Lauren hey, guys a twoday sell i dont have was reversed. Major averages closing near the highs of the session. Nasdaq leading the major averages gaining almost 3 today. The nasdaq was led by big cap tech which was down for this week. Three reasons for rally. First more rescue funding from the government is likely on the way after the Senate Approved yet another relief package. Second oil prices recovering. Take a look where crude closed the session today, above 13 a barrel. That is much better than it had been. A gain of almost 18 . With that reis big gains for halliburton, chevron, exxon and the Energy Sector in general leading the overall market higher today. And third, investors look to Earnings Report that continue to pour in from guidance on the coronavirus effects on the economy. Here is the trends were seeing and were seeing it for chipotle after Earnings Report showed 81 increase of people ordering online getting food delivered. That is with were doing. That stock is up 14 . Snap up 36 on the day. Turns out social distancing makes the heart grow fonder. Were connecting more on line. Daily active users surging. Here is another story, guys, United Airlines those shares down sharply. The carrier is offering shares to raise more money, a billion dollars as its planes remain grounded. Unite and american as you see here are among the nasdaq worst performers but overall, finally first time this week stocks ending in the plus column. Back to you. Melissa well take it, thanks, lauren. The White House CoronavirusTask Force Briefing is expected to begin in less than an hour. Lets check in with blake burman live in washington with the latest. Blake . Reporter hi, there, melissa. Well see at that briefing if the president or members of the administration unveil this new executive order they have been talking about that would halt issuing new visas, new green cards, rather, for the next 60 days. Nancy pelosi saying earlier today of the president , it is distraction from his failure on testing though the white house is saying this executive order is to protect american workers. The president has promised for a temporary halt for 60 days on immigration. This larry order will focus on that. Theyre focusing on nonimmigration visas. True to his word the president promised to halt an immigration and undeed that is what he is about to deliver. Reporter earlier today, new yorks Governor Andrew Cuomo said in the Oval Office Meeting in his Office Yesterday the two discussed the need for additional funding for the states. Some are calling for that figure to be as high as five hundred billion dollars. The treasury secretary telling Stuart Varney earlier this morning that the president is not committing to a specific number just yet. He heard from both republican governors and democratic governors and he is taking that into consideration. So what he said is, in the next bill we will look at this, we will address this. He hasnt made any decisions in regards to the size or the amount. Reporter melissa, we reported earlier today the immense pushback that Harvard University was facing because within the 2. 2 trillion cares act there is a 14 billiondollar pot that is set to help out universities and colleges of all sizes, all across the country. Harvard was set to receive some 8. 6 million even though their endowment is over 40 billion. We bring that up, because harvard certainty us a statement in the last few minutes they will not take the 8. 6 million. As well stanford university, princeton university, were set to receive 7. 3 and 2. 4 million. Also said they will not tap into those fund, starting to get some focus and some pushback on some of the funding and exactly who needs it and now some who are saying theyre not going to take it. Back to you. Melissa all right, blake, thank you. Connell. Connell you know there has been outrage, melissa, building here in recent days as we learn of more Large Companies receiving funding for the first round of Small Business loans. This all cops as the house prepares to vote on additional money. Edward lawrence is following all the developments from washington with the very latest. Edward . Reporter connell, those Larger Companies are really taking a look at their situation now because treasury secretary Steve Mnuchin on this network offered a warning saying Larger Companies can giver back the money with no issues or an investigation can be opened to see if they actually fit the criteria laid out for this program. Now how this happen . How did the Big Companies able to get some of this money here . In the haste to get money out to Small Businesses the bill did not exclude publicly Trading Companies or exclude, or limit the market capsize of companies. Any company over 500 employees, no matter how much cash it had in the bank, could show any loss due to the virus qualified. That opened door a lot of big firms that could have received help from the Federal Reserve or pulled from their cash reserves. Restaurants also saw a loophole in this because each individual location is under 500 employees, so a chain could get the forgivable loans. Shake shack became the posterchild for this. The company is returning the money. Morgan Stanley Research shows that 69 of the first round ppp money went to wellfunded publiclytraded companies. Those involved in the process say it was an oversight. I take some of the blame too because im on the economic council. I gave them some suggestions i didnt think, to tell them to eliminate companies that are public, eliminate, asset hurdle above what you could not apply. I will get smarter. The council will get smarter and hopefully the next tranche