Stimulus package to stave the stock market thats ridiculous. Today, we got an idea what happens if theres no grants as far as the stock market is concerned, its not that big a deal the dow gained 52 points, s p inched up, nasdaq advanced i dont want a stimulus package to save the stock market, i want a stimulus package to save an industry i know all too well, the hospitality industry, which i can tell you from my ownership stakes, is getting destroyed by the pandemic millions of jobs are on the line but they reside in Small Businesses ones that dont show up in the averages but individual stocks sure do. And the winners today tell you everything you need to know about the losers and the broader economy. Especially the biggest winner, which is the one i want to focus on the winner is the stock of olive garden strongest stock on the s p 500 yes, i am telling you right now that the strength in the stock of darden it should terrify you. Dardens winning, because its private competitors cant
That seems to have worked because the dow which had been limit down has now bounced back and at the opening bell, we may be up 400 points. The dow will be up significantly at the opening bell. Same story with the s p and also with the nasdaq. Now, treasury secretary mnuchin, he says the Federal Reserve will have 4 trillion for loans to businesses. He says theres more where that came from and if congress doesnt get something going real fast, then they will go back to congress for more and he says the fed will provide any amount that is needed. Thats what the fed is doing right now. Thats the market. Thats the fed. Thats whats going on in congress. Now look at the price of oil. That has been a problem for American Energy producers and right now, weve got oil all the way down in the low 20s. Thats a continuing problem for texas, north dakota and for the Energy Producers and these energy stocks. How about the price of gas . That is absolutely tumbling. The National Average all the way down
Quarter. The Second Quarter is probably going to be weak. In fact, in the view of many, output declining output lower in the Second Quarter than in the First Quarter. After that, its very hard to say how big the effects will be or how long they will last thats going to depend, of course, on how widely the virus spreads, which is something that is highly uncertain and i would say in fact unknowable jim, so its just you and me today. Lets start broad. Get your thoughts on the last 72 hours. What are you thinking right now . I think that the one thing i was very worried about in the 2007 and the 2009 issue, could i take out 50,000 from Jpmorgan Bank because i was concerned. And i took it out. I took money out of a lot of Different Bank accounts. This time im not. What was the purpose of last night . Theres a lot of things. The purpose of last night was to make sure you didnt take money out of the bank because you didnt trust the system. You dont have to bury it. That was important now the
Months lets take a look at the treasury markets watching the 10year back up this morning above 1. 8 at 1. 811. Investor tensions remain on iran even with that snap back yesterday. Tensions mounting with the u. S general Qassem Soleimani was buried in his home town of kerman officials have threatened retaliation against the u. S. For the targeted killing the defense secretary has made no decision about withdrawing troops from iraq another surreal day with that letter that came out from a general that was not signed. Later, they came out and said that was a mistake wasnt signed, poorly woorded wasnt in its final form but to let you know, we are withdrawing from iraq. Let me start with that. Flip the order here and start with that letter we spent several very confusing hours at the white house as officials scramble to figure out what the heck is going on after a marine corps general in iraq sent a letter in which he appeared to suggest that in response to the Iraqi Parliament vote to remo
After we got the outline of phase one trade deal china President Trump has agreed to lower some of our tariffs in exchange for, it looks like, 50 billion a year in agricultural purchases. And some much firmer protections against intellectual property theft and currency manipulation. And those last two pieces, please, youve got to understand thats what the United States is fighting for thats the real meat of the deal we need Chinese Companies steal our patents and trade secrets and we need china to swear off currency manipulation. I dont know i assume the case. I think let me tell you i want to make this really clear. Ag is not what this is about but we got to spend some time on it because its what people are going to talk about. China has a history of not following through with its trade commitments. And this time, weve got powerful enforcement mechanism theres still going to be a 25 tariff on 250 billion worth of chinese imports with a 7. 5 levy on another 120 billion that had been cu