were done and were nobody's fault. they said they wanted to do something a different way. it was a much slower process from a previous administration we did change them we made the changes. the testing has gone very well when people need a test, they can get a test when the professionals need a test, they can get the test. it's gone really well. the biggest thing we did was stopping the inflow of people early on that was weeks ahead of schedule weeks ahead of what other people would have done. other people, mostly would not have done it until now that's made a big difference >> are you planning to fire anyo anyone >> i think the people are doing a fantastic job. in fact, just today -- california said tremendous -- there's an article that came out. showed it to the senators.

i showed them other articles too where governors, democrat governors are saying we have done a fantastic job gavin newsome said there's not a thing he's asked for that we weren't able to get limb it was a positive statement. many democrat governors have said the task force and the federal government, what we have done has been terrific [ inaudible question ] >> this was unexpected this came out of china and hit us and many other countries. you look at the numbers. i see numbers just by watching you folks. i see it's over 100 different countries. it hit the world we're prepared and doing a great job with it. it will go away. just calm. we want to protect our shipping industry our cruise ships we want to protect our airline industry

everybody has to be vigilant and careful. be calm. it's really working out. a will the of good things will happen the consumer is ready. the consumer has never been in a better position than they are now. a will the of good things will happen thank you very much. >> the president speaking on capitol hill after meeting with members of congress to discuss what stimulus he intends to present or ask them to help him push through congress over next few days to help with the cor a coronavirus reaction. >> reporter: i didn't hear any specifics there from the president as he emerged from that meeting

it's a room where senate republicans have their weekly lunche luncheon that's the meeting that aides have been telling me would be krus crucial crucial. the president was going to bounce some ideas. the president not giving us a window into that conversation here as he emerged from the meeting other than to send a broad message to the american public people node kneeed to be calm at over react to this putting the coronavirus in the context och tf the the flu. the president does not want americans to over react or panic here he has said he's going to announce some major and dramatic economic stimulus ideas today. he said that last night. still don't have a time frame of what will be in the package just

yet. my sense is they are still working on the details behind the scenes it may be this 5:30 p.m. press conference here would be a venue where the president could reveal those specifics. we have not been told, for sure, that the president will do that yet. >> that was going to be my line of questioning last night. he did say that we would have an announcement today your reporting indicates this package is still being stitched together. >> reporter: that's right. i'm told some details are circulating behind the scenes. as of last night i was told they are not ready to move forward with a plan. the president was saying he would announce something that would be dramatic. i was told that aides were stunned when the president came out to the press briefing room last night and said he would have a press conference on the economic stimulus plan today because the aides knew there was not a finalized plan at the

point the president said that last night it's been many hours since last night and they have been working all through last night and today. larry kudlow and secretary mnuchin were in this meeting just now they said we'll have more details later today. we continue to wait for those. >> the president or his officials talked about help for the cruise line industry, for the airline industry leisure industry as well >> we don't know the payroll tax cut idea is one he's embraced. that's been pushed internally by peter navarro and others not clear whether there's a warm embrace for that idea on the hill we'll wait for leaks to come out and give us a sense of how the ideas were received. one big one that officials have not been able to answer is does

the white house have a plan for the oil industry those guys will be very badly hurt by the oil price since sunday the question is whether the white house feels they need to take any action on that or whether they simply feel that's part of geo politics and the broader economy and those industries will have to sort it all of the for themselves. >> thank you very much we'll see you latlater. we have already swung 1100 points in another extremely volatile day for the markets let's go to bob with the latest. >> kelly, president's comments not moving the markets but in the absence of coronavirus head lie headlines what moves the markets is comments on stimulus. this is 1100 points. dow movers, we see banks on the

up side. tech on the upside as well industries on the downside but this is all over the map it could be a completely different within the next hour i don't see a lot of very clear trends right now here. i want to give you a sense of what's going on in the energy area it's crazy today we had trading halts all the stocks were halted during the day marathon was halted three separate times you see them to the upside they started up and were down dramatically they've been all over the map. look at occidental it was halted on volatility halt it was halted right in the middle of the day right here for an entire hour when they had news pending they will slash their spending dramatically this is one of the things that people are concerned about the high dif densd on some of these companies. royal caribbean, same situation. three trading halts. here, here and here. when the president came out and said we're looking to providing some kind of assistance for the

