Transcripts For FBC Varney Company 20240713

For several hours, there are reports that the stimulus package now being prepared maybe the first of many, in other words, congressman Congress Rather and the administration will throw whatever they have at the virus problem. The fed is pumping a trillion dollars into the economy and that appears to be helping market sentiment. Green across the board there. All of them up limit, 5 up. Lets see how we open at the market this morning. Now, again, when we open this morning prices will be freed up so we can move up from the 5 gain and looking at etfs, here is anxiety indicater. Do you realize it was 1. 3 a few days ago . Gold this morning i believe is down a little bit more. Okay, we will find it. Look at the average price of gasoline. 2. 30. Ten cents lower than a week ago. Gas is falling really fast. I call that good news. The whole country maybe slowing down as we separate out but the virus news coming quick and fast. The wife of canadas Prime Minister Trudeau Sophie tested positive. President trumps contacts are being checked. The church has suspended gatherings worldwide and that includes all services. Gulf shutting down a week before masters and announcement soon of pop popular english premier in soccer. Roll tape, please. This is a dynamic situation thats unprecedented, but if you look at the history of these types of outbreaks, first of all, depends on huh you respond, but given what i just said, if we do the mitigation and the containment that would make this turn into this. 4 to 5 weeks, maybe more, maybe 8, maybe even less. I think the 4 to 5week component is probably a good guess with the understanding that you may go longer into a few months. Stuart i find that encouraging. Liz mcdonald, host of the evening edit. Liz, for the 5 weeks, if we do more rather than less, thats encouraging. Liz hes saying do it now. Move fast now. Theres testing from the cdc available in 50 states and also local labs. We know south korea can do sameday testing. The u. S. Doesnt have that yet. They need to ramp up to millions of people being tested in order to find hot spots and deal wit and shut it down. Its saving peoples lives and also helping the Hospital System push that pandemic curve down so they can handle the intake of patients. Stuart get the pain over with fast. Liz thats right. Stuart now weve got suggestions this morning that there will be multiple stimulus packages. Again, that sounds promising and it surely help the market. Liz the markets are trying to find a floor on this and the market needs confidence that the government response is happening, they are moving on it. Central banks around the world including bank of england, ecb, our new york fed, norway, korea moving, bank of japan, theyre stepping in with liquidity because the corporate debt market is up, so push for liquidity and confidence to find that floor. We have seen that with other pandemics. Stuart by the way, secretary mnuchin has spoken with Speaker Pelosi and he says things are going well i think thats important. Liz more confidence. Stuart itll stay that way as long as theres movement i want the latest on the virus worldwide. Development from spanish government. They are lee claireing state of emergency, dont forget we have seen italy with the largest cases now outside of china and off of the highest numbers of deaths. I want to turn to positive situation in china, we only had 20 new cases and only 17 of the 80,000 have not recovered. Thats a pretty good recovery rate, yes, 3,000 deaths but the fact that you had 80,000 cases and the fact that were able to quarantine the large cities for a month, that helped contain the spread. Stuart theres skepticism about the numbers that we get from china. In the era of social media its hard to hide. You didnt have social media back in 1989, during sars in 2003. A lot of criticism that was loud and fast aimed at central governments and this time youre hearing that people are getting better. Stuart anything new . Ashley the Prime Minister, her husband, Justin Trudeau in selfisolation. Stuart i believe weve got developments from apple on china they cut all their production and closed 42 stores, last of 42 stores reopened in china. In italy forced to close all 17 of the stores earlier and told employees to stay home. Foxconn also say they are ramped up to full production once again in their factories. Stuart okay. I want emac, what else do we have here . Liz what did italy do and south korea do . What susan is saying how china handled it. They did so social distancing, they did track their citizens via apps, via thermal imaging. I dont know if the u. S. Would put up with that. Its confidence to have the see the government in new york responding and local governments across the u. S. Responding and see congress responding. Thats putting the foot in the market. Stuart theres a tweet that came to us from President Trump. Here it is. If you want to get money into the hands of people quickly and efficiently, let them have the full money that they earned, approve a payroll tax cut until the end of the year, december 31stment then youre doing something thats really meaningful. Only that will make a big difference. Jonathan, fox news fox business contributor. Jonathan, are multiple Business Plans going to put a floor onto this market . No, they wont, stuart. Unfortunately they will help distort the market. Stocks were extraordinarily oversold. The highest since global crisis, only one stock out of the 500 was up yesterday and only Something Like 4 above 50day moving average. We are doomed for a bump this morning but all the talk of stimulus, rate cuts, proposed bailouts, even some of the limits on shortselling that have been enacted, stuart, negative impact on markets because they drain liquidity and they distort price. We saw that yesterday. The market rallied a couple of points and immediately fell down. Thats where the real panic start to set in, government start to get involveed. Stocks, bond, gold, bitcoin, it only happens when the government gets involved. Banks should feel free to draw from discount window. That means banks go to window and just pull out as much money as they want. Whats wrong with that . I will address the airline issue. Stuart, how can you invest, for example, on the bonds of an airline knowing that government will come in either bail them out and you think Global Financial crisis. A lot of bond holders and General Motors were usurped by the government. Economists cant handle this. What it can be the handle minute to minute type of intervention, thats exactly what we saw stuart jonathan, wait a second. Weve had a long time to think about all of this and Central Banks around the world have started to act, they are continuing to act. I cant say thats counterproductive of the economies and markets. I just cant see that. I can only liken it to going to the doctor and asking that the doctor not give you the real truth. Tell you a story about the whole point of having market is to have them reflect reality, economic reality, whatever it is. Airlines will go bankrupt [inaudible] stuart are we back todays of the financial crisis where some people, you included, let them all go bust, have the crash, just let them all go under and then step back and survey the rubble or take action, thats the same debate that we had 12 years ago, isnt it . In fact, those interventions prolong the crisis. Some airlines, Cruise Companies might need to go into reorganization. Its not the most terrible thing in the world and investors like warren buffet are waiting to pounce on markets. Liz yes, im being pragmatic. What dealing with coronavirus that can sit in surfaces for days and airborne for hours. Dr. Oz was on the show last night. He found somebody who had it for 5 weeks and remained contagious. We are in a brandnew world. I get what jonathan is saying that more alcohol doesnt feed the alcoholic. We are in a brandnew world. This is something different. Hang on, let me issue. Corporate bond market crackup going on, theres dash of liquidity. When you see bank of america, wynn resort drawing down on credit lines. The Federal Reserve is doing what it did in the crisis and thats do the tool kit of 2009. To paraphrase Rahm Emmanuel never let the crisis go to waste. With respect everything that you said tim was saying 12 years ago. Liz youre talking about 401 k s being torched right now, Peoples Pensions being torched right now. Im talking pragmatically. If you can stop it, if you can help people, help them. Its funny, you only have a problem with markets on the way down. You didnt have a problem on the way liz no, way up too. An opportunity to spend more of the peoples money and violate more of the peoples rights. Stuart we have a debate here and we will not hear tend of it. Hold on a second. Ly get back to everybody in a moment. Senator rick scott joins us on the phone, florida republican. Mr. Senator, youre selfquarantined i believe. Let me go beyond that and ask you how you can vote if youre selfquarantined, youre at home, i presume, how can you vote when these come up for a vote in the senate . So i talked to senator mcconnell yesterday and im not going to have a chance of infecting anybody else,i dont have any issues right now or symptoms then ill be able to vote. He said he will would make sure that that could happen. The most important thing we could do is deal with coronavirus, way more important, the biggest stimulus will be to get this behind us as dr. Fauci said. I put out a plan. I think we have to secure our entire border and, look, pilots, passengers, weve got to take this more seriously. What do you mean we have to do more in robust fashion with the social disengagement, do you think we should move towards an italianstyle situation . Total lockdown, you think so . Number 1, we have to do what south korea has done with mobile testing. We dont have somebody walking in emergency room with coronavirus and every nursing doctor has to be quarantined. Thats step one. We have to do that. Number 2, we should close our borders, doesnt make any sense that you could fly potential i will go from france to montreal and come to the United States. Lets be realistic here. We have to shut down the whole border and give people more information and dont in america dont be flying, dont get on mass transit if youre sick. Pretty simple. Stuart i understand, thats dealing with the virus and social distancing. What about the economy . It sounds like youre not in favor of a significant rescue package . Stuart, im all in favor of doing the right thing with regard to stimulus. Where i want the money to go is people that are getting hurt. The uber drivers, the people that are relying on chips and restaurants closed down 50 , those are the people that we have to make sure the money gets to them because those are the people that are hurting the most. Im very supportive of doing things that get to the right people. Stuart would you put a trillion dollars in . I dont know what the number is now. I know theres going to be a package, we will hear what the house wants to do and i will go through it. I want to make sure that we keep this economy going, but lets put our focus, weve got to get the mobile testing sites down and secure border and make sure stop people getting on planes and infecting other people. Stuart one last question if i may, mr. Senator, what about the president . Should he at least be tested and perhaps selfquarantined . Well, you know, i talked to the Senate Doctor and i talked to my doctor and im doing this out of abundance of caution and i dont know if i know that there was an individual that works with the president in bailiff that i was in the same room and thats why im doing it. We will see if the president from brazil comes back testing positive. I talked to him about all the issues and i know hes working hard to try to solve the crisis. Stuart mr. Senator, thank you very much for joining us in a difficult circumstance. Im sure we will see you again soon. This disney, theyve got some news right there that really affecter affects the company big time. Attracting hundreds of thousands of tourists shutting down due to coronavirus. Orlando and florida closing as well, disney world not the happiest place on earth apparently right now and parts of disneyland in paris. As you can imagine, a lot of the parks around the world, shanghai, hong kong and disneyland, disney world. Can you imagine the hits for the Disney Company itself . 5 billion in revenue each and every quarter. If disney is shutting down the theme parks, thats going to be hit on the bottom line. Stuart i believe disney is delaying mula incomes mulan and one other movie. [inaudible] ashley look, when you talk about social distancing and you think of disney theme parks, theres no way they could have kept parks open, no way. Liz look at the stock. Vote of confidence, the Investors Trust what disney is doing. They dont want the social brand hit for having coronavirus thats whats happening now. Stuart with the Theme Park Tickets you cant recoup it 6 months down the road. When its not used its gone forever. Thats a problem. All right, kt mcfarland is here. Kt, we hear a lot about china coming through on the other side, recovering from this, far fewer cases and the question comes up, do you believe them . Not really. China is problem from the very beginning. They knew they had a problem with the chinese coronavirus in december and they didnt want the world to know, they didnt let anybody in. Even when they admitted they had a problem they wouldnt let americans but now what are chinese doing, they are blaming us and they are also actually for the first time they are sharing their data which is a good thing. Stuart okay, europe a complete mess im going call it, total lockdown in italy and that seems to be spreading. How about america, kt, perhaps we are moving towards an italytype lockdown . Well, i think theres a couple of things on that, first, i think we are a bigger country. We are not as densely populated in a lot of regions and the fact that we dont have the tests is a problem. The in fact, we are late to the game because we got information from the chinese and other countries late. Thats a delay on it but trump in a statement made the other night. Mix opinion on it. There was good and bad. But what he did point out that nobody is focusing on and you talked about it the underlying strength of the american economy. We are all going take a hit but we come back better than anybody else and we probably come back quicker than anybody else. The second thing is we have the best scientists so i think thats also good and the third thing is this will die out by the time we get to the summer months or come back in the fall but die out in the summer. Stuart youve been a diplomat all over the world and you watched globalization entangle all these economies in the countries and thats been trend for many, many years, do you think that trend is now reversed with pulling apart now . I think definitely on hold. Are we going for example, what price did the chinese pay . Theyve been going around the world for the last decade saying we are the wave of the future, democracy is dead, free Market Capital is finished. State economy is the way to go, we are the leaders of the world. The 21st century is going to be the chinese century. I think a lot of people are going to rethink that and a lot of countries will rethink relationship with the countries. Stuart k, kt, please, stay with us for the whole hour, please. Sure. Good morning to you, stuart, trading more than 5 now. The gains continue to hold into the session its going to be snapping a 2day losing streak. Obviously retail has been decimated. This stock beat on earnings and revenue. Guidance better than expected than wall street was expecting for the full year. Net income up 3. 