Lows fausting with a relief after more than 1hundred points lost in just two days. Investors are getting back into this market and theyre bargain hunting because the bottom line, yes, there is fear about the coronavirus but no one really knows what is going to happen. Weve seen a page from this kind of playbook before. Markets do tend to claw their way back. When ebola was a threat of july 2014 to march of 2016, there was a lot of volatility but the dow only lost half a percent overall. For sars, november 2002 to july 2003 the dow gained. From september 2001 to october october 2002 the dow lost a little more than 17 . You look at history, get a sense how investors reacted to all kind of different events, ebola, sars cases, they say that they tend to be blips, not events that define the market. Major corona headlines breaking today, the cdc confirming 14 cases of coronavirus and a u. S. Soldier in south korea testing positive as well. That is not to say this isnt something to worry about or watch, we have to be careful but put it in perspective, neil. Neil i like that perspective. It is good historical reference. Jackie, thank you very much. What if i told you much hinges how the president handles this and reacts to this . Not the first time a crisis is how it is handled by the white house. Blake burman on what the president plans to do today. Hey, blake . Reporter neil, President Trump was complimentary of the cdc and hhs secretary alex azar who chairs his Coronavirus Task force saying he will receive a briefing at the white house this afternoon from both. After that, 6 00 here on the east coast the president says he will hold what he is describing as a News Conference here at the white house with those officials as well. Administration officials, neil, they have been highlighting how the risk for coronavirus remains low in the near term. The cdc as well though is warning that Community Spread is likely at some point here down the line. The white house today is denying that there is any sort of rift with the cdc, with the spokesman judd deere saying in a statement, quote, unfortunately what were seeing by a political effort by the left and some in the media to distract and disturb the American People with fearful rhetoric and palace intrigue. Dr. Anthony fauci, institutes of health, was asked when President Trump should say at 6 00 when owe looks into the camera at white house. This is part of the doctors recommendation. At the present time things are under control here, but realistically they need to be prepared for the possibility and maybe the likelihood that we will see more cases here and to the degree which we can contain them will determine the impact on the country. Reporter over here at the white house they asked congress to approve a 2. 5 billion spending package to battle the coronavirus, however, the top democrat in the senate, Chuck Schumer unveiled what he is calling for, more than three times, that, 8. 5 billion he wants to tackle coronavirus. Here is how it breaks down. 3 billion rather for an hhs emergency fund, two billion dollars to eventually reimburse state and local governments, a billion 1 2 dollars for the cdc, and a billion each for usaid and nih, national instupids of health. What i was speaking with Senior Administration officials at the white house that 8. 5 billion figure is a nonstarter, something the president would not agree with. At this moment in time the 2 1 2 billion dollars they asked for is more than adequate. They also note if they need more down the line, they can always is for. A bit of a divide what the top democrat on the hill wants and what the white house is asking for. Neil. Neil blake, there is a concern, this is natural in the middle of a crisis, handling after crisis, different agencies directly reporting to the president , those outside like the cdc and the World Health Organization are giving different reads of this. The cdc saying a matter of time before it arrives here. World Health Organization kind of echoing the same, it is spreading. Pakistan the latest. 39 countries now. So the white house, whatever the president s remarks tonight has to acknowledge that, are they going to fight that, do you know . Reporter it is interesting, we dont know the remarks or format really the president describing this as a News Conference though we havent been given guide dance what that may entail. There is a little bit of a i dont want to say a divide of a different read depending who youre listening to. Larry kudlow in this room yesterday was touting comments made by the World Health Organization. That is an International Body in switzerland. The cdc is a u. S. Government organization centered here in washington, d. C. At the National Institutes of health, bethesda, maryland, just down the road. The administration likes to talk about the near term effects, the risks low but cdc is warning much further down the line with Community Spread. So youre right, you have got you have different messages or different focal points is better way to put it. That is why we played the sound bite from anthony fauci, what should the president say, the nonpartisan scientist said that was his recommendation. Neil very interesting. Well see what he says later on, the president of the United States. Blake burman thank you very much. How did we get down to a gain of 123 points that was over 400 . It has been a bumpy ride but a above one. I look for flashings coming out of china and World Health Organization but reports of two new cases in pakistan, never had any cases. Brazil confirming the first case. That is a first for latin america. Italy say the number of cases tripled over just the past two days. South korea looking at better than 1000 cases from a little more than a couple dozen a week ago. So that feeds this narrative maybe they dont have