cruise ship industry, the airline industry that's what happens when they do it moves on perceptions of some kind of stimulus program the president didn't say anything about helping the auto business or the rental car business look what happened here, by the way, is where the president started talking and there you see moving up even though no specific comments about helping the rental car business back to you. >> thank you very much stocks up up slightly after yesterday's massive sell off they had hard time holding onto early gains. the major averages have bounced back let's talk about the markets which jeff sought. gentlemen, welcome here. one of the things that's a lesson to me over the last couple of weeks is that it is rarely the things that you

anticipate that turn out to bite you in the you know where. i don't think at the beginning of the year, anyone expected the coronavirus was going to shave the stock market the wap it has. then when you add to that, i don't think many people expected a crude oil crash, the likes of which we got yesterday >> no. we had a trading sell signal from our short term model in mid-january. we wrote about it and said sell all your trading positions raise some cash in investment accounts i didn't think it would be this deep >> did you think it would be traceable to coronavirus >> the time we were dealing with the virus and joe biden surging in the polls >> not biden >> sanders correct. i had no idea that this crude oil crash that came out of the the blue it totally surprised me. >> julian, when did the coronavirus start show up in kro your thinking? >> at the end of january when we

saw the public pile sboog the technology stocks that had exposure to china revenue, we got cautious we suggested put options going out to march and april and frankly like jeff, we thought that the coronavirus would be a market, we didn't think it would be a something that has changed psychology as profoundly as it has these last three weeks >> how long will it take to shake off the effects of this sell off >> bottoms tend to be a process and they are function of time and price. it's like a heart attack patient. doesn't get up off the gurney and run the 100 yard dash. i think the lows are probably in i don't think we'll get right up and run the 100-yard dash either sdp you say we can trust the bounce we're close to the bottom here

you seem to say no you don't think we're at all there yet. >> what's interesting is your folks ask me that this morning when we were up 90 points in the s&p 500 and we responded no and we dropped 4% in a line. when you look back at february 28th, that down day was the shock day. yesterday, in our view, was the real outright fear day there were headlines dominated we expect a retesting day as we digest news of fiscal stimulus >> how much of that damage has been done to the psychology of what's been a dozen yearlong pull market? is it over? >> no. >> secular bull markets and there aren't many of us left around that's seeing it. 1949 to '66. 1982 to 2000, were there big

declines in '87, yeah. the bull market went on for another 13 years secular bull markets last 15 to 20 years they aren't interrupted by a 20 to 30% draw down i've been in the business 56 years and six years with my dad. >> you look good >> part of the reasons stocks have sold off to this extent and there's this buying opportunity is you do have to allow for a probability that it ended. we put it at 30% but the reason we think that 70% is that the market has not topped on a sort of multiyear basis is because every bull market has a very large level of public participation at the end that takes things to extremes

we just don't think what we saw in january and february was that type of extreme. with interest rates below 1%, we think it's the money that'sgoing into money market funds and fixed income over the last five to ten years will start moving towards stocks >> thank you very much glad to have you in the house. you do look great. president trump targeting the federal reserve pressuring jerome powell for additional rate cuts and calling him pathetic fast trader money guy told us yesterday we shouldn't be racing to zero. >> the administration wanted lower oil prices and they wanted lower rates. guess what, we got them. look what's happening now. last point, we have said it on fast money now for a long time i thought 1.4% in the ten year was the point of diminishing marginal returns in terms of what it meant for the stock market look and see what happened see where we are now

october, 2018, '19, when jerome powell was saying we're going to reduce this balance sheet and raising rates. i happen to think he was doing the right thing. why follow everybody uls down t -- else down the rabbit hole of negative rates >> this could be the end of the bond market as we know it on wall street. is it because liquidity goes away is it because pricing is distorted? tell us why things have gotten to out of whack. >> i guess what happens when yields get to such a low level like it happened in japan two decades ago. it's fewer and fewer people have an interest in the industry. have an interest in where is the ten year yield going it was down like a penny stock the other day. who has an interest.

