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 treatments, so the russell 2000 offawful a week, outperformers. Banks. Energy, even with oil down today, energys outperforming. The dow leadership group, these stocks have had a terrible week. Dow inc. J. P. Northgapmorga jpmorgan, exxon mobil down the week all of these up. Thats good walmart is lag. Proctor, good earnings report, merck, United Health care doing well apple downgrade to the downside here i think my concern at this point how much more upside this is a big theme amongst the Trading Community today. Weve got 53 of losses recovered. Earnings are pricey. We dont know what they are, but theyre trying to price off of 2020 multiples the issue here, significant execution risk around reopening the economy and the fear of secondary wave of infections in may should we get it and start to aggressively reopening. Thats a commentary around the trading pits today guys, back to you. Yeah, big question marks. Thank you. Shares of gilead sharply higher today after stat news reported late yesterday promising results with remdesivir. Say iing an early peak suggest s patients are responding to streemt. This sparking some skepticism with Raymond James saying that the report causes confusion rather than confidence gal gil yad saying the totality of f the data need to be analyzed in order to draw any con cougs collusions reports while encouraging, dont provide the statistical power necessary to determine the safety and efficacy profile of remdesivir as a treatment for covid19 we expect data from multiple studies to continue to evolve over the next month to help establish the safety and efficacy of remdesivir in patients with covid19 joining us now one of the reporters of the report, which moved the entire market. Amazing scoop. At one point last night, i think futures were up 900 points on it just give us a sense as to how enkournging the data you were able to access was yeah, the Market Reaction was a little bizarre watching that unfold after our story came out. You know you read gileads statement and i agree with gileads statement theyre right. What reporting on is a snapshot of a large Clinical Trial theyre running showing these patients were treated at the university of chicago hospital and the results there look encouraging and thats what we were reporting on, but i think as gilead noted and is worth mentioning is that this is a large trial and what were showing is a snapshot of a large trial and we need to wait to see what all those results look like and thankfully, well see those results by the end of the month. And just talk us through how big or small of a snapshot you got a glimpse of that this is . You saw a video of one u of the people involved in the trial talk iing about what, how many cases versus how many are in fact in the full trial right so we the university of chicago medicine, their hospital there is treating about 125 patients overall in the gilead trials the trial right now, i mean when the trial continues to get la e larger e its now, it was 4,000 patients. The planned enrollment, 4,000 patients when we reported on this yesterday just today, they upsizeded the study to 6,000 patients. So you know, this is a snapshot of the overall studies and what we were reporting on was the academics, the positions, the faculty members at the university of chicago who are overseeing all of the coronavirus work, the treatment, the studies theyre doing in at that hospital. It was the principle investigate er from chicago speaking about the performance or you know, what was happening to the patients that they were caring for. Lets talk about patients, adam you mentioned they were all in pretty critical condition. Were they all on ventilators and have they received, did you hear about them having received more treatments like antiinflammatory drugs as well . So its a great question, sara these are patients that are characterized as having severe covid19 for the study were reporting on now u when people hear severe covid19, they b probably think patients who are on mechanical ventilators. These patients were not. At least going into the study, they were not on ventilators they had severe symptoms, had trouble breathing. They were on supplemental oxygen in the hospital but as defined by the criteria, they were not being intubated, at least when they came into the study i wonder what you would say to some of the critics of even this article over the course of today and starting point of this of course, the huge scoop we acknowledged thats it is and its led to discussion today Raymond James analyst for gilead, likes the company, hes got a buy rating, likes the the property prospects of remdesivir called it here say i know your article contains lot of caveats to say this is early stages and its not our data the title of the article does say an early peak at the data. How did you weigh up pulling this together . Did you expect this . I understand the criticism. Weve discussed it when we were doing this reporting and received this information, you know, as any journalistic organization, we were carefully weighing how to portray the information, whether to report on it. We reached out to the university of chicago, got comment for them reached out to gilead, got comment from them. So we felt like this was a closely followed drug and Clinical Trial the data we were talking about, which was discusseded on this video that we found, was relevant and news worthy and was important enough to report on. Was to place the snapshot of data within the broader perspective of the Clinical