this under control. It can easily be replaced by comments early this morning that the rate of increasing in cases is slowing in china. Wham bam, comes a report that the rate of new cases outside of china is accelerating whats going on in china. Sort of pick your sort of market poison here. The markets are seizing on the negative for the timebeing and wiping a lot of the gains off. To Brandywine GlobalPortfolio Manager manager Jack Mcintyre on that. Jack, this does seem to be a market fixated on this virus, ebb and flow of stories show it is under control versus those that indicate maybe its not. What do you think . I agree. It is our fixation too. All of our investment meetings start and end with the virus because it is a big unknown. You can model the fed, monetary policy. We cant model the coronavirus and what the ultimate impact is going to be and there is a fear, rightfully so, associated with that and that certainly is impacting the markets right now. Neil a lot of people have made, a lot of doctors on this show, im sure they talk to you when you look at it, in percentage terms this is a fraction of the death in cases attributed to the common flu. Worldwide 18,000 die of that every year. This is nothing compared to that but it does have a 2 mortality rate. If that were to stick and hold it, could be millions if no cure is found in terms of cases and deaths. Thats what unnerves people, right . It does. I would in quoting mortality rates i would actually to the degree you can remove the mortality rate out of wuhan or Hebei Province because their system, Health Care System was so overwhelmed. They were on the forefront. Now that we see countries in the more developed world, in developing world it is little more suspect, in the developed world, particularly in the u. S. , were making the assumption right or wrong this will be a bad flu sort out of outbreak. It is not going to be worse than that hey, if information changes were going to change the way we manage our portfolios. That is our base case scenario. Neil Kristina Partsinevelos is passing along to me an fda warning that mirrors kind of what the cdc is saying the virus is on the pact to becoming a pandemic. A lot of people criticized the cdc when it made similar warnings like that, when more make that i guess it rattles folks, right . It does and you know, this idea of pandemic, you know, i would be err on the side, hey it will get worse, maybe a lot worse before it gets better but i, again, just because there is uncertainty factor. One of the things not happening in isolation, we are seeing globally a significant uptick in fiscal stimulus. You know, that will be a net positive. That will be in the system for extended period of time. If this ends up being, i dont want to be cavalier, but a seasonal influence and it wanes in month or two, stimulus in the system. That is how you get better growth backdrop end of this year, but that is looking through rosecolored glasses right now. Neil it is a mugs game, jack, if you indulge me, were far away from the closing but we frittered away of lot of gains we had and you remind me there is a long way to go and closing day, but if we end up with a loss of two big days of roughly 2,000 points in losses to say nothing of a 7 slide in the dow and s p over the last four trading days, there is a loss on top of that today, would that bother you . It would. Its very simplistic but i look at the trading the last 30 minutes as you pointed out, for three days in a row we closed closer to the lows. I dont think there is enough fear in the markets. Anecdotally getting calls from friends, should i buy high quality names right now, that they have traded lower . That is not the type of fear i want to lear being contrarian. I want to see that big washout trade in the morning and then we spend the day grinding higher at a strong close. Until i see that i think there is probably more Downside Potential for u. S. Equities. Neil well see. Still a ways to go. Jack, always appreciate it. My pleasure. Neil what if i told you donald trump could decide the course of where this guys or at least peoples confidence that the white house does have it under control, is addressing it forthrightly . Many president s are defined how they handle such crises whether we go back in time to everyone from Abraham Lincoln during the civil war to fdr during the world war. Of course the depression. Happening in Corporate America too. Remember jim burke over at johns and jones and how he was handling the tylenol crisis. Remember that the tylenol tamperings . Lee iococca, how he dealt with the overall lack of any, any confidence in chrysler cars. That it was surely heading for the junk heap. He rallied a workforce and a country at a crucial time. So who you are, how you handle crises in the corporate world, the political world in a long way. Jerry seib joins us, wall street journal executive washington editor. What do you think of that, jerry, that the pressure is on the president to outline something that at least insures confidence, all right, were ahead of this . I think youre absolutely right. A lot of what happens in washington is background noise to a lot of americans but probably not at a time like this. They get focused in. Think want to know how the leadership is responding. These are tricky moments. Own one hand the president has to say calm down, we have this control, we have this in hand without appearing the administration is not taking it seriously enough. That is a tricky balance. We have seen it before. The president will too to say weve got this under control. I dont think this is a crisis. But on the other hand were taking it seriously and it is a top priority for our administration. Doing both those things in the same appearance is a difficult balancing act sometimes. Neil you can also talk about