24,000, far cry from nearly 30,000 we were touching in february. The reminder, you dont lose any money until you take money out. It could be a bull market, bear market, combined head fake here. Be that as it may, this comeback is pronounced and some of the earnings already factored to be awful, the case of couple of them not awful, that is good enough. President will be meeting shortly with some of the coronavirus victims who came out of it and you know, he wants to get a sense, their plasma in high demand. Speakers on behalf of the 80 plus percent who survived the virus quite well, will be a telling moment, when we go to the white house, get a tape of the meeting with those patients, what it was about them that made them survive in the first place and thrive. Right now, so much so that their plasma is in huge demand. As man and woman theyre more than happy to help out. Were following that. Were getting a gauge what the president will do with socalled Economic Advisory board. Theyre not calling it a task force, advisory board. Sort of like a Kitchen Cabinet to guide the president , when is good time at least in economic sense to open things up or try to begin that process. Lets get the latest with blake burman on that front. Where all of this is going. Hey, blake. Reporter hi there, neil a lot going on at the white house. Lets start with the here and now as the president is set to be meeting with survivors of covid19. Youre right at some point here in the very near future will be on camera. We should see the president at some point presumably in the upcoming hour. It will be interesting to see if the president is asked about his comments that he made last night that he believes he has quote, unquote, total authority to reopen the economy or at least control how states handle the reopening within their own areas. Earlier today, the president was doubling down, tripling down even on that concept, taking to twitter, calling out specifically new yorks Governor Andrew Cuomo at one point, writing the follow, i want you to look at very bottom of tweet. President saying cuomo, i got it all down for him and everyone else and now he seems to want independence. That wont happen. The president then followed that up with this analogy, tell the democratic governors mutiny on the bounty was one of my all time favor movies a good oldfashioned mutiny every now and then is invigorating to watch, especially when the mute ineers need so much from the captain, too easy. In any event, larry kudlow told Stuart Varney early this morning the president will make announcement, big announcement at some point this week. Listen. We want to get folks back to work. Folks, ordinary men and women, bluecollar workers small families and businesses, we want to do it as quick as possible. It has to be safe. We want to driven by data from the key health specialist. The president is moving towards very important announcements in the next day or two. Reporter neil, rose garden later today, 5 00 hour, we will hear from the president and members of the Coronavirus Task force. He will reveal nonoutside, nongovernment advisors that hip him relating to open the economy, giving him advice. There was some thinking a handful days ago, this might be a quote, unquote second task force though what im being told, neil, earlier today, not like a infrastructure being built out around this group. Instead likely to be advisors, giving the president advise on the idea of reopening the economy. One of the, one of the complexities with all of this, one of the challenges with all of this, when you start bringing in outside, nongovernmental people on to a essentially mixing with the Government Task force, there are legal challenges with that. So that is part of the issue the white house has been dealing with this bottom line, probably a more Informal Group that will be giving the president advise, not necessarily second a quote, unquote, task force. We wait to hear more from that from the president most likely later this afternoon. Neil . Neil you know, blake, the president s comments on the mutiny thing just surprise me because he was the one himself who left it up to governors to decide whether they wanted to practice social distancing, shelter at home, provisions that each governor would decide he was never critical of Florida Governor ron desantis of more later entrants in that policy. And worked with governors getting them everything they needed. Whatever the states needed it was their responsibility. So the states say they ultimately want to decide as the constitution provide for whether it is safe or not to reopen. Reporter yeah. Neil all of sudden it is a bad mutiny mutiny on the bounty. That i dont get. The constitution allows them to do that. Reporter a big 180 from the president last couple days or so. The at the end of the day the constitution left up to the states as relates to regulating Health Issues within their own boundaries. I can tell you, neil, when i asked multiple of senior most level officials within the white house, the Vice President himself, larry kudlow, the Vice President s chief of staff over the last two, three weeks, when i had posed very same question what do you think you can do at the federal level, all three had essentially said provide guidance. That is what they think they can do with the executive branch. The federal government can provide guidance. The states in theory would follow the guidance for the most part, they have up until this point. Yesterday was a complete 108 with the 180, the president has total authority. Then you get the tweet on the very same morning the president meets with those who triumphed may have had it past covid19 at least for the moment, the president saying a good oldfashioned mutiny is a exciting thing to watch. There is lot of hurt panned struggle going on the in the country and im not sure how many folks would agree with that sentiment. Neil i will let you go, my friend, what is very clear with this discussion, larry kudlow raised with Stuart Varney the idea of a partial return to work, maybe a rolling return to work. He didnt use