money into the tv ads. >> maybe if he had the debate back in august or september he would have gotten the bat news out of the way we've got to leave it there. thanks very much. >> there's more on brian's piece on cnbc.com. big day for the dow. >> "closing bell" starts right now. stay with us welcome to the "closing bell," everyone, i'm wilfred frost on the store of the new york stock exchange. soaring over 10% on the resounding performance friday former vice president joe biden on super tuesday yesterday health care was the top-performing sector, about 3% for the border markets >> welcome, everyone i'm sarah eisen and let's look at what is driving the action right now. the democratic primary moving the market bernie sanders loses his front-runner status and that's propelling stocks, particularly those health care names, higher overnight. rate-sensitive sectors like bank continue to falter as the

ten-year yield falls below 10% and the services sector growing, accelerating with private payrolls beating expectations as well huge lineup of guests for you, starting with our closer, the ceo of camp bell soup, mark clouse that stock is up today and scott black, where he's putting his money in the mix of this volatility. and as we get another global interest rate cut today, this time from canada, we will be joined by former fed vice chair donald kohn. joining us for the first full hour, final hour of trade is josh brown, ceo of ritholtz wealth management. your take on the rally and how sustainable it is? >> well, it's a rally in the context of a market that's moved more than 2% in either direction in five of the last seven days, which has happened before, but it's fairly rare and i think when you look at health care being up big today,

yes, you can do a direct -- you can point directly to super tuesday and the nominee looking more like it's going to be biden, which i guess is nice so now we have a different worst case scenario. we can take full-blown communism out of the picture so now it's like a pandemic in which everyone cancels everything, but low tax rates. so that's the new worst-case scenario so i don't think that this market is finished with volatility related to the virus. i don't think the headline shocks are quite over. and my evidence of that is take a look at the leading industry groups and sectors of the market most of what's happening is people buying anything with a decent yield look at the leadership then when you look at tech stocks, microsoft having an inside day not very exciting for the viewers at home. an inside day is where the high and low today are inside of the high and low of the previous day.

it means indecision. it doesn't mean, okay, everyone feels like they're out of the woods. go chart by chart through the xlk and s&p 500 tech sector, you're going to see a lot of inside days. people are saying rates are even lower, i want more utilities and those are the stocks that are doing the best today outside of the collective gasp of relief you're seeing in health care. >> josh with us for the first full hour. we are up about 3% let's focus on the big stories we're watching, mike santoli has the dashboard and we have more on the cash stocks on the heels of super tuesday and meg has the latest on the coronavirus and sarah has fresh comments from the imf on the broad global economy. mike, first to you. >> thank you very much we are going to start in the trenches, get a look at some of those kind of lines on the chart that are being thawed out with this recovery from the correction low and then the price of peace, specifically peace of mind, how much would you pay for that?

it's going to be a mystery chart. and then true morale, we'll take a look at investor sentiments, and valor in combat, how are active managers doing. so looking at the three-year chart, more like two and a quarter chart, it gets us back to before the other surge into a major high what's been interesting about these various levels -- there are no magic levels. there's nothing that says that, you know, definitively something is going to work or not. but why is this zone considered important? because we've spent a lot of time there we had a very enthusiastic momentum surge into this level t 2870 or so we kind of fought it out last summer and a little bit below and we thought maybe we were going to a recession then we dropped into it interday on friday. i think things are rounding in a place that it's definitely not anything decisive. it's really not unusual for a

rally off of the low like we had last friday to carry 50%, 60% of the way dak toward the highs and still not necessarily be anything i keep pointing out that phase after the january 2018 pullback. here's a couple of clues look at a one-month chart of the s&p 500 against non-u.s. indexes. obviously that's the everything but the u.s. index and then the emerging markets. not a definitive outperformance, but inklings that the rest of the world got a farther distance toward discounting the economic impact of what's happening before the u.s. did. so perhaps that's telling you markets globally trying to stabilize, guys. >> mike, thank you health care stocks surging today on the heels of joe biden's big super tuesday win. centene on pace for its best way since 2012 let's get to kayla for more. >> democratic voters showed a

clear preference to double down on obama-era policies instead of pursuing massive progressive policy overhall. former vice president joe biden swept the states, stretching from massachusetts to minnesota and across the entire south. earlier today senator bernie sanders acknowledged the race is getting tight. >> i haven't seen the latest delegate count, but my guess is that after california is thrown in the hopper, it's going to be pretty close we may be up by a few, biden may be up by a few but i think we go forward basically neck and neck. >> at this hour, nbc news shows sanders with 459 total delegates, 52 less than biden, whose super tuesday haul was enough to cause elizabeth warren to reconsider her candidacy and force mike bloomberg to exit and divert his funds and resources to biden bloomberg is expected to address his staff and supporters at this hour first public comment since the

statement this morning about his decision and we'll bring you any news from that about his next steps and where his resources go when we get them, guys >> kayla, thank you very much for that josh, do you think that joe biden presidency would be pro-market >> i do. i think he's very, very similar to what we had under the first bush, under clinton. you know, i think he's kind of middle of the road on a lot of issues that are important to the markets and important to corporate america. so i wouldn't be surprised if that's the way it gets interpreted. and the other thing i would say is the mood of the populus, you have to get off twitter. the journalists are on twitter and think everyone wants a revolution most people right now when you look at confidence reports and surveys and you look at polls, small business, households, they're kind of okay with how things are, like they are happy with what's happening with their home price, with their 401(k).

they do not want a complete overhaul of the financial system and i think the votes we saw last night kind of bare that out. >> i think the market is paying close attention to the election and there's potential for volatility i wonder, less so, if it is a biden versus trump matchup, and with that i think we have to factor in coronavirus and what happens in the economy and consumer behavior as a result. >> so i think that's dead-on, i completely agree with that and one of the things -- you know, we have clients that want to talk about politics and i really don't i don't want to take sides in those conversations. but one of the things that i think is real apparent to wealthy individuals around america is that the stock market story and the election story, the coronavirus and the election story are now all one story. because if the headlines get bad enough to tip us into a recession and people really do stop spending and ceos stop making allocation expenditures,

if that happens, that could potentially elect either bernie or biden that is the one thing that trump historically would have vulnerability to, a true economic recession so the coronavirus story is of course a public health story, but it's very much a political story. >> it's a leadership story. >> without a doubt that is the thing that trump is most at risk from, which is ironic, because it's one of the few things he didn't create. that is what people feel right now and i think, yes, the market is absolutely moving because it's political, it's not just health. >> let's get the latest on the coronavirus. meg terrell is back at hq with all of the latest headlines, meg. >> case numbers are continuing to rise in the united states with an additional two deaths reported today, including the first outside of washington state in california. now, that brings the total number of deaths here to 11. l.a. county declaring a health

emergency as it announced six additional cases but noted they're ought traceableto travel and they haven't yet detected community spread. >> in new york, a wilawmakers agreeing on more than $8 billion to fight the coronavirus this after vice president mike pence met with testing companies to discuss expanding the u.s.'s diagnostic capacity. >> thank you. the international monetary fund laying out a coordinated response to coronavirus. the world bank out with $12 billion in aid last night. the imf joining in today, breaking with us news of a $50 billion loan package in the first on cnbc with the manager of the fund, she talked about where she wants to see the money being used. >> we would like very much to see them prioritizing first and