you dont want to slough it off or panic people. It is a delicate balance. Were already getting mixed messages of Global Health officials, cdc, fda saying this is a risk of becoming a pandemic. The World Health Organization, noting number of cases has been slowing in china. They have been increasing outside of china. So the president has to walk that tightrope. How does he do it . I think he make as clear, definitive statement about what the bottom Line American government analysis is. What is it . Is it on the verge of being a crisis or its under control . Everybody in the government involved in this will have their own view but the view that matters tend to be the one that the president enunciates. It is also true how the white house sets up a system to deal with it is important. I dont think theyre going to announce an coronavirus czar. They might. But i do remember when the ebola crisis did the Obama Administration did that. It was actually useful. There is something about having a central voice of commandandcontrol in the white house at a time like this that proved to be useful. Something like that to say here is how well deal with this, aside from the question how serious is it. Neil regardless of peoples political views, do you think it is proper over this division whether the president is spending enough money, whether 2 1 2 million or eight 1 2 billion, as Chuck Schumer and others would cut it, that everyone should be in sync on this no matter your views of the president or president s views of the other guys . Were in an environment where if somebody says the sun is going to rise in the east tomorrow that would become the subject of political debate so that is almost inevitable but i think you raising a tranning point. The other thing that the president can do tonight, lets not make it a political football. Lets do something about this . To a United Government response. I that is difficult in the environment. It starts with how much money we spend on it. That is the currency on the table. The president has political vulnerabilities, before this happened, president sent up to congress, budget for centers for disease control. That is not a great optic. Among others now. One of the tasks for the president lets get this one out of the political realm. Neil watch it closely. Jerry, thank you my friend. Thank you. Neil yesterday larry kudlow was saying he was confident this was just about almost buttoned up. He was saying that on another Financial Network but one ever the things that has come up, the notion is the administration in sync with others including those under his purview on this virus . Kristina partsinevelos with more on that. What are you hearing port fda said we could see a pandemic. That added to selloff a few minutes ago. Prior to the selloff, big news coming from germany, a Health Minister from germany used the word epidemic when it came to the virus. The fact it is spreading they dont have control over it. Im paraphrasing. One said close the borders, close the borders. That is contributing to a lot of the selloff. The key word from most of the morning on the New York Stock Exchange is jittery. Traders are trying to get in earlier on this morning by fundamentals of stronger stocks. Theyre still not confident this will stay strong, given the spread of the virus. You had china,w w. H. O. Said it peaked and plateaued over there the major concern is europe. The fact it is spreading very quickly and containment is a big problem. Again why were sealing a selloff just in the last few minutes or so, the fda issuing a warning we could see a epidemic. Prior to that you had a Health Minister in germany use the word epidemic. So those two key words, computers, running machines and selling off big chunks and that is contributing to the almost close to session lows. Theyre still not there yet. Big question is, you know, should you be buying in own the dip . Some guys say we could see the fadeoff continue into the afternoon but it is anyones guess, neil. Neil still early. We have a ways to go. 3 1 2 hours to go. Kristina, thank you very much. Kristinas point that was downer for folks that wanted to see a gain after four Straight Days of losses particularly over the last two days. We have never seen such a sizable drop in point terms almost 2000 points we made up. We made up 400 points of that. We since clung to positive territory. That is happening by a thread. Now were negative. This is the first time today we have been. A more after this. Give me your i can save you. Lots of money with Liberty Mutual we customize your Car Insurance so you only pay for what you need only pay for what you need. Liberty. Liberty. Liberty. Liberty. Youve been hearing a lot about 5g. But theres 5g. And then theres verizon 5g. Were building the most powerful 5g experience for america. Its more than 10 times faster than some other 5g networks. And its rolling out in cities across the country. So people can experience speeds that ultra wideband can deliver. 1. 7 gigs here in houston. 1. 8 gigs here in frigid omaha. Almost 2 gigs here in los angeles. Thats outrageous. Its like an eightlane highway compared to a twoland dirt road. Neil maybe the dip in negative territory got traders saying, what are we thinking . Who knows. I never go tick by tick. He refuse to do it. When you seize on a moment it is really snapshot. One snap, it is shot, move on. The right now the markets are wrestling with the pro and con news on the coronavirus. One has it improving or stablizing in china but getting worse outside of china. That was not greeted favorably. This fda statement today, the threat and growing likelihood of a pandemic this will extend to that. That kind of he can kest what we herd out of the cdc yesterday. So we are getting mixed signals here. The backdrop, strong earnings were talkin