7 year over year, so right now at a time when consumers are maybe not going into the stores and buying, you have a company like this reporting strong numbers. Its definitely a sign of optimism for this market, stu. Stuart thanks, very much, jackie, i want to move on very fast because we hear secretary mnuchin is saying the virus will not prevent tax cuts from paying for themselves over a 10year period. All right, jonathan, youve been vocal on this, what do you say about it . Well, uncertainty are we going to get tax cuts, are tax cuts shortterm tax cuts, whats the impact on longterm deficits and one of the interesting factors ive seen is selloff actually in bonds, fixed income, stuart, just tremendous amount of uncertainty. Thats what investors are trying to decipher. So even now if you see, who wants to sell the market short this morning when all the talk of stimulus and talk of benefits, this is a type of dispersion that happens once government start to get involved. Stuart we hear you, jonathan, lets hear from liz. Liz whats interesting hospitals and doctors keep telling us why does washington have to politicize everything. Just get on it, give us the response, give us confidence. Nancy pelosi had said payroll tax cuts were great when president obama talked about them in 2010, putting money in peoples pockets, now shes saying thats helping the u. S. Corporate sector. They dont want to hear that. Hospitals and doctors dont want to hear that. I will say this, what is encouraging, watch roesch, test, fda approved that speeds up the testing for coronavirus by 10 times but factor of 10. Roesch is moving fast. Thats what people want to see, they want to see testing going on, find it, stop it, quarantine it, and shut it down. Positive news. Ashley the testing procedures still failing right now. You call the doctor, i think i may have coronavirus, are you sure its not flu, its not something else, im not sure. Well, no, why dont you selfisolate for 14 days. Theres reluctance where to get the done. Stuart jack how joins me. Jack, multiple stimulus plans coming down to pipeline in america, big plan coming out on monday for the europeans. We have seen other plans from other countries around the world. Are all the plans, all the stimulus, is it enough to put a floor on the stock market . The market seems to like it at the moment. We hope its another one of these situation where is we take a step forward and 2 steps back at a future day. I think by now what is baked in that we will have some kind of collapse in commerce and earnings when we get to our Second Quarter numbers. Now the flip side of that, when Companies Get to their Second Quarter numbers, everyone gets the pass, right, everyone knows why the numbers are down, so long as by that time we are seeing the situation with the viruses beginning to abate, if you have companies, hay, our numbers are disastrous in the quarter, thats okay, thats in the past and we are looking forward. Stuart this market is factoring a recession in the Second Quarter . I think so. Stuart april, may, june. We are looking at a slight shrinkage of the american company, how much we dont know. Could be a rapid snapback later in the year so long as we have better news on the virus. Stuart can you bring back the demand which youve lost in the early part of the year . Dont answer that question. What news do you have. Jpmorgan put a number for you, they said the u. S. Economy will shrink 2 , 3 in the quarter but they do expect v shape. Stuart do we have secretary mnuchin, watch this, please. Comment on some of the things. Ive spoken to the speaker and Mitch Mcconnell and Kevin Mccarthy about airlines. Something that we can expect to deal with quickly and we will deal with things as they come up. Again, certain authorities we have and certain authorities we dont have and we will go back to congress. [inaudible] weve been in constant with the leadership, the house and the senate. We will have support. In terms of supply chain right now obviously [inaudible] let me comment. Theres areas of the economy have that be hurt and as you said people are shopping. From the data i have from Credit Card Companies and what we have seen all those travel spending is way down, spending on supplies, food, medical, pharmacy has almost offset that in the shortterm and, again, any supply chain issues the task force is focused on. I dont see a major problem at the moment. People were concerned about china. China is opened back up. Whats your message for americans, particularly americans close to retirement who are looking at 401 k s this morning . My comments is dont stare at the screen. Itll be higher in a year from now. People who weathered the crash in 1987, people who weathered the crash for longterm investors, the u. S. Is the best place to invest in the world and, again, i cant predict where the market is on a daily basis. People should be less concerned about going up the president tweeted about payroll tax. Yes. Talked about that before. Do you think its possible the president is very interested in the payroll tax cut because its a giant stimulus. We are working with congress on that. If Congress Wants to do the stimulus in a different format we will consider that, but the president wants to put money in the economy for hardworking american who is were impacted by this. Bargaining chip over at the senate side . I dont want to say anything about bargaining chip. The president is interested in putting money in the economy and we will do that. Mr. Secretary is tariff relief from china as part general tariff relief is not on on the table. Im sure he will consider that and take those to the president. [inaudible] i have, yes. [inaudible] i think, again, it would be inappropriate for me to comment publicly on the specifics of what they would need or the negotiations. What i will say that after 911 this was an issue, the government dealt with it. If there are cash issues and, again, theres a lot of assumptions as to how many plane wills fly and everything else, i think the Airlines Want to make sure that they continue to provide domestic travel. They also want to make sure they can keep as many workers employed as they can, so, again, its strategic important stuff as i just commented on if i werent so busy working i would be going home to los angeles and id be perfectly comfortable getting on a commercial plane this weekend despite the fact that weve told people to shut down travel a little bit. People can track in domestic u. S. [inaudible] im not going comment on Interest Rates. Interest rates have come down a lot, okay, the fed has inject a lot of liquidity. We had a 30year bond auction, more demand for 30year bond auction than weve had before as people have commented, the market has moved whether its homeowners getting mortgages, whether its companies borrowing. These are the lowers rates weve seen and thats going to be a huge boom to the economy. Let me also comment, you know, Lower Oil Prices do hurt the energy sector, but for the average american, gas prices are going to be way down and this is going to be for the airlines industry, again, theyll be able to offer cheaper fairs because of lower energy prices. With gas prices go down and oil prices go down hurting shell producers . Absolutely, and we are looking at that. [inaudible] so are we risking our position there by prices going down . I think the energy issue has nothing to the with the coronavirus. The president has been in conversation. I saw the Russian Ambassador the other day on other issues and weve talked about the emergency so i can assure you the president understands a big part of the u. S. Economy thats impacted by Lower Oil Prices. We are on top of that. Let me take the last question. [inaudible] im going to let the white house comment on that. [inaudible] im not again, im not commenting on whether they are too big to fail. The Airline Industry is obviously very important. There are lots of other industries that are impacted but obvious that this is a big impact. I think the good news is the u. S. Airline industry is in very good shape. Its very efficient and theres a shortterm liquidity issue that we will have to deal with. The question if theres shortterm liquidity issues that impact lots of workers, we will be working with congress on that. Thank you. Stuart you heard it treasury secretary mnuchin making news right there and the real news as we speak at this moment is the opening of the stock market on this friday morning, big drop yesterday, a surge this morning. Dow industrials up 1200 points. Thats just over 6 . Look at the s p, thats up nearly 6 . If it were to go up 7 , there would be a trading halt for 15 minutes. It works on the upside, it works on the downside. Right now the s p is up, i cant read it ashley almost 6 . Stuart almost 6 . Theres a surge here across the board. Let me get to treasury secretary mnuchin. They are looking at the airlines and how to help. Thats important. Hes talking about how the economy is being impacted by this slowdown and social interaction, social distancing. He said he checked with travel Credit Card Companies, travel spend asking down but spending on supplies, food, medical devices and medical items, that is up. He is saying that hes working with congress on the payroll tax holiday. The president wants it and the president wants more money pump intoed the economy and he says we will do that. In other words, these rescued packages im going call them, multiple rescued packages, that appears to be helping the market thus far this morning. What do you have . Ashley Airline Travel is very important. We want to make sure airlines can provide domestic travel. Liz thats key. The airline lobby group, the International Air transport association, is asking for tax breaking and dealing with coronavirus passengers in airports. They want their costs covered. They are calling for extending lines of credit. So they are looking so remember, we are seeing Airline Passengers with the coronavirus going through airports. Stuart let me recap here because before the market opened futures were limit up. Thats 5 , limit up. We opened the market and these indicators went up nearly 6 , now weve come back a little. Come back not exactly down by any means, but the dow is up, what 4. 8 . Thats where we are. The mood on wall street, the mood on the exchange, jackie, please. Jackie good morning, stu. Right now the overall mood is very calm here especially going into the weekend especially after tradeoff yesterday. A lot of traders said we have gotten through a lot worse than this. You had dr. Fauci trying to give a timeline, 3 more weeks, that kind of thing. Traders know its going to get worse before it gets better with respect to the coronavirus and so the volatility is going to continue in stocks but at the same time theyre getting in there and they are saying theres buying opportunity here and you can see that across the board because some of the stocks have been just so, so badly beat up, but right now, you know, as we are speaking the dow now given up some of the gain under a thousand points, so we will be watching moment to moment, stuart. Stuart so are we, thank you so much, indeed. Show me the dow 30, please, i expect to see a sea of green. Thats exactly what weve got a sea of green. Ge top percenters today. Stuart thats a very nice gain there. Liz 14 billiondollar credit. Worst twoday slide in history down 30 because of the drawdown of credit and also canceling plane sales. Stuart by the way today the oneyear anniversary of the grounding of the max jet. Wow. One year ago and in that time frame i checked this morning we are looking at a loss, a value loss on boeing of 120 billion. Thats a remarkable decline. Jonathan, come in please. When you talk about assistance for the airlines, you dont think that bow asking going to be lined next for assistance, united technologies. Im just saying that the best thing that secretary mnuchin mentioned was 1987, people forget that in 1987, stuart, the stock market ended up 2 and a half percent for the year despite the fact that the market crashed in october. Thats what happens when you dont intervene, you dont stimulate, markets work themselves out. Thats what we should see moving forward. Stuart jonathan, we hear you. Tesla, can you show me tesla, please . Thats all over the place recently. Its up 19 bucks, 3 , still only at 5. 81. We should show apple. Such an overweight and this is because they have reopened all their stores in china, all 42 are back up and running which is why they cut their forecast and revenue guidance for the First Quarter because of unknowns from the coronavirus and foxconn says factories are up in good production again. Stuart good news about apple and good news for china. Ashley coming back strongly today, all them up 6, 7 which is, you know, this is a sector thats taken such a hit with all the low Interest Rates and, of course, the concerns about a recession in the future. Stuart we should remember that the market across the board was down nearly 10 yesterday. Ashley yes. Stuart 6 rebound is very nice. Thats what youve got. Let me make one point on apple. If youre looking to put money to work, worried that we will have a another downturn, start looking at stocks like youre a lender, look at Balance Sheets and cash flows. Forget about pe ratios, look at companies that will be able to weather the storm and if we find to a financialcrisistype of situation, they will able to stuart 100 billion. 200 billion. Stuart thank you very much. Show me disney, please, because they are closing disneyland, disney world, disney cruises i think, the paris disney theme park is coming down. They are delaying this new mulan movie. The stock is up 7. 8 , nice rebound. Ninetynine dollars a share. A few weeks ago, maybe a couple of months youre looking at 150. Yeah. Stuart third of the value chopped by the virus. Profitability of those parkses has doubled. We will wait and see. As soon as we get the all clear signal you Better Believe we will be on the computer booking our trip just like everyone else that goes to disney. Stuart amazon all over the place. The stock value is enormous. You can expect big changes. Theyre up only 3 . 53 you just heard from Steve Mnuchin, hes been talking to Credit Card Companies and data shows that you might not be traveling, youre still spending on supplies and home goods and that helps Delivery Company like amazon. Stuart you can expect the amazon dont forget the online infrastructure now that we are living our lives online. Liz treasury secretary mnuchin also talked about liquidity, right . Thats what the key points this morning. Thats what the markets are worried about is liquidity. And so 2 and a half trillion dollars in credit lines are available at u. S. Banks on top of fed pumping at 1. 5 trillion. I have to say this Alan Greenspan did say the Federal Reserve is support with liquidity and support u. S. Banks lending in 1987, wasnt like they were silenced. Stuart wait. You are still arguing at some distance with jonathan hoeing. Microsoft. [laughter] stuart alibaba. We have the news from china that foxcon workers are back at work. Thats right. Alibaba stuart 40 new cases. They have said that they are up and full running again in delivery in terms of staff coming back to work, so, you know, this might be a way to buy into bargains. Stuart nice to hear the idea that they are back up and running. Jonathan bottom line here ultimately pot to disparage the human cost here but the government response could be more damaging to the economy than the virus. I mean, whats happening to you guys in new york, broadways are being shut down, all types of businesses and restaurants being shut down, thats a real impact on peoples everyday lives and markets are working it out and the fact that even china is getting back up and running demonstrate that is this is a crisis that we will get past. Stuart i want to break for a second and look at the mood here in the social disengaging, the social distance here. Where i drove into new york this morning it was dead. It was lifeless, empty. The subways are not empty but they are definitely not crowded. Look at that. Stuart all around the america. Sports just about knocked out of the box and golf knocked out of the box. Restaurants and bars, not that many people broadway has gone dark. What youre looking at here is something that we have never seen before. We start to socially disengage and shut down. Look at this. The dow is only up 3 . Nearly nearly 4 but the dows gain at the opening bell cut in half. Thats important. We will follow it moment to moment basis. I think the markets are hoping for some sort of stimulus at some point. Stuart yeah. The markets, jpmorgan says we need 500 million. Half a trillion dollars to get past those. Stuart we were expecting before the market opened. Futures were way up. Ashley we need to get the confirmation. Stuart we have news that they will look at multiple packages. Just remember that the thing that is going to kill growth over the next couple of quarters is the thing that will get us on where we need to be on health and health thats really killing the economy. So problem is the fix in terms of the economy. Stuart okay. I believe that financials as a group, some of the best performers this morning. Ashley 6, 7 , thats come off a little bit. By the way, i want to point this out, the fed did a stress test and the scenario where the stock market falls 50 , theres 25, you know, 10 unemployment. The worst Case Scenario and the banks all had plenty of liquidity and capital to survive and that is very extreme, not even close to this. Stuart look at this. Jpmorgan, 5 , Morgan Stanley 5. 9 . Goldman sachs, 4 , you know you have big moves when you Start Talking in terms of percentages. Citi, 5 . Wells fargo still at 28 a share. Theres a stock thats taken it on the chin for 2 years. Liz this is a vote of confidence. Pandemic show that is they dont cause recessions. They cause market hits. We saw with hong kong flu in 1969, we saw it with sars and mers. Pandemics tend to cause market hits and depends on how the government reacts. Taiwan and south korea they didnt do lockdowns of cities but they did do heavy tracking and following of the citizens where hot spots were. I dont know if the u. S. Is ready for that. Stuart agreed. We are looking for a bottom. Can we see a bottom to this market . Jonathan does not think we have a bottom yet. He thinks theres still more selling us taking us further down. Hold on, jonathan. Youll get back in. We will not leave you out. Libertarians are welcome on this program, bereave me. Jack how, you did not answer the question. Whats the question . Stuart have we seen the bottom . Thats about ordinary. Thats assuming this years earnings are the same as last year. We night might not get that. Maybe have share prices come down. What we dont know with rates this low, weve never seen this low before. Does that make buyers pay higher evaluations on stocks. Stuart got you. Now then we have news on individual stocks specifically. Johnson johnson, susan. Thats right, they are working on a vaccine. Possibly on the verge of preclinical testing of multiple vaccine prospects to treat the corona virus. I think thats very positive. Theyve been coordinating vaccines for ebola, zika and they have good track record for success. This is very positive, clinical testing on humans could start in a few weeks time. Stuart by the way johnson and jonson is only 40 . Trump tweet just at us. This is it. Im looking at it right now. Ly read i will read it for you. Jay powell and group are putting us at a decided economic and psychological disadvantage. Should never have been this way, also stimulate. Thats from the president. He wants rates to come down from the Federal Reserve. I suspect that the real reasoning behind this is you dont want to dollar to zoom as it has zoomed. The dollar is at extraordinary highs these days and that puts us at competitive disadvantage. The president doesnt want that. Goldman sachs is expecting full percentage cut and dont forget, we also heard about stimulating the economy as well. We are back to december 2018 levels. You know what happened in december 2018 that put us on the verge of bear market in the last few years, the Federal Reserve raising rates too quickly. Stuart thats right. Enormous mistake as the president so often says. Liz congressman thinks u. S. Is going to negative rates. I think we could see a micro recession. When i said earlier that pandemics dont cause recessions. They dont cause multilong year recession. Snapdown recession and possibly snap up. Stuart he was asked how long is this thing going to last and he says depends on how we respond. Look, 4 to 5 weeks if we do more rather than less. Hes encouraging the social distancing. He thinks its the right thing to do. Encourage it, do more of it. Dont meet in crowds. Think twice of getting on a plane. Dont take a cruise. 