foremo foremost beefing up the health service capacity so lives are safe and suffering is reduced. and secondly to use it for fiscal measures that are well targeted to households, businesses that are most directly impacted by the crisis. >> talked about dispersing zero interest rate loans to countries that need it she also discussed credit conditions and the need for policymakers to take additional measures, like what we saw from the fed yesterday and canada today. i also asked her about china and how big of an economic impact will be seen in that country >> there is some good news coming from china. the good news from china is there is a stepping up in production there would be a negative impact on this year's growth for china. the leadership there knows it. it is in our expectation

but a stepping up in china, good for china, good for the rest of the world. >> i asked her about when we would see those factories get back online. she said about 60% kpcapacity right now and it should rise to 90% by the end of the movement that was hurting countries all over the world that's optimistic. but overall i think it feeds into the whole idea that markets want to see leadership imf and world bank are stepping in and saying, hey, we'll help wherever we can. >> that's just the supply side you need the demand side to come back. >> that was an encouraging comment on china i'm not sure we've focused that much today, though, on the terrible reading from china this morning which came in at 26.5 for the month of february. january was 51.8 that suggests you're not just going to have growth from 6% to

maybe 4%, but it could be a lot worse than that. that's one month's reading. >> they revised that number later. >> will they revise it later this was the first reading of the unofficial survey often seen as more accurate and less manipulated than the official numbers. >> is it subject to revision is it possible in six weeks we find it wasn't that bad? >> possible. and mike slightly alluded to this, if you look around the rest of the world they haven't seen as big a bounce in equity markets as the u.s. has. if you look at japan and australia, both are down still so far this week hong kong only fractionally higher europe is up over 2.5% here we stand at 5.6% against the dow. so the u.s. market has bounced more aggressively and positively than the rest of the world maybe it's because of the central banks, but i think it's something to keep in mind.

>> we went down harder, though so this is the last ten days the s&p down 9%. >> if you look at the figures year to date, the u.s. is still significantly outperforming everyone the u.s. is still well ahead of japan, hong kong, korea, europe. >> i'm just saying from the beginning of when this crisis really hit here, which was last month, so ten days-ish, s&p is down 9%, all country world index xus, which you can look at -- >> they're doing better, emerging markets are doing better. >> but now the counter-argument is well, those stocks sold off well in advance of ours. so pick your starting point and you can tell a different story so i agree with what you're saying but it is interesting to see the dollar and the impact on foreign stocks, because -- >> sure. >> foreign stocks require a less

strong dollar. >> and that affects the australian stock market, which are down, of course. it's still something to keep in mind and measures taken in italy are quite pronounced. >> which is why nobody has any idea how much economic damage this is going to bring robinhood users were outraged on monday and tuesday and the company's reimbursement offer is not making things better. >> scott black will tell us where he's finding opportunities amid all of this market volatility and don'tis ms our special report markets in turmoil tonight at 7:00 p.m. eastern time

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it's smart. it grabs people's attention. then they come to my store. buy that sofa. and leave happy it's easy, and it's effective. and it's why comcast spotlight is changing its name to effectv. because being effective means getting results. welcome back 42 minutes left of the session we are up 895 points on the dow, right at session highs, with 42 minutes left let's check on some individual market movers, under pressure after reporting an earnings miss yesterday. the retailer sides a weak holiday season with higher markdowns and lower margins, down 9%. another retailer under pressure is nordstrom, they missed on revenue and slipped 2.6%.

>> up 900 on the dow, volatile few days after a volatile week for the market and trading up robinhood is facing regulatory scrutiny after outages left their users without the ability to make trades kate rooney has been digging into this story and joins us with the greatest. >> the outage is over but robinhood has to deal with angry customers. the company is addressing the technical issue saying it was due to trading volume and they're dealing with customers on a case-by-case basis. they're offering some customers three months of subscription service at $5 a month. that comes out to $15. million of the 10 million clients, mostly millennials threatening to leave others threatening to sue. the class action now has more than 6,000 followers, guys. >> kate, thanks so much for that and josh, we've discussed this app before and this is a blow to

them in terms of establishing credibility long-term and consumers want much more level of trust when it's a financial-based app than just some kind of other ou delivery app or whatever else >> am i the only one who hasn't lost their minds you're paying $0 it's free trades what do you expect >> everyone is offering that now. >> here's gas station sushi. it's free. this sushi made me sick. well, it was free, though. >> i think it's unfair if they face class action. but i think what this highlights is that when it comes to managing people's money, they want trust and this could damage them. >> people want efficiency and they want 100% run time and that's not the way the world works. it's very unfortunate that this happened during two of the most volatile days for the market ever but that's why it took place so it's like do you want something to work almost

flawlessly that brokerage firm doesn't exist. i have accounts open at schwab, fidelity, td ameritrade. i trauma ypromise you none of tn promise you 100% uptime. should there be recourse and should people have the right to complain 100% you know how you complain? you move your money somewhere else and it made you that angry. and if trading is your life and you have to do it, consider having multiple brokerage accounts but the idea that someone is going to be perfect, especially when they're giving it to you for nothing. >> it had raised a lot of money and it was a tech savvy alternative for millennials to get free trading it didn't have the reputation as free gas station sushi. >> literally it's free what do you want do you want perfect or do you want free? you're not going to fine those do things in the same package in any industry in the world, financial services included.

so i do think reg yu laters should look. if there's a fine they should pay, they should pay it. completely understandable. but the expectation on the part of a trader for perfection, i'm sorry, you can't -- it doesn't exist anywhere things break especially when there was $100 billion worth of trading volume. think about that no security in the history of the stock market ever did $100 billion worth of buying and selling in one market day. that's one security. now imagine 4,000 publicly traded stocks and etfs doing their highest volume ever. things break things break there were people who couldn't log onto fidelity. so this is just the plumbing of the market it's built by humans things don't always work let's not have a lynch mob on social media. >> thanks to kate rooney for that story as we stand, 38 minutes left of

the session and we are at session highs, up around 3.25% on the s&p up next, it's the word on the street segment featuring two stocks that analysts say could help protect your portfolio from coronavirus fears. >> plus, consumers have been stockpiling food during the virus outbreak today's closer campbell soup ceo will tell you how that's impacting his business later on "closing bell. ry loss ted to a ? evagen is the number one pharmacist-recommended >> announcer: market movers is sponsored by - re. prevagen. healthier brain. better life. i'm part of a community of problem solvers. we make ideas grow. from an everyday solution... to one that can take on a bigger challenge. we are solving problems that improve lives.

