gasbuddy in texas? you save $325 a year >> but you have to drive to texas for that deal. that's it for "power lunch." "closing bell" starts right now. we are seeing a significant rally on wall street best day for the s&p in about a year the comeback continues, all groups within the s&p are higher, except energy just slipped into the red at one point we were up -- >> well off the highs, as kelly and brian were discussing. you're looking at a live shot of the white house, where the president is hosting a meeting with members of the coronavirus task force and pharma executives we're monitor that and show you any headlines as we have them.

eamon javers is inside the meeting. meg, what can we expect outside of this meeting? >> we did see the executives head in just a few moments ago as well as research chiefs they're expected to discuss the status of development of both vaccine and drugs for the novel coronavirus. gilead and regeneron have medicines in development, while the others are working on vaccines, as moderna las already delivered a batch for testling stephanie duke is catching up with stan erk, asking what he hoping to get from this meeting. >> i'm hoping to get a commitment from the government

they'll help us expedite the process. the case numbers are continuing to rice here, with seattle and king county just announcing an additional four deaths, bringing the total in this country to six. guys >> what are you expecting, meg, in terms of the numbers of those that are diagnosed, given the fact that the cdc apparently is starting to provide more contests or is it >> in addition, we are starting to see local public health labs, and hospitals and academy labs get the capacity to test, so scott gottlieb estimates we'll see 20,000 test capacities per day within a couple weeks, already the numbers are dramatically increases as the labs get the ability to test themselves. huge numbers each day, and we're trying to deep tracking them the numbers will keep rising experts think potential

thousands of cases are already circulating, now we're just starting to detect them. >> all right meg, we'll get back to you in a moment what's driving the reaction? stocks in recovery mode, apple leading the dow up, almost 6%, as one analyst says buy into the weakness investors are becoming increasingly optimistic about still lug from the federal reserve. ism index falling, missing expectations, though, still above the 250 expanse level. >> news of the extra deaths from seattle, probably had an effect on the market. we sold off in the last hour or so, we're now up less than 2% on the s&p 500. joining us for the first full hour, oliver hirschle. good to see you, oliver. was this bounce expected in.

>> it's important we see a hold. the vix, when it tends to get above 40, that tends to signal a short-term bottom. it was also important we didn't get more bad news over the weekend. the real question is what happens tomorrow, what happens wednesday you know, how we close in the next hour will drives the estimate >> mostly -- what kind of clients? >> it's high net worth. >> what are they doing with their money? >> they're staying put they've had a few have jittery clients, but generally speaking, they're staying put, staying

invested we also haven't had anything say i want to buy more on the dip. generally i would say people are staying relatively calm. >> it sounds it's much more relaxed than the many we have spoken to. good for you meantime, companies continue to utline the virus's impact target is cancelling -- nike has closed independents european headquarters honeywell is seeing a surge in demand for the protective face mosques p a lot of reports of long lines at stores like costo. interestingly, the "new york times" warning on the guidance, warning it's see a slowdown in advertising bookings

>> seeping into other parts of the -- >> and we're seeing utilities is a strongest sector again, i think it's way too early to call the bottom that doesn't mean sell or act irrationally, but take your time and digest the data. meantime, on the economic side, china paints an ugly picture with the purchasing managers index falling to a record low in february gaming revenues in macao fell almost 88%. the survey was completed on february 21st before the worst

of the outbreak. as for the global outlook, the growth forecast was slarshed evercore cut its forecast to zero in a note and goldman sachs downgraded the gdp outlook, and called for the fed to cut ratesly 100 basis points by the end offed second quarter. jan hatzius will join us in a few moments. it just shows the lack of wiggle room if economies tend to get worse. >> we haven't seen any of the economic data from when the worst of the virus break was, and we won't for another week or two, so expect more volatility.

>> i don't understand how you can make a forecast without knowing what the virus will look like here. >> humans are terrible at forecasting risk we either exaggerate it our underplay it last week was probably adispla of exaggerating the risk the good news is that even if the worst-case scenario from an economic perspective is correct, and we get a zero percent growth or even negative growth, that demand tends to get pent up and not just dissipate so you'll make up for it down the road, it's just a question of when. so that's why the market will be volatility mike santoli has the first market dashboard of the session. >> would you rather get your investment income from stocks or bonds. we'll look at the -- and anything you can do, it's a growth versus value relationship, which actually

hasn't changed all that much trust or dare -- this is the interplay. and apples to apples so would you rather. obviously bond yields have been collapsing right now stock dividend yields are handily exceeding the level. this goes ban ten year what's amazing is how steady the dividend yield has been. three distinct episodes when we traded for a period of time below thedividend yield in terms of the bond yield. that was starting in 2011, 2016, and then now this clearly is not the reason the market is up today, but it's part of the backdrop, showing the relationship had become very stretched in the long term

i would say there's a bit of a caveat if you go bag to the 1950s, dividends were always -- if we're in a permanently low-interest rate environment, who knows if this will be the new status quo that's essential -- now have a a yield higher than 1.08% or so or the ten-year treasury. if you think you're willing to take the downside risk, they're paying a bit more. >> the two previous instances, they prolonged and lasted for quite some time, though, as well >> they persisted for a good while. there were also times when you had a very strong period of stock performance begin in '11

and '12, they did well, and in 2016, too. so it is a bit of an oscillator. >> mike, thank you so much still ahead here on "closing bell", focus on the fed. sarah bleak razz kin said pandemics don't care if you lower interest rates after the break, larry cantor has a message for investors can cash on the sidelines. he'll better here to sre ihat with us next dow is almost up 700 points. dow is almost up 700 points. we'll be right back. okay, it's got screeners and watchlists. and you can even see how your predictions might affect the value of the stocks you're interested in. now this is what i'm talking about. yeah, it'll free up more time for your... uh, true crime shows? british baking competitions. hm. didn't peg you for a crumpet guy. focus on what matters to you with thinkorswim. ♪