4 to 5 weeks which i would say thats rather positive, isnt it . We want this advice from the top medical experts. Hes saying 4 to 5 weeks, i think thats a plus for the market. Where am i going wrong with that . Liz trying to find a bottom. Stuart where do you see the light at the end of the tunnel . Its going to pass at some point and if we take strong action now and appears we are taking ashley new york cut the capacity in restaurants, you know, in half, in other words. Thats going to be tough for businesses but one of those somewhat draconian measures that may shorten the life of this thing. Stuart the gamble is if we take pain up front and do it, get it done itll be shorter period of time china got to the other side in just about 6 weeks or so but they had to lock down 500 Million People over the course of a month. Are we ready to take those types of measures to lock down virtual cities and the entire populations to get through this quickly . Ashley china can do that with a snap of a finger but doesnt happen that quickly in the United States. Its a much freer democracy and would take local governments, city governments and officials to tell you what they can and cant do. I find it encouraging how much action we are taking from individual Decision Makers shutting down events. Now its becoming a peerpressure situation. If youre out there way big event youre not shutting it down. Why not . Ashley working from home. Its been priced in that we are headed towards recession. Weve had 13 bear markets if for s p 500, 11 out of 13 have ended in recession or followed up by recession after that bear market presence. Stuart how severe the recession is liz and how short . Its really interesting. Development out, working with ibm and other researchers that will antiviral to stop it. Its really interesting. Super computers. Stuart computer, does it motor along . Liz thats the one i found. Stuart thats my generation. Liz exactly. [laughter] stuart up 650 on the dow, thats just over 3 . In other words, the dows gain this morning as been cut in half. Of course, it follows a 10 decline yesterday. Anybody got anything else, anything new here . Bitcoin has dropped half, has been sliced in half in an epic 2day tumble. They lost about 50 in just this week. It was over a thousand. When it crosses 6,000 thats when a technical momentum takes it all the way down. Stuart bitcoin was not a flight to safety. Diversity, right . Stuart gold didnt turn out to be much of a safe haven either. Now weve got almost a deflationary no inflation situation and gold is being taken to the cleaners. Its been about treasuries. I was looking at some of the money throws and 13. 9 billion u. S. Government bond funds in the past week. Thats a record, by the way, record amount that has just gone into u. S. Treasuries. I just had never understood the dooms day idea that im going to load up on gold, load up on bitcoin. Im not a dooms day guy. I dont think dooms day is coming. I guaranty if it comes, nobody cares about your internet money. Ashley right. Stuart people buy gold coins and they bury them. [laughter] i have to watch those preparation for dooms day shows. Ashley you need a treasure map. I would think you want food and friends. Liz no bitcoin. Stuart dont forget where you buried it. Lets have a look at some more stocks, please. Can you put up big tech, please . I would love to see that. Oh, yes. Stuart thats where all the money has been going for the last 2, 3 years. Thats where the money is going. Here we go. Apple, okay, recovery but 257, even though they are open all stores back again in china. Apple is up 257. Amazon up 38 bucks, 17. 15. Facebook at 160 up 6. Show me the rest. Alphabet as in google up 31, thats a nice percentage gain there. Microsoft at 144. What you have on that . [laughter] a little bit. Microsoft closed at 133 yesterday. How do i know that because i took your advice and bought into it when it was discount at the close. Stuart did you . Smart investor right there. Liz i bought it too. Stuart you make me feel so bad. Are you back in . Stuart let me explain why everybody is laughing at me. I sold most of my microsoft at 159. I bought boeing at 331. [laughter] stuart half of my money is gone. Thats it. Thats why they are laughing at me. Ashley laughing with you, stu. Stuart youre very kind. Stocks in the last few weeks have been low, 47 billion have come out of mutual stock funds basically, so you take all that money out thats why youre looking at the stock declines that we have seen. Stuart to recap the gain for the dow at the opening bell has been cut in half, s p was up 5 and now its up 3 . The nasdaq was up 5 5 and change, now its up 2. 9 . So youve got a nice rally at the opening bell, bit of a pullback. Liz interesting knew from governor of california, Governor Newsom would allow california to take over hotels for coronavirus patients. So now hes moving hes limited now gathering of 250. Stuart you have a homeless crisis in california, what do they do . The homeless thing linked to that . I can hear you, jonathan. Stuart, you said it yourself, the reaction of this crisis is going to prolong the crisis. Weve seen some buying here and, look, you talked about your own experience with microsoft. Investing, the only one that says buy the bottom and sell the top they are liars. Its always a bit of a belly flop. The best advice, jpmorgans advice to sell down to the sleeping point, truly 20, 30, 40s, this is insignificant to longterm return. If youre in 60s or near retirement take the opportunity and take the bounce to think clearly about what your shortterm future looks exactly like. Stuart good advice for seniors. Airlines, something to focus on if we can bring them up. This might be a sign of things to come in the u. S. The German Airline has applied for state aid according to one of the german newspapers. We just heard about Steve Mnuchin from Steve Mnuchin, treasury secretary saying that airlines will be top of mind for help and aid and possibly access to liquidity and cash. Stuart he said they are looking at ways to help the airlines which have been clobbered by this. Liz i will say about what jonathan about government intervention. When government says limit gathering, right, rafael is california is saying limit gathering to 200 or 250 or less. Its hitting big venues. Stuart can we go back to cruise lines, please. Theres a stock group thats flattened. They moved up a little bit earlier but i see Royal Caribbean down a buck 28 a share. People mentioning airlines and cruise lines in the same sentence as though they are similar things. They both have been hurt. One is a necessary global utility and the other one i could have taken left before this happened. It could be a long time before people go back to cruise. Stuart norwegian back to 10 a share. In 2008 characterized by a Big Companies going under bear stearns and lehmans this time around the bailouts, payments go to hardhit Industries Like the airline, cruise lines instead . We havent seen a Major Company go under just yet. Its not an investment recommendation, stuart, look, after 911 they said they will never build super tall buildings. After the tylenol crisis they said theyll never use tylenol again. These cruise lines will take baccome back but it will take some time. This is a natural process of the market so let it play out. That is a good point. We likely have to apply for state aid and say theyre looking at all options including temporarily suspending almost all of their flights. Delta is up a dollar 98. Southwest is up a dollar 38. Jetblue is 11. Share. Can you believe that . Fourteen dollars a share. Id love to see a chart of that thing because it has come down. If youre going to buy in that group, i dont know why you would want to own anything but delta. Its a dicey group, by the strongest one. All right. Look for coming up to the top of the hour. No, no, forgive me. Let the markets washout. Remember when they bought their headquarters for a buck. Let it wash out. Jonathan i have to say goodbye to you but it was a good debate and a good conversation. We appreciate having you. Thank you jonathan. Jack, i know you work in this building but youre leaving us. Were coming up on the 10 00 oclock hour. Where new york city and were about to receive the latest on Consumer Confidence. That will be interesting. The Consumer Sentiment from the university of washington, that is. I dont know how relevant this number is. It is relevant. 112. 5, let me get that in. There is a lag in these sentiments, Consumer Confidence surveys than the payroll or gdp numbers. Theres a three month lag so you want immediate information to see how the economy is reacting. Wait a minute if that survey was taken today, surely you would get a very different result from the one that youre just reporting. Yes, you would. Its not a huge lag, but it is us small lag but the consensus was a hundred 12, february was 114. 8. Okay, perhaps going down a little bit but not by any huge margin. Let me reset the market for you. We are up 500 points on the dow industrial. That is half the game we had at the opening bell this morning. The s p is up twopoint whatever it is percent. We have green arrows all across the board but it is not a strong rebound. Compared to yesterdays 10 decline virtually across the board. We are up 2 as we speak. Brian is with us, capital markets, what you think brian, we have multiple stimulus plans coming down the pike so we are told. Stimulus plans elsewhere. Im sorry to say that, but i would say these are humbling times stuart, were honored to speak to you today. We put out a piece last night entitled our conviction is resolute, template notwithstanding. What does that mean. First off on the template notwithstanding, i think too many investors are looking for the magic bullet or the academic or the template response. On page 72 of your business book that says we need stimulus and Monetary Policy. Well, you know what we need, we need less negative news on coronavirus. We need the fear mongering and the rhetoric to go away. Investors are gripped, momandpop walking down main street are gripped with fear. Thats why i entitled the first part of my report our conviction is resolute. This countrys Founding Fathers was built on faith and optimism. We have the best companies in the world. I believe the majority of this downside, quite frankly, has been driven by fear. We should be buying the best companies in the world which are right here in the United States. I believe we are in the process of washing this out but its way too soon to say todays the bottom, tomorrow is the bottom. The way we are fighting this virus, we as our society is the social distancing and its gradually becoming more and more strict. It is indeed an eerie feeling as he walked down an empty street or walk into an empty restaurant. It is eerie, but that is our response. I dont know what other response he would suggest. While again, we all like to play a doctor. I like to stay in my sandbox and talk about investing. All i know is we need to not react, not be buying gold or bitcoin or utilities, we should not be buying the best companies in the world which are right here in position for what we believe will be a rebound of epic proportion just like weve seen this accelerated downturn, we will have a recovery when all of this settles down. Stuart the e shares ceo is here with us, we have multiple stimulus plans coming to the floor. Around the world thats also true, the fed pumping in money. Do you see that creating a bottom for the stock market anytime soon. First of all, i do believe that answer is yes, fiscal policy will work better than Monetary Policy given these Interest Rates. We think back to the last bear markets or recessions, two thirds ended within a month of hitting the first sign of a bear market. Some only hit it one day. Were probably looking, if the odds are consistent, within a month we will hit the bottom and within a year of hitting the bottom, generally markets respond 53 . Within three years 83 so there is encouragement for investors that within a month the pain will be over, maybe as soon as yesterday, and within a year or so things will be really strong again. Some good debates coming up on this program. Have we found a bottom, yes or no. Do we need stimulus yes or no. What should the fed be doing, this or that. The debate is on. Hold on for a Second Period i have news dash. Its been postponed. The pga has shut down the tour for the next month and said the next event would be the masters on april 9 through the. Now the headline has come down that it has been officially postponed. My most favorite event of the year. One night watch the masters every year religiously. I loved it. Spring is here, the masters. Postponed. Thats a different word than canceled. News on President Trump and who he is meeting with. He is meeting with the major laboratory executives on coronavirus testing. We heard about this yesterday, the labcorp for the world should be able to produce more of these tests and make it more availabl available. You know they had such easy access to coronavirus testing. You could go on the street and get that done. Here, tom hanks said in his post and he says maybe they wouldnt have even been tested for coronavirus given their symptom symptoms. Stuart there has been a failure. That would be my position. The dow is now up 700 points. Thats what ill refer back to you. Thats up 3 . Senator tim scott, republican South Carolina with us now. Im so glad you could be with u us. Senator rick spo scott has imposed self isolation. Or are you just out of d. C. I am healthy and back in South Carolina but talking to a lot of medical experts around the state. The good news is i think things will get a lot better. We have a lot of things to be confident that the overall response will be positive. Looking forward to temporary and targeted assistance from the government as well as businesses doing the right thing for their employees and making sure hourly wage earners have access to their paychecks. We will have a lot of discussio discussion. We will see the discussions and i want them to reassure persons in this country that all hands are on deck. Im confident and optimistic about the outcome and our response of it coronavirus. Stuart my coworker bret said big things are going to have to happen to handle the virus. I think by big things they mean a ton of money. Are you thinking in those terms a trillion here, a trillion there . I certainly hope not. What we will do is meet the needs as they appear. I think we will have a forwardlooking group of members in congress on both sides who are very interested in making sure that our nation remains healthy first and economically viable. That will require probably incremental decisions, one fail swoop will flood the market with more money than they can spend, thats not the appropriate approach. Thats one of the reasons why i started with targeted and temporary. What we dont want is an explosion of the size of government. Nei. Stuart leu go back to washington d. C. To vote or can you vote from home. I been trying to convince my colleagues that we should all vote from home. If we voted from home would spend less money in washington, but thats not a possibility right now. We well be back in the house should act hopefully today. The president is negotiating with the house. Once they reach a decision we well be back on monday in order to say yes or do more negotiations and make sure the package is in fact a targeted package that provides the type of relief necessary for the average person in this nation. Can i ask one real fast question, secretary mnunchin said look, were looking at airlines and how to help them. Is that the kind of targeted help for an entire industry, would you approve of that . Im not sure i would approve of that. Theres no dar doubt the secretary of treasury has been in with the senators on tuesday along with the president and Vice President and many others to talk about how we stabilize some of the industries around this country, but what we dont really want is a repeat of this failed approach and frankly we have to make sure what we do is necessary, and we should focus on the low income hourly wage earners first and work our way up the economic ladder. Sometimes the fastest way to get that accomplished is to look at the Small Business owners and employers around the nation and make sure they have liquidity necessary to meet their obligations to their employees and perhaps aid and assistance should be contingent on that link coming making sure the employees remain employed and are paid so to be eligible through the government. Thanks so much for joining us. A difficult circumstance but always appreciated. Yeyes, sir. Thank you mr. Senator. I like that. Fox news contributor tammy bruce is with us now. We been saying for some time that the virus is the defining moment, the defining issue for this presidency. What say you. This is made perfectly for him. This is why hes president. You are looking at a dynamic that requires leadership, distinctive action, and were seeing with testing that the federal government really cant do everything. It gets bogged down. We are looking now to Publicprivate Partnership like labcorp and other Testing Facilities being able to participate in this regard. The president has made