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bell." time now to get word on the street oracle upgraded to buy, raising the price target to $60. the firm says oracle could be less impacted by coronavirus the firm also says oracle's execution capacity is one of the best in the sector bank of america noting that target is seeing a surge in traffic as consumers start to stock up on goods on coronavirus fears. it says food, beverage, household, essentially make up 40% of target's sales. and goldman sachs added target after the investor day guided that momentum will continue both growth margin and operating margin dollars the stock up almost 2%. >> citi upgrade morgan stanley, saying they have an attractive entry point. even though morgan stanley

shares are down, citi says it will see less impact on longer-term returns since it's not as dependent on low-cost deposits we mentioned this one yesterday and how the fact that on a p ratio it had gone slightly cheaper than goldman sachs, and since the virus related fears it has declined as the others but it had already had a bad week before that so it has had a big fall certainly from its peak and clearly this team, josh, and goldman sachs have less exposure to interest rates because they have less portion of their earnings from the interest income but they're going to be volatile. >> eight times forward earnings. what are investors thinking of this business's long-term future i almost feel like they should buy 20% of the float. >> well, they can't because they've got to raise capital to buy e-trade. >> if market is saying we're worth very little in the future. if we disagree, let's -- why buy

e-trade? >> hasn't that been the case for the entire post-crisis area for banks? >> yes >> this one and goldman sachs and -- >> well, decompression for asset management and wealth management trading is now free. what is the line of business for these companies that has big margins and growth it's not investment banker or m&a. they all have to some extent re-invent themselves. >> morgan stanley's wealth management division has been transformed and has continued to tick up over the last couple of years. maybe that goes down again in the short-term for this quarter, morgan stanley, goldman sachs, one would think would benefit from high trading volumes and perhaps be less hit by interest moves than some of the other big regional banks >> they don't get much pe

benefit from trading profits almost none. >> 32 minutes, 31 minutes left of the session the key things driving the action, stocks continue to build on today's rally as bernie sanders loses his front-runner status the health care sector in particular sensitive sectors like banks continue to fall and we've got stronger than expected u.s. data today, services sector growth accelerating with private payrolls, solid as well. >> time now to get a cnbc news update with sue herera. >> hello, everybody. here's what's happening. vice president mike pence heading to washington state tomorrow for a meeting with governor jay inslee about containing the coronavirus outbreak a bit earlier today mr. pence discussed what's being done to identify new cases coming from overseas >> as of yesterday morning, all passengers on all direct flights from all airports in italy or south korea are being screened on multiple times before they

board any of these airlines. >> french officials reporting a big rise in the number of coronavirus cases, confirmed cases shot up more than 30% in a day, to 285. the french death toll from the coronavirus remains at four. and not ooeven james bond can fd off the coronavirus. the spy's new film was scheduled to debut in april but the opening has been postponed until november because of the outbreak and actually the title, given what's going on, doesn't really work either. but we'll see. guys, back to you. >> there are of course infinitely more important effects from all of this, but nonetheless, i'm disappointed by that >> the trailer looks really good. >> i've already watched it 30 times. >> you might be in the running for the next bond. >> i turned it down. >> i think you need a little

more seasoning. >> the dow is up more than 1,000 points now we'll go back to mike santoli for the second part of the market dashboard. >> he always introduces himself as frost, wilfred frost. price of peace, how much is too much to pay for peace of mind? josh is going to tell us whether he would buy or sell this thing. the rsi, relative strength index is about 80. it's about as far ahead of the 200 day average and it's just gone vertical. a great uptrend, but has it gotten overheated? it's something that usually barely moves much at all, the aggregate bond etf, the total investment grade bond market is going vertical so obviously we know yields have been squeezed lower. obviously the ten-year is just kicking above 1% now and it seems like an accomplishment the question is, was it a buying frenzy, might it climb at least in the short-term even if the uptrend in bond prices

continues? take a look at an interesting way of looking at one of the effects of these extremely low yields this is the ratio of the xlf, the overall financial sector, and then the bkx is the banks. the banks are within the xlf and this is the overall, and it shows you the massive outperformance of every other kind of financial against traditional banks. the early peaks are the 2016 kind of recession scare that we had, the diamond bottom famously this obviously was the flat yield curve going into a recession last summer. so now you're at an all-time high what is performing berkshire hathaway is holding up and a lot of the brokers and capital markets and exchanges are holding up but this looks like perhaps there is some reversion here and banks might get some relief before too long. >> mike, thank you so much for that look forward to discussing it in detail a little later. up next, jeff oven says we may be seeing the death of value

investing. as we head to break, a quick check on bonds interest rates lower across the bored as the ten-year yield hovers just around the record low. we've sort of bounced back as equity momentum has picked up stream the dow is up 1,062 points right now. still negative for the two-year and five-year. we'll discuss all of it coming up on "closing bell. >> announcer: the bond report is sponsored by pimco

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and accessoriesphones for your mobile phone. like this device to increase volume on your cell phone. - ( phone ringing ) - get details on this state program call or visit >> value investors getting hit, the value etf down 7% this year and underperforming the s&p which is down less than 4% here's what jeff ubben had to say on "squawk on the street." >> we had gone to the longest duration asset in priced as if it's always going to be this way, and it's been going on for five or ten years. so it's kind of the death of value investing to a certain extent because the world becomes kind of valuation agnostic, and

once you kind of lose your connection to intrinsic value. and what is intrinsic value with it's discounted back at 1%, right? once you lose that, as a value investor, you kind of lose your bearings. >> right now joining us is value investor scott black, president and founder of delphi management great to see you >> thank you. >> thanks so much for joining us i guess it is a little bit confusing. we just talked about the short-term and the coronavirus selling and bounce, that the two sectors that fell the most, banks and energy, are the ones that are bouncing the least. they also happen to be value sectors. what do you make of that >> well, at this point i wouldn't touch either of them. you can buy value stocks in the technology sector and i think you can buy some very good companies. they've fallen apart recently. we already own things like kla and lam and i think they'll

continue to do well because it's greater earnings per share growth over the next few years it may be delayed a quarter or two because of the coronavirus, but they're reasonable the one i like now that i just bought on monday was oracle and just before i came on i heard somebody upgraded it but the stock was around $48 a share and for may of next year we have them with only 3% top line growing at $4.25, that's an 11.5 pe. that's the lowest pe that oracle has sold at in years and they have only 15% exposure in asia so you're getting a pretty good play without a lot of risk. >> raising the target to 61 and part of that was the relative insulation from coronavirus and recurring revenue. is that a factor that you're looking at when it comes to your investments and what you're buying right now >> yes, absolutely i mean, it's good. disney is a great company. we've owned it for years

but it's too soon for somebody to put new money into disney we have cruise ships and theme parks and people are going to stay away. another stock was ups. the stock is down from the high 120s, it's in the low 90s and going to earn $7.90. it's 11.5 multiple and the company has a 4.5 dividend yield. that's the lowest multiple that a company like ups has sold at in years so there are opportunities but i would definitely avoid energy because world demand is way off and if opec cuts a half a million barrels, you'll still probably have an overhang. and the banks is net interest margin compression with rates so low here and the fed being so accommodative with the long bond at 100 basis points, it puts a lot of pressure and there's not a lot of non-interest income to

offset it. you may have some increase in re-fi mortgages like wells fargo or chase manhattan, but that's not going to offset the non-interest margin compression. >> what do you make of the airlines they're incredibly cheap at the moment. >> i've never liked the airlines i always thought it's a capital trap business. it's capital intensive and labor intensive. you've got a benefit right now from fuel prices being down. but until we know the extent of the coronavirus and how long it's going to take to remedy the situation, i think it's dead money in the short-term. i certainly wouldn't race out to buy it when there are other companies that have better growth aspects with less exposure >> yeah, the ten-year yield, scott, at 1% or even below 1%, what does that do to your outlook, to value investing and to where you want to be putting money, if that is a relatively long-term phenomenon, which lower rates have been basically

since the crisis >> that's right. what we've tried to do is buy growth companies at low multiples. the one area we own a lot of which will benefit are the housing stocks, because obviously mortgage rates, the 30-year conventional will probably come down to about 3.25 so it's safe if you've bought d.r. horton. they're well run companies and i think housing is domestic. we don't really have to rely on lumber from china. we can get plenty of it from the united states and canada and i think those are safe havens also in this type of environment. >> just quickly, what do you say to the main point that we heard from jeff ubben there, that with rates so low and trying to work out which stocks are attractive, that value stocks become in a relative sense much less attractive than maybe they were 10, 20 years ago when calculations perhaps were more prominent? >> yes, he's absolutely right.