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today flirting can 112 sara, we were discussing this a bit earlier. even if the outlook remains much better in the u.s., the capacity for rate cuts here are much higher i think that's really what's driven this in the last couple days. >> expectations that the fed

goes more excessively. last week the dow dropped more than 3500 points however, the markets are bowening back on expectations the fed will likely cut rates off next meeting, march 18th is it enough to temper the economic impact. joining us is larry kanter and also on the investment committee, an online wealth management company larry, can the fed do anything about this >> well, that's not the main thing that's going to help we don't know the severity or the spread of the crisis that's what's going to cause markets to bounce, not the fed the fed probably helps, especially with getting the dollar down. we have already seen a massive rally in bond yields if any, a fed cut, which i think is likely in the next couple weeks, if we're in the same situation when we immediate next, but that's not going to turn things around that's just going to confirm

whathas happened >> what do you make, larry of the scale of the equity market sell jot we saw last week? do you think the bounce holds? >> no. first of all, we have not seen the economic damage, as something mentioned before on your show. it's going to be significant so it's going to be pretty significant. what i would say is this for the average investor -- don't panic. investors tend to sell after things plunge and go down, and then buy after they rebound and go high, so they're in the selling low and buying high. stay in there, basically even though we don't know the severity of this or the spread, it would be contained at some point, the economy will bounce

back you can feel pretty confident that before the end of the year, even if it last as long time, like six months, stock prices already higher than now and so are bond yields. so stick with it is what i would say and stay calm. again, we haven't seen the damage yet i don't even know because of the fed expectations, i think that's been there for a while we had a very severe drop last week of some stocks that people like are now pretty attractively valued i think you're seeing some people edge in a bit here. if it were me, i would probably expect more declines going forward. >> but you tell people not to panic, larry. >> right the idea is you have to think about the time frame with that in mind, what are you looking at i was speaking with someone who is going to be retiring soon, who said i can't go through another crisis like we had what do you tell someone like that >> if you're a year or two from

retirement, you shouldn't have been overloaded with stocks, in the first place. as you know, we have corrections. we're probably going to get a correction anyway, not this severe, but i would still say hold steady, because things will improve. again, we don't know how longing this going to take, but it would he shocking if this isn't contained before year-end. i would say that is the longest time horizon you would be thinking about so, you know, again my view is stick with what you've got if you have excess cash, you might want to start looking at at least edging into some stocks that look very attractively valued, but be prepared for further declines that's what i would say. >> larry, as for stocks that might be attractively valued, i

wanted to ask you about u.s. banks a sector you know a huge amount they fell into bear market territory, down 20% from the january highs. does that mike sense given the moves we have seen in yields >> i think that's one of the sectors you could think about edging into, but again any amount of mine you put in there, about he prepared that things could even get worse but in terms of the question of what should you look for markets will rebound before the economy does what the markets are going to be looking for is a peak in the growth, in the spread, okay? so some indication, like at the end of the tunnel they're gettinging this thing under control. when you start -- and by the way, there are signs already within china, though they took draconian measure to prevented spread, that the incidence is slowing. we are not at that stage in the united states and most other

countries yesterday. actually the spread is accelera accelerating that's when you want to look for, and we are not there yet. larry kanter, thank you. >> my pleasure. we have 40 minutes left. s&p 500 also having a nice strong bounce. 11 sectors higher, health care is actually leading along with real estate, technology. nice 1% to 2% ains a number of firm us out with a buy list we'll tell you some of the surprising names that made the cut. and we'll continue to bring you the headlines with the white house meeting with pharma. we'll speak with john shiver back with you in a few moments

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welcome back to "closing bell." multiple saying now is the time to buy they are looking at companies whose outlook does not materially rely on china and whose valuations have fallen well below average they have 5 nam they have 55 names on that list.

the fed says it's repositioning for shock. and levelled exposure to asian supply-chain riskses >> many of those are down today. wedbush is out with his playbook saying now represents what they call a golden opportunity to know tech names. among the tom names -- microsoft, apple, tesla, adobe, among those tesla is seeing a surge. do you have a good opportunities on this shopping lith? , yeah, we like apple. there's several names. there's been a lot of talk about the tech sector. i would be cautious, yes, it's likely to see a short-continual buns, but to us there's enormous

risk build in. we know that either president trump will win the election or a democrat those are the two choice is. >> do you think they can keep up campaigning, pounding the drug companies and health care companies, when we need their ingenuity now. >> you're 100% correct, but president trump has already stated he wants policies not necessarily friendly to the drug companies. to it doesn't matter which party wins, either one have a regulatory risk, so i would be too cautious to jump into pharmaceuticals here the bank of america list, is 55 stocks literally from all of the sectors. so is it too hard to picket out at sector that will benefit or suffer. >> you should by stock specific always% we want robust balance sheets,

ideally means that the company is taye market share, and we want earnings visibility, meaning we can see what is happening of how the business model will involve and in addition to the revenue growth, they're raising dividends, then we feel pretty good about the long-term prospects. >> and we are up about 2.5%. climbing back towards the session highs, the dow is up 824 points, the high is 844, so the sell-off early afternoon. >> about 34 minutes left anything can happen. coming up, tech investor dan niles will be or guest and jan hatzius is

producting a fed cut rate he'll break it down. treasury yields falling down today. a ten-year record low. we're well above that now at 110%, but still there's buying of treasuries. we'll be right back. woman: my reputation was trashed online.

