Decades. The economy there slowing by almost 7 . And two dow components moving higher boeing that is restarting some production in Washington State and proctor and gamble reporting strong sales growth. Ill hit that later in the hour. Yes, indeed, hooking forward to that. Markets up 1. 5 59 minutes left of course. Lots of big guests coming up including we will discuss the broad market rally with bank of america and blackrock and chamber of commerce ceo, tom donohue will discuss the call for congress to provide more emergency funding to Small Businesses bob pisani is tracking todays rally. Adam from staten news is with us to talk about the market moving report he cowrote on gileads drug bob, lets kick things off with you. Well, we are up today and have been all day, but were at essentially just off the lows for the day. So the markets kind of running out of steam here. The good news here is is all the beaten up sectors are rallying today on the somewhat hopeful news on coronavirus treatm
Better. Im tom kean in new york and joining me is taylor rigs this morning. I love the chart you put out on high yield this morning. What else do you see in the markets . Taylor what does it mean when the fed comes in and buys junk bonds, tom . Weve never seen it before, supporting the fallen angels. Massive rally in the high yield market not to mention a bit of the equity markets, coming off the best week since 1974. Some of that seems to be reversing this morning. Tom im really thrilled with the conversation were going to have with the vice chairman and we look for that at 6 30 this morning. Im particularly thrilled Michael Mckee will join me and there will be some interesting questions. Im taking a broader perspective and michael wants to drill down as he does at the press conferences to the minutia, the details, the mystery of all the alphabet soup that the fed has done as well. We continue our huge news flow this morning with our first word news in new york city with viffauno hurt
Market meltdown. Hang on, everyone, this is the final hour of trade. Good afternoon. Lets have a look at whats driving the action the lack of a Production Cut deal from opec coupled with a saudi price cut sending prices tumbling down 17 on the day alone. Coronavirus fears remain front and center as global cases top 111,000 and italy locks down a quarter of its population. And the bull market chaos rages on as yields on the tenyear at a low of 0. 31 and remain at the moment below 0. 5 . Joining us for the full first hour of the show, lindsey bell from ally invest they have 7. 85 billion in total customer assets. Shes here along with our team of reporters to break down this massive market sell off. Bob pisani is on the floor of the change Brian Sullivan covering the Oil Price Collapse mike is here to look in the the market mike holland ond transports. Well get to all our reporters the dow is down 7. 25 . B bob. Important thing is the Circuit Breakers hit this morning. Down 7 . Halted for
The acting secretary of the department of Homeland Security. Thank you for being with us this morning. Mr. Secretary, the f. Y. 21 proposes 49. 7 billion in net discretionary funding for the department of Homeland Security. Chair roybalallard while this is a cut of 750 million below the current year level, the budget also proposes transferring the United States secret service to the treasury department. I want to be clear that absent any enacted law to effect such a transfer, this subcommittee will continue to include funding for he secret service in its bill. The budget requests for f. Y. 21 is actually 1. 78 billion above the current year level. There are some things in the proposed budget that i believe well find strong bipartisan support. Such as funding for the coast guard second polar security cutter. However, there are also proposals you should not expect to see funded in the house bill. Among those are more funding for border barriers and the expansion of detention bed capacity
Years has been chaotic, imagine spending the better part of 2020 with Bernie Sanders versus donald trump. We should Pay Attention to where the voters of this country are, bernie. They are not with you. Amy two out of seven. That is the number of Democratic Candidates at last nights debate who are billionaires with Michael Bloomberg and at either end of the stage, frontrunner Bernie Sanders was at the center facing a barrage of criticism. Your hearing it tonight, the ideas im talking about are radical. They are not. In one form or another, they exist in countries all over the world. Amy we will speak with anand winnersdas, author of take all. Just wrote the billionaire election does the world belong to them or to us . We will also then go to columbia and charleston, South Carolina, for reaction. And we will look at billionaire Michael Bloomberg facing calls to release his tax records. I got into this race only 10 or 12 weeks ago. We have been working on our tax returns. We probably have