ever since 2007, value stocks are systematically lagged growth and small and mid cap from 1946 onward had done very well, large cap has dominated small and mid cap. so i think he's right. there's another factor when i started in the business in 1980, there were 10,500 u.s. publicly traded companies. we're down to 2600 publicly traded companies a lot of companies are in etfs so all the companies, good and bad, get bought up so it's hard to find the inefficiencies than it was in the 1980s and 1990s. you have to buy growth companies but you have to buy them at cheap prices but i would agree that the value motif is not what it was 20 years ago. >> thanks so much for joining us. >> thank you very much for inviting me.

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welcome back >> from a trading perspective, you have a very obvious level to trade against. let's take a look at the chart i requested candle sticks, cnbc came through for me. let's look at the gap here that is very obviously a bottom hammered out what they would say is a hammered bottom and so you can play off that gap, which is about 290. if you see that stock get back into the gap, it tells you the buyers did not come in where they should have and you can exit the trade with an 8% drawdown from this level right now. i like that risk/reward because this could be a $400 stock so if you are a trader and you want to take advantage of some of the recent volatility, costco is as good as it gets.

even if we have a pandemic that will be one of the beneficiaries of the consumer dollar they will be stocking up on supplies that has already started so i would be long here and i would use $290 as my area where i would say i'm wrong, the market has taken me out of the trade, so maybe $388, $389 i think it's a good risk/reward. >> kroger is out with earnings tomorrow up next, uninterrupted coverage of the final minutes of trade. we'll be right back. shouldn't you pay less when you use less data?

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>> not all investors are feeling euphoric hedge fund manager bill actman told his investors yesterday he's hedging his portfolio to protect against the unstashl negative impact of the coronavirus outbreak make sure to check out this full story. mike, i come to you first. it's a massive bounce today. interesting to see what is bouncing we mentioned this earlier. financials and energy by far the

worst-performing sectors on the downside and also the worst performing in terms of the bounce. >> it's quality, somewhat defensive stocks and yield stocks so it really is a matter of we want to reload some kind of exposure given the fact that maybe we got sold out a little bit near the lows. but it's not so much a cyclicly aggressive risk-seeking trade. i don't know if you want to extrapolate that obviously health care is an individual story that gives things a more of a stable defensive tone but first of all, s&p is almost back to where we closed last wednesday. we've had an average of a 4% daily range since then and we've round-tripped to last wednesday. so i think that's why bill ackman says he's hedging people are loading up. >> it only took a 50 basis point rate cut to get it back to where we were last wednesday. >> the fed got a lot of heat yesterday because the market fell a lot it was an ugly day and everyone said the fed is out of bullets,

can't do anything. but we had two big gains in the last ten sessions. one came into the fed and one is coming the day after my point is don't make too much of the action on the day where the fed does something. >> with the markets swinging, you have to encompass such a wide range of possibilities, one being the fed is what is the point of the cut, and maybe we didn't need it maybe this thing is temporary, in other words. >> we have to see what happens airline ceos meeting at the white house today to discuss the coronavirus. phil lebeau is there with more phil. >> sara, this is news that we had today at the white house it was not involving the meeting of president trump with airline ceos it came from united airlines announcing just within the last hour that because it is seeing a rampant and substantial drop in demand for future flights, it's adjusting its april schedule and adjusting it dramatically. international routes will be down 20%, basically

international seat miles down 2%, cutting the schedule by 10% and it's going to be parking some of its wide body planes the airline is also trying to cut costs by offering employees unpaid leave of absence. no estimate in terms of how many the company expects to take the leave of absence it's also instituting a hiring freeze if you look at american, delta, as well as southwest, keep in mind the ceos were here at the white house to talk with the president and the task force about the efforts made by the industry to make it safe for people to fly and to track people coming in from overseas who may be infected with the coronavirus. so as a result, that story largely overshadowed by the news from united within the last hour where united is saying it will be cutting its schedule substantially in april don't be surprised if you see the same thing from other airlines in the next few days. >> thanks so much for that josh, do you hold these guys

directly or do you get some exposure via berkshire hath way. >> i think buffet has between 4% and 10% of the three majors. i don't really have a strong sense that we're going to see a recovery, even in -- like let's say this whole thing blows over in a week or two, this is the kind of thing that will linger into the second quarter, just historically speaking. so i just feel like what is the rush if you really need to be in these stocks, it's not like they're selling at four or five times earnings the e in pe ratio is surely going lower even though estimates have been cut. i don't see any urgency to jump in i acknowledge they're better than they've ever been as an industry i get all that. >> expectations are on the way down so josh's points they all look

super cheap. i think you can spin it slightly to the positive and say they're cutting flights, they're not deciding all-out price war is the way to do this >> you have to think they would be giving cheaper fares. >> jet blue is like, listen, don't be afraid to book. we are not going to charge you a fee if you need to change your date that's smart that's what they should do so i doubt volumes are completely dropping off a cliff. but this could be ugly for two quarters, not one. >> we are up over 4% for the s&p and the dow, with just under four minutes left. we've had a sharp drop in yields that's prompted some borrowers to rush to refinance. >> it was a huge week for the mortgage market. the average rate on the 30-year fixed fell from 3.73%. rates hit a record low to start this week. that drop caused a 26% surge in

weekly refinance applications. volume was nearly 224% higher annually i spoke with the ceo of quicken loans. he said they had a record day monday and tuesday he did not, however, think the fed's rate cut was warranted >> when we look at the economy and borrowing rates, rates have been great the ten-year treasury was in a great position so an additional rate cut at this moment in time may not bring the benefit that we were all looking for. >> mortgage applications to purchase a home were actually down for the week as buyers weigh the benefit of low rates against the fear of how the coronavirus will hit the economy. back to you guys >> diana, thank you. mike, what are you seeing in the market in terms of -- >> they've improved as we've gone in. there's been a whoosh of index buying, but a lot of times people want to see something like 90% of all volume to the

upside we're not quite there, but obviously very positive. we were talking earlier about the quality tilt toward the buying look at low volatility etf and you see over this week, actually, and you see obviously it's very pronounced story right there. and then the volatility index is playing along. it's down in the low 30s right now. it looks like it's made a pretty, you know, dramatic peak on that chart. the issue is the market has been too volatile in both directions. it's hard to see it receding too much sooner. but it's going in the right direction. >> we've got just about two minutes left of the session. let's check in on bonds, rick santelli >> well, the last hour is making a difference on the longer maturities look at the interday, still down 4 basis points as you move down the curve, yields keep moving higher. it's now up 3 basis points and it looks like we're not going to get a historic close and all the spreads are steepening 36 is the steepest since june of