a note in some tweets within the last hour that impact the cdc has been looking at how they can make their testing better. Obviously trump is still effectively the new guy, cutting down the red tape, making it possible to move more quickly which is what we expect in business. I think this is why he is present, we are seeing the leadership in your other guest made a very good point about the continuing negativity, the political attacks, the partisanship, that does not help. I think americans do not like i it, we are clear minded, we know what it is thats going on in the president of course, unlike other politicians continues to stand up for himself making it clear whats going on and what he wants to accomplish. I would like to see Vice President pence get in front of the camera and id like to see anthony get in front of a camera every single day, a briefing, because we need honest straightforward information more than anything else. And were not getting it from the regular news coverage. Thats what reagan did well, go over the heads directly to the American People and now we have a presidency in an era where you can actually do that and bailouts, the president also tweeted again within the last hour that its the payroll cut tax. He said if you want to get money into the hands of people quickly, and efficiently, let them have the full money they earn. Approve a tax cut. Fascinating that both sides of the aisle, the swamp doesnt want to do that. In part i would argue because in the American People will get a reminder about how much money have automatically been sending to the government that they havent thought about when youre getting that 6 back, especially when you shut down broadway. The restaurants affected, Small Businesses, the carts run by people for food, all the wage earners affected by this, that will make a difference. Stuart i think it will. Im looking at the markets that have been open for 43 minutes. Im not going to say theres stability involved here but we have been, i think were waiting to see what exactly comes out of washington. I really do. Its all about talking were to look at this and that, but nothing in specific terms. I think thats what the markets doing. Treading a little bit of water but we are up. Remember, we dont often report on the European Central bank on this program. But, at this moment we gotta talk about it because come monday they are planning to announce what is going to be the mother of all packages, the mother of all rescue packages. They are going deeply into this thing. Its quite possible the European Central bank will again be buying Corporate Bonds, maybe even stocks. They wont even cut Interest Rates. That was disappointing yesterday. She also said im not going to bail out Companies Either so maybe there might be Corporate Bonds like they been doing but i dont think equity is in the picture. I think they will chuck a lot of money into the economy. Somehow they will do their version, okay, that pumping money into the economy. Its minus three quarters of a percent. Why cut wages more. Pushing on a string, they need other forms of stimulus. I think im gonna put on the screen a video of a live video of mobile testing. Is that accurate . Mobile testing in new rochelle new york . We had it and we lost it. It is very difficult sometimes but nonetheless, thats what we were going to show you. Its happening. That is very much a special situation. That is a 1 mile area which is, thats what they call it. Its the National Guard moving inandout with supplies and food and going to homes. Really extraordinary. On skype, joining us now doctor jerry chen from a hospital in madrid. Doctor, you have the virus and we thank you very much for coming on the show. I just want you to report, how is it going . How do you feel . What are the symptoms that you are under right now . Thank you stewart. Actually last week i had flu and right now my symptoms are milder than the flu episode i had last year. Same thing, its like the flu, like a bad flu, is that it. Its less than the bad flu i had last year. Less fever, less muscle pain, dry cough and especially tired. What medication are you taking. Im taking tylenol and ibuprofen. Guest tylenol and ibuprofen but nothing stronger than that. Those are overthecounter prescription drugs, no prescriptions . I will say any common cold medication is going to treat mild cases. Do you have any idea how you may have contracted the virus . I work in the front line of the hospital, taking care of covid19 patients. I will say that everyone will think i have contracted from a patient, but actually we follow strict measures to avoid infection and i was worried because of that, so after testing positive, some of my colleagues, they did a test also, one of them who works around ten days before they turn that out to be. [inaudible] doctor, we want to thank you very much for being on the program today because a lot of us want to know what is it like when youve got this virus and your suffering from it. We really appreciate it sir. Thanks for joining us. We appreciate it. Thank you stewart. From one dr. Joining us via skype in madrid, we have doctor mark siegel sitting right next to me in new york city. A real life camera. He said its less than the flu that he contracted in the wintertime, he doesnt have any severe symptoms of any kind and hes treating himself with tylenol and ibuprofen. I think thats rather encouraging, isnt it. Yes, and 80 of the cases are probably like him. Of course 15 are more severe with pneumonia and 5 icu. This is the guy we got out of china, but for most people who arent 80 years old or 75 years old or over 80 years older dont have crying Chronic Health conditions it will be a mild virus. That doctor is 35 years old. Hes not in the high risk category by any means. He looked vital and alive. Correct. Thats true of most people, correct. Thats correct. Provided they dont have Underlying Health conditions, and even then its more likely. [inaudible] nobody under the age of nine or ten years old has gotten severely ill from this. Stuart that is good to hear. Doctor anthony felt she was on fox this morning and asked how long is this going to last and he said it depends on how we respond. Four or five weeks if we do more rather than less. What you make of that. Hes trying to Say Something that i think the public has missed, the point ended up scaring the heck out of everybody which is one of the reason the markets are up. What youre talking about, let me try tell you what hes trying to say. Hes trying to say that all these draconian measures have one thing in common. The goal is to decrease viral spread. It doesnt mean the virus is here or here, its that if we can manage to decrease the amount of virus around, then we can decrease the amount of exposure of elderly people will have. Thats the goal. Unfortunately when people are kept indoors or events are closed off or things are canceled, everyone gets the message or the fear that theres a lot more of the virus around than there probably is. If we had only been testing people by the hundreds of thousands we would be able to reassure people a lot more than we are. Many people in our audience almost certainly have elderly relatives in that risk category. What should people do if youve got a grandparent in their 80s, for example. Doctor fauci was talking about that which is thats the group where you might say whos coming into the house mark where they getting food from. If theres an aide there, is the aide washing their hands. Is the aide coughing. My folks are in their 90s. There in florida and sometimes they have aids that come in coughing. Right now im all over that stewart, im saying no way. Be very, very careful about what you do and who youre exposed to if youre out of vulnerable age. Stuart especially with that group. Let me go around the block, all of us came in today, i found the mood a little eerie, thats not a mood but the feel of the place a little eerie. You look out at sixth avenue outsider building, its not deserted but its extremely quiet. I think going home last night, normally its packed on sixth avenue. It was relatively free of people which is quite remarkable. Coming in this morning around 630 this morning it was rainy, foggy and no one out there. I felt like i was in london. Its not like that normally. I think thats true of many parts of the country. Not everywhere, not universally but its so obvious because this is such a big city with so many people. Now with so many working from home you can really tell the difference on the street. How long, by the way i see the dow is up a thousand points. Weve come back significantly. Weve been in business for a little under an hour, but now were up to 1000 points. This social distancing is over us. How are we going to keep it up for our four, five, six weeks. How are we going to feel at the middle of april for example. I like something about it. I actually like the lesson its teaching us that there are respiratory viruses around, especially in the winter and we need to be conscious of how to avoid them. We might find out we have a milder flu season as a result of this. We are close together in the winter, were not washing our hands enough, were not staying well hydrated and off, were not sleeping and exercising enough and were not watching these circuses that we have. Were not cleaning off our phone phones. [inaudible] from the point of view of testing, roach has now approved a rapid test by the fda that will be able to give us the results. Thats approved now and it should be distributed because the labs that run it are all over the country. Im very excited about that. So you can ramp up, this is a rapid test, you get the answer back in four hours to ramp this up and put it out all over the place. Very exciting. Thats a very good piece of news. This doesnt have anything to do with the dow being up a thousand points but that is a good medical move. Thank you. Joel shuman, come in here. Weve been discussing all morning what kind of stimulus problem we should have, how big an limit should be imposed. I think you have some ideas on this. In 1981 Ronald Reagan implemented the economic recovery tax act. It was a controversial tax act but what it did is provided Immediate Tax stimulus to several industries. Back in 1980, the auto industry, the Airline Industry, the heavy industries that were driving Economic Growth were suffering and they didnt have any money to pay for for a new plant and equipment. Ronald reagan created the economic recovery act and provided a way for money to go into these industries. We scale back a little bit in 1982 with fiscal responsibility act, but it was designed to provide immediate relief for seven targeted industries that were driving a lot of our growth in those days. Im not sure theyre talking about that kind of targeting of industries. Maybe they should be, but good idea there. Forgive me, i just have to break away for a Second Period im going to run some video, this is what i wanted to get to. This is new rochelle new york where they set up the zone, a quarantine zone, a containment zone. I think what theyve got what i will call, is this mobile testing . Thats where you can drive up and get tested if youve had exposure. The key changes you dont need symptoms. Thats what we need everywhere. People who work concerned about exposure. Even if theyre exaggerating, stuart, i can do an hiv test on anyone i want. Some but he can say i was out last night, whatever it is i want to be tested, i can do it. Thats what we have to have here with corona. Why shouldnt we. We are much closer. Stuart you get the answer back in four hours. In the facilities around the country, i think thats one big step in the right direction. The drive through, a bit like what they had in south korea. Theres testing 20000 people a day. We could do the same very soon. That would mean an explosion in the number of positive tests. Not necessarily. But it could be, in south korea, when they first tested 200,000 people they found 6000 positive. Out of 200,000. That was their initial thing. I think we will see thousands of cases we didnt know about. We wont see tens of thousands. But we want that. We want to treat those patients appropriately. There is a perspective key, if youre seeing more positive cases, its not necessarily that something has swept in or is getting worse, its just being identified in that framework. Unlike sars which had an immediate thing you could see with symptoms, did not have a long incubation rate, high temperature, this is key because you have this underlying where theres no symptoms and you can be a carrier so the sooner we identify you. Ive got a report this right now, the Boston Marathon has been postponed until september. Boston marathon, earlier as we reported, the masters premier event postponed. Its usually the first week of april. Postponed until who knows when. Thats when this virus really hits. For someone like me i watch it every year. Thats always the first sign of spring. What about those kids, they wont have another shot. They might not have eligibility to play in the final four. Weve got no basketball, thats done, march madness in the nba, done. Thats outta here. Major league soccer, out of here, not happening. I dont know about baseball, although theres some severe restrictions. Spring training has been canceled. Stuart i did not know that. What that implies for the overall season, i dont know but if you cancel spring training its not good. What else has we got, golf, out of business, steny hoyer who is one of the senior democrats in the house of representatives, he says the stimulus bill is nearly done. He just said that. Brian come in please. Does no does that not warm the carcass of your heart and make you suggest that maybe the market is going to respond favorably. I think people are looking forward to some stimulus thing. Senator scott did a wonderful job explaining. [inaudible] the strength of art economy is our consumer. It wasnt like 911 or like 2008 or 2009 when we were already in a recession. What i think is different this time is that the economy was strong so if we get some sort of relief from the fiscal side weve already seen it from lower gas prices and lower Interest Rates. I still think this economy will rip the second half of the year, and again, i think this is only a matter of time. It could be weeks or days and from a fear basis i think this is way overdone. Stuart okay. Thanks for joining us. I know you have to leave us but we appreciate you being here. To repeat what youre reading on the banner, the Economic Relief bill is largely done. The democrats still believe a tax cut is not the way to go. Stuart and the president wants that. Some republicans but not all want that. You also have help from the Federal Reserve bank 33 billion in treasuries as a small form of easing that we talk so much about during 2008. The treasury is stepping in to provide one half trillion dollars in credit to make sure nothing seizes up with the financial crisis. Action is being taken and its up 800 points. Tammy bruce has been trying to get into the. Theres something that hasnt been discussed but we have all the sports canceled, people working from home choosing to sell isolate, look for a babyboom so when we think about this, the economy will be ripping back, it will be a fabulous addition, will have new people on planet earth enjoying. [inaudible] it depends on how worried people are. Human nature. Stuart i was born in july 1, 9485 months after the worst winter in britain. After all the dow is up 750 points. We will take that. Lets reach out where we are just after 10 30 eastern time. The dow opened with a gain of i believe it was up 1339 points. Weve come back from that level. Now we are up 700. The s p is up 100 points, solid gain, and the nasdaq composite also up 4 , up nearly 300 points. Now we have news on brazils president. This is important. He has tested positive for the coronavirus and it has been confirmed by fox news. Stuart what that not make it imperative that the president. Thats a good question. [inaudible] he was with our president , shook hands with him at maralago and spent some time with them. Should he be tested. This is a question for the doctor of President Trump who i happen to know and i think hes very solid. I met him and heres why its not an easy yes or no. It depends on what the handshake was like. It depends on whether he was exhibiting symptoms. If you shake hands with somebody who is known to have it, you get tested and quarantined. Heres what im trying to convey. I dont know, i handshake is not a high risk. Somebody sneezes on you, thats a high risk. 70 coughs on you, thats high risk. Were telling people not to handshake because that is a good thing to do but it doesnt mean, its not likely. What i expect is hell be tested as a precaution. I would expect that he would be. Your given the metal co side of this as you should. Stuart but theres a political side to it to. What will people say if the president does not get tested after shaking hands with the man who has it. I think he will but the other day he refused to get tested for the right contact. Stuart hold on for a Second Period i know we have on our newsline, im sorry. Im sorry if im mangling your name. Would you like to tell me the correct name . Go. [inaudible] thank you. [laughter] you are a well champion class marathon runner. How is your reaction to the Boston Marathon which has just been postponed. Health comes first. Sports come Second Period this is where we have to apply it. Stuart does this really interrupt your career as a worldclass athlete . Yes, this is a crisis not only locally but nationally and internationally so the research is important and the only time it has been postponed was when Hurricane Sandy hit the new york city marathon. But this is a lot more crisis. Do you think we are going to lose the year, a year coming out of your career. I had retired about two years ago but i am supposed to be in boston and i know many, many have plans to do the marathon which was canceled so hopefully it will continue sometime this year. How do you feel about the olympics . Thats a tough one. The olympics, you train once every four years, but as i said earlier, health comes first. Especially in international, global peace and harmony for the athletes to be able to say this is good or bad, what is the benefit and things like that but hopefully in august we can calm down the crisis of the coronavirus. I know youve retired but do we occasionally still run marathon competitively . I do not run competitively but ive done charity work for a few races, the Boston Marathon, new york city marathon, but its a sport that always unites us. It gets us together for friendship and unity in this crisis has definitely developed to be a big dilemma and we have to not panic, control yourself what you can control and this is why listening is important because health does come first. Stuart are you taking those precautions, are used self isolating distancing yourself from other athletes and runners. Absolutely. Im supposed to be in boston as we speak today but i know because of the handshake and. [inaudible] im taking that protocol. Im a father of three and i say wash your hands when you come home from school and dont panic. Do the things that you can control. [inaudible] at the youth level were supposed be traveling this weekend for my daughters soccer game, thats getting canceled so everyones being impacted at some level. There is a light at the end of the tunnel but we have to have faith and pray for the people that have been affected by it. Stuart yes, sir we do. Thank you very much for joining us. We appreciate it. Good luck. Thanks for having me. Stuart we are up in the market, 700 points for the Dow Jones Industrial average. On the lefthand side of the screen, throughout the program youll be seeing all kinds of groups coming up. How are they rebounding or otherwise from yesterdays major selloff . He is here with a special report for us on how to sanitize your phone. This is important because all of us or 99 of us have our phone real close to us all the time. How do i sanitize. Theres 99 of us that have a phone. 