Congress is negotiate its next round of Coronavirus Relief for the economy and weve seen a stunning move in oil crude was higher by 2 now down 9 as we await the final details out of the opec meeting. Energy sector now word on the s p. Yeah, been a real reversal there. Coming up on todays show, dan niles tweeting a warning about the rally. Hes going to join us with the risk he sees at these levels, plus, well speak with max levchin. Well ask what his micro loan customers are buying amid the shutdown and his read on the state of start ups right now lets focus on the big stories were watching today though. Steve liesman has detailes on te feds big moves and kayla is following the battle for more stimulus on capitol hill but steve, were going to go to you first to talk about the fed. Yeah, morgan, just quick moves the fed has announce nd the last hour. The its reduce uing the purchases of treasuries and mortgages. Treasuries down from 30 to 50 billion a day. Down to 15 from 25 apparently,
Let that sink in for a moment. 16 just this week were not even done. President trump announcing a travel ban on all nonu. S. Citizens coming in from europe were awaiting details on a stimulus plan or domestic response to ensure containment mitigation and increased testing capabilities right here in the u. S. Were talking to three ceos today. Group one auto, redfin and verizon ceo about how these companies are dealing with the fall out and what the impact of this virus will be on the overall economy. Lets get right to our reporters covering the story for us rick ismonitoring the action i the bond action. We begin with steve on the phone with the latest on this move by the fed. Its been about an hour for markets to digest it people are still trying to figure it all out here it looks like the Federal Reserve is going to do a series of masds ifr operations to put it this way, it will be a trillion dollars a week in the following ways a half a trillion dollars was done at 1 30 today a half
Increased spending for italys health care sector, and moves to extraordinary layouts. Damage from the virus to the Nations Companies will be serious and widespread. A top olympic official says there is no way to cancel the Olympic Games in tokyo. As of now, they are set to begin in japan as scheduled. Official said a decision would be made at the end of a. May. Global news 24 hours a day, onair, and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. Im ritika gupta. This is bloomberg. 1 00 in new york, five 00 in london, 1 00 in hong kong. Im taylor riggs. Welcome to bloomberg markets. From bloomberg World Headquarters in new york, here are the top stories on the bloomberg and from around the world that we are following. The Federal Reserve going all in, slashing Interest Rates by a full percent, promising to boost its bondholders by at least 700 billion. But those moves failing to stop the run in global markets. Equities plunging the m
Some fears over china trade. Retail sails topped expectations in october, climbing by 0. 3 and oil pointed to surging Global Demand in the quarter. Joining us is lindsey bell thanks for joining us. Good afternoon. We mentioned on track for three record alltime closing highs at the moment and also on track for the sixth week in a row of gains for the s p thats a remarkable run. It is absolutely a remarkable run and theres a few things that have gotten us here we have more clarity on the fed. Theyve cut for the third time and theyre willing to maintain the stance where they are right now, keeping rates where they are. The Third Quarter earnings season was very good and weve seen an easing of trade tensions while theres a little bit of uncertainty there, that could rattle the markets going into the end of the year. All things understood, the economic environment though does still feel pretty good. Lets focus on the big stories we are watching today. Kayla has details on those china trade
And china next month. Investors view that meeng as a sign of progress in the conflict between the worlds two economic superpowers and that eventually it will be resolved. Trade developments hav moved the market both higher and lower inin recent weeks. Today, stocks rose along withst ins sentiment. The Dow Jones Industrial average rose 372 points to 26,728. The nasdaq was up 139, and the s p 500 added 38. Seema mody was following all of the action from theoc new york exchange. Reporter for the second straight day, easing global tensions sparked alobal rally. Stocks jumped on hopes that the u. S. And china will come to terms on trade. Officials from the two countries now plan on resuming highlevel trade talks in october. Triple digits close i c best twoday rally in three months. A wide range of stocks participated in the rally technology, consumer discretionary, industrial stocks like 3m and caterpillar that do business in china, p ps a number of retailers that sourceuc pr and sell their