2018 steepest in september of '17 so we're going to continue to watch the long maturities gain traction, and bertha, this last rally put us into the green for the year. >> yeah, and it looks like we're going to stay there into the close. apple in fact, back positive just shy of yesterday's high following the surprise rate cut. chips have been strong today, the best day in two years. and we're also seeing a big recovery when it comes to health care the drugmakers, biotech also seeing the best day in two years as bernie sanders's chances of winning with his medicare for all seem to ebb on some of the health care services as well riding the rally bob. >> we are just melting up. meltu melt up, melt down, consumer stables, home builders even outperformer

bertha named all the drug names. we even see credit card companies doing well again, back up they were under pressure for a while. big move up. we are closing the day at the highs, dow jones industrial average up almost 1,200 points, the s&p 500 a 4.2% gain. welcome -- sorry. >> welcome, everyone, to "closing bell" on a big rally day. we're both pumped to be here i'm sara eisen. >> and i'm wilfred frost mike santoli also here. >> another 1,000 point day for the dow. this time up 1,171, 4.5% gain for the dow jones industrial average. all day it was higher. the low of the day was up 300 something and then just in the final hour we saw session highs and closed right up there, 1,172

points s&p 500 gaining as well. all sectors within the s&p higher on the day. good for a gain of 4.2%. 2% gains at least for all the major groups utilities, health care, consumer staples, all seeing gains of 5% or more. in getting back in the black for the year keep in mind if you look at some of the gains and the losses, it's been so volatile just where we are right now we're about 8% off the record highs for the s&p 500. and for the nasdaq, about 8.3% russell index of small caps. also joining in the party, not to the extent of the other major averages, up 3% on the day our "closing bell" closer is campbell soup ceo. campbell has had a great ta. his take on coronavirus and where we could see a soup surge as people rush out to buy canned goods. >> so they should. it's very good soup. plus an exclusive interview with

former vice chair don kohn joining us to talk about the market today, alicia la vein is back, strategist of new york melon investment. >> and josh brown. another strong day is it encouraging if you're looking for a bottom to see days like this? >> i think it's encouraging for the market to be able to put some distance between itself and the friday lows which were the lows for this move down 15% from the highs in just seven days so that's positive the issue is if your premise is let's consider that the low, you're now 9% above it so you're kind of to go ling around i think in an abstract way it's not necessarily the healthiest market tone to go up and down 4% a day. but it is understandable given how stressed and washed out the market was the best explanation for today was the news hasn't gotten bad

enough quickly enough. >>. >> we have rallied here in the u.s. than the rest of the world. >> it's true it was a much more concentrated decline. and we came from a more richly valued position. so it's hard to necessarily see if it's enough or too much or we have more to go. i do think it's important to keep in mind, though, we just round-tripped to last tuesday. literally that's what we did in six trading days, went nowhere but travel thousands of down points along the way. >> i think the question is why is it fundamentally justified. in other words, has the news been, i don't know, calmer has it relates to the coronavirus coronavirus fears or is it just that the stimulus is coming from every corner of the globe from central banks? >> here's what we're telling

clients. it's not that long -- you don't need a long memory to go back to the 18-month period of zero forward progress for the market. february 2018 with the onset of the trade war, you were not making the new record high until the fall of 2019 it's a year and a half of big ups, big downs, lots of volatility along the way and i don't know if you remember this, but just like you see the market lurch up and down on new cases of coronavirus, we were doing the same thing on china might have lunch with larry kudlow like we have seen this before. don't fall out of your chair if we have these big rallies, right back up to the top of the range, and then oh, no, they're canceling open day of baseball, or something to that effect. so i'm just saying like calm down, you don't have to have an opinion on every 4% up or down you certainly don't have to express your opinion on your brokerage account. see what happens let things develop maybe do some buying on the

worst days and lighten up a bit on the best days and remind yourself we've seen multiple-year periods of no progress, lots of volatility it does happen. >> alicia, where are you standing on all of this? >> i think i have to agree with josh here. >> that's it, you're all good now. >> i find it really hard to believe that at some point we're not going to re-test some of the lows we saw. because aside from what happened at the end of 2019 and 2019, which was a true u-shape recovery, normally you get some testing and we are really in front of some of the worst news going forward in the sense of maybe schools closing down or firms preparing for workers to work from home really depressing demands in the u.s. so you saw the headlines that we haven't had yet. >> what level of bad news? as mike said, we are 8% or 9% above friday's interday lows what takes us back down to that level? >> i think something where you have some sort of actual attempt at containment in a

municipality, a school district. something like that. not that we're going to become china, but if there's a real attempt to contain this thing, because it's clearly contagious. if there's an attempt to contain this through containing economic activity, that's really the worst case scenario. right now the market is pricing the gdp in this country of more or less around 1%. that's going to be the hit that the market is pricing in right here and you're seeing it in yields. >> i think we also have to talk about politics because the biden bounce, clearly that was good for stocks today how much of it was that? we don't know exactly. but that's been out there. >> i'm just glad his last name isn't selden you have to look at big events so the point that you're making is spot-on south by southwest, is that happening? that affects corporations, tons of people, all kinds of travel, the hospitality industry these are some of the things

that i completely agree, those types of headlines, they might not trigger people to sell, but the algos are going to go nuts. >> even if we don't see that type of economic restrictions here in the u.s., what if china's gdp for q1 and europe's is significantly worse than people expect? does that spook the u.s. market or not do we have to see something majorly economic activity domestically >> italy nobody is expecting anything from economically i hate to say that but china, yeah, china is the ball game. so yes, i think that's absolutely something that people are paying attention to. >> i think the assumption is that it will just bounce right back. >> right but we'll have to see if the number we got this morning -- >> somebody is buying those chinese equities hand over fist or not letting you sell. i can imagine an insurance executive getting a call in china like hey, guys, do a little more buying today

>> despite the rally today, major averages still all finish the session about 8% off record highs. credit swiss out with a note outlining signals. some include the coronavirus infection rate peaking in europe, coordinated central bank policy, we've seen easing in china and the u.s. but not yet in europe or japan we've seen it in other places like malaysia, canada and australia. and lastly, large investor repositioning, which credit suisse says has not yet occurred mike, where do you stand on some of these key factors >> it's not clear to me that the market is going to just wait patiently and see if this stuff falls into line. it's going to attempt, as today, to look on the bright side of the probability spectrum and say maybe we've over-discounted. we have gotten some policy

response congress writing an $8 billion check as a gesture they're on the case and the fed lowering the rates. it's certainly worth remembering that the bottom is a process and usually there's lots of give and take in it and to be agnostic as to what the correct path is from here. >> so the coordinated central bank action is pretty intense. bank of canada going for a double today, which was a surprise, just like the u.s. did yesterday. what would be your advice to investors as to how much the central bankers can do to prop up markets >> so we're actually of the opinion that i know there was a chorus yesterday that the fed took the wrong action. the fed took the right action, even though it might not help in the short-term meaning the market was chancing in a 100% chance of a base cut this month so they had to move in order to support the market but the thing is what really can help is support for the small and medium-sides businesses in

this country and to prevent a credit event because the longer that this goes on and the longer that people curtail their spending on services, the greater likelihood that you have businesses going under. and what can really happen is some combination of regulatory and fiscal to help support these businesses, to get through the air pocket that we're almost certainly going to get. >> how realistic is that we've got a democratic house, republican senate. >> that's the interesting thing. you could see a situation where perhaps that won't be so easy to do but something like that would be a fundamentally supportive policy that could help the economy get through the air puerto rico becau-- pockets >> you could be a bit more supported in europe because that's sort of targeted fiscal report that does tend to come more redly than the u.s. mike, quickly, how has credit held up? >> today it rallied hard it was never really at the epicenter of this.