which will be necessary, well be smarter how we distribute it. Reporter mark cuban saying that the goal was to get money to Small Businesses as quickly as possible. A source with the Small Business administration tells me the next round of money go flow to the Small Businesses this weekend. Sba is taking an advanced look at the bill, even though it hasnt passed yet to come up with guidance for banks. Once the president signs the bill it takes around day 1 2 for office of management and budget to get money deposited into the Small Business administration. The sba is hoping to offer guidance on friday for banks. That puts, this, if the president signs it on thursday after if passes the house, puts the it looking this weekend, saturday, sunday, to start money for second round of Small Businesses. Back to you. Connell edward lawrence, live in washington. Thank you, edward. Melissa . Melissa here now is white house Economic Advisor larry kudlow. And larry, i know your time is precious. I want to focus what is in the future what is coming down the pike. Let me ask you originally you guys said you felt like we might see recovery in the third quarter. Do you still feel confident about that timing . Well i do. I mean one thing that is so important, all the phases that were going through, and all the guidelines are data dependent. Then you get into best practices for testing and so on but i will say this, the rate of new cases, melissa, which is really a very important indicator, the rate of new cases has dropped down now to 3 , maybe a month ago it was over 40 . And thats a terrific leading indicator. So i saw that because if the data show it and if the states abide by the guidelines which are a road map for reopening we should see quite a lot of reopening in the next few weeks, maybe before may 1st. Certainly may will be a transition month. Then it will not happen overnight but if youre talking third quarter, july, august, september, i think we will see positive Economic Growth. Let me just say this, im an optimist, you know that. I am hopeful we can get there. It may be more of a prayer but im still very hopeful because i think, all this mitigation work thats been done, testing and therapies is having a very positive impact. It looks like we should really be positive about this and hopeful. It looks like the case rate has really dropped sharply and probably more to come. Melissa okay. I know youre a mustard seeds kind of guy. Yes. Melissa i smile that you say youre hopeful. Youre a positive person i know, god blows you. Let me ask you blood bless you. The idea if there are no customers around everyone stops paying everyone, if there are not customers, the business doesnt pay rent, the landlord doesnt pay mortgage to the bank, it gained of all goes back to the banks. The recourse the big banks have. Big banks end up owning every house, airplane, business, hotel. That doesnt work. Then there are no customers. Have there been any conversations when they talk about treasury secretary Steve Mnuchin and talking to yourself, jamie dimon and others have there been any conversations about where this is headed . If everybody stops paying at once, are there going to be a wave of foreclosures . Is there some sort of forbearance . How do you see that playing out . You nailed it there, that clause before that last sentence, forbearance. Think of that forbearance. Forbearance is a much better word than foreclosure. Really with respect to banks and other lenders, almost doesnt matter what industry, the key is forbearance. Forbearance and deferring. Okay, were deferring payroll, with the payroll tax holiday. We have deferred income taxes for several months, right . Instead of april 15th, july 15th. We put out notices in the housing area, mortgage area, more recently in the Mortgage Servicing area, forbearance and for people in trouble. Lets remember were in the rescue part of this economic policy. Very, very important. A lot of hardships out there. A very brutal Economic Contraction from the virus. It is not economic driven, it is virus driven but roughly 175 Million People will be getting loans, direct loans, payroll loans, unemployment loans. As i say, deferred Student Loans and income taxes. 175 Million People. So, there is on going act tip of the. Were just trying to stay afloat and bridge into the next phase of this thing when we get the reopening. By the way, we will hopefully be shifting to more progrowth policies at that point. Melissa yeah. But is there a conversation or would there be one at one point where you see like the treasury, or Federal Reserve backstopping big banks or giving them sort of credit, something along the way because theyre the ones kind of left holding the bag . You know, theyre not going, maybe they will not earn interest on these paints or something, you know, it all goes back to them . Any coverings like this or any banks asking questions of treasury or you guys . Not that i know of. We have lots of conversations. The big banks, by the way, have been very cooperative. So have the middle banks and the community banks. By the way, i just want to put a plug in, in this latest rescue package, the portion for ppp, there is a big set aside for small lenders an community banks. Very important area. Now, this is really, you know, melissa, this is not about insolvency. This is just a different kind of correction because of the virus. Liquidity issues and cash issues, yes absolutely and were trying to literally float the economy until the point where the virus lets up and we can reopen and begin the process of Economic Growth but i dont think solvency is the issue and again coming back, it