018 right back there now i think you can look under the service and say the market was trying to differentiate. We had perhaps a lull in this heavy liquidation
Already been layoffs at Hotels Across the country. We are starting to see some at restaurants and bakeries. Anything having to do with travel and leisure and hospitality is on the front lines of this. The big fear is it is going to start cascading over. The other thing that makes this particular week unique in addition to the coronavirus, we have seen energy take a nosedive. A bunch of Energy Companies lost half of their value this week. It is just an astounding drop. There is a big concern that the Energy Sector now that oil prices are so low, it is cheap gas, but we have 200,000 people in this country working in that industry. Some of those jobs are going to disappear. Host we have heard a lot of talk this week about a possible recession, about this country sliding into a recession. I want you to define for us what a recession is and then tell us are we headed into one . Guest a recession in economic terms is six months of negative growth. The economy is literally shrinking. The deba
Prone to gaffes. In congress, no agreement on how to respond to the virus. The latest proposals, a payroll tax holiday for the rest of the year. In other words, your Social Security contribution, suspended. Another one, extend the april 15th tax deadline. However, congress had better get on with it. A oneweek recess starts friday. The market, not happy with any of this. Stocks will be down at the opening bell. You kind of get seasick watching it all. Down 2,000 monday, up 1100 tuesday, this morning we will open about 800 points to the downside. Similar losses for the s p and nasdaq. The virus, there are now just over 1,000 cases in the United States. Draconian action in new rochelle, new york, where the National Guard has been called out to help with a cluster of cases in that town. Seattle has restrictions on large gatherings. The first lawsuits have appeared, a cruise line sued. And just look at this. Students at the university of dayton rioted last night after the authorities announ
Trading here. What is really interesting is the sentiment on the floor, right . Ive been coming down here for the last three weeks. Weve seen very, very extreme swings daily and traders right now are basically desensitized to what theyre hearing and what theyre seeing and these big movements in the market. It is not to say theyre not worried about it, and theyre not worried what will come out of wall street. The question, and the point they make to me, this virus needs to get to the point where it peaks and starts to trail off. That is where the markets calm down. Not until then will we see volatility subside a little bit. You see the Market Selling off 1000 points today. The point made in the previous show. There was a lot of hope yesterday that washington would come up with some sort of a stimulus solution. Right now, folks are kind of scratching their heads, wondering whatever they come up with, if it will be enough. Were watching the dow down 1052 right now. The the biggest dow dra