Trials being conducted i understand some will disagree with that. Did any part of you worry that some might adjust how theyre taking on preventive measures at the moment if they know think theres a cure we actually thought about that this study is open label which for people who dont understand, that means all the patients in the study are getting remdesivir and so the doctors know that the patients are getting remdesivir. The patients know that theyre getting remdesivir so because of that, theres no, there was no risk of jeopardizing the conduct of the study and because everybodys getting the drug thats one of the criticisms of the study is that there isnt a control arm. Thats a challenge for gilead. There isnt going to be a control arm. So but we did think about that we did give a lot of thought to that and didnt think we were jeopardizing anything by doing this reporting. What do you know if anything about the two patients that died and did not respond to the treatment . Anything about their profiles or conditions no, we dont know anything about the conditions i think you know as you know unfortunately, in all Clinical Trials, some patients do not respond to drugs some patients die. Thats something ha happens aClinical Trials its unfortunate thanks so much for joining us congrats, huge scoop thank you shares of boeing surging today as the Company Outlines plans to bring some production back online. Phil lebeau has the details. Not surprising that a bit of good news here in terms of resuming production of commercial airplanes shares of 10, 13 . Now theyre up 12. 6 next several weeks is whether or not boeing gets the terms from the Treasury Department, and whether wor not the Treasury Department thats one of the key issues on the 29th less than two weeks from now not surprisingly its been a spark for suppliers. Were talking about gee honey well look at trans dime that was the case today for trans dime the airlines, the reason were showing you this, 5 00 this afternoon is the deadline for them to apply to the Treasury Department for loans this is from the 25 billion thats been set aside streictly for loans. A number of airlines said they would be aplaying. And phil, we got such a bearish outlook from head of united yesterday so why is boeing going back to producing aircraft when is their next aircraft due to be delivered . Do they need to go back into production yes well if you can produce, you do produce they are the spigot for the aviation industry. That along with airbus you do not want to keep that line down for long its already been down more than three weeks. They have deliveries they delivered 50 aircraft in the First Quarter and have deliveries that are scheduled once they get the production line continuing starting next week so yeah, its not a matter of whether or not they can deliver. They will deliver and if they can follow the safety protocols theyve laid out along with the Health Authorities out in the seattle area and the state of washington, thats what theyre going to do. Theyre going to start that lineup again phil, as always, thanks so much if for that after the break, bank of americas bull bear indicator flashing a buy signal, but should investors jump in after a sizable move off the lows . Well ask the firms head of u. S. Equities, next. At t knows you have a lot of things on your mind. Staying connected shouldnt be one of them. Thats why were offering contactless delivery and setup on all devices. And for those experiencing Financial Hardship due to this crisis, well work with you to keep your service up and running. Hi because at at t, were always committed to keeping you connected. There are times when our need to connect really matters. To keep customers and employees in the know. To keep business moving. Comcast business is prepared for times like these. Powered by the nations largest gigspeed network. To help give you the speed, reliability, and security you need. Tools to manage your business from any device, anywhere. And a team of experts here for you 24 7. Weve always believed in the power of working together. Thats why, when every connection counts. You can count on us. The dow is having a nice rally. L off the highs though, we were up more than 600 at one point. S p up 1. 7 . Nasdaq lagging but leading on the week its up a few Percentage Points. The russell 2000 index of small caps playing catch up u today up almost 4 . Some individual Market Movers for you, another ugly week for energy but slumberge moving higher today. Beating estimates this morning, cutting its dividend by 75 . Also take iing a one h time cha of 8. 5 billion because of coronavirus and the big drop in oil demand and uber says it will take a roughly 2 billion hit writing down the value of various Equity Investments it has made over the years. The Ride Hailing Service saying it expects a Financial Assistance program for drivers and delivery workers would cut up to 21 million off of revenue for the First Quarter and up to 80 million for the second quarter. That stock is up 2. 