it doesn't trade the same way. doesn't feel the same way a lot of the returns are 60% bonds will be 1% how is that going to work for anybody? i think they're kind of making a mistake. why are we trying it here? >> here's the problem is now we're stuck in a world where the fed cut to 1%. they're about to cut to zero sounds like next week or april they will never raise rates in that kind of environment what other options are we left with >> they've kind of opened pandora's box. now the market almost discounted 75 base sis points next wednesdy

how ridiculous is that what would that do no companies right now are trying to build liquidity. they don't want to boar reand invest in the future seems like a real mistake. i don't know hold up they back out of it. >> why are we pushing down to the zero pound is it because of the political pressure from the white house. is it because jerome powell thinks this is the wise way to go is it because we're not competitive with the low interest rates with other companies and losing out somehow? >> they have the same model. don't forget central bankers are always constantly talking with one another. i think this federal reserve when yields were 2.5%, they said ah-ha. the u.s. has monetary space to ease and help the economy. it doesn't seem to be doing that

much in other words, they think when they have rates of 1.25, they still have some room to do good but it's like wait, you have the wrong model. bernanke cut rates so fast and so sharply within a month, it did nothing. people were running for the hills. they wasted their ammo i'm fearful we're on that path right now. >> it's interesting to hear and we spoke with vince about this last hour. he said what would they accomplish by buying more long bonds or buying more mortgages the rates still low. there would be no point in them buying the long bond

you start thinking through what the financial, i don't know if impression is the right word, the hurt to the pricing power can look like. >> maybe powell isn't the right person because he was at that ngo, nongovernment organization looki in , looking at fiscal policies and things like that he's not in favor of modern monetary theory where there could be a partnership between the treasury and the fed in other words, there could be additional government spending but the yields aren't going to go up. >> if you look at wall street, they are clamoring for treasuries that's the only way they that could happen is by increasing the deficit.

they're already in distress due to electronics >> there's not enough money to be made. >> it's not the same interest. if you push yields down below 1%, we're not going to talk about yields in morning. >> you're not going to talk about yields and total return either >> i'm a fixed income economists nod, nod, wink, wink >> you just talk eed yourself o of a job oil bouncing back. the pain may be just beginning for the oil producers. we'll have that story. first, the recent market sell off noteworthy not just for its size but for its speed. the dow mum lplummeting 2,000 p

yesterday. we'll take a closer look at what could be causing these wild swings tomorrow. it's a day filled with promise and new beginnings, challenges and opportunities. at ameriprise financial we can't predict what tomorrow will bring. but our comprehensive approach to financial planning can help make sure you're prepared for what's expected

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several wall street firnls now reporting employees testing positive for coronavirus contessa has the details >> here is wall street getting hit by coronavirus and this time we don't mean money. barclays just announced an employee in its new york office has tested positive for covid-19 that's according to the barclays momentum morgan stanley has an employee in its office in purchase, new york has tested positive but has already self-quarantined an employee add black rock tested positive. they had been in quarantine since march 4th and has no symptoms steve cohen's hedge fund points a coronavirus infection in hudson yard. a statement says it's taking precautions and preventative measures to protect workers and

maintain a healthy working environment. they are splitting work forces to try to figure out how to keep people safe and you've got goldman sach's saying they are testing remote working to see how that works and try to isolate any gaps and identify them before that becomes an issue. >> we have been waiting to see if there's bigger response from man hat t-- manhattan, but if w hear about that more and more, we're going to expect to hear the mayor. he will have to say something. >> especially because even after self-quarantine there will be concern on the part of the employees but what happened before you self-quarantined. were you in the office then and was it possible even though you with asymptommatic that we might have the virus spread because of

that >> thanks for now. we'll continue to wait for more news let's get to volatility. the name of the game on wall street not only today but over the whole past month on february 12th, the dow hit an all time high. just yesterday, what was yesterday? march 9th. y just yesterday we had a 52-week low. it's led to a lot of investor anxiety. how much of these wild swings had to do with machines. greg, it's good to seep yo you we talked about this yesterday >> leets take a step back. there are all kinds of quant strategy some are buying and some are selling. if we're going to blame the machines for what's happened recently and you have to give

them credit for how profitable the market has been over the last few years they also dominated but yeah, machines, systematic trades, they have assen inp an inpullt, volatility they do it automatically and quickly. >> i've been thinking a lot about this we should thank the machines for creating this opportunity and bringing it to us, right also they have to learn on the go something like coronavirus, yes we've been through sars, swine flu but they have to learn about the reaction function as they go as well. are they giving the rest of us an opportunity or are they ruining that opportunity