92 of them carry microbial pathogens capable of infection. We also know, the doctor and i were talking about earlier that the coronavirus can live on devices like this and theres already information out that it can last up to nine days on objects. Apple just change their tune on monday. They had previously said dont use any of the approved sanitizing chemicals, and now it is, the right way to do this is important so grab your phone, and you put a clean paper towel out, and you can use a clorox wipe or similar. You dont want to wash your phone, you dont want to use an abrasive. Take one of these. You want to start on the side, clean the sides of your phone really well, go to the back, clean the back, completely wet, you dont want enough water to enter the port on your phone, and then once its done it goes on the clean towel and you, ideally our next to a sink and you wash your hands, and now pick up your phone and youre good to go. The more important thing is, from now on i want you to unfriend your frien phone to your face. Use the speaker and earbuds because all youre doing is bringing germs right up to your face. Constantly throughout the day, i watch people do this and we dont think about it, but right now the most important time is now emma not to put it to your face, and dont pass it around to other people. What you have there. This is new technology called phone soap. Its a ubc ultraviolet light that will kill germs on electronics or anything else. You put that in there, its going to go for five minutes. The lights on inside, also it will charge your phone, it comes out in five minutes germfree. Stuart but nobody has one of those devices. In fact there are two people in the building besides me who have them. Ironically you cannot get it right now, but you can get yourself on a back order for it. Were talking april and may delivery. Stuart how much. It starts about a hundred. This is 120. How often should you clean your phone. I think, without getting obsessive, that if you have your phone with you and were active during the day, we use them so frequently that when you go to wash her hands, my rule is when i see a sink i wash my hands and i just do it the same moment. And why not because our phone, our hands are dirty, they go onto the phone, now the phones dirty. We wash her hands, pick up the dirty phone, our hands are dirty again. Its a nightmare. Stuart i want you to have a camera on susan. Your facial expression was really something. Thats a lot of time to take out in the middle of the day when we run from studio to studio for us. True. All of a sudden you get, do you remember just a couple days ago where its vigorously wash your hand, 20 seconds, will now its kind of normal for us. Leave it for four minutes and try to but it dry off. Dont wipe it off. Four minutes it takes to kill the virus. C cant pick up the phone for four minutes, i dont mean to make light of it but a lot of people say i cant do all that, i wont do this. Maybe when you go to bed and also what i do at home, booktv remote goes in here and from fox and friends steve puts his car keys in there so the keys go into that in the morning. Stuart i am told your tie which you never put in that washing machine and really dryclean is the dirtiest item of clothing you can wear. Is that why you are not wearing a tie. That would because of our bosses who say kurt, no tie and were fine with it. They did a cut study on lab coats. The tie was dirtier than the lab coat. Really, wow. How much does that cost. About a hundred, or hundred and 20. You use clorox rate there. They have a list of recommended cleaners that are good for the coronavirus. I would say that what we are hearing is common household cleaners, if you cant get a clorox wipe, i tried to go to a cvs or neighborhood drugstore, whether its los angeles, here, anywhere, theyre sold out. Theyre just gone. So i just took some clorox, put it in a ziploc bag, added some water, i dont know if im supposed to do this, but what its what i did because i didnt have access to it at home and now i keep a moist ziploc bag of clorox wipe that i made at home for a nickel. Youre really good at the. Stuart this virus has affected every single one of us in the most personal, intimate fearful way possible, and this is what weve got to do. You want to be responsible, youve gotta wash the hands. Youve gotta clean your phone, youve gotta do everything you can possibly do. There in their 70s and 80s that im in Constant Contact with my biggest fear is that i pick something up out of my own irresponsibility and bring it into their lives and cause something devastating to happen. Im Walking Around our building with these in my hand so i dont touch a doorknob, i dont touch anything unless i touch it with this thing, clorox wipe. I think thats the responsible thing. A relatively irresponsible old man, i find that ive turned over a new leaf. And my mom had a brilliant tip because she volunteers at a childrens hospital, she takes popsicle sticks, clean popsicle sticks and she keeps those with her and if she feels the need to scratch her face around her mouth or nose, she uses a popsicle stick and throws it out. Im not gotten there yet. Its a psychological thing predicates you train that if youre gonna touch your face you have to use this and then you toss it out. So it does something to remind you not to touch her face. We are taking this very seriously. Im sure you approve. In a way thats very constructive for all viruses, notice that kurt said all viruses, were not just targeting the fear for coronavirus which of course is very serious, but in the process of changing how we live we will decrease a lot of infections. Stuart well said indeed. All right. Weve done the medical thing, thank you very much indeed. Good for you. Lets get to the markets. Now we are up 600 points for the dow industrials. We have been up 1100 earlier today. Joel is joining me now. What do you see in this market thats of interest to you right now. We are going to see a shift back to large cap attack in the u. S. China was arguably started in this mass, 900 of their 8000 companies. [inaudible] from february 19 until yesterday they had over 900 companies and many are 30 or 40 or 50 . This market can turn around very quickly. Yesterday may not have been the bottom. We go back over the last 70, 80 years, out of the 15 bear markets hit there and then that was the bottom. So we might be counting around and we might hit bottom again but again what people need to recognize is usually within a year from the bottom markets are down quickly and chinas indication of having Companies Respond in a couple weeks is encouragement for us. If we can calm the markets down and do whatever we can for fiscal policy and other behaviors am i think its encouraging for markets. One other thing id like to add, in 2007, 2009 the last market hit that we had, we had uber, lift, pinterest and many other untru Entrepreneurial Companies emerge. During this unusual time, many Entrepreneurial Companies emerged from markets like these. If you have a timeframe of 3 5 years, if thats your timeframe and youre not worried about picking the exact bottom to buy, now would be a pretty good time to buy. Two thirds of the time you hit bottom within a month of the bear market and then they respond very well. I think this is a perfect time to start folding in little investments, dont use all your cash to buy today but do it over the next couple weeks. Then i think your viewers will be in good shape. Hold on for a Second Period what we tried to do throughout the program is update news items as they come to us surrounding the virus, surrounding the markets and the stimulus package. Heres an update from moodys talking about the economy as a whole. Baseline scenario is that the coronavirus will materially slow Economic Activity in the first half of 2020. Thats the baseline. If it goes on from there it talks about the company talks about many other companies, not just ones weve seen with the airlines and the crews lines and so on in the short term they say the longterm impacts could be to supply chains and trucking companies, transportation, lack of demand for freight and it just snowballed from there. Certainly baseline is a slowing of Economic Activity we know that. Stuart henry, come on in from capitol hill. You have some details of the stimulus bill. Yes. As the coronavirus, we dont know if this is a final text but there is draft floating around, looking through it has 500 million in supplemental food funding for women, infants and children. Another 500 million in a general food program supplement, 100 million of that could go to the cost of distributing commodities and the costs associated with that. There is a part of the bill that would provide assistance to families with kids in Public Schools used to getting one or two hot meals a day. Assistance would be provided for those household. Child in Public School if the school is out for more than five days in a row. Thats part of the bill. It also includes funding for the elderly, nutrition Delivery Services to the home, 160 million for that, also 1 billion in Public Health emergency fund. It would courtney for medicaid and Medicaid Services to pay claims for providers, part of a reimbursement process for services associated with covid19. We are still pouring through the details of the bill but those are the top highlights. Stuart thank you so much indeed. That was a good and long list. Ladies and gentle men what we have here is a bill which would put a great deal of money right into the hands of the people who suffered to no fault of their own through this virus. I notice there is a lot of money going for the delivery to elderly people of nutrition services, food services. They need it, you have to have it delivered, the government will help with that. 500million worth of food aid to women with children. Lots of money going to schools if the school is closed for more than five days and the kids cant get the mill at school, though get some money, whether all go to the family or school im not sure but there is some aid there. This rough outline is targeted support, targeted help in a way that puts money right into peoples pocket who need it. Youre right. We went down that line very well. Its interesting. We can talk about this to were blue in the face, when is it going to get in front of lawmakers for a vote and actually get into the economy. Thats important. Stuart got it. Chinas foreigners, their foreign minister couple days ago blamed the u. S. Army for bringing the virus into wuhan. What you make of that. Its absolutely ridiculous. I think anyone can make an intelligent argument that the chinese are the ones to blame for this virus are coming a pandemic. They had the opportunity to crush this when it was breaking in wuhan, but they didnt listen to their doctors, they didnt listen to their researchers and now beijing is doing what it does best, blaming other people for the problem. I think the Global Community as a whole can see that, they can see its wrong and its a disgrace. Stuart okay, theyre trying to blame us. I got that. Now they say china says they are coming out of the spread they only reported 20 odd new cases overnight. Thats the lowest number of new cases weve ever seen. Theyve got their people back to work there, and china says they are returning to work very quickly. Thats a hopeful sign if you believe it. Do you believe it. Look, i want to believe it, i wish no ill will on anyone in this crisis, but look the chinese have lied about. Much all their economic status for the past ten years whether its gdp growth or anything else so its really hard to believe this. If they are lying, they are putting millions, perhaps billions of people at risk because this could continue to keep spreading. You would hope that they would not be doing that, that he is keeping his people safe, doing what were trying to do in the United States, but to be frank, its very hard to believe the virus is slowing down to that fast of a rate. It doesnt make sense. Does china emerge from this as a strong dynamic economy or has it been, to some degree wounded. I think its been wounded. China has tried to make the argument for the past ten years that its the Rising Economic superpower that will displace the United States. I think that has been proven fundamentally false. Not just on economic grounds but because of moral grounds. If youre going to be a superpower, you have to do Everything Possible to do one thing, to protect your population. I think it has been proven completely false that they can do that, and how do you trust china on anything anymore. I think is a false narrative. Thank you harry. Thats good stuff. I imagine when we come out of this, if china is weakened and europe is a vast museum anyway, i think america will emerge king of the hill more than it is already. But you have news on a meeting. A number of white house staff and Communications Work called to an emergency meeting in the chief of staff meeting because of the news of the brazilian president positive test result for coronavirus. Stuart the news earlier was the president of brazil has the virus. We heard it from his son tweeting. Stuart he was in america recently, shook hands with the president. Hes having a second test of the results will be known at noon eastern but the first test showed positive. Stuart now theres a meeting inside the white house, the chief of staff arranging the meeting. What are we going to do with the. Going to make this even more, located. Unfortunately it isnt simply getting 70 tested to make sure, anyone who had close contact with the brazilian president , the test may not be positive initially. You may actually have to self quarantine if you had close contact. Now what do i define close contact as . One handshake i wouldnt, but whats close contact. Could someone have coughed or sneezed. Stuart lets get real. Is there sufficient risk to suggest the president might have to self quarantine. Depends on if it gets tested, how much it is, how much time has passed, what symptoms there were, its something that must be considered. This is a fast flowing situation. We need to know exactly his exposure, how long ago and if hes tested if its positive. The news is quite clear theres a meeting going on right now in the white house, chief of staff has convened the meeting with the top aides in the white house and they are discussing what to do because the president of brazil has the virus, he met with and shook hands with the president. Thats the news. We dont know whether a test is justified or required. [inaudible] World Leaders being quarantined because we heard the Justin Trudeaus wife is now, she has tested positive so the canadian couple are now quarantined. Stuart just coming up, im sgt interrupt but we have a new trump tweet. It says this, to this point, and because we have had a very Strong Border policy, we have had 40 deaths related to coronavirus. If we have weak or open borders, that number will be many times higher. The president is tweeting frequently now coming out with this, this is about the open border versus the closed border because i think the man has a point here, if you look at whats going on in europe, italy really exploded this virus. Theres no borders in the european union. Thats open borders and that virus did indeed spread out of italy all over the place. The president needs to be congratulated rather than attacked for this very point. His cutting off traffic from china or restricting travel from china at the very beginning was a bold move that i believe did slow the spread here. Now cutting off all travel from europe at a time when europe has been identified as an area of the world that has exceeded a lot of our cases is even bolder and he should be congratulated from a Public Health perspective. Stuart joel shuman, last word from you please. Sure. I think within the last month