Weekly point loss ever this is a week of never befores and not since. Industrials falling nearly 4,000 points on the week this will also be the worst week, worst month, worst start to the year since the crisis in 08 and 09. Not since more than a decade ago have we had such a rough beginning. Then theres this. Rough lewly 95 is in correctio territory. Down 10 and nearly half of o the s p 500 is in a bear market situation off 20 . Kelly. Very good thank you. Welcome to power lunch, everyone our Team Coverage of this market sell off rolls on as the coronavirus fear and impact spread bob pisani is tracking the volatility today Rick Santelli is watching rates and bonds move lower, hes at the cme. Meg has the latest on the outbreak for us. Eamon javers is in d. C. With the administrations response and Steve Liesman is focusing on the feds next move. We begin with bob pisani were lookinging for signs of some kind of bottom, but its hard to come by. I want to show you the dow jonesville last t
The market selloff continues and so does the search for a safe haven, the spreading virus is the main factor, dow industrials down 400 points at the opening bell, this is shaping up to be the worst week for the dow since the financial crisis of 2008. S p down 50, one. 5 or more and the nasdaq down 2 at the opening bell. The president has offered reassurance about the virus, quote, the risk to the American People remains very low. We are ready to do whatever we have to as the disease spreads. Now comes news of an unexplained case of the coronavirus in california. The patient did not travel to a virus hotspot and was not in contact with a known virus carrier. In other words it is here. Oversees dramatic action in japan. They closed all the schools until april. In italy, 528 cases at least, 12 that. Iran finally doing something. Having refused to quarantine towns or cities they suggested less unnecessary travel. Listen to what the president said about the Market Reaction. I think the stoc
Mnuchin and says he is encouraged by chinas verbal commitment to open markets and remove certain investment restrictions as part of a trade deal with the united states. Secretary mnuchin tells reuters china is also pledging to remove forced Technology Transfers as part of the phase one agreement, but he is not at the point to make recommendations to President Trump on the status of the tariffs scheduled to take effect december 15. The Justice Department is close to a sweeping deal in fugitive financier jolo to recoup almost anillion dollars looted from indonesian investment fund. Sources say could be the biggest recovery and an anticorruption crackdown by the u. S. Government. As settlement could be filed soon as this week in a california court. Global news 24 hours a day, onair, and tictoc on twitter, powered by more than 2700 journalists and analysts in over 120 countries. Im mark crumpton. This is bloomberg. Shery live from bloomberg World Headquarters in new york, im shery ahn. Liv
Swing up to 50 points. This is going to be a bit of a wild roller coaster this morning. We are anticipating more comments coming from the president as he continues to have these meetings at the g7. This can be very far, wide ranging and a lot of things can get comment on youll see the futures potentially move around on all of this. The nasdaq is up by 82 points. S p up by 20 coming after a big down day on the markets on friday when the dow was down by 623 points that pushed the major average down for four weeks in a row and you are looking at august being a month where well see declines very likely. The only other month we have seen declines is the month of may. Ten year looks like 1. 49 . The two year 1. 45 obviously these markets keying off everything thats happening out of the g7, too lets get right to aimen javers in france at what has been a wild and memorable meeting aimen, good luck wrapping this all up for us. Reporter yeah, absolutely, becky. Let me start with the comments the
Getting hit. Hi, eamon. Yeah, as of this moment, the feel iing in the building is th they are still tracking and expecting some kind of response from the president to the chinese tariff escalation of this morning which happen nd the premarket hours. Now aides are telling me they dont know what the president is going to do here they dont know when hes going to do it and they dont know what the format is going to be are we going to get a tweet from the president this afternoon see him behind a lectern here at the white house . A piece of paper from the press office no real planning for what thats going to look like but the expectation a is that the president is going to respond. We know the meeting with the president s team has wrapped up now and you can take a look at policy advisers who were in the room with the president as they talked about all this. Mnuchin, larry kudlow then Robert Lighthizer and Peter Navarro on the trade team specifically all in the room with the president for a