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welcome back to "closing bell." we are looking at a very strong bounce here, coming back off the worst week we have every group higher we're back above 3,000, back above 26,000, utilities are leading the charge now, staples also rallying nicely herer the key things driving the

actio action. here's what's happening. joe biden picking up two major endorsements from candidates who ended their campaigns. amy klobuchar and pete buttigieg pledging support to biden's campaign. san antonio's mayor voicing anger towards the cdc after a woman who had visited wuhan, china, was released. a third test came back weakly positive after she was released. >> i find it totally unacceptable that cdc would release apatient prior to

receiving all test results and potentially exposing the public to this harm we simply cannot have a screwup like this from our federal partners. check out this emergency landing. emergency crews waiting for the plane nearby, the pilot and the passenger both got out of their plane safely once it skidded to a soft. >> i would have been out there a lot quicker, but at least they got out. anything you can do, i can do better. that's what growth stocks are saying ed a lot of strategies upend ed

we did see a bit of a gut check. they did correct pretty sharply relative to value, but guess what back as an all-time high here. yes, some of the most beaten up values are bouncing hard, but in general, with yields down where they are, people still gravitate toward traditional growth. it also mean the popular trade it still works, or maybe the amount of pain has not been that great, as opposed to systematic -- >> thanks solve for that, we'll check in later, goldman sakes,

the firm now believes the fed will get more aggressive goldman expect the fed to annoy a 50-pace points at the march meeting, and a total of 100 basis points this year jan, thank you for joining us. >> it's a pleasure. >> for the world we took it down to about 2,000 -- with the weakness concentrated realizy in the year partly china, but also partly the spreading virus, and spillovers from china. in the u.s. we're at 1.3% now for this year, down from a little other two >> and with the u.s., which we focus in on that, if the fed does act as you expect, does that offset any of that, or is

that growth forecast factors in? >> it is factoring that in if we didn't have the able to respond, then the numbers would be weaker. we do expect some support. >> so a lot of talk about a supply shock and what's going on in china and the fact it's been so heart what about on the demand side. >> i would -- we are building in some pullback in consumer category is that involve a lot of face-to-face interaction, as we see more cases of coronavirus in the united states, all of it highly uncertainly a lot of it depends really on the epidemiology, as opposed to the economics, but there's also the question of, you know, how do consumers respond to reports

offing inning cases, but i think that would be a demand shock and really a risk aversion shot, in terms of how consumers behave. >> what's your cease march of eurozone growth? >> we think europe is also taking a hit, and of course they have seen more cases, so that hit, if anything, is probably somewhat bigger. ius ozone growth, we think maybe a quarter point to a half pound this year. that number was 1% or a bit above. we have taken it down very close to zero. we have the ecb responding, but only with a ten-basis point rate cut. they can only inch their way forward, so we think the response isn't going to be nearly as aggressive as in the u.s. >> there's a g-7 finance

ministers call that make gave hope today clearly bankers are getting ready. that unusual statement from powell does any of this matter when what we need to hear is news about a vaccine or treat or some good news on the trajectory of the virus? >> there's no question what happens with the virus and what happens with the public health response, maybe even what happens with the fiscal policy response is more important than central banks. central banks can to be are focus, but they won't be's central as they are in the financial crisis there is a call scheduled for g-7 finance ministers and central bank goners, and i think there's a reasonable chance of a coordinated move. >> we're all going to provide liquidity and swap lines.

>> and cut rates we are forecasting nine of the ten g-10 central banks cutting rates. bank of japan is the only exception. we think, so it seems like a freebie to get additional signal from doing it together. >> our session haim is up 920 points on the dow. jan, what is the bear case, though what percentage chance do you put on -- so much lower such that it really drags down the rest of the world? >> i think the alternative scenario, the main alternative scenario is a recession. we, you know, think that the global economy is going to contract for, you know, a quarter or so. that doesn't quite rise to the cry tyronn criteri criterion. whether it's out china and the spillovers associated with that,

or the maybe pullback in consumer activity to turn it into a recession our best guess is that it stops short of that, but clearly there's a lot of uncertainty and a lot of uncertainties is in the areas that normal forecasters don't have to have a judgment on, namely the medical issues. very quickly, there's some talk the fed could come out before the march meeting, how high is the bar for that >> i think it's basically if you get a coordinated more, it probably would be quite seen if it's every central bank by itself, you know, we're going to have to see in the remainer of this week if this is something they decide to do. >> jan hatzius, thank you for joining us. >> thank you. here's where we stand in the markets.

the highs now up nicely over 900 points so building strength into the close. not what we saw last week, except for on friday up next, we've got your last chance trade, one stock is holding up better than the broader mark. >> and dan niles is ouclerr os today. find out which stocks he sold amid the sell-off, coming later amid the sell-off, coming later in the show. you should be mad that this is your daily commute. you should be mad at people who forget they're in public. and you should be mad at simple things that are unnecessarily complicated. but you're not mad, because you're trading with e*trade, which isn't complicated. their app makes trading quick and simple so you can strike when the time is right.

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should they downsize? nesters now. probably. will they? not as long as thanksgiving is a holiday. planning for the future is about more than just money. let equitable be your guide.

we are at session highs. it could well be 1,000-point day again, but of course moving in the opposite direction there is the closing bell big board. the averaging are nighly higher. that's having a look at the leaders on the dow. with the dow up almost 1,000

points oliver, last-chance trade, what is it? >> amazon. we think it's a category killer. they have done great, but what's really impressive is aws, the web services they have a relatively small market share and we not jeff bezos is the champion of taking market share from competitors. we think that stock will perform well, and we've seen it on a relative basis >> last year was a bit behind one of the other tech names int we're now in the "closing bell" market zone, with all of the action heading into the close. mike santoli is here to break

down the -- >> mike, let's get things off with the broader markets. it seems like a massive rotation trade. so i do think that right now it's the strength and velocity of a rally you would see after the kind of nasty week and the overshoot we had it's right up to the 200-day average. we'll debate whether this was some kind of genuine powerful reversal very plausible that it was.