or so we will see markets stabilize and start to improve. The bill that has been proposed, im not sure it provides immediate benefits to many people, but im not sure how its going to help Industries Like airline and travel. That will come with the change in behavior and that will be other measures tied to fiscal policy thats being implement it. I think this is a very good time in the next couple weeks to start buying into the market. Start with u. S. Large caps and move down to u. S. Small caps. If things recover the way they traditionally have done, i think your listeners and your investors are going to do well. Okay. Our astute investor susan lee. I made ten bucks. Theres going to be a press conference this afternoon. President trump said he will hold a News Conference today at 3 00 p. M. On coronavirus. Lets see what he says. He is also meeting with the Laboratory Testing group as well to see if we can provide more Laboratory Testing and test available for american citizens. Stuart what will he say about himself. Unless we repair some of the gains after that news came out. Stuart theres a meeting going on in the white house right right now. To repeat that news at 3 00 p. M. Eastern time is a press conference where he will take questions from the media. Okay, this is a test of the presidency. Perhaps the most important and most pressing issue in his presidency thus far and will have Significant Impact on the election. Right now i think that is the low of the day. I know we are up 450 points but thats the smallest gain that weve seen since the market opened 90 minutes ago. At one point we were up over 1100 points. Now we are up 440 points. We are losing some of the steam which we showed earlier. This is coming after a 10 drop yesterday which was the biggest and sharpest decline weve seen since 1987 stock market crash. October 19 it was back in 87. You werent even born but i was there ladies in german. Joel shuman thanks for being with us. I have to say goodbye to you as we come up to the top of the hour. Your input was invaluable and we appreciate it. Doc will you stay with us. Absolutely. You are whispering there with susan. Okay, coming up at the top of the hour, 30 seconds away from 11 00 a. M. Eastern time and lets reset this market. We are holding onto a gain of 450 points. Barely. That is just a 2 gain. Earlier today we were up 6 . Same story with the s p 500. Earlier up 6 , now up to percent. The nasdaq composite is up to percent having been up more than 6 . May news at the moment, 3 00 p. M. Eastern a News Conference from President Trump. Thats coming up this afternoon. It is 11 00 oclock eastern time. If youre just joining us heres what we have. All over the country we are indeed putting distance between ourselves. Social distancing has arrived. We are doing what doctor ouchi told us to do, we are being responsible. In just 24 hours sports shut down. Entertainment, Movie Theaters emptied out. Restaurants, same story, emptying out. New york as we drove in this morning it has the look and feel of a ghost town. Doctor ouchi told us to avoid crowds and we are doing it. We dont know how long this lasts. At this point after looking at the experience of china, south korea and italy we will probably be separating out for weeks and theres always the possibility that some areas will be pushed into a more rigorous shutdown. Seattle is already there. We need clear messaging from medical experts. How about a daily briefing. Doctor fauci, the cdc people and everyone else whos in charge of our medical response. Tell us the truth about testing, treatment, vaccines, medical supplies. Thats how we beat this thing. On fox this morning he encourages to do more rather than less as he put it. Vice president pence, he heads up the virus tax force, hes a calm voice, very much needed. We want to know how were doing. Wheres the progress. Where are the setbacks . I want to see real people, not a social media freeforall, and i really dont want to see the hate trump media venting down anger for political purposes. The full impact of the virus is now upon us. Its ominous. When you see empty streets you know Something Big is happening, and you naturally get anxious about how long it last. Thats why we need the honest truth. We want to be told clearly whats happening and why. That means the Vice President and doctor fauci should be on our screens every single day. Charles payne is with me now, host of making money. Thats my opinion. I want to see daily briefings, penson found she and anyone else, i want the truth from the top. What do you say. Have noticed at times that they been on the markets and the markets have exhumed some confidence but we also want to be working, theres enough, i dont know what we can demand stop what youre doing, trying to save the world and come talk to us for minute. Youve got to inform people. They want doctor for ouchi front and center every day. Hes trying to find a cure for the thing. We cant have it both ways. I think youre falling into a trap here. Stuart no im not. I think so. I think youre falling into a Mainstream Media trap. Stuart charles payne. You will never eat lunch on this set. At 2 00 oclock i will. The reason i say that is i dont disagree that you feel calm when theyre talking, particular doctor fauci, and even Vice President pence, but they are in charge of trying to find solutions and id rather have them, if thats the order of the day, if theyre too busy on that project i dont want them to break away from that to give me an update. Stuart all right. We disagree entirely but ill let you carry on. Okay. Wheres the bottom. They do have to give it to us straighten honest what he has done. Youre right. Are we close to a bottom. Were in a bottoming process. We always talk about these climatic moves in the market as if only its a oneday event. Its a process and it goes over time, but its hard not to argue that yesterday was one of those days. Yesterday 98 of stocks were down on the new york stock exchange. 96 of the volume was 8 billion shares, a mindboggling sum to the downside. 2377 stocks hit 52 week highs. That is the essence of a climatic move. That is a washout. That could have been it. This is part of it. That was it, but you have to do things like this marketing opening today much higher, coming down. These are little small tests that have to go through coupled with the fact that weve got a feel better about whats happening from our leaders. Okay, the sooner we find out when this thing is coming to an end we need to find out from our leaders about that. The sooner we hit bottom on the market. Thats my opinion. I think them market will before its official. Numbers started coming down, kay started his engine study started coming down. Stuart the market always feels these things before Mainstream Media. Ill forgive you john. Thank you very much. Im changing the subject. Bob dole, come on in. Are we near the bottom or at the bottom . Where you coming from. As you just heard from charles, and i agree bottoms are not events, their processes. February 28, 2 fridays ago was an important day. This monday was important. Yesterday was very important. We saw the vicks climb each one of those measures of volatility, the horrible statistics i believe the primary low has been put in but like 98, 2011, 2015, you typically have a primary low shock and awe, a rally, and then the testing phase. In 1987 that was six or seven weeks later. That probably is in our future. Im talking like a technician because when you get these waterfall declines, the technicals are what matter. The fundamentals have many aspects. The key one will be when does the number of increased cases in the u. S. Crest, and when that begins to drop, that will be a pretty good green light. Or probably a ways away from that. It doesnt mean the market has to go lower but that would be the green light. Stuart hold on a Second Period on the subject of tests, i have doctor mark siegel. What do you say on the. , and provide a moment between you and charles. I think the person speaking should be the one who has the answers. Ouchi is unbelievable but these are just appointed. [inaudible] summary should be the head of testing. Hes the deputy secretary of hhs. I want to hear from hi him. Yes were getting closer but were not getting to the 20000 tests a day that south korea is doing. Stuart on testing you said earlier the drug company has a test approved by the fda and four hours to get an answer. Thats right. They have the facilities around the country to do this testing. Over a hundred labs are doing this. Bob dole come back in because the sooner we get this mass testing going, the sooners we can get the number of cases clear and thats the sooner we can get the number of new cases to start declining. This news about the new test, i say thats good news. I agree. Testing is something we really need to catch up on and it sounds like were making great progress. When we get the Testing Available we will have a much better handle on where things are and how do we stop this along with all the social distance thing you just talked about. Hold on for a Second Period im back with my former friend chuck. Im just joking. One of the screaming buys to you right now. My list is so long and varied. Amazon, apple, applied material materials, tesla for those who can handle the volatility. Boeing. Boeing is getting there, by the way theres a room air that apple should buy disney. Thats intriguing to keep an eye on. Thats just a rumor out there. Apple has 200 billion in cash. I think a better that for apple would be not felix some of these stocks are so cheap, what we will see in people have to be very careful about this, on these days were up, the biggest percentage gainers will be Royal Caribbean or the airlines, or some of these Oil Companies but theyre going to bid. 20 one day and down 79 for the year. Be careful for longterm investors not to try the by the ones that will have these sharp kneejerk bounces. The fundamentals wont change for a long time. Charles did bring up an interesting point. Companies like apple, when they do have 200 billion in cash, they could use that to acquire companies which are now very, very cheap, i called disney pretty cheap at 99 a share. This is the kind of market which really might be very revealing in the future. I dont disagree with that, i think companies will take their time. The first thing they will look at is their own stock. Is there own stock cheap enough, do they have the cash, do they have the cash flow, and thats probably the first place they go. When they satisfy themselves there they will look elsewhere and we will get more of that, but we need just like the general public within corporate america, we need to reduce fear and restore confidence. We do that were going to get a lot of good things. In the meantime weve got a nasty economy in front of us. Okay. Weve got that. Now what were looking at right now is the details emerging on this rescue package thats coming out of the house. The bill is, were told, almost done. Steny hoyer said that earlier and hilary vann is back with us, more details on whats in the bill. There is an expansion of the family leave act, and this applies to any employer with 50 or more employees, and for an employee who has been out of work for more than 14 days. In this draft bill, the details say that if an employee has been out for more than 14 days, that employer then is mandated to pay them at least two thirds of their salary or essentially two thirds of what would be comparable if they were still at work working there normal hours under their normal schedule. This applies to any employee who has been placed on quarantine because theyre either showing signs of covid19 or theyve been diagnosed with covid19 and then being at work would put other employees at risk. So again, this is being put on the businesses and the employers to issue paid leave for these employees after they been gone for more than 14 days. Good stuff indeed. Thanks so much indeed. We are learning the details, it seems to me that what i just heard there, money is going to flow directly to people, directly affected by the virus and their suffering from it. Thats an excellent move. I hadnt heard anything about that payroll tax cut but the president has been wanting. We understand this health spill does not have that because the democrats do not believe in it. But that aside, this is a very pointed stimulus, going to the people who will need it for sure. Theres so many freelancers out there, people who go from employer to employer that will need money because if they work in Madison Square garden, theyre not working right now. Is there a freelancer here at fox news, what happens to them. At Small Business you know, im going to send my office a letter later today and im going to let them know ill be out for the next two or three weeks to work from home. They dont even know yet so if there watching their finding out. Theyre less productive when they work from home. Your team, if there watching, if they see you accuse me. [laughter] of being in the Mainstream Media. Every now and then, i know where youre coming from because its so comforting and every time ive seen mike pence or without she on tv the market has settled down so i like it personally, but ultimately i would prefer not to mandate that they have to do it every single day during market hours. Thats all im saying. I believe you have to leave now because the only way i could do it is to go upstairs and make my own lunch. Real quick, Consumer Sentiment was better than expected. Lets not forget yesterday the unemployment claims actually went down. So as we watch this tick by tick, so far so good. Got it. Charles, youre all right. Thank you very much. News on grub hub. Okay, yes. This is a Charitable Fund there setting up for those impacted drivers and restaurants impacted by the coronavirus. They are temporarily suspending the Commission Payments they get, up to 100 million. Thats like cash going into the pockets of the restaurants and the drivers. I would imagine grub hub would be onto something. Thats a pretty good line of business to be in. Right now it is, absolutely. Everyone wants delivery, even i would like it. Its coming. Im getting on my little computer, its a brave new world. Stuart bob dole still with us. Weve got some details about this package, the rescue package. I like the sound of it. Its money going directly to people who need it and are affected. Do you like it . Yes, we need that and some more. I think we are targeting, thats a good thing to help those who will be hurt the most by all of this. I come back to anything we can do to reduce fear and restore confidence. I come back to the ability to do testing. We can have massiv massive testing, that will make people feel better. You said earlier, communication, tell us how many communication cases are out there. Tell us where they are. The more information people have the more they can get their hands around it. Its fear that creates these problems. The fear and all these precautions are probably more dangerous to our economy than coronavirus itself. Im not trying to minimize the virus but you hear my point. Stuart youre talking about the impact on the economy of this virus and youre quite right. Walked on the streets of new york and you can see the impact right there. Now we have news on different companies, these would be the virus, the latest news from airbnb. Theyre announcing changes to the extenuating circumstances policy. In other words they will allow you to cancel without any fees and charge for that. It applies in these countries, mainline china, if you booked an airbnb in china for the next week or two, probably not a good idea. Also, south korea, italy and the United States. Thats the key there. It applies to reservations booked on or before march 13 and with the checkin date of april 1 or earlier. Say that again. You can cancel without fees, without being charged. This is social kindness. We practice social distancing now to protect everybody and these are some business that are practicing social kindness. These are extenuating circumstances. Me personally, my opinion, mid april we will start to get updated guidance from companies who start reporting their earnings. They will have more visibility about what their future looks like. We are heading into a weekend with a nice gain on this final day. Next week, retail sales, housing reports earnings, people are actually buying homes and fedex reports. Thats the health of the economy. Next week will be key if we hit bottom. Good stuff. Thanks lauren. I want to bring in cassie, Rnc Deputy Communications director. There is an urgent meeting going on right now in the white house. The president s chief of staff convened the meeting. They are deciding what to do because the president of brazil is positive for the virus. He shook hands with the president at morrow largo. Now what do they do . Youre aware of this meeting, whats going to go on here. I cant speak to whats happening inside the meeting, but what we know is there is no one who seems better informed, better with meetings and constantly bringing people into figure out what the next step is than the president of the United States. Weve seen that in not just his response but over a month ago he stopped travel from china. Stuart look, this is serious stuff cassidy, this is a very important meeting. In the discussion has to be the testing of the president and maybe self imposed quarantine. It is a political issue as much as a medical issue, isnt it because this is how it looks. Yes, absolutely, but heres the thing, the president has already said lets take a step back from traveling. Hes not going to do the rest of the travel this week until we figure out whats what but when you talk about a political issu issue, we come for a very long time, its no longer the day that if you want to campaign it has to be in person, it has to be in an office and with a certain staffer. We can do it digitally. We have that set up. We have a perfect opportunity to let