Administration of government will continue uninterrupted. Campaign staff are tested positive and she was on air force one and marine one with the president on wednesday. There is a long list of senior officials who came in close contact with her. The risk is some will test positive two. Vice president pence and his wife karen tested negative, so to has Steven Mnuchin. The president will be off the campaign trail for the foreseeable future, his trip to florida has been canceled, it is possible that the next debate will be effective, its 14 days away and the hearings for judge Amy Coney Barrett will be affected, shes been visiting senators all week, yes there is a stock market selloff, this is what happens when you throw more uncertainty into a chaotic election, it is not panic selling, the dow was off 460 points, that is 1. 6 , that is a big drop but not a panic, the nasdaq component down threepoint to percent, a very big drop but not a panic selling. A halfhour ago, 830 eastern time, w
It came down, 13. 3 . The government says the resumption of Economic Activity at the end of may led to an increase, repeat, an increase of 2. 5 million new jobs. It was supposed to be a loss of eight million. Clearly a lot of people were recalled to work and went back to work. Now, to say this is a surprise is the understatement of the century. I will say this. The recovery is obviousily a lo stronger and faster than anyone thought. Back to the numbers. Dow industrials going to be up over 600 points, about 2. 5 . The s p will be up 1. 6 , 50 points to the upside. Even the nasdaq has dragged out a small gain now. A little pressure on the techs earlier but they turned around. Lot of green on the nasdaq. Its up 29 points. At the opening bell today, the dow will be roughly 8,000 points above where it was on march 23rd. Its the most explosive rally in history. And just tweet, this is a tweet just in from the president , he says he will hold a News Conference at 10 00 eastern of course on th
Manufacturing, down 1. 3 million. Overall, whats striking is how fast we descended into a depressionlike situation and of course, we want to know how fast we are going to recover. White house economist larry kudlow will join us in just a few minutes. Is this as bad as it gets and whats the timetable for returning to growth . We will ask him. Before the news came out, the dow futures showed a gain of about 250 points. The moment we saw the numbers, dow futures were pretty much the same. We have now moved up a bit more. We are looking at a gain of 284 points but remember, these numbers were expected. They were already baked into stock prices. Stocks are up because investors are looking to the future, where the economys in recovery mode, and theyre looking at, what, 7 trillion worth of stimulus. That always goes down well on wall street. As we said, the dow up 280. The s p up 33. The nasdaq up 87. Lot of green despite the terrible numbers. Obviously, this is a big day for your money. Its
A far better measure is the ten Million People who filed for jobless benefits in the last two weeks. Fed governor lockhart just told maria the jobless rate is already more like 10 . Clearly, we are in an employment crisis, and another report that comes up at 10 00 eastern will likely show the Services Sector in collapse. Thats a strong word to use but its accurate. Later this hour, we are going to talk to larry kudlow, the president s chief economic adviser. I will ask him how bad is it and he will spell it out. Look, with nearly 300 million americans under a stayathome order, the economy is shut down. Morgan stanley says that between now and june, the economy will shrink by 38 . That would be a depression, the likes of which we have not seen before. Travel, shut down. At the airport tsa checkpoints, they are processing two million fewer passengers every day. Thats down 93 from a year ago. Those flights that do take off, virtually empty. Public transit ridership, down 75 . Commuters ju
Some of the democrats wish list has been taken out but the Kennedy Center for performing arts still gets 25 million and there is a provision which limits the response of Small Businesses to union action. Surely at times like this we should be able to pass a clean bill without measures that have nothing to do with rescuing the economy. It is a 900 page bill. We are still going through it. We are looking for the pork. Now look at the markets. There is virtually no reaction to those really bad jobless numbers. We will open with a very small loss, maybe go to the plus column at the time we open up. Right now we are looking at a 57point loss, 67 points for the dow industrials. Remember, please, this follows backtoback trading sessions where stocks went up. Some think that is a sign of at least a shortterm bottom. Well see. Again, the dow is now down 70. S p down 13. Nasdaq down 21. Lets get to the virus. 200 americans have died in the last 24 hours. The death toll now exceeds 1,000 in the U