>> i think the momentum in bond versus stocks are so stretched that i feel like the market is willing to say, one, they very low bond yields are telling us about fed couapitulation, and to it's so out of whack right now i don't want to pretend i understand every relationship, but that seems to be what it's

going on >> and there is the up 1,000 on the dow, under 15 minutes left of trade it's really hard, oliver we can debate whether this is indeed a real bottom or technical action, because you do talk about more global coordinated like president trump. we heard from him in the weekend. the question is, are the virus concerns -- >> our view in the short term is nobody knows i know that's not what you want to hear. it continues to country in so fast and changing.

it's not something that investors should be panicked about, though. i think it's important to stay calm and be patient. >> one sector that's rallied hard in the last hour, as mike has mentioned, the market, of course, higher, treasury yields lower, the record low on the ten-year earlier in the session. we also got a specific upgrade from piper jaffray you can see jpmorgan picking up during the day that has been the biggers sufferer, amid this recent sell-off largely because it's seemed the most interest rate sensitive

morgan stanley remains down just more than 20%. else way, interest rate sensitive will still be a way that these banks have shown that they trade, and that pickup? yields has certainly helped these stocks. >> without a doubt and they repeatedly get cheap again whenever yields go against them i think that story -- the story comes back as capital return, consumers have cushioned all those things i think it makes sense they would find some footing. doubtful it will be what leads them out of this thing. >> the group is almost 12% off its highs. >> we're, generally speaking, not favoring financials, but if i had to make a bet in the financial base, i would go with regional banks as opposed to the

big national banks they'll be more insulated from the big moves associated with the big banks. >> but also vulnerable if at the -- >> yes, absolutely. >> our base case that that we avoid recession. after a brutal sell-off last week phil le loo bo has more. >> that sell-off continues for most airlines, the concern is that we're not sure what the demand picture looks like in the picture we know that corporate trips are down, and there's tons of anecdotal stories that brings up the question -- pring and summer travel demand, the leisure side of the business, will it also be under pressure that's why you see shares of american continuing to move lower. american came out over the

weekend. we're going to waive changes in cancellation of tickets before march 16th that's a way to way you can still book and we won't make you pay to change it it's the gulf coast jet fuel prices they are at about a two-year low. that's a lone bright spot in an otherwise bright picture, as they continue to say where will the demand be? >> phil, thank you very much for that i. mike amazing to see form. >> that's the biggest move to the upside >> and this sector has fallen more than any osector. >> that shows that the market is

responding to some signals it's remarkable. if you keep saying the leverage worked in reverse, and it seems like if nothing really flares up in terms of cases of the virus accelerating from here, every company is just going to be taking these presaw, and you're going to have this lost couple quarters. >> but your point about fundamentals is important. livenation is down 5% right now. >> the market is still trying to poundish. >> not an unrealistic. >> i mean, this is a massive rotational squeeze going on. it just shows you that it's a mirror image. >> so literally unprecedented three 3% down days and so now you have the balloon was kind of let loose, and it's kind of popped up out of the water. we are at session highs, 4.5% gains, 1,130 points, a

recordpoints gain as we stand. general electric getting a booth, admitting free cash flow is better than expected. >> here is a weigh-in. >> if you define a turnaround by generating $2 billion in more free cash flow than expected, yes, he is if you look at the underlying trend on fundamentals, which is more defined by kind of the p & l, i would say things are stable, certainly not reflecting to the up side. >> his commentary was obviously optimistic, but not as optimist as maybe people had thought it would be >> it was more of an accommodation to where the stock has gotten to. it's very difficult i think

right now. it's not something that screams cheap, so it is difficult. >> and it's not less than the market as a whole. a rising tide does lift all ships. >> you're not convinced on this turnaround. >> we're not, and we don't have plans on owning ge we think the balance sheet has a long way to go >> so just if you're keeping score at home, remember the correction, we're a bit under that on the nasdaq and s&p, the dow is still about 10% off the highs, just in terms of, what, the terminology there? >> you're still in a correction until get back to the highs. >> but we're under the -- >> we can just say that, that we are within 10% of the highs. joining us is peter tajini to discuss this massive rally, peter, up almost 1200 points

are you guys buys? >> no. look, it's one of the things we called for in our notes, where we expected a bounce off the recent lows. this is part and parcel of what happens. i've been a skeptic of the rally for some time and i semithe correction was catalyzed by corona so wire going to get bounces in here, and our view would be to sell around 3200. >> hand your view been largely based on the fact that central banks are out of the game and a lot of the rally -- it sounds like they're coming back in. >> it hasn't that they'll be out of the game. it will be more than what they

have left won't be efficacious relative to the global economic backdrop our -- and importantly, i think, central bank policy is really ineffective in helping to prevent of effects of supply-side shocks it's fine when it comes to creating demand, but whether it comes to these shocks, the coronavirus has created, it's much more difficult for them to act and counter-act them. >> mike, as we watch going into the close, session highs up a massive 1200 points. what are the key things to watch out for in terms of the bond yields that are now up on the day. we have the vix down pretty significantly. is this the start of something more -- >> they're certainly constructive it's telling you the stress level that had build up in the market has been relieved to a large degree i don't think in general terms you want to be having a lot of

faith or really making declarative comments about where a market is going. i mean, not that you say it's automatically suspect, but it shows you this is still an agitated state of affairs, and we're taking back a hue bite what we lost last week it's not unusual to rally back up to half of what we lost it's just we lost so much that that really seems intense. >> yeah, it can happen both ways peter, what about the fact that biden had such a big win over the weekend and two other more moderate democratic candidates stepped out and are likely to endorse here is that playing in here? >> are we sure we want to talk about the fundamentals it's a market bereft of fundamentals at this point i think the election adds another layer of complication

here you can see the coalescence around joe biden, as the democrats feel their chances of victory are highest with him, certainly rather than bernie sanders. you know, this is a very hard thing to talk about relative to markets, especially with all these other factors at play. you can clearly see it it's interesting, though though, if you look at the volatility surface, that there's a bid for volume til volatilities we can discuss the political outlook more in about ten minutes' time. the dow is up 1,250 points, almost 5%, with 90 seconds left. what's happening in the nasdaq, bertha >> the nasdaq is moving higher,

really in large part due to apple. that has lifted the nasdaq is 00 into a positive level for the year as well, after having wiped out those gains last week. tech and biotech are just as strong the ceos sitting down with president trump at this hour to talk about the situation a coronavirus. i also wanted to point out that a number of the jd.com and the chinese names are moving higher. that's online delivery and commerce platform. meantime we have others that are entertainment. that trade pretty strong global central stimulus, and of course very oversold conditions that's what contributed to this enormous rally wall matt was 119 january 19th, went to 104, now 115