it really was sort of giving you a little bit more of a bright side view, even at the low so it's done its job credit spreads have tightened up and that was never really in panic mode the way equities were. >> josh, do you buy a group -- do you write utilities, staples, that are already such high valuations but seem to be in demand >> i've never abandoned them i would stay there i think for a lot of reasons they work. and the reality is when you look at a portfolio of public real estate you can always then take a magnifying glass and say they have a stake in this, that might not be so great in this environment. i think that's pretty getting too cute so i think broad ownership, for most people i talk about the vanguard etf it costs almost nothing and does the trick. it may not be fancy or sexy, but that's a way to get exposure and i think with rates going low, having no reason to go back

higher any time soon, that should still work. >> you have a low rate pick? >> i would agree health care for sure, obviously the play was today we're not done here just because a lot of the risk has come out on the fundamental story financials, we think you do get to other side of this. but you do some to the other side of this tech obviously and then also staples. you have to be in staples. everyone is buying purell. >> alicia, thank you josh brown, thanks for the laughs. >> stay safe. >> you, too. >> up next, former fed vice chair donald kohn, tells us why he thinks the coronavirus could put extra pressure on the banks. plus shares of campbell soup up more than 10% today. the ceo is today's closer. he's coming up keep it right here we're back in 90 seconds imagine traveling hassle-free with your golf clubs.

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shipsticks.com saves you time and money. make it simple. make it ship sticks. and when you open a new brokerage account, your cash is automatically invested at a great rate. that's why fidelity leads the industry in value while our competition continues to talk. ♪ talk, talk the federal reserve jolted the market yesterday, announcing an emergency rate cut, a move that was last used during the financial crisis with canada following suit today world bank and the imf both announcing big relief packages as well. we spoke earlier with imf managing director and asked her whether the economy needs more monetary accommodation globally. >> in terms of how we set priorities, it goes in the following order. first, health systems and response

second, fiscal measures to ease the impact on businesses and households make sure that we are thinking about it now third, liquidity we do want to be sure that credit lines will be available when they're needed. >> joining us now is former federal reserve vice chair donald kohn. very good afternoon to you thanks for joining us. >> thanks for having me back on, wilfred. >> we've been debating for the last sort of day and a half whether the fed made the right choice to cut by 50 basis points in the manner that they did. where do you stand on that >> so i think they did make the right choice i think that was an appropriate move i think it's right to get ahead of these risks, not let them come down on you especially when you have limited room on your interest rate it's wrong to save your ammunition, to save your policy space. you can get caught in a

deflationary spiral if you don't move actively and appropriately in anticipation of what might happen and especially with inflation below the target, the costs of moving aggressively are much lower in that case if i were going to make an error now with the uncertainty about how deep the disruption will be, how long it will last, i would err on doing too much. you can always take that back. >> but do you think that in any way there at the mercy of the markets, and if so, do you think they'll be forced to cut geagai on march the 18th? >> i don't think they're at the mercy of the markets i think they do need to take account of what the markets are doing, because what the markets are doing, both the credit markets and the equity markets, affect the cost and availability of credit to businesses and households so if they see credit tightening up, if they see the cost of

capital rising, they have to take that into account in what they're doing. but they are by no means hostage to the market. it's one of many factors that they need to look at >> you say that they can easily take it back if they need to how exactly would that work? especially in an election year >> so i think we would have to get to the other side of this event, right so you would have to see how the corona situation was playing out, how much disruption it made, what effect it was having on the economy it's going to be temporary we don't know how long or how deep, but it's temporary when you come out the other side, you make another forecast, you see where you are and u set your policy at that time so i think there's -- every time they meet, they can make a difference decision based on what they're seeing. >> where do you stand on the

possibility for very low growth if it materializes in japan and china to drag the u.s. into recession or does the u.s. have to see significant domestic supply and demand shock for that to occur >> so i would be doubtful that low growth in the rest of the world could drag the u.s. into recession if the u.s. wasn't suffering from other things as well, like the coronavirus disruption but it certainly will take a piece out of the u.s. economy. it may be a small piece, but it will be one piece. it's one of those factors on the demand side of the economy, the demand for u.s. exports would be lower, that the fed needs to factor in when it's thinking about it's monetary policy >> we've been getting some great data today's services data at a one-year high in the u.s how much would it take to tip the u.s. into recession?

we hear things like conferences being canceled and business travel being canceled. how much of a slowdown from the consumer and from industry would we really have to see before we could talk about recession, if at all >> i think quite a substantial one, quite a substantial slowdown because as chair powell emphasized, the fundamentals of the u.s. economy are quite good. we had good news on the job market today so we'll see what happens as the week goes on but i think the fundamentals are good it would take a lot to drag us down and the other thing we need to think about is when we define the word recession, we usually think of a big shock to demand that's driving unemployment way up here we're talking about a supply disruption, for the most part not entirely but a supply disruption. people who can't come to work, supply chains disrupted.

this is a temporary factor it will go away over time. so i think talking about that as a recession as we normally talk about recession isn't helpful from an analytic perspective and the fed, as chair powell said, the fed can't cure the supply disruptions it's looking t a the demand spillovers from the supply disruptions and it may help to cushion that. >> great to see you. thanks for joining us. >> thanks for having me on. >> don't forget cnbc's special report tonight "markets in turmoil" at 7:00 p.m. eastern. you don't want to miss that. now, fear versus greed, we'll look at the latest readings on sentiment to find out where investors think we're near a bottom after the recent swings. >> plus campbell soup's ceo mark clouse is today's closer we'll talk about how the coronavirus is impacting behavior "closing bell" will be right back

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wee've got a pair of earnins reports. >> let's start with marvell

posting a beat on the top and bottom revenue coming in at $718 million, the expectation had been $711. the company also pointing to coronavirus. the ceo is saying that our guidance for the first quarter of income 2021 reflects a reduction of approximately 5% of revenue to account for coronavirus impacts that we are aware of so far. also saying that the first quarter guidance takes into account the u.s. government's export restriction on certain chinese customers, so given that ongoing uncertainty associated with the coronavirus, they've temporarily widened the guidance range on revenue let's turn to american eagle that retailer also posting a nice beat on the top and bottom lines. let's start with revenue $it came in at 1 punt 31 eps was also a one cent beat you can see the stock is up about 7.5% i'll send it back to you. >> thanks so much for that stocks soaring on wall

street add after the sell-off yesterday. joe biden's big win in the super tuesday primaries overshadowing ongoing coronavirus concerns let's get to meg terrell for the latest on the outbreak. >> the case numbers now stand at more than 95,000 with more than 3,200 dead italy is now reporting the most deaths of any country outside china at 107 total schools and universities to be closed to march 15th to try to limit the spread in uk a 67% spread to 87 in the u.s. numbers rising to 140 cases. the 11th death here reported in california today and in new york case numbers rising in association with a patient in west chester county identified yesterday in addition to the patient's wife, children and a neighbor, his friend and his friend's family have also all tested positive, bringing the state's count to 11. as testing capacity expands,

