For only 15 minutes. Since then stocks have moved sharply lower. The g7 proposed policies, but the tenyear breaking below 1 for the first time ever. Darius adamczyk will join us in a bit. We have Rick Santelli here, Steve Liesman is covering the emergency fed cut. And meg tirrell has the latest on the coronavirus outbreak. Ill be watching the fallout for the banks. Pete is joining us yesterday, today two very different days have you chanced what youve been doing have not. This is a classic buy the rumor sell the news type of trade. It was tell graphed friday and over the weekend were trading higher eventually. You still think we go long you do think the panic is overblown. I am in the life sciences. I know some of the things going on that are not well publicized, but theyre out there. Its moore pernicious, and now its on our shores, and thats the big concern. It is a virus that i do believe that at the end of this quarter, a few months, well be seeing the light at the end of the tunnel
Neil. Well, you said it when you set this up at the top. The conversation here on the floor has surpassed this notion of correction which the markets have gone straight through, but now traders are talking about bear market territory. That would be a 20 decline from alltime highs. Theyre saying they hope it doesnt happen, they hope maybe a bottom is set here today. The problem is theres just so much uncertainty, and we dont know where this whole situation is going to go. You know, the comparison has been made to the financial crisis, but there was an orderly process, right, between the government and the banks that stepped in to try to work on things. There was some uncertainty, but people were working on it. With this, were not sure how bad it can get, and thats whats spooking investors. Now, the s p 500 entering correction territory, it only took six days to get there. That is pretty staggering. The last high that we saw was on february 19th. Its been the worst trading week since tha
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