look at this it's come 75% of the way back. a lot of stocks like microsoft, same thing they're 50 to 60% of the losses. there is the closing bell. we're going to close at the high the dow jones industrial average closing up 1282 points, the s&p up 4.5%. wow, if you're just joining us, welcome to the "closing bell." >> and we're here with mike santoli. >> let's check in on the market closes five full percentage points higher for the down, up last week's torrid declines, up nearly 1300 points in point terms. s&p, nasdaq, all taking part as well every sector on the s&p meaningfully higher, even

energy, even industrials which had been briefly in the red about an hour ago, up close to 3%, utilities, staples and technology lead the charge higher joining us to talk. oliver pursche peter ceccini from ckanter fitzgerald >> last week you were saying, wow, those sinister systematic traders that just used the machines to liquidate stocks into a weak market, and we got down 12% from the highs, and then you get into a new months and we've gone in reverse. some of that is the market absolutely overshot to the down

side. we had a climb max of the panic. from that moment on, concluded aha, the coast is clear. >> it's a really important point. the technical damage becomes so great that there are buys opportunities all over >> when the dust settles, and it will settle what it comes down to is corporate earnings we had effectively no corporate earnings growth last year. now it's questionable as to whether we're going to get some this year or no. certain you want to focus on dividends that's where you gets the rise and so to us it's a question of

valuations are still high. >> we're you will 1294 points on the dow all the of the major averages have recovered more than 40% of their losses since the 19th of february peter what does that scale tell you? are you telling your clients to increase their protection? >> yeah, i mean, there's something called a bear market bounce i've not been constructive as we need to get some earnings growth, and the coronavirus has led us to downgrade our s&p earnings forecast about to down 5% from flat on the year, and at that level of earnings for 2020, we're still at about 20 1/2 times earnings when you combine that with all the other uncertainties and the

lack of possible space, that the fed and certainly other central banks have, i think it's -- so at 3200, yes, we would be resetting protection, for sure. >> do you think it has further to fall? or do we hover around here until we get more clarity? i think 3200 is an interesting placer hedging portfolios. again, fundamentals have not been supportive of this rally for some time. >> what's your take?

>> friday was unbelievable what i was taken by this is not a market where people are throwing everybody out i'm looking forward when this coronavirus news really gets out there, and we know the gravity of it they weren't saying this is spanish flu 2, so i think that got people excited. i think investors were paying attention. i think for at least the time being, we need this volatility to tempter a bit >> if you look at the sectors, utilities on top, then technology

but then staples and real estate so that's the old favorite within staples, though, sara, what was interesting it was costco and walmart so you're talking about hoarding trade is working if you use the keep it simple stupid philosophy, then i get it makes some kind of sense gold higher today.

that could suggest this -- >> i wouldn't subscribe a lot -- oil bounced pretty hard. i do think that dollar backs off and gold will get a bit, so i'm not going to pick it apart on that essential, like i said, just reliever some of the older stress conditions that we ended with the early morning that's the one that works with for a while. you have to assume that's the trading low for a while, but 240 points above that right now, in the s&p. let's talk about that big turnaround yields hitting all-time lows, but have now bounced back.

115 on the ten-year. rick santelli with more on the bond action. rick >> bonds aren't closed, we'll be trading for a bit longer a mitt ago we were at 91 that would have been unchanged understanding changed would be 115. we're briefly there at 116 it's easing back a bit the only maturity that looks like a chance, 30-year bonds, they're trading at 170 why is this so exciting? because this would have been the eighth session of lows so maybe we might break that finally. this has been huge opportunitily tens minus bunds, our rates are going faster, which is narrowing the spread,

the narrowest to back to september of 2017. back to you. i want to follow up on that, rick the significant in your eyes that we have broken seven sessions in a row of a lower closing yield, i mean, how significant is that to you >> well, i think it is significant, because now we can start to maybe make a consolidation pattern, but in the grand scheme of things, wilf, it never would have happened if we weren't up 1200 points big days in the nasdaq or the s&ps, so we want to continue to watch or you equity markets is helping to fertilize confidence that it isn't going to be all buy others who think the world will end when it comes to buying sovereigns and to see a move like this in yields today, to get them to stop falling, at least

>> well, rick had a good point one of my mentors said don't invest for the independence of t -- end of the world, because it only happens once. i like seeing the yields going higher it tells you the fear trade has abated a bit i think it just tells you the biggest fear is behind us. once we see some rationality, but containable numbers, the 2850 low may be the bottom for the time being. let's get an union date from washington president trump and his task force have been meeting with top pharmaceutical executives at the white house. meg has the latest. >> eamon javers is in the room,

sending us dispatches. all of them are there to speak with the task force. the president asked the executives if the competing drug companies will work together, to which they responded they would. companies emphasizing their experience and ability to get this work done -- and apparently acknowledging the industry's reputation all problems. this quote -- remember, guys, the president said this meeting was previously scheduled to be about drug prices, so there is some tension with an industry he's depending on for solutions, also trying to get them to dramatically lower their prices. >> meg, i guess the key question is, does it meanfully change the timeline for something that can treat the virus?

>> the companies are already working dramatically quickly moderna already delivers a text vaccine to the nih it only took them 42 days. that's unprecedented speed 1 interestingly, from reading the reporting out of the room, the president almost is like pitting them against each other while asking them to work together we'll see if this changes anything. >> meg, thank you so much. if you are just tuning in, the dow rallying to the best point gain in history, up more than 5% in percentage terms. huge, huge gains, up now more than 8% since the intraday low

on friday. we have the key takeaways. and some crazy oversold conditions which may be overbought, all contributed to one heck of a rally. let me show you some of the key movers here. virtually everything was up. walmart and merck among them even exxon had a pretty good day overall. that's certainly important here. i want to show an example of how crazy things have been walmart was 119 february 19th or so, went all way down to 104, and now has come all the way back essential that's an amazing move almost 75% of the lossing have been regained. there you see, that's almost 75%

of the losses that have been regained the bank stocks had been dramatically performing. keep corp, they all did better than the overall market. so oversold to overbought, a 2,000-point move in the dow, but certainly 2,000 points in the dow in the last two days can qualify as quite a rally >> it's stomach churning is what it's been. thank you, bob oliver, bob mentioned the hopes of monetary -- what about fiscal stimulus? >> well, i think there's a birr shot in europe than in the united states. at the end of the day fiscal stimulus will require congress to come together that's hard to see in an