those words, i just did. What apply in one part of the country might not apply for the other part of the country. That is essentially what the six northeast governors were saying. That is essentially what gavin newsom, the counterparts in oregon and washington are all on the same page of that. I dont understand all of sudden this ridiculous argument back and forth that shouldnt be aargument. They agree, they all agree . Reporter it is not one size fits all even within the states. If you look at new york state, you got new york city mayor bill de blasio coming out i believe essentially not committing at this point for School Reopening up until september. I asked that of dr. Fauci last week in the briefing, should parents think that schools would be open come the start of the next calendar year . Youve got not only the states who have their say but in a lot of local municipalities whether as big as new york city or any other city across this country the mayors who have their say as well. And youre right, you see, basically in the northeast those governors banning together because what impacts new york a lot of times impacts new jersey, and impacts connecticut and so forth, they think, a lot of republicans thinking, conservative thinking you know what . , states rights. States no best. By the way the constitution lays this whole thing out. It is fairly conservative argument, time and time again. Yet the president , conservative, republican in the white house is now sort of flipping the switch doing 180 saying that he believes he has quote, unquote, total authority. It is a big shift. One that a lot of legal experts would say the constitution disagrees. Neil creates a legal nightmare, potential for one, with lawsuits no doubt going back and forth at a time we dont need it. Again maybe were over interpreting this, but it is a little discomforting. I dont want to belabor this point, blake, thank you very much. To illustrate, congress can impose its power under commerce clause, congress can do this, knot president of the United States, on state restrictions, stayathome orders have substantial effect on interstate commerce. Whereof preexisting statutes, but understand that congress then has the control of the purse string in this case, not the president of the states or went so far as congress pushing for something and states werent complying even then our forefathers said you have to watch it very, very carefully. You cannot w hold aid to force an opinion on a state or any other jurisdiction. Clearly kind of spelled out here. So it is not to say that the president lack as powerful bully pulpit. He indeed does. He can force an issue, state it again as he does in a lot of these briefings, but it is not the law of the land. It is not in our constitution. It invites sort of confusion on people who want to know, you granted us states, power to do a lot of things you said we should decide at our level, now you come up with a decision counter to that, we are the ones ignoring policy and the constitution. It is crazy. Anyway, maybe it is much ado about nothing. Hopefully cooler heads will prevail and those that read the constitution of the United States. Meantime, probably notice what is happening, the corner of wall and broad, we have a huge runup here, they think cooler heads will prevail. They think improvement on the virus is such that there is light at the end of that tunnel and thats good enough for them. Probably as it should be for the timebeing. Connell mcshane following all of that, latest news out of new york, Governor Cuomo, who really ignited president s wrath saying he will go his own way with those other governors. Connell . Reporter direct response from Governor Cuomo to the president s latest assertion that blake was reporting on that he feels as though he has total authority to determine when economies reopen, the governor at the start of a briefing still ongoing live from the state capital in albany said, im quoting him here, that is not accurate statement in my opinion. Then he went on to address the tweet about the president s Favorite Movie that you were talking about a moment ago. He said he riley didnt know what the president was talking about with regard to that. In his next breath the governor of new york says we do not have a king in this country that was all set up. You see some health officials, others continue the briefing in albany. As the governor was going through a number of statistics that would point to the statistics that the worse may be over with the fight of coronavirus in new york. We have in new york hit plateaued, apex, like drop in icu admissions. Drop in intubations, people on a ventilator, we do have in the state about 200,000 cases of covid19. The death number of 10,058 according to Governor Cuomo has risen in the last day by nearly 800. 778 people died he said yesterday. He called this the toughest number to report on daily basis. There is now nearly 11,000 dead in new york. 11,834. The trend are in the right direction and that is what cuomo is talking about. He has teamed up with a number of other governors in the east and had this Conference Call yesterday about how they will go about reopening the economy. So the larger point, after the talking about the president s comments that Governor Cuomo made, once you get to opening up the economy, look at these trend, thing are improving nearly on a daily basis but almost because they are, you look at why they are, in his view it is because of some mitigation strategies that have been strictly enforced you have to be careful about how you go about the reopening. Here is Governor Cuomo moments ago. Worst scenario would be if we did all of this, we got that number down, everybody went to extraordinary means, and then, we go to reopen and we reopen too fast and we reopen and there is unanticipated consequences and we see that number go up again. Reporter clearly this is the governor who believes that he has control over that timing, when to start to allow more traffic on sixth avenue in new york city and when to start to allow people to go back to work. He was balanced