59 minutes we are session highs on the dow record highs on the nasdaq composite intraday and set for a record close coming up, the rebound for Airline Stocks has been fast and furious. Is there enough demand to justify the rise well get a firsthand look with robin hayes. Plus, a powerful email from a Goldman Sachs employee about equality in america made the rounds on wall street in the past few days. Well speak with freddererick ba that is coming up on the show. Lets focus in on the big stories were watching to day. Mike san thole and Brian Sullivan watching the Energy Sector which is helping lead the market gains today mike, lets kick things off with you. Yeah, well, this rally continues to impress not just in the magnitude of the gains since the march 23rd low but the persistence of it. Look at a two year chart this is really now a broad move. Up until around this point, you can say it was relatively narrow yes, some of beaten down stocks gained most. Mostst reas of the reason is th Growth Stocks, they have not helped much. It is clearing a lot of resistance a lot of folks like here thought that would be an issue for the market it capped rallies for the better part of a couple of years. The weve cleared that the what are we looking at now really just looking at the speculative activity how stretched the market is relative to the longer term trend. Thats where were at. Figuring out figuring out if sentiment is getting overheated 3200 is about a 50 gain off the lows tha that is probably something to keep in your sights as well. Take a look at the momentum etf over the last year and something called the you turn etf. Its a small fund xh has an interesting strategy of buying lagger stocks. Excessively beaten down stocks from a given week. It looks based on the pro pry takery system to see if theyre worth playing for a rebound. It is buying laggers systemically based on their own scores you see here this was all momentum that is persistence of the leadership not just growth but just the same stocks kind of doing the work here you have it not just a huge move off the bottom for this uturn etf but then we just soared ahead of momentum so that tells you the kind of market it s the top stocks in the s p 500 again today and the most beaten down names over the prior few months and that seems to be the trend right now. Kind of picking up a lot of the wreckage that was left in that huge selloff mike, clearly its a bullish day for equities today the is it fair to say it only for equities if you look at the fact that oil is down. Gold up is the vix is up again. And the ten year yield back below 0. 9 mostly equities its not as much as a macro move credit markets hanging in okay the etf buyers and high yield space really like to get in there. Buy ahead of the perceived further buying of the fed. But, yeah that, is true. It is mostly stock market feeding on its own thousands of new yorkers are expected to return to work today. City begins the first phase of its reopening. Contessa brewer joins us now with the details new york city had the first confirmed case in february today theyre launching phase one and the Beauty Supply store is reopen. A line outside social distancing in effect. Theyre only letting a few people in at a time and limiting the time they can be there 16,000 retail shops are now allowed to reopen with delivery at curb side or instore pick up. Look at this long line of Stores Across the street. These are chain stores you would recognize. You have the footlocker, american eagle, the shoe store, they remained closed. The independent stores are the ones eager to reopen im looking ahead, the challenge is really were looking at traffic, seeing if traffic is going to come back. What our new normal is going to look like. The challenge is really hoping that people come back, feel comfortable to come back outside and shop and the city says more than 33,000 nonessential Construction Projects are allowed to resume again as well. Manufacturing and wholesal services are also getting the green light today. And in this area, the Shopping Center is very busy in brooklyn. But customers at the big mall are still only allowed into the essential businesses and to the target and into the trader joes the windows are all boarded up against damage from the civil unrest we just had had a protest come through here an hour ago otherwise, it is full steam ahead. You see this shop that is reopening. How is that for lucky . Lucky day one. Sarah . Wil . Very good you didnt plan that at all. What makes new york unique among other cities and sthats are reopening, the public Mass Transit System what do we know about whether people are even allowed to ride it to get to work. And also the skyscrapers and those Office Buildings where hundreds and thousands of people have to take the same elevator and enter the building at the same time. Are either of those two things returning . Yes look, a lot of people live in skyscrapers in manhattan you have no choice but to get into the elevator. Theyre trying to make sure there is social distancing, one or two people up at a time no more than 50 capacity. That is the same rules for the construction areas the subway, theyre trying to ask people to stagger the work times that people have to show up so you dont get this jam packed rush hour the mta expected capacity to come in maybe at 15 of normal woor hopi were hoping to get numbers to tell us what the return was like today. Thank you very much for that. Pure gold on show from contessa jewellers and crossing the street live there. Thank you to contessa. Lets send to the Energy Sector now the top performer in the s p 500 building on strong gains from the march lows, Brian Sullivan has a closer look. Brian . I see what you did there, contessa jewelers, pure gold good stuff you know what else is good energy how long has it been since we said that . I mean you look at