has become one of my favorite words, forbearance. There is nothing wrong with it, in an emergency, in an emergency. That is what governments are there for. We give guidance. Doesnt mean everybody will follow our guidance but most have. I think private companies, not just banks, but all kind of private companies have had this kind of lenient attitude. They understand whats going on and so. Of this, and this is i think a testimony to President Trump, his handling in this emergency, this is a government part, absolutely, but we have relied very heavily on the private sector, on Free Enterprise to help us get it done and the Free Enterprise folks, the actual businesses and private banks, theyre doing as good of a job as they can. So we will get through this. Melissa larry, let me ask you before we run out of time very quick. You mentioned the progrowth policies. Youre the king of the vshaped recovery. What can we look forward to that would fa till sate that . Well i know the president talked a lot about a infrastructure bill. He talked about a payroll tax holiday. He talked about restoring full deductions for businesses, meals, entertainment, sports events, things like that. Were looking at a wave of deregulation. Were probably going to have some progrowth tax reforms to make sure it pays to work and invest. Dont forget, seems like a long time ago, only a few months ago this economy was roaring. First three months of the year, better than 3 growth. We got through through deregulation and lower tax rates and Energy Independence and good trade deals. If we got there once through those good policies, lets extend those very same policies. Lets make sure incentives are not only continuing but we can enhance them and improve upon Economic Growth incentives. That is some of the things. I would like to see some liability protection, Liability Insurance protection. I dont want Small Businesses who play by the rules, right, states and cities will tell them what they must do to deal with the threat of the virus but i dont want a million lawsuits to put them out of business because they will never even go into business. Those are the kinds of things were looking at. Melissa yep. God bless you. Larry kudlow. Thank you so much. Good luck to you. I know you guys are working hard. We appreciate it. Thanks, melissa, appreciate it. Connell covered a lot of ground. In a moment we will continue our coverage and we look at numbers on a daytoday basis. 2. 6 million caress worldwide confirmed of the coronavirus, 835,000 or thereabouts here in the u. S. Speaking of numbers, more than 70 covid knit having scenes vaccines. Well talk about some of their plans going forward. Leaders are grappling how they reopen the economies. A few states are getting out ahead. Well talk to the senator Lamar Alexander from the state of tennessee. The senator has a specific plan for what we need before we get 100 back to normal. Well be right back. This is an athlete, twenty reps deep, sprinting past every leak in our softest, smoothest fabric. Shes confident, protected, her strength respected. Depend. The only thing stronger than us, is you. Shes confident, protected, her strength respected. And you say as long as im here no one can hurt you dont wanna lie here but you can learn to one call to newday usa can save you 2000 a year. How . By refinancing at todays all time low Mortgage Rates. And best of all you can do it from start to finish without leaving the house. Its fast, too. With our va streamline refi, theres no income verification. No appraisal. And not one dollar out of pocket. Our team is standing by right now to help every veteran who calls. Connell more on the idea of getting back to work. Tennessee will be states reopening economy next week. For the entire nation to get back on track, we need tens of millions of tests. That is according to the senator from Tennessee Republican lamar Lamar Alexander. He joins us on the telephone. I read your oped, you said we need a model, funny we had a sound bite from mark cuban a few minutes ago, a model like tv show shark tank in order to ramp up testing. How do you envision that working . They are already working at the nationalness statutes of health. They have two dozen early stage concepts for different way of determining whether you have covid19. And so what well do, the most important billion dollars in that 400 something billion we approved yesterday in the senate was a billion for that shark tank, to say lets accelerate all those ideas and lets see if we can begin to produce millions of tests a day by august, when we have 50 million kids going back to Public School and 20 million going back to colleges, everybody trying to go back to work. Then you can test the whole class if you have to or a factory if you need to or, you can test an entire nursing home or nub in your family, and it will relief the panic and encourage people to get out of their homes and feel safe. Connell youre talking about a timeline that says lets get this done by august. I understand the back to school part of that. The governor of your state in tennessee, letting the stayathome order lapse at the end of the month. As i said at the top the state is getting back at it, at least to some extent getting back to work. Is that getting little ahead of themselves in the state of tennessee given what you said about testing. We hope not. The governor says we have enough tests in tennessee to take care of anyone who has symptoms. Were one of the highest testing states per capita in the country. He opened up a number of driveby testing places which were very popular last weekend. For phase one, we have enough tests