here, neil, over the last few minutes saying that, the curve is changing. He says, quote, we are changing the curve, meaning the behavior of residents of new york. Then going on to make the point you just want to be careful as he said there, that you dont let that good work get away from you. That is why he feels like he and other governors have an important decision to make about the timing when business returns. Back to you. Neil all right, connell, thank you very much. No matter when business does return, a number of big financial houses already said were going to be in a world of hurt t could last a while. Jpmorgan among those saying well take a serious hit here but the firm equally confident when all is said and done we will come back. Jackie deangelis is here to spell it all out. Jackie. Reporter market is trading higher. Connell laid it out beautifully in terms of optimism surrounding the trajectory of the curve right now. Whether that can be maintained certainly an issue. For today the dow is trading up 500 points. That is interesting, because today is the day earnings season kicked off. Jpmorgan is the first to report to get us going here, you can say the bad news the market was expecting was priced in here. Jpmorgan earnings was a bad miss. 78 cents. The street was expecting 1. 84. The issue that investors are worried about, the fact there is a 6. 8 billion addition to Bank Reserves indicating that jpmorgan thinks defaults are coming as a result of the coronavirus. So that is really important to watch. There were a couple of bright spots, interesting in this report. The Trading Division saw 32 increase in revenue because of all the volatility were seeing. Bond revenue came in a billion higher than expected. Wells fargo reported earnings were one cent. Street was expecting 33 cents. The bank setting more money aside for the credit losses this is something to think about as we move forward. There are other things happening on wall street adding to the optimism today. Amazon, for example, hiring another 75,000 employees. That is in addition to the 100,000 they added because there is so much demand out there right you no. Weve seen them raise wages as well. Amazon hit a alltime high today. So did all walmart. Companies getting a boost with the fact they are able to operate under these conditions. Nasdaq with a nice gain. The longest winning streak weve seen since february. All the nasdaq has to do to get out of bear market territory is finish up 40 points. So if we can hold the 265, we will see that happen today, neil neil all right. Thank you very much, jackie. In the meantime were focusing on what it will be like when we do get out of this . Do we roll out of it slowly . Do it in different parts of country differently . Gerry seib, good cruncher of numbers what the Economic Impact would be depending how we do that. Gerri, the fact of the matter whatever wont come out of this all the a once. Things might change. How do you see that playing out, number of big brokerage houses investment banks, are saying it will be bumpy and the hit is already at hand but how do you see it . I think one thing everybody has learned in the fight between the president and Governor Cuomo which you talked about a few minutes ago called this into question a little bit, but i thought one thing everybody learned the last two weeks, agreed upon, this would not be a flip the switch, turn it back on overnight scenario. Dr. Fauci warned us of that, it will be slow and staggered. It will take a while to turn everything back on. It will happen at different speeds, in different places, different cities, different states, different areas within the city conceivably. People look for a nice, neat end to this story. I dont think that is in sight. I think everybody at the state level has now concluded that. I think that the interesting question of the day is, whether the president is trying to basically push against that consensus to say were going to turn it all back on at the same time everywhere. Neil you know the president has been suing the mutiny mutiny on the bounty analogy, that governors want to go their own way, in concert with those on the northeast or the west coast. Theyre essentially doing what he warranted them to do at the outset to make their own decisions whether some soar of shelter in place was warranted, they could make that call. Now he seems to be saying whatever decision i come up with soon, everybody has got to go along. It is sending mixed signals, isnt it . Lets use a baseball analogy. I think what the president does with these statements on twitter, throw the equivalent after brushback pitch. In other words, dont take it too seriously or literally. Youre not trying to hit the batter but move him off the plate. This is probably a signal from the president , to the governors, i know we will not agree on this, dont go your own way, dont get too far away from me i will cause you trouble. I think probably what he is intending to do here. It raises a specter of ugly moment we had couple weeks ago, president saying i will help the governors who are nice to me, wont help the governors who are nice to me. I think it would be regrettable moving back into that situation. Maybe that is not what is going on here. Maybe were seeing signal sending, not literal threats. Neil all right but if the signal sending is such that i want you to know that i have the bully pulpit, even though people might have advised him you dont have the constitutional pulpit on this issue, mr. President , to what end does that go . You could say the cooperation this president enjoyed with governors and governors speaking highly of the help that he has provided that they have a very good productive relationship. Doesnt he risk souring that by sort of you know, prethreatenning on something that isnt even necessary . I think he does, clearly, and clearly he has decided a threat a worth it right now. I think what is really changed this week, i think the imperatives of the president on the one hand and governors on the other hand have separated. Last week the imperative of everybody, lets fl