energy today. It is on the run the price of oil is up the price of oil and Energy Stocks is up even more if you have not been paying attention to what energy has done because for first 90 days of the year, it was one direction. Down the xop, 60 all the way down to 29 the xop is back to 70. Wti crude, look at that. It did hit 40 earlier today. I mean that v, that spike drop in the middle really tells the story not just guys of that leave your home trade as i call it or reopen or whatever it is but also a demand spike. Weve been showing all these sort of High Frequency type indicators traffic data, restaurant reservations, ttas and most have a long way to go to get back to where they were. But theyre well off the lows. Opec, of course, has done a good job in managing supplies they had a press conference today. Theyre going to continue their cuts theyre going to revisit that in a month. More oil is likely to come on. But they expect demand, guys, to pick up faster ill leave you with. This you look at two stocks, Marathon Petroleum and oxidental. There were real concerns in the bonds. We were talking about the debt the stocks doubled in price just this quarter not all is well in energy. Nobody saying that but 40 can Keep Companies alive and afloat unlike negative 40 yeah. Looks a whole lot better brian, thanks. Brian sullivan after the break, the next leg for the Airlines Jetblue shares doubled from the march lows does that mean demand has matched up were going totalk to jetblue Ceo Robin Hayes about the trend hes seeing next youre watching closing bell here on cnbc we have 50 minutes left of trading. Dear fellow Business Leaders and technologists, i see all the Amazing Things you have been doing. You are transforming Business Models, and virtualizing workforces overnight. Because so much of that relies on financing, we have committed two billion dollars to relieve the pressure on your business. As you adapt and transform, were here with the people, financing, and technology, ready to help. We hope you find these Digital Solutions helpful to bank from almost anywhere. Deposit a check with your phone or tablet. Check balances, pay bills, and more. Send money to people you know and trust with zelle. Explore all you can do with our Digital Tools from almost anywhere. Pnc bank. The tsa screening the highest number theyve have in months American Airlines is boosting the schedule for the following month. Airline stocks are rallying on any hope of return like american, jetblue and united and delta are up triple digits from the march lows joining us now for more on the trends hes seeing as jetblues Ceo Robin Hayes. A very good afternoon. Thank you for joining us good afternoon to you hi to sarah. What weve seen, i mentioned a brief selection of the statistics theres been quite a lot of them coming out over the last couple weeks. Suggesting a pickup in bookings and lightly trarvffic in the months ahead you have been seeing the same . Yes we have to remember how low we went if you go back to p april time, you know, we were seeing about 3 to 5 of customers fly that normally fly as we came into may. We were flying about 10 to 15 of the schedule we planneded if we look at june, were flying between 25 to 30 of what we planned. Were finalizing summer now. We continue to see some interest in sort of Summer Vacation and Leisure Travel and were seeing that in the bookings so 30 of whats normal so what are you estimating for how long it will take you to get back to normal were expecting the summer. With we look at july, were still finalizing the schedule now. Way think were going to fly about half of our original schedule for july. We think august is likely to be bate stronger than july. We have seen pickup in leisure the question that we have is what happens to Business Travel and how long does that really take to come back . On that point, robin, it looks like from the European Airlines weve seen data again suggesting intraeurope, within europe travel is going to pick up significantly as we have here for within u. S were learning as we go along. I think as we came into this we felt domestic would recover from international. We felt international it was closer to the u. S. Would recover more quickly than international. International and still many countries that are closed that were not flying to. As those markets start to get into july and august they start to add flights back robin, lets talk about for a second what its like to fly i know you were the First Airline in the u. S. To require passengers wear masks. You are enforcing that policy . We heard a lot of anecdotal evidence there is a number of articles saying that people are not Wearing Masks or not everyone is Wearing Masks on the flights yes so, yes. Customers have when they board the airplane, if they wont wear a mask, then well not board them we do have ones to offer them to wear in case they forgot one or dont have one and then during the airplane, you know, during the flight itself, you know, look, were trying to be sensible about it you need to eat and drink. You need to maybe have a quiet conversation with someone. But, you know, just use common sense. Use good judgement in flight crew members are amazing diplomats. Theyre used to persuading people to do things they dont always want to do. We have few issues so far f a customer refuses to fall a crew member instruction, its like any other situation. Then well review that customer for flying jetblue in the future we need have people on the airplane that are going to play a team sport and cooperate so we can get through this together. Can you update us on where you stand with the outlook and the months ahead for possible layoffs at jetblue can you take government aide and relief in the cares act . Sure. We have not furloughed anyone in our 28year history. Were extremely proud of that. Were trying to come through this and keep