experts say they continue to see cases rise and raise concerns with health care workers having enough protective equipment. congress putting together an $8 billion funding package to combat the virus sara, back to you. >> meg, thanks go back to mike santoli for a third dashboard of the day after a big surge in stocks. >> a big surge and of course aller naturing with big declines checking into the sentiment backdrop for investors, which is the old fear and greed index this is not really sentiment in terms of people's mood it's about market based indicators of risk aversion, fear and that's showing you we got down to around the 13 level. it's pretty low on the chart it obviously goes from zero to c than we were at the lows in august and september and what i want to emphasize

from early 2018 is once you got down to those levels, that was most of the decline in place but not all of it. you sort of chopped around and had false moves to the upside. there's nothing decisive, but certainly low on the chart take a look at investor's intelligence weekly survey of investment advisers and this is bulls minus bears. so we're back down to levels we saw in early 2019. but again not really washed out if you're talking about major and longer-lasting decline we've made some progress in the sentiment front but it's not decisive if in fact we don't come back quickly in the market. >> thanks so much for that another earnings alert, zoom video is out >> zoom video beating on every measure and upping its q1 and fiscal year epf and revenue guidance as you see, the stock is down about 10%. this is a stock ha has run up 70% year to date so expectations were extremely high. coming in at 15 cents versus 7

cents, revenue also above what the street was expecting at $188 million versus $177 million. q1 eps guidance and revenue guidance also above fiscal year eps guidance, they're heighting a range of 42 to 45 cents versus the 30 cents that were expected. revenue got under way higher than expectations. interesting in the entire release we did not see one single mention of coronavirus. of course, it has been part of this stay-at-home portfolio, one of the hottest stocks of the year but remember it's valuation has really risen this year it is expensive even relative to some of the premium cloud plays. so we're seeing the stock down 10% despite the good results and good outlook back to you. >> thank you down 10% after hours had a huge run-up on coronavirus fears, keeping people using videoconferencing instead of

going out. >> it always seems like a little bit too much paint by numbers when people are saying who is going to benefit from this crisis that we're going through and everyone flocks to the exact same stocks. it goes to $70 up to $117 in eight weeks or something like that. >> if you are doing international meetings by a teleconference, i mean, world bank meetings are now going to be virtual. >> there's no doubt that there's a trend in favor of it but you're talking about a $32 billion market value so i think when they report results it reminds people what the actual size and scale of the business is relative to the size of the market value. >> down 8% relative to having been up 17% year to date before that kind of puts it in perspective. >> before we head out, a check on the closing bell big board. the dow having its second biggest point gain ever. the biggest was less than a week ago. dow leaders, 30 out of 30 dow

stocks closing higher. unh the biggest winner after bernie sanders came in second to joe biden. that stock had been hit hard on the sanders' momentum. american express had also been battered lately on low interest rates. that stock did well today. pfizer, overall the dow closed up by 1,173. still ahead, soup is good food that's, i guess, a slogan from when mike santoli was young. it's also been a good investment during the coronavirus outbreak. up next, today's closer, campbell soup ceo tells us how consumers fromtoping sckli supplies and whether that's impacting the business

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welcome back time for a cnbc news update with sue herera. >> hello, everyone vice president mike pence speaking to health care ceos about the nation's response to the coronavirus. pence saying the trump administration is making sure treatment is available and hhs a test for the coronavirus to be an essential health benefit, which ensures that it will be covered by people's private health insurance, it will be covered by medicare and medicaid, and we'll continue to work in that way. >> all sporting events in italy will take place without fans present for at least the next month. this is a result of the

government's latest effort to halt the spread of the coronavirus. italian soccer league games are likely to resume this weekend after many had been postponed due to the outbreak. here at home, the death toll from the terrible tennessee tornado rising to at least 24, with more than a dozen people still missing. an army of volunteers mobilizing to help survivors, which is appropriate since tennessee is indeed the volunteer state you are up to date that's the news update this hour sara, i'll send it back downtown to you. >> sue, thanks shares of campbell soup on a tear today, up more than 10% after posting top and bottom line beats and raising full-year profit guidance. campbell soup ceo joins us now he is today's "closing bell" closer great to see you so it looks like soup sales were up a percent how much of that was stockpiling and virus concerns >> well, really, sara, first, great to be here

thanks for having me back. the second quarter results that we reported today really had no impact at all from the virus if you think about how that has unfolded over the last several weeks and that we closed the quarter about a month ago, those soup sales numbers that we saw today were driven by successful marketing and programming as we navigated the holiday season through thanksgiving, through the christmas period into the new year so although we've seen an uptick in demand in the recent week, the results we reported today are really on the base plan or the organic performance of the business. >> tell us a little bit more about what you've been seeing in recent weeks, the stocking up. >> yeah, i think certainly in the last week or so, and of course it's always a difficult challenge to try to predict what's going to happen in these situations, over the weekend we did see some demand pick up and we've had conversations with several of our retail partners

to try to collaborate together to understand what that demand will look like it's still fairly early days to know how that will sustain over time and so for us as a company, i would say we're focused really in two areas the first and perhaps kind of goes without saying, but our top priority, of course, is the safety and health of our employees. so in certain aspects of travel, we have restricted nonessential business travel and certain travel to areas where the risk is higher, we've restricted that travel and making sure that the communication flows pretty smoothly i think on the business side of the equation there's really two aspects that we're preparing for. one is our ability to continue to manufacture now, it is clear after the divestitures in the portfolio, our international exposure is significantly less than it used to be. regardless of that fact, we still source about 10% of our resources from overseas, a little under 2% in china so we're working there to ensure

that we have alternative sources if they're single source, or if we're able to find an alternative ingredient we're working through that and where we can't, we're working on building that inventory. then as it relates to demand, we made the decision last week to begin to up production in certain areas where we're using a little bit of the onanalogy of natural disasters, where do we see demand coming in at a greater rate and we've upped the level of production to be able to maximize our inventory to be prepared for whatever unfolds. and this is a tough situation and i think part of what we want to be doing is being a great partner to our retailers and trying to ensure that we have as much product as we can for our consumers. >> mark, putting coronavirus in the most recent weeks aside and clearly the performance, the stabilization in soups has impressed the market in the one percent growth in particular but is that as good as it can get for soups, one percent

growth or so in the next couple of years >> well, i certainly hope it's not. and i think what the strength of what we saw this quarter -- and again, i always do a little bit of a caveat here to say that turning around this business as we've always said is really going to take us several years to get all of the pieces together but i think what's important about this quarter is that where we focused, which was primarily on our condensed business, we were able to see positive response to the advertising and probably more importantly for the future, was we were able to see a gain in-house hold penetration and that penetration was coming from younger consumers, millennial households, where i think a lot of people are asking the question whether we could do that with condensed soup and given what it represents from a margin standpoint for the company, this was an important first step having said that, we were doing a lot of heavy lifting to reset the foundation of businesses like our ready-to-serve. and as we get that foundation set and as we go forward, we