8 . Thank you for that. S ps up nearly t2 as we approach 43 minutes left of the session. The dow, s p and nasdaq on track to finish the week in the green for the second week in a row lets bring in bank of americas head of strategy thanks for joining us. The area i wanted to kick off with, we teased it coming boo this, is where the indicators you look at suggest a level of bullishness or bearishness in the market at the moment yeah so, we look at a lot of indicators and the most bullish right now and the reason that we think the market has a good floor on it is that it is still kind of universally hated and when i talk tod clients on the institutional side and brokers on the investment side, i feel like the general sense that i get is that folks think that we are, weve gone too far too fast so i think the sentiment being as bearish as it is, cash levels being as high as they are, you know this has been one of the most hated bull markets and i feel its only intensified after this bear market so i think those are some of the more tactical bullish signals for equities now i have to say longer term. Were a little less euphoric on the market because whats happened over the last month, things have happened at a dizzying speed so where we are today is were almost at the same earnings price to ratio we are at the market highs in february i think is telling us that were still not out of the woods but the market has anticipated a stronger recovery. So that would keep me more temperatued on our longer term outlook. I think the way to stay invested now, theres a simple recipe, which is safe yield. And were starting to see Companies Cut their dividends, but i think that the income potential for the larger sectors in the s p 500 like techand financia oer safe and above average dividend yields. So of everything i loong at, zero Interest Rates in the u. S. , you know i think the reason to stay invested is for that same income aspect. Ill give you props because you joined us a few weeks ago when it wasnt look iing as rose in the market and you were saying the buying opportunity is the you were really pound iing the table. Its been a tremendous rally off the lows still, feels like theres a lot of financial or economic pain to come and as you noted, earnings pain following that. How do you justify the rally and were going to make new lows again with the economic picture in front of us theres a lack of clarity everywhere, but i think what we know is that the fed is hyper accommodative. The fed is willing to buy risk assets at unprecedented levels and in unprecedented Asset Classes to provide a floor for markets. So i think what policymakers learned in 2008, 2009, is we dont want to go the way of a complete liquidity route and that i think provides more firm footing for equities especially for high yield e and Investment Grade credit. But i think that sukts we are at a point in time where policymakers are panicking and theyre doing whatever it takes stave off for a recession. Which is kind of shorter term bullish. I think longer term, we probably pay the price. Were b were borrowing from future growth to fund todays lack of growth, wu fbut for you, what were seeing is all out stimulus i wanted to go back to your point about dividend stocks and that sort of safe income if you will that Certain Companies could still provide. What portion of traditional dividend players if you snapshoted fits into the bucket of safe dividend players i would imagine there are not many out there and therefore, they may have been bit up fairly quickly. Today, the biggest contributors which is different from 08 are sectors with strong Balance Sheets if you look at the dividend yield of the s p 500, almost a third is coming from technology companies, which have net cash and Financial Companies which have less levered Balance Sheets than have were in a point where the troubled sectors are energy, consume rer, maybe real estate but those are much smaller parts of the overall dividend profile of the s p 500 than weve seen in prior bear markets. So when we really stress test our asupgss, we come up with something closer to a 10 cut in dividends for the s p, which i think is manage bable. Its very vocalized in small, discreet chunks, but its not the same kind of systemic meltdown that we saw in 2008 or in prior recessions so that makes me feel a lot better about the safety of yields thanks for joining us with the strategy and wilfred, this is a debate that continues to pop up around your sector, the banks, which had a tough week and she said they have strong balance sheet, dividends are safe some are saying yeah, the banks have strong Balance Sheets and the losses do not and there have, theyre potentially not as healthy as the bulls might think. Its an interesting back and forth. Totally interesting back and forth and even if all of the bank ceos this week were fairly down beat in terms of how quickly the economy can get up and running, whether or not provisions have peaked or are going to rides, theyve committed to their dividend. On the flip side, i thought it was interesting what Patrick Harker said yesterday kind of went halfway the say that the fed should start to pressure the banks not to have their dividends and kneneel kashkari d they should raise capital. So the debate rages on even if the message from the ceo continues to say were going to pay out dividends. We have to wait and see. Janet yellen thinks they should sus u end it as well. Still ahead, lawmakers have yet to reach a deal on Small Businesses after the initial funding dried up well ask tom donohue how much more is needed to keep these afloat and dont miss cnbcs interview with california governor, gavin newsome. Well be right back with about 36 minutes left of trading [horns honking] birthdays arent cancelled. Hope isnt quarantined. First words arent delayed. Caring isnt postponed. Courage isnt on hold. And love hasnt stopped. U. S. Bank thanks you for keeping all of our spirits strong. Weve donated millions to those in need and are always here for our customers and employees. With the dow up 2 , casinos have been hit hard but shares of La