election year more than anything else it's not going to be groundbreaking in size i think germany will deliver a by fiscal expansion. it's tough to see anything -- >> i don't think anything moves the needle i agree with you on that. >> byrne, another example thatted fed, all it has to do is send a message and the market says, fine, they have our back. i really would imagine that the hoping of an inter-meeting rate cut are probably out of the market at this point. >> pete, you're bearish, i know. if you had to buy one sector, what would it be >> the reits, we've liked for some time. >> oliver, thank you >> thank you, mark, peter, thank you all for joining us on this

historic rally today. central basics are hinting at taking action after china cut its rates in february. earlier today ecb saying the governing council -- the bank of japan said at the monitor future developments, and jay powell issuing a statement, a pretty unprecedented one, saying we will use our tools and act as propose. jan hatzius said he sees the fed cutting 100 basis points this year but our next guest says these moves may just be symbolic and sarah, first, what is your your expectations? >> well, the fed has put its

cards on the table, giving this coronavirus, and has indicated it's going to pull out all stops. it's done what our central banks have done. they have actually set it in a coordinated way as well. so they are indicating that they are standing by and ready to take action. are they right to be doing that, given the current nature of the threat to the markets >> well, i'm not sure what they're going to do is actually going to have in long-term significance >> reporter:, they have a pretty short runway to work with. it's not as if it would be some kind of dramatic rate reduction, right? but they are indicating that they are standing by and ready to take action i think that that is an important symbolic statement markets clearly have reacted to that statement, and have indicated that they are pleased that the fed has engaged with

that reassurance, but when it really comes down to it, the question is, does the coronavirus particularly a potential pandemic really care what the fed is going to do? we still have yesterday to see these cases coming in. the numbers are increasing it doesn't appear as if it has bottomed out in any way, and so query as to what the fed and monetary policy examine -- can ultimately do to deal with a potentially pandemic. >> i guess the argument they can't obviously deal with the virus and the uncertainty that will cause and economic damage, but if we are talking about a behavioral shift hurting consumption in this country and services, you know, the demand kind of shock, and then the fed would be right to step in and get ahead of it, wouldn't they >> it would be, and you're

right, in terms of a demand shock, it's what they would deal with, but also a potential supply shock as well you have this rare convergence of both a demand-side shocks and supply-side shock, which is not always the situation that a rate cut is going to do much to help with so it's really a tricky situation. i'm not saying that it was inappropriate at all for the fed to put out this reassurance. my point is only as to how effective it's actually going to be right now >> do you think, sara, when we step back and also factor in how the fed decides to respond to the sell-off when we got -- do you think they focus too much on short-term equity market moves >> right it's a great question, because

essential what the fed did during the trade war era is that it -- it's willing to say we're not going to wait until the actual full-blown harm occurred before we act. that became kind of a precedent now that the fed chair really might have to live with, which is that if he is in fact concerned about preempting possible economic harm that is coming, then clearly you take steps early, even before a full-fledged harm has manifested itself >> isn't that what they're doing, trying to get ahead of the curve? >> they do this shock, it's hard to project

what this effect will be i think there's another component. we have to remember we are already very close to the zero lower bound. so the runway is particularly short. in other words, how do we shepherd our tools so that we are saving some of our powder for a potential shock our down turn that comes later. >> thank you great to see you as always. >> great to see you. up next, find out if the junk bond market is sending signs to investors. and dan niles, and what he's been buying during the sell-off. you can always watch us live onhe c tnbc app. "closing bell" will be right "closing bell" will be right back

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stocks surging on wall street, as you can see, up 5%

1293 points on the dow today we're now up 8% from the intraday low though, of course, still down from the february 19th high. let's get to meg tirrell for the latest on the virus outbreak >> hey, wilf, the case numbers continue to rise in the united states king county, washington bringing the total of the country to six. health concerns are concerned about an outbreak in a seattle suburb where some were residents, more than 50 residents and workers have shown symptoms of the the total case is now more than 100, including the first case in new york city and new cases in florida, rhode island, oregon and more. illinois, the chicago board of election discussing plans to keep voters safe in new york, new cleaning protocols for schools and public transportation, including uses bleach in washington state, plans for

isolation centers. the spread, of course, also continues around the globe with almost nine times as many cases record outside of china. which is the most closely watching outbreak in south korea, italy and japan sara >> meg tirrell, thank you. we've got a market flash now on microchip technology. >> now issuing a warning, saying they are seeing in their word, very weak demand in asia, especially in china, driving by coronavirus fears. they also say the supply chain is returned to normal operations at a slower pace than expected net sales for the fourth quarter to be about flat benchally, in early february, they had issued quarterly net sales guidance of about up 2% to 9% sequentially

they say they are implementing a strict policy on travel. at this point they say none of their 18,000 employees or family members have tested positive for the virus. of course we have seen a range of technologies talking about how it's impacting -- to hp. guys, back to you. >> josh, thanks for that let's get over to mike talking about truth or dare. do they have the truth of high-grade bonds this shows the -- this is a borderline when this line is going up, is it means that there's more yield demanded that's when credit markets are weakening, when the line is going down, it's strengthening i think the relevant point here

is there was nothing extraordinary about the level. this suggests that corporate bond very muchors were not seeing any of the implication as saying it was going to be a deep and lasting impact. >> we're all talking about within a relatively contained range here it got a little harry. the white house meeting just ending let's go to eamon javers what are the headlines

by and large, they all agreed with dr. anthony fauci, who had suggested it would be more than a year for a vaccine to be publicly available and making the distinction between pursuing a vaccine hoar i asked the president a couple questions. one was, i asked whether or not he sees the need for an economic stimulus the president does not signal he thinking a stimulus is needed.