expect that to be a contributor as well. and also our pacific business, which had been really struggling to maintain capacity for demand, we've been able to get that back on track so i hope what you're seeing is some proof points early, but over time we continue to bring the whole power of the portfolio to bear, as well as some innovation, that as you would imagine, is takes us a little time to get there. >> no, it is a turn-around story, no doubt about it and people did not think millennials would be buying cans of soup. there are still some questions about the structure and investors and analysts want to know whether there's enough synergy between the meals and beverages and snacks business and why you keep them together how do you answer that >> right i think as we think about the future and we talk about strategic options, all roads lead forward through better performance and stronger foundational and fundamentals on these businesses so our orientation right now is

really driving this new structure we've put in place, which is designed to focus on one geography, two divisions and 13 categories. this is enabling us to really bring to bear all of our resources, whether it be financial or our human resources, to really focus on what they need to win there. i do think the benefit of the portfolio and the scale that we're seeing is that we do have an opportunity with an accelerated growth strategy behind our snacks business and a more stabilizing and marjle growth on beverage, that the two can work together enabling us to create a profile that is very attractive and has a lot of opportunities in which we can win. >> quickly, can you just give us color as to who is benefitting the most in terms of the retailers you're selling to on the stockpiling of soups is it drug stores or grocery where do you see it most >> i think it's pretty widespread as we look at the impact over the weekend, i don't know that i

would yet call it a trend. but i do think in moments of uncertainty, i do think we're starting to see that tick up and are going to watch it closely. but you're actually seeing it in our online retailers as well as traditional retailers. you are seeing traffic in other areas. for a lot of people that may not want to be out shopping right now, a logical answer is to get online to your retailers or your click and collect with our traditional retailers. so we are seeing demand pretty broad on the channels and not specifically in any one particular area. >> got it. mark, thanks for joining us. >> thank you, sara >> mark clouse with campbell soup. >> now some breaking news on coronavirus funding. >> wilfred, the house now has more than enough votes to pass the roughly $8 billion emergency spending package to respond to the coronavirus. currently there are 412 members who have voted in favor of the bill both republicans and democrats

are shown strong support only three republicans voting against it so far. it does need a two-thirds majority in order to finally pass some of the key provisions in this package close $2.2 billion for the cdc, including $18 billion for the state and local state. $1.25 billion will go to the state department and small businesses that are impacted would be able to access up to billion in loans from the sba. now, vice president mike pence was briefing members of both parties in the house just shortly before this vote began he said there was a spirit of collaboration and cooperation during those meetings and that's reflected in the strong support that we're seeing for this package today. guys, the senate is expected to vote by the end of the week once the house finally passes this bill, guys. >> thanks so much for that now, he spent half a billion in

his presidential run, but mike bloomberg is ending his campaign after a big defeat on super tuesday. the shocking amount of money he spent per delegate straight ahead. >> announcer: cnbc news update is consered by come past days. take your business beyond at comcastbusiness.com. to collaborating remotely with your teams. giving you a nice big edge over your competition. that's the power of edge-to-edge intelligence. at snhu we value your time. and your experience that's why we'll accept up to ninety credits toward your bachelor's degree and offer discounts to active duty service members and their spouses finish your degree. s. h. u. dot edu.

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mike bloomberg quitting the democratic race, ending his brief but costly run for the president. >> wilfred, costly being an understatement michael bloomberg spent over $500 million in ad spending during the three-month campaign. that was more than twice the combined spending of donald trump, bernie sanders and joe biden combined now, he spent $220 million on super tuesday states alone so on a per delegate basis that worked out to $10 million per delegate you compare that to joe biden, who spent about $5,000 per delegate and bernie sanders who spent about $46,000 per k delegate bloomberg's cash will go to joe biden and today marking the end of the most expensive self-funded political campaign ever in u.s. history

guys, back to you. >> robert, perhaps acting as a little bit of warning, along with mr. steyer and howard schultz as well, but particularly bloomberg, a warning to other business leaders, entrepreneurs who thought that if president trump can do it, then i can certainly do it, too >> absolutely. and not clear whether it was because of the money that they were not well liked or whether the money itself cannot overcome a candidate that people didn't warm up to but you're right, money cannot buy votes and we learned that with all three of these guys. >> and debates matter. >> and debates matter. >> robert, thanks. >> thank you, guys. >> coming up, ti macveanagers have been making a big comeback recently we'll share some details when we come back. me a li intense. but now i practice a different philosophy. quickbooks helps me get paid, manage cash flow, and run payroll. and now i'm back on top... with koala kai.

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stocks in the mechanic momentum drive markets disadvantage them to some degree. it's interesting if you want stock picking you're routing for the market to get rougher for a while. >> thanks, mike. up next closing the gap, a startling number of companies in the russell 3,000 index of biggest companies have zero female board members and the number this year is a huge improvement of last year we're looking behind the problem of naming names when "closing bell" comes back we see harnessing natural gas unleashing the promise of clean energy.

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up next, markets soaring 1,100 points, coming up what to watch as we head to a new trading day. "closing bell" back in a couple. ♪ you should be mad they gave this guy a promotion.

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march is women's history month we decided to update the story about how many companies have zero female board members the results still lousy. 216. that's how many companies have no women on their boards in the russell 3,000. 7% and that's actually progress a year ago, the number was double now we found many consumer companies that indicator to female customers are among testimony them j&j snack foods. lacroix parent national beverage, all male boards, despite the fact gnat women drive 70 to 80% of consumer

purchasing in household. cryoport, at company offering fertility services popped out on the list and we're reached out to the companies and received no response when we asked why 13 consumer case facing companies have no female directors, better than the 29 last year. on the bright side some names adding a female board members, skechers, trip advisers added add few. pilgrim. it's shocking in the week corporate member of esg, of the gb in governance this gets at the issue. some companies don't feel pressure to act. it's no secret board diversity is tied to better performance. why is it happening. one reason is we looked to the companies and so many of them that have little or no female -- that have no no female board members have little or no female executives rev group making reviews and school buses no female examiner execs

even and a half star the c suite male ins it'sis insulated around the top. and the companies don't feel they need to do that. >> what do you make of the response from the goldman sachs that they are not taking companies public unless there is a woman on the board. >> it's certainly progress and i think you have that and you also have california now mandating it literally charging a penalty if you don't have a female on your board. there are steps in the right direction. but, again, it's not enough. many there are countries in europe they have to have 40% of the board female clearly there is a cultural issue. while there is pressure from investors a lot of the smaller companies in the russell 3,000. >> i waswondering how many of the almost 200 companies now do have a female board member this year versus last year are in california and they just essentially had to. >> skechers is one. >> had to do it. >> there you go. >> and we reached out to the one that shipped ibf services in particular they used to be in

california, moved the headquarters but any say that has nothing to do with why >> we will hope the gap keeps closing next year albeit progress slow. don't miss the report tonight market in turmoil. 7:00 p.m. eastern time massive rally up almost 1,200 points on the dow. that's do it for "closing bell." >> "fast money" begins right now. a rip roaring rally on wall street as the wild market swings continue welcome to "fast money" everybody another big night for you i'm brian and your traders tonight are tim, steve, dan, and guy. all right. look at in move, 1,100 points, call it the biden bounce, the stimulus surge, whatever you want to call it, call it another monster day for investors. the dow surging 4.5%, more than 1,100 points by the way, the second biggest point gain ever, of course the bigsz only monday with in move