you know. Look youve canceled these rallies, several rallies have been canceled. That was the main form of the president s campaign. This is how he campaigns. You dont have that any longer. You know when to do that any longer at least for the foreseeable future. Youre telling me social media, digital medications, that will take the place of these rip roaring rallies. Listen stuart, for the foreseeable future we are taking a peek to see what lookmake sense for the rallies. Thats something the president and his campaign are looking into but thats not the only way we get in touch with voters and connect. No longer is it just show up to a rally or knock on someones door. We have apps that you can use from the comfort of your living room to make the phone call and make sure were reaching out to voters. The communicating doesnt stop. So while this is a bit of a change in strategy in the sense that we have to put more into these other avenues that we hav have, everything is already in place. Heres the other deal, we are ahead of the other side on this. Weve got hundreds of millions of dollars that we been investing in this for almost ten years so now that were finally able to put this into play, we have over half a million activists trained who are out there, able to pull up an app on their phone and call voters and call their neighbors at any given time so yes we want the rallies to return, i think the American People want that, but in the meantime the process doesnt stop, the policy doesnt stop. The president is going to hold this News Conference at 3 00 p. M. Eastern time this afternoon. Any idea what he is going to address . I presume its the virus in the rescue packages. Anything else that you can think of. We saw the only notice that coronavirus is the topic of conversation, certainly if i wanted to get ahead of him i couldnt, i dont have any information beyond that but i think he will continue to show his leadership on the issue and continue to show the American People that we are staying on top of it and that while we are taking necessary precautions of the country, we are working through this as a country. Stuart thanks for joining us today a busy day but we appreciate you being here. We have just been showing you lefthand side of your screen. You are looking at the Movie Theater stock. They bounced not that much. They are emptying out. Before that we showed you the gai gaming stocks, they have been hit with a modest bounce today, not bad but they been clobbered recently. If you shut down all sports, and we have done that in america, what do the gaming places do. What to the Sports Betting places do. What do sports bars do . Theyre not in good shape with this. We have new developments all the time, weve got one now, medicare, medicaid news. So the centers for medicare and medicaid are covering the coronavirus test. The initial payment for this test will be 36 if its a cdc test. If its non cdc or private lab. [inaudible] so theyre covering this thing. Medicare, medicaid, they cover it. Thats not true of me, if im not on medicare i dont get it covered. So i guess not. Although they are permitting certain plans to waive the cost sharing. No copays. That was from the original 8 billion but now theres this additional amount money thats being appropriated and we you will see all of this covered for anyone where theres this issue or they couldve been exposed. In earlier today we saw the drive through testing facility in new rochelle new york. I think well see a lot more that but essentially your report is medicare, medicaid paid for of the test, and doctor thats exactly what we want. Those are the populations we really need testing. Target populations. I was talking to pediatrician this morning and she doesnt have the test to test the kids she treats but she said i think thats a good thing because if you dont have a lot of test theyre working on ramping this up but we can save the test that i can get that we do need for older people and those who need it. Kids are showing they are recovering. No question about it. They have much milder symptoms. Okay, what do i see on my prompter . Deal with news on queen elizabeth, yes, all the headlines coming in, she is canceling all her engagements. There was a picture of her and you saw her recently shaking hands with someone barehanded. Normally she wears gloves which was unusual. There were calls for her to self isolate herself in this environment but she has announced that she will not be seen in public for the next week. Weve not heard the same thing about boris johnson, the Prime Minister of great britain. Even though the health minister, the minister of health says shes got it. Now who she came into contact with, i dont know. She was in boorish johnson ten downing street but hes not isolated at this point. Hilary vann, more on whats on the bill. Stuart, there is part of this draft bill that calls for an expansion of the paid sick leave act, and it would apply to any employee that either is showing signs of covid19 or has been diagnosed, but whats interesting is it is on top of paid sick leave that an employer might already offer so on top of the existing paid leave that an employee might get, this is asking for 112 more hours for fulltime employees to have paid sick leave or if your parttime employee, whatever the equivalent of the hours you work within two weeks and thats going to be the cost of the employer thats paying for that. Thank you very much. This is an Important Development and it comes to us from bloomberg. Bloomberg is reporting that the president , President Trump is expected to announce a National Emergency to deal with the virus. Actually, giving him the powers to impose draconian response. Doctor, do you like this. Thats going to mean that fema will get involved in department of Homeland Security will take a much more prominent role. That means more hands on deck i like it. I like the idea of getting it. [inaudible] they expect the president is expected to announce a National Emergency. What say you. I believe people were expecting that, its been in the rumor mill for the exact details, of course we dont know, weve heard lots of rumors for that effect, i think thats probably in the market, i come back to this, we have to reduce fear and increase confidence and the quicker we do that the quicker people will feel they can get out from under the covers. Stuart thank you so much for joining us. We appreciate it. Lauren. Governor cuomo said no states can do this on their own. They will need more money to address the corona virus. If they do declare a National Emergency, he has the stafford af act to allow more federal aid in for states and also menace penalties. They need the money. Youve got multiple prongs of attack here if you put it like that. Millions of dollars is freed up by the stafford act that goes to the states directly. J. P. Morgan said contraction first half of the year. Second half is contingent on one thing, congress supplying 500 billion in aid. Stuart i think they will probably do that. I imagine they will do that. There is a strong call for that. Look. You have multiple prong attack on the virus as it comes at us. You have doctor anthony ouchi encouraging those to end more of the social separation. Item two, multiple rescue packages, stimulus packages coming down the pike from congress. Thats item two. Thats dealing with it by the administration and the money thats going to the economy. Another one, the Federal Reserve is pumping a trillion dollars into the economy. So youve got these multiple ways of going out the virus and we heard earlier this morning from doctor siegel, they have a test fda approved going out throughout the country now, you get a response in four hours. You administer the test, you get a test from that result four hours later. Thats a very good development. Multiple attacks on the virus, not that much of an impact on the market. Ive gotta say we are up 500 points but we were down 10 yesterday. Despite these different channels, weve not yet seen a real bounce in the market after that washout sale yesterday. Steve hilton is with us. State of emergency. What you make of that. Is it a possibility that will be announce . Your response. I do think that actually we need to step up preparations in one particular direction that i think that would help with, and that is, to cope with what i think we can all predict now could be a real crush on the pressure on our Hospital System in terms of the beds we need. I think actually the construction of new hospital facility, temporary hospital facility which could be unleashed if you get fema involved, if you get all the resources of the federal government deployed. That could be a really useful thing to prevent the kind of situation that youve seen in italy where the Hospital System has been totally overwhelmed because they didnt have enough capacity. Stuart it looks like theres multiple lines of attack to deal with the virus. It looks like we have a full court press on our hands at the moment, that the whole country is really looking at this and saying lets do this thing. Do you think we are okay, our country, do you think were okay with loading the pain up front, in other words more ciccone and measures to stop the mingling and stop getting into crowds. You think that will be a good idea . I think the acromion is good, but its got to be targeted draconian, and what im concerned about right now is actually that we are overdoing it in the broadbrush way but under doing it in another way because we know now from people who think youve got a listen to the doctor, lit listen to the Public Health experts. Well lets listen to them. They tell us the same thing. The people who are really at risk from us from getting critically ill and god forbid, dying, is a very narrow group. Its those who are elderly and have underlying conditions. Those are the people whom i think its time to take really draconian measures in terms of isolation and quarantine to protect them. For everyone else who really isnt at risk of serious consequences, i think we could be overdoing it. A great example is School Closures. Theres not really much evidence that School Closures actually help protect the spread of the virus, but what they can do is really hurt because for example, if youre a parent or your nurse in your school or your child School Closes and you cant afford childcare, suddenly youre taken out of the Hospital System and you need it right now. Its emergency so i think School Closures are classic example. Another one is working from home. Theres a lot of company saying you should work from home. Everyone should work from home. That is not actually in line with the medical advice. The medical advice is if youre sick stay at home. If youre a Young Healthy adult, theres actually no reason for you to work at home, and if you do that on a mass scale you will hurt the economy in ways that will also have lasting benefit so i think actually we need to be more forensic and targeted with our measures. Let me turn to doctor siegel who sitting right next to me. Steve hilton, not too keen on School Closures, but id have to point out to anybody else, anybody who takes their kid to school or the kid goes to and from school, thats further contact, further possible spread. Sure but i want to make a point and ill use your favorite expression, lets bring in the lawyers. So look, medically, if theres no coronavirus at the school and all of the universities are closing, the ivs, everybodys closing even without coronavirus, guess what happens to these kids who come into steves point, even if they got it, guess what they do. They come home and expose their grandparents who are the very people were worried about so im not convinced that taking young people out of a place where there is no virus when theyre at low risk in moving them out to the community at large is actually a Public Health measure. You know im saying that because of one School Closes and the neck school doesnt close and a case occurs, theres a lawsuit. Steve hilton, there is a liability problem on the part of the employer or anybody else. You take some action which results in a harm being done to anybody else or a threat to anybody else. We are dealing with the very legalistic system. What we are, and thats been the radial problem. I agree with that. Its a question worth investigating because just as in other areas you can suspend normal rules because of a medical emergency on this scale, i just dont know the answer to this. I think doctor siegels right, lets bring in a lawyer who could answer a question. Is it not possible to disregard those things in this kind of situation were actually you have a paramount need to do the right thing both for Public Health and for our society and economy. You cant just go all in one direction. You have to try to balance these things because people were really be hurt with measures that are actually not really, but can really hurt the economy. That causes pain and suffering. If we could offer some reliability relief, wouldnt that just be a wonderful thing . Of course it will never happen because the laws in this country never allow that thing to happen. Hold on for a Second Period i just want to bring your attention to whats going on in the market. We are up nearly 200 points. Just a few minutes ago we were up 500 points. Then its announced that the president might announce a National State of emergency and how to deal with the virus at his News Conference. When that news came out i thought the market might go out, it did not, it moderated a bit and now were just up 200 points. Steve, youve got your microphone still on in the whole world is listening. But dont worry about it. David niclas, hes with us now. Are we close to the low . Where is the bottom . Tell me. We know theres been plenty of support level for the s p whose broken through every single one of those. I think psychologically there is a level 2420 thats very important. I think its a very positive sign but ill tell you yesterday was still pretty historic for the market. We saw an infusion of one half trillion by the fed and the market fell flat. I would have to say, this is not a job for the Federal Reserve. This is time for fiscal stimulus and i think you would know i am one of the last to say we need a strong act by the federal government but we need to see unity out of washington. I hope later today the president will show some of that we can put political differences aside and get unity for both sides out of washington. I think that will help form some psychological support. It looks like they might have it, senior democrat inhouse said the bill theyre working on his almost complete. Hillary bond gave us lots of details about whats in that bill and it does put money in the hands of those who suffered because of the virus. We are expecting maybe some more rescue packages down the road coming out of the congress. That would seem to be the kind of action which investors want so when we see it, does that put a flaw on the market. Yes, i think it does. Thats what the markets have been waiting for because theyve seen again from last week with the fed in the emergency cut with the 1. 5 trillion, the Federal Reserve does not have the answers to what the market needs. So i think, at this point its the fiscal stimulus side of things. I think it needs to be targeted and directed at certain industries. I know politically lowering the payroll taxes, it is good for businesses but i think that is, it could be viewed as a more political move than the targeted move but i do think its the physical side of the equation thats missing. If we have that that is where i think we might see some sort of bottom but psychologically we have to close above 2420 on the s p. If we can hold that that gives me much optimism Going Forward for the market. Hold on for a Second Period. Interesting headline reported by reuters, they claim the second test was negative for coronavirus. Remember we were waiting for the results by the second test by noon. Now apparently on his Facebook Page he said the test was negative. What does that mean. It means either the first test was erroneous or we dont know the whole timescale that maybe he had it earlier in the game than we think in the second test shows he had recovered. s shows hes shown no symptoms and we know sometimes thats the case. It could be a false positive on the first test and then it turns out to be negative. Its thrown the white house into a tizzy. Look the president of brazil, he shook hands with the president while they were together at mara lago. He then comes back to washington d. C. And there was a meeting going on right now and all the senior officials there, there holding a meeting about what to do with the president. Should he be tested, should he go into excel quarantine, brazils president tested negative for coronavirus. That leaves everything up in the air. Thats really confusing. Im sure if its second test proves negative the president is not going to go into some kind of selfimposed isolation. I cant see that happening. Let me shed a light on the test itself which we never talk about. Its a genetic test. It looks for presence of proteins found in the virus that are not found normally in cells without it. Stuart it should be accurate. Should the president be tested. He is obvious we going to figure out what happened here, how can you have a false positive. If you can be convinced that was a false test then hes got nothing to worry about but probably should be tested for precaution. Is their reluctance to test him on the basis that have been. Did its positive and he has to go into quarantine. I dont think so. I think theres any genuine concern they would test him. I think its a political matter. Hes got to show that he does whatever buddy else does. If youre threatened by it you get tested. If you have to go into quarantine youve got two. America will not stand for a difference between th the president and everybody else. I dont thing americans like that. And to be honest with you, the canadian