the president seemed to wary of the idea of pushing federal dollars at these pharmaceutical companies too quickly or unnecessarily. he also suggested he may by talking about travel restrictions, and then finally he was asked to see if he sees the need for a federal emergency. he did not signal a need for a federal emergency at this point, guys so an interesting period of time with the president and the drug company ceo, going around the room one by one. we will see that momentarily well, the main thing seems

to be clear away the british. it was the president pressing the ceos again and again we want it done as quickly as possible the president also asked some of the competing companies, saying, can you work together? and they all assured him they would work together. there was a message of unity, effectiveness, and the president pushing them to move along as quickly as they can. eamon, thank you markets surged in the final hour of the day. let's bring in dan niles from capital one partners. i guess, first of all, a step

back you were extorting companies like apple before the sell-off. >> we put out a tweet on february 10th talking about shorting stocks and apple and its suppliers. >> and the reason was really simple it wasn't that different especially when you consider the exact same thing happened in 2019 proapple preanounksed negative off of china after running up to all-time record

highs. so that's why we did that. we did end up covering apple this last week, and we bought it a friday our belief is that investors want to believe that 5g iphones are great for the company. and so we bought that one. actually this morning we bought some home depot and caterpillar, home builders space, you know, that should benefit from lower rates obviously, and they should we also bought facebook, amazon and google late last week as well we went from about 40% cash tuesday the last week now running well below 20% >> kudos for that. now we have seen such a big

rally today. are you going to flip those positionings again from our perspective, markets always overreact on the down side and the up side. ultimately you have to look at the fundamentals global growth in the fourth quarter in china was the worst in 29 years. we talked about that in a prior tweet. so the fulling were weak before we ever got the coronavirus. the only thing that went up is stock multiples. so to your point, wilf, yaw, we are looking to re-short names, but for right now, we think the markets probably have more room

to run, and we'll look at some of the same metrics to indicate when to go ahead and start to reengage those shorts. >> on the apple call, dan, i can't even keep track of how many times you've shorted, then got long, and this incredible move, which you called right, but i feel like there needs to be a disclaimer of do not try this at home you're in and out of this name so much. how are you able to flip on the dime the entire sentiment on apple from a day-to-day basis? >> well, you know, the great thing about apple is investors sort of have this one-sided view on the company that it's a great company. revenues were up 2%, that was

it so the multiple went to a decade high so for us it comes down to if you're paying attention to what's going on with china in particular, you can trade apple pretty effectively apple is our number one profit-generator on the short side we also made it on the long side investors, when you know they have a one-sided view, you can take advantage of that by focusing on the fundamentals.

then there came out the news release about the g-7 minister and the market started to go up. a lot of this crisis has been driven by central bank intervention the balance sheets have been expanding, you know, incredibly, but i think mike santoli, you've had him talk about the credit markets. that's what i will be watching to see if there's a rally in the market does the correct marked seem to believe it will continue to get bev? if there's a disconnect, it's easy to short thing. oil was already down double it digits every market besides the 'equity market was collapsing all right.

>> so if you're sort of gloomy on global growth, why are you buying caterpillar >> they have a massive different yield. the earnings have been coming down, but here's the thing eel down cycle they've generated more than the time before. for some of this stuff you're saying, what is the risk/reward. for caller pillar, if you believe that the stock has oversold to a level and compared to 1.1 or 1.2% treasury yields of a 3%-plus yield looks interesting, then you buy it but we're not trying to chase stocks we were trying to position for a raleigh. so for a lot of this, it's sort of pattern req any you can go back to 2001, and you can see similar patterns developing as i always like to stay, vite

we're trying to maximize our reward for the amount of risk we're taking right now at these levels, the reward is really high, back in early february, the risk reward made no sense. so that's why we look at caterpillar and say it's pretty much where it is >> dan niles, thanks for joining us. >> thanks, sara. we have news to tell but on visa with a warning. kate rooney has that for us. visa is the latest payments company to cut its outlook, now expecting second fiscal quarter revenue growth to be approximately 2.5 to 3.5 percentage points lower than the outlook shared january. visa as well as masterward and paypal saying that travel-related spending in both the card networks, so we had

paypal and mastercard last week. we also spoke to square, which has not cut its guidian yes, sir, but all these companies monitoring the coronavirus visa not updating the full guidance, but will continue to update us and give that on the earnings call coming up in april. back to you guys kate, thanks so much for that. mike u.s. just a quick gauge here >> for something that's so reliant on consumer spending >> it is is a strong top-line grower i also don't think it's terribly a surprise they're basically the same business drivers, with some slight geographic differences.

medium term inflation. we stand ready to take appropriate and targeted measures as necessary and commensurate with the underlying risks. i guess, sara, this is not groundbreaking. >> what's striking to me is she's learned central bank-speak so quickly we're watching and we'll try to come to the rescue if we can he came in to say that ten basis points from the ecb, goes back to the point with no levers to pull that's one of the reasons we've seen the euro rally so

significantly. there's not much they can do relative -- >> but they'll try anyway. >> but they'll hope that words are enough >> that's the point, and it's helping. >> so far. coming up next, find out ld ailleoronavirus vaccine cou just off that meeting with president trump at the white house. woman: my reputation was trashed online.

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up their meeting with president trump at the white house and joining us is john shiver. meg, take it >> thank you for joining us for immediately after leaving the meeting. i wonder if you can tell us how it went, whether it was productive in terms of advancing this work? >> i think it was extremely productive we had a lo of leader based in the united states, either with the president, the vip, the leaders from the it administration, people talked about what's being done for the vaccines, a as well a treatments i think in general there's a lot of enthusiasm and encouragement, especially a spirit of cooperation, and collegiality

between the different groups to work together. a clear willingness from the administration leaders, whether it's tony faucfauci, the cdc, to make sure they new products can appear as soon as possible. >> give us a potential timeline. >> from us, you know, let's say quickly there are therapeutics which have a fast er timeline to treat people who are already is sick vaccines typically take longer some approaches will be starting in the clinic, and we'll see how it, san ofi is producing one based on this technology, the