that intact. So were going to be working on a series of volunteer programs weve had an extremely good takeup for the summer, about 60 of our crew members, so about 14,000 out of 23,000 have voluntarily taken some form of unpaid time off. So were going to continue to push those programs out into the fore and, you know, if we can get enough interest in the involuntary programs and i believe we can, then that should mean we do not have to resort to involuntary furloughs so we can keep our 20year record. Right now to the degree companies k. Thats the way to come out of this more quickly. It may be possible you have to make some layoffs in the months ahead we dont know yet. But certainly some of your competitors are suggesting that come september they will be making firm layoffs despite taking government help do you understand the political backlash, the media backlash when things like that do happen after government aid and do you consider your industry and your airline unbelievably lucky to have received the help you did from the government yes so we are unbelievably lucky i remember being on your show. You asked me about government support. I say we need a slot waiver. And look what has happened since we were very fortunate the i think the thing to remember about the c. A. R. E. S. Act is it covers about 76 of our payroll expense for the same period last year and of that, we have to pay about 30 back so in terms of when you look at the money we got that doesnt have to be paid back, its just about half of what our salary and payroll cost for the period last year. And in an environment where, you know, we were for a while at zero if not negative revenue, airlines are still under an incredible amount of pressure. Now the c. A. R. E. S. Act requires everyone not to furlough, no to the lay anyone off through the end of september and i know as an industry were making sure we deliver on that commitment but i guess to the question, what happens october 1 when some of the restrictions tied to the c. A. R. E. S. Act expire to your industry broadly a lot of the bigger competitors have double digit numbers when it comes to debt in the billions of dollars i know you have a little bit lower. But still have the debt issue. I mean what is going to happen to the industry this fall . Well, i mean we came into this with a very strong balance sheet. Probably the second strongest in the u. S. We fought hard to conserve cash. The i cant speak tore our other airlines you know, they have to speak for themselves i will will tell you that everyone is focused on trying to come through this as best they k. Protecting as many jobs as they can there is more Business Travel. Youre going to be more conservative about how long the recovery is going to take. For us, were 80 leisure. 70 domestic we think that our business is going to rebound and respond and come back more quicker than most but its still going to be a period of time before we back to where we were in 2019. Youre kind of conservative comments on Business Class travel is that directly because of less likely Corporate Travel and the work from home to allow people to take meetings via zoom or whatever it may be as opposed to traveling such that wiit will never come back . I think it comes back at the end of the day, gdp is usually a huge driver of business so i think some habits will stay i think were learning as we go through this that we can do more remotely than we thought before. There are certain jobs that you get a sales force out. Those things are hard to do through a link like this so we think it will come back. There is an expense issue. You know, longer haul business flights cost more than domestically for a lot of people as they come out of this and as they get better sense of what risk theyre willing to take, a lot of people want to stay closer to home for the initial trips. So youre very exposed to the caribbean, robin back to the leisure. We win. 21 for once makes it change right its still adidas, wilfred what are you seeing in terms of booking caribbean vacations right now . You are making any adjustments when it comes to how exposed you are to different places and plans, for instance, to london and other things based on what youre seeing from these early signs from the consumer and what the preferences are . Yeah. So, you know, ill take the bait on the london question you know, were still going to london the i think its going to be a bit later than we thought. Still in 2021. I think that the Business Travel market to london will start to come back as we get into the second half of next year so we want to be there to, you know, lower fairs and tares. A lot of the caribbean markets are close to tourism were talking about how we can open up safely a couple of destinations have announced theyre going to be opening in july. So were directing capacity there in a thoughtful way. But again, i think once the markets are open, you know, a lot of the outdoor beach vacations, they lend themselves tosocially distance and also sort of have a very enjoyable time i think there will be some great deals around as they open. Hotels and airlines are going to want to entice people to fly i think once these countries open up for tourism, i think demand will fill out pretty quickly. Robin hayes, good to hear from you thank you. Thank you yep take care bye. We got just under 40 minutes left 37 minutes left of trading take a look at the markets right now. Were in rally mode again. Building on what was a very strong week and a strong day on friday dow is up 320. Up 1. 2 . The nasdaq has joined the party as well. Tech was lagging earlier it is higher now the s p 500 up almost 1 after the break, Fitness Company crossfit seeing backlash from one major partner after controversial comments from its founder. Well bring you the details right after the break. 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