New week, jim, with the focus once again on a resurgence of cases in certain parts of the country for the virus. Concerns about china, as well. And then the overall as we, of course, know, expectations regarding the economy and what the impact may or may not be as a result of what i just mentioned. Well, i think that its always surprising to me as someone who i think lived through it like you do that people in some of these states did realize the level of contagion. I mean, this is one when youre in the room with someone who has it, youre going to get it if you touch someone who has it, youre going to get it i dont know, did people feel they were immune i think there was a sense that maybe new york was isolated. I dont think this will be like new york because i think they learned how to treat people. So, i think the big scare of the hospitals being overloaded will only be perhaps some i mean, we had a war zone here in new york. I dont think that will happen there. The chinese situation
Any precipitous policy, at least not at the present time. How much more shock can this market take before theres longterm effects on the economy . What do you think . Look, the market the markets had a shortrun correction, and i guess its 10 or 11 or something. Weve been through this many, many times before. And i dont think even though its frontpage story and nobody likes to see their asset values go down, i just dont think at this point its going to have much of an impact. I will qualify that, depends how long this lasts, how deep it goes, but i could cite a number of historical experiences. The one i remember the most, i was a cub scout way back when, and i remember the 1987 market crash and i remember president reagan going out and saying the economic v economy is fundamentally sound, and it actually grew by 3 or 4 in the next couple years after this crash. President trump said it in this room two nights ago, we just think the economy is sound, and therefore i just dont think this
We will have the very latest from barcelona ahead, as power lunch begins right now. And welcome to power lunch. Im Morgan Brennan stocks are sitting around session lows right now nasdaq, the biggest loser. That is down more than 1 . Tech and industrials, the biggest drags today. So check out some of the individual movers. We have got mylan is moving higher its bucking the trend that company is finalizing a 465 million deal with the Justice Department to settle claims it overcharged the government for its epipens and alibaba, rallying on its earnings beat. That stock is up 4 . L. Brands, plunging to new lows on the back of its weak outlook. And walmart lower, despite beating estimates. That stock is down more than 2 . We are going to have much more on whats going on with that stock, straight up ahead morgan, welcome to power lunch. Im Brian Sullivan we begin this hour with breaking news from spain, where a truck rammed into a crowd, one of the main plazas in barcelona it is now official