Prime Minister is now in self isolation because his wife has tested positive. If that is the case, i think we need clarity. The whole thing sounds very confusing to me. Theres only two possibilities. Either the first test was false positive or hes already getting over it. All right. We have lots of news about sports cancellations, the latest one was the masters being postponed. We know its already been shut down for the next several weeks. We were hoping they would have a better time by the time the masters comes around april 9 through the 12th. The announcement came that that indeed has been postponed. A lot of people look forward to that, unfortunately no, mba is basically no gain games until april 10. The playoffs were scheduled to begin april 18. The nba finals in early june probably not going to happen. Soccer around the world, their announcing their shutting down as well. Champions league, all of those have been postponed. Basically all of these sports, Major League Baseball weve talked about this they been desperately trying to find a way around this but we know their spring training that happening and i just dont see how that season will begin on time. Stuart perfect guests on our screen momentarily. He is the ceo of william hill, one of the largest gambling organizations. It is a pleasure to have you. A very timely because if sport is shut down in the United States and much of europe, what happens to your business. Its a tough time in the business for sure. Its really uncharted territory. Theres not much to go on right now and so weve seen in the past were maybe one sport the players were on strike or theres a lockout but we havent had a situation where there is very little to bet on right now so its a tough time. But look, this company has been around longer than you and i have been alive and it will be around long after were dead. This too shall pass. Very nicely done. Look, i guess this is, if you cant leave the bet now, its not like you can recoup that bet six months from now. That bet, that gambling money is gone, isnt it. That demand which will not come back. Basically right . Look, sure. The timing is there, march madness is one of the signature events in our industry, and in las vegas, a big driver of visitation to our city so the timing is poor but as i said its something we just have to get through in them will come out on the other end of it. I think one of the real challenges with this is you just dont know how long its going to take. We dont know when that light at the end of the tunnel is. Its a little bit harder than in other circumstances, perhaps. Obviously we are looking at what congress is able to come up with, in their stimulus bill and relief bill, but clearly this industry has to be one of those like its a little help during these tough times. Stuart am i right in saying that in the first four days of march madness, as much money as bet, wagered if youd like as in one super bowl, is that accurate . Its a little more than that, for the first three days of march madness, the thursday, friday and saturday equate to super bowl sunday so its a very busy time in the industry. Theyre not looking for any help from the government, are you. Look, i think its a economic stimulus and things we can do to make sure employees are taking care of during these tough times and Small Businesses are taken care of as well. The other day i was in a restaurant and happen to run into a fellow that runs one of the popular restaurants in town and he was telling me how much its hurting his business. Right now its important, we have both the Public Health issue and a business issue. The Public Health issue has to be addressed before were going to be able to take care of the business issue, for sure, but then we have to look at what we going to do to help businesses that are disproportionately impacted. I guess the only form of gambling, which is Still Available on any sport is horseracing. Racetracks are still going. There is still some sports that are going on, but its pretty limited. Apart from horseracing, what else you have that you can get one. There are some european soccer thats ongoing, i think the ufc will go this weekend with their fight, nascar, at least as of now is on muscle theres a little bit but look the major sports are on hiatus and thats obviously an issue that we and others are dealing with. I think your real good sport come on the show at a moment like this because clearly youve been hit hard and you couldnt see it coming and theres not much you can do about it. Wed appreciate you being here today. Thank you. Stuart good man right there. All right. Look at this. Weve lost much of the rally. We were up 1100 points soon after the opening bell, now we are up 180. Im not sure whats done it. Weve had details about whats in these rescue packages, weve had good news on tests going out across the country come you get the result in four hours, we wanted to hear that, i think thats good news then we heard the president will hold a News Conference at 3 00 p. M. And bloomberg suggests he may be declaring a National Emergency at that time. That didnt do the market any good. I thought it might but it did not. Maybe, if he does declare the National Emergency will impose more draconian restrictions on our freedom of movement. If that happens theres a worsening effect on the economy. If that happens theres a worsening effect on the stock market. Thats my recently. Lauren. And were going into the weekend, if youre working you have more time on your home. There could be a worry about how people move themselves around on saturday and sunday. Stuart if you go into a weekend during a volatile market like this, some of the big time traders, do you want to behold a ton of stock when youve got two days of no trading in all kinds of headlines might break. Youre taking a risk if you do that. You are. Stuart now we are up 146. Thats not much compared to yesterdays loss. David niclas, come back in. I think this bears out what you are saying, we are not seeing the bottom at this point. Is that what youre saying. Today is very important. We have to see where the s p closes today. What im looking at is really the swiftness of the market drop. If we just put this in a little bit of historical perspective, what we saw is it dropped 25 over 30 days. If you look at the last two recessions in 2,002,008 it took the market almost a year to drop 25 . That was in the midst of a recession. So while the drop was pretty historic in its swiftness, i think the recovery will be pretty historic and it swiftness as well. Im fully confident we will get past this. If you were an investor and wondering what do i do, do i stay in, i think we have to accept will probably see a little more downside but if you miss the rally on the upside i think that can be much more damaging to investors than Going Forward. I know its hard to stay in at these times but you dont want to miss this rally and i think the rally could be pretty historic. Stuart fairpoint indeed. Thank you. All morning long they have been telling us whats in this rescue bill. Now youve got news on a payroll tax credit. Tell me more. Thats right stuart. I just want to make sure this is a draft bill, not yet approved but what is inside of it says they are offering or want to offer tax credits for those employees forced to offer paid sick and paid family medical leave. There is a cap on it but it would be paid through a tax credit for those employers. The cap on refund ability would amount to 511. Day or 7156. Quarter. If its underneath that they are exercising its a one 100 refund ability measure that there trying to help cover the costs for employers that havent planned for this in their budget. There is a cap on it. Thats in the bill. Thats the latest. Stuart hillary bond, great stuff. Thank you for joining us. Im sure we will be seeing hillary throughout the day. Look whos here now. Paul anderson is the ceo of the port of tampa bay. Welcome to the program. Paul anderson, no problems here, we can see him. I would suspect your business, you have a hard time at the port of tampa because a, you were hit with a trade war, less incoming containers, now you might be hit by the virus. You have a lot of cruise ships coming out of your port, and i suspect you could have a problem getting workers to come to work if youve got an outbreak anywhere near tampa. What do you say . Well stuart, your last guest was talking about betting. If i was betting for tampa bay will have successful operations to continue as the largest port in both our landmass as well as the tonnage of fuel that comes into the state of florida. We are an energy gateway. We will be open. We have prepared for the worst for a Broad Spectrum of scenarios and we hope for the best in this case. Stuart what will you do, if in the area, in tampa, a lot of people have to self quarantine . Are your workers emergency workers who qualify in some special way to get some special treatment. Well yes, first of all we have had teleworking in our port for about four years. We have this in our culture. People can work from home. Our essential personnel have multiple teams that can come in, and theyre out on the port complex that is very secure. Its over 5000 acres. They are in effect, in many ways, in a social isolation in their daytoday jobs, their security operations. To date on our cruise side weve had no cancellations of any cruises at port tampa bay and they are operating. Weve had five ships in the last five days. Stuart five ships in the last five days, cruise lines going out of tampa, no cancellations. Thats very interesting. Yes. Hypothetically, if that should happen, we are wellpositioned financially through good Financial Management over a long time, our Net Operating Income at our port is 50 . Right now today on our budget. If cruises were coming to the end of the height of the crew season, april 1 it will drop significantly so the revenue impact would be less than 5 of our overall revenue at the port on an annual basis. Stuart we have to leave it there but we really appreciate you coming on the show and giving us what i think is good news. Paul anderson, ceo of the port of tampa. Thank you. Stuart i want to go back to steve hilton. Hes with us. I think you have a headline for us. What do you got. I was just listening to the conversation and something occurred to me and it was a gloomy point frankly but when we are asking the question how does the market respond, how does Business Sentiment and Investor Sentiment respond to all these really extreme measures from the government, whether thats the fed or the oil authorities, whether its congress of the president or the fed, i think the real answer is none of it is going to really make a difference. You will see ups and downs everyday as youve been reporting. The real truth here is that the only point that were going to see a turnaround in sentiment is when people feel weve turned a corner so actually that will be about the data of the number of cases when we see a day where the number of new cases is lower than the previous day, thats the point. And only that point is when people will think were out of the woods. Fortunately that wont be for months now. I think this will go on for months regardless of what the government or the authorities do. Stuart we do hear you. Hold on a Second Period news coming in about the mayor of miami. Francis suarez has tested positive for coronavirus. He was with the president of brazil at an event in south florida. Okay. His press secretary has tested positive and the mayor of miami. [inaudible] the mayor will self quarantine for 14 days. He has tested positive. Both scenarios told fox news five or ten minutes ago that the reports that his father has the virus are false and he has tested negative on a second test. Its getting very complicated. Thats from brazil but the miami nate mayor, this is being reported by the miami herald. Just reported. Depends where he got it from. The holding is really complicated. No clear picture. What it really revolves around is the president of the United States. He also met the president of brazil, shook hands with him so now what should happen. Test the president , self quarantine, that is the question of this moment. We do not have an answer to it. I do want to bring in an old friend of the program. You know this man, College Football hall of fame coach. Lou, i hate to say it but youve been in this business for a long time. Now basketball is just about over. How do you feel. I was really shocked when it all happened. I said this cant be. Next thing you know baseballs canceled. Nbas canceled. Everythings canceled. Theyve even postponed the masters. They stopped all the golf tournaments and you say why. I remember when president bush that we are not going to let this keep us from living our lives. Were going to go on and continue. When i look at it theres been a hundred 32000 cases and a hundred 18 countries, 4947 deaths. In this country we have four states with over 40 people diagnosed. Im saying why cant we go on with our normal life. However, i have three very good dr. Friends and they tell me it is something that could be quite dangerous. I know the death rate is approximately 3. 7 . When you look at it we have 23 cases in florida last time i looked. 21 of them work 54 years of age or older. That means you cant get it if youre younger but it means the older people are more susceptible. What am i gonna do without sports . I mean a watch jeopardy and varney and talk to my wife. Id like everybody else. Ive never been without sports. Stuart are you going to be mingling in crowds at all. My wife has a respiratory problem and makes her more susceptible but no, basically you cant be in a crowd because they canceled everything. Every speech, everything. Its canceled. You go to the drugstore or restaurant, there was nobody in the restaurant. Stuart so how do you feel . Im reading between the lines and it seems like youre saying well maybe weve gone a bit too far with this. Maybe weve gone a bit overboard. Is that how you really feel. Thats how i feel, however just like 911, lets not cower in the corner, lets live our life, but three doctors, all of them unanimously said we have to do this because we are not prepared with the hospitals in the testing. Most of the people will recover, but by the same token, we have 23000 deaths a year from influenza flu. This is very dangerous especially for elder people and those with respiratory problems. Im not a doctor, im going to do what they asked me to it do but im going to be one of those who say maybe we overacted. Im not a doctor, i dont know enough information, im going to listen to the people that seem to know. Stuart youre a great guy lou, thank you very much for being on the show. Good luck to you. Thank you for having me. Lets look at the market. Weve bounced back a little bit. Not much. We were down to a gain of a hundred 20, hundred 40 points. Now weve got a 350 gain. Please remember yesterday we were down 2300 points on the dow industrials. That aint much of a bounce. Ill give the last word real fast, we got just a few seconds left. Last word david niclas. Stuart im optimistic about the future. We will get past this. We have to understand this is a traders market. If youre investing today you are buying a stock because you believe in its earning one year out. If thats the type of investor you are, what you should be, theres great buying opportunities. Maintain calm and we will get past this. Will look back on this and see this couldve been a good time to buy some Great Companies at a discounted price. Stuart i think youre right. Steve hilton what you have to say. I think if you look at whats happened elsewhere, we are really in the calm before the storm right now. And actually all our energy should be put toward preparing our Hospital System to make sure we totally avoid the scenes you saw in italy. If that happens here its a disaster not only for individual people affected but for this whole administration. We can avoid it and we have to work right now to boost our hospital capacity. Stuart thanks for being with us. Well be watching sunday night on fox news at 9 00 p. M. Paradoxical, i think the best news you brought us all day was that new test. I hav i agree its the calm before the storm but i want to bring one more bit of good news. Ive been monitoring the Southern Hemisphere very closely. Were not seeing a lot of cases in australia or south america. Stuart thats very interesting. Weve always questioned what the impact is of the weather. We always remember iran because they are very hot almost all the time. The point is the overall virus spread tends to decrease if it seasonal. I want to hear what the president has to say at 3 00 p. M. I think that is going to determine how people feel this weekend, what they do this weekend and how the markets react. He may announce a National Emergency. It basically opens the door for federal health in any form, monetarily both physical stuart fox news confirmed thats what the president will do. Declaration of National Emergency. Ashley frees up money and resources around the country for those who need it. Stuart overwriting issue of beating this thing and knocking it out of the park. I think its a very good thing. Lets not forget a stated National Emergency could mean more draconian restrictions, which means bigger negative impact on the economy and thats why we lost much to have rally that we saw earlier today. We were up 1100 and now up 360 as we speak. My time is up and now neil, its yours. David its actually david asman. This is a scene that you dont basically see on a sunday where you have more traffic than you do today. A lot of folks are obviously staying at home. We are now hearing that that is what the president is going to do for the nation at 3 00 p. M. He will be holding a News Conference on the virus and, again, we are just learning now that it is expected that he will declare a National Emergency. Blake berman has the very latest from the white house, blake. Blake hi,