only in the world, a licensed product. they think it's well suited to make the convenience based on flu data and early work we did with sars that could translate quickly into the coronavirus, so we expect a vaccine in the clinic in a year or so, and quickly move into development past that, as we all see thousand the outspread of the coronavirus changes or growing. >> did sanofi needs more from the administration, the government, in terms of funding, cooperation? eamon javers was in the room and asked the president if he thought the government would commit more funds to the industry to help with these efforts, and i think he jokingly spongeded the industry already has too much money what is your take on what the industry needs >> we need the cooperativity. we're collaborating with barta

on the vaccine, and really helping us make quick progress anything that the administration can do to encourage that, the things that they can do to facilitate advancement of new candidates, whether or not money -- certainly money is coming from the federal government and still being determined how much that is or should be, i think rather than say the president might have been somewhat joking when he said what he said that you quoted, but i think it depends on how the outbreak of the coronavirus goes, and what kind of help it turns out we need i think we need both vaccines and therapeutics let's not underestimate this is a challenges problem we think there are good tools and approaches at hand that would find suction, but we should not be too overconfident this could happen quickly. >> dr. shiver, just trying to understand some of the technicals he, recom binnant

dna, what are the advantages of your vaccine versus the disadvantages, verse other companies like moderna >> very good question. it's great that multiple technologies are being tried the more approaches, the recombinant approach we're using is a technology that sanofi he acquired a few years ago, and it's a platform in a sense we should be able to put new proteins from other viruses into the technology and have them -- a faster way to produce it than which was historically available, so i think this is very helpful the moderna approach and several companies use this approach called message rna, it's several different formulations that have the advantage of getting to clinical trial material faster generally i think than the

recombinant protein work it's still a new technology, but it's a go combination to have a newer technology like ours that can can turn it into a new coronavirus vaccine. we can use the proiprotection t already exists for the flu vaccine for production that exists in new york and pennsylvania i suspect, they are not my companies, but the mrna companies don't have a licensed product and would probably have to do more work to develop that capability to manufacture, produce large amounts of their product. >> we're all trying to get smarter th smarter. thanks for joining us. >> and steve liesman as a news alert. >> we've learned that the g7

meeting tomorrow morning scheduled for 7:00 a.m. will be led by steve mnuchin and fed chair jay powell, both of those will be leading the call of gof finance ministers and central bankers described to me by a source of a coordinating call for the g7 to coordinate the financial or economic response to the coronavirus the meeting scheduled for 7:00 a.m. and a communique after the call shortly thereafter. >> all right steve, thank you stay tuned for that. up next, a look at what to expect tomorrow following the largest point gain in history for the dow. stocks surging today ♪ limu emu & doug

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today we remember jack welch former chairman and ceo of ge massing away last night at the age of 84. his wife in part saying he changed the world by touching people deeply helping them see and reach dreams they couldn't imagine for themselves and somehow he also managed to be the greatest husband and stepfather who ever lived, giving our family 20 amazing

years of adventure, happiness and joy. joining us is joey levin talk about your relationship with jack welch and what you learned from him >> thank you i think susie said it well i read and studied his books and i think the first one came out when i was in college and i never imagined that i'd meet him. and when i met him, got to know him, he was -- he wildly surpassed the image of everything that i had read by him or about him he was a real -- he was a real unbelievable leader and talent developer. and everyone focuses on the numbers because of course they are phenomenal and he built the biggest company in the country and the unbelievable returns,

unbelievable scale and i guess jack was a numbers guy so he would have appreciated the focus on the numbers and the real story told by the numbers. but to me, the big impact he had was on people, myself being one of them. if y the people he was around, everybody around jack wanted to be better when they were with him. and he lifted people up. he was like a son beaming rays of confidence on everyone in his orbit. and that went from politicians to ceos to waiters, valets, to drivers. it was really everybody. and it was something for all of us to be inspired by. >> i guess there is some level of comparison to what he built

and it being quite a sprawling conglomerate did you guys engage quite detailed in terms of the best way to run a company like that >> yeah, absolutely. we could only hope to build things like jack built at ge but yeah, we've done a lot of things differently than ge, but his influence on the company was enormous and lasting a lot of the leaders in the company knew jack and spent time with jack. and knew how he thought about businesses and the amazing thing about jack, where he was most helpful to me, he was a savant at knowing how people were thinking and what they needed to hear and he was able to deliver that with just kind of perfect blend of candor and empathy and that was -- that matters to any business or business being a

multibusiness business does have 1 some similarities i suppose with ge, but most of the lessons i think from jack, most of the things that i learned from jack, would apply to any business anywhere, which is what talent is and how to handle talent and how to make people good and how to win and how to have an organization organized around winning. he was the most competitive person i ever met in a totally wonderful way, but he was unbelievably competitive i have endless stories on that >> joey, thank you for phoning into share your memories of jack welch. >> thank you for having me switching focus back to the markets, extraordinary day that we had today gaining over 5% for the khouw, ov do dow, 4.5% for the s&p. and intra day lows faster than

the decline. >> this is absolutely impressive and what you have to navigate is very much mixed signals or at least inconclusive signals normally the conventional wisdom going back all the eons in trading is every dramatic low, a trading low after correction, no matter how strong if it gets back to let's say half the decline, at some point down the road we'll probably have to be retested, it will have to come back down be, chop around to see if the news the market was afraid of, came to pass, was better or worse than expected. one major exception was december of 2018 when on the 26th of december the market went up 4% or 5% in the day everyone like me said you have to have a retest we never had any kind of a retest market went up 30% that year so one difference people will be nitpicking this rally a little bit, but without a doubt it reveefedr relieved a lot of the immediate stress >> and the fundamental back with

drop is so different in terms of what is driving this the uncertainty factor is still very much alive. >> nobody buying this today had any clarity of what the price earnings multiple is it was about the tactics >> or the fact that yields rose today as well at the close sharply in the last hour or two. something to keep an eye on. we're out of time here >> "fast money" picks it up right now. break outyour rally caps, your short covering chapeaus, because wall street just closed out another historic day, the dow surging more than 5%, up 1293 points, its biggest point gain ever. wow. the nasdaq and s&p 500 also posting monster gains. 468 of the s&p 500 went up today, this follows wall street's worst week since 12