>> depends who the rest of us are. say you're a small invesetor thn you would use these as opportunities. you keep your 60-40 and take advantage accordingly. it's another reminder. you just don't want to compete they are short term oriented a few days on average. you're going to be going up against them that's really not something you want to do >> unless you have a really big machine of your own, i guess few do i want to go back to what kelly was pointing to there and that is how the machines, the intelligence in the machines processes something that is as novel as the novel coronavirus and how do they actually work in practice in market situations like the ones we've just faced

are they looking at the number of times coronavirus appears in the headlines. how do they process that information and decide, collectively, bang, sell >> they're different types of quants you have some like renaissance technology that has data -- pricing data going back to the 1700s. they and others like them would look at similar type of periods. could be something like the spanish flu or those that behave similarly. others you have risk parody funds. they have different inputs say liquidity in the market. when liquidity gets bad, they automatically program -- preprogrammed by humans. keep in mind that humans do the programming. these humans have programmed it to sell under certain conditions maybe in the old days, it would be important

volatility was important aspect of how people traded it wasn't done automatically and as quickly as it does today. >> thank you very much we appreciate your time. >> no problem. >> now over for trading nation >> hello we are looking at the cruise stocks positive after the president said he will help the industry recover from the coronavirus fall out however, valuations for these cruise lines are at multiyear lows s&p today put carnival and caribbean on credit watch negative are they compelling to you enough to make you a buyer >> not yet if you look at the whole tourism segment, this will be painful but airlines will likely recover. people will get back on planes i think hotels will recover but i think cruises may have a hard

time getting back to levels that they currently are at which means these valuations don't reflect that new reality i'm waiting and seeing >> todd, yesterday was a historic day all these cruise lines dropped as much as 20% you've been conducting a deep analysis of these charts any names stand out to you >> sure. i hate to use this analogy but all is not sunk yet for the cruise ships if we look at the history of royal caribbean which we did hold in our portfolio, caught at the end of february, you can see with have a series of old highs here that was formally acting as resistance we are holding support carve value carnival is not looking as good. a series of double bottoms really need to stay above there.

we are a little more hopeful there's $120 billion travel budget for the baby boomers out there. they are taking more cruises if this thing were to subside, we might re-enter the position >> the cruise line ceos submitted proposals to the white house. thank you. for more trading nation head to our website our follow us on twitter. back to you. ahead, oil is bouncing back after yesterday's massive losses but still down more than 40% this year. energy companies are feeling the heat we'll get into that. joe biden and bernie sanders going head to head tonight in michigan and five other states as the economy becomes the center piece of the election we've got those details opinion disney reopening its shanghai location but as coronavirus continues to spread in the u.s., how long can the park stay open here all this when power lunch returns.

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welcome back here is your cnbc news update. italy is reporting another big jump in the death toll of the coronavirus. 168 more people have died since yesterday bringing the total to 631. officials say the number of confirmed cases grew by nearly 1,000 and the total number of infected is above 10,000 here at home the head of the cdc says he's most concerned about the impact of the coronavirus on the elderly and health care workers. figuring out how to deal with outbreaks like the one at a nursing home in seattle, washington is top priority

>> this is our vulnerability when you see tragically the 27 people that we have lost this is a priority to get that up and running, infection control up and running, provide the technical assistance this is our number one vulnerability right now. in oakland, california thousands of passengers abroad a cruise ship hit by the coronavirus are awaiting their turn to leave the grand princess american passengers are being taken to military bases in california, texas and georgia. passengers from other countries will be flown home that's the news update i'll send it back to you stocks are higher right now as you check numbers the dow jumping by about 00 points at this point in our trading session. the russell 2000 which has been

really hard hit. col colgate among the big movers stitch fix getting crashed reporting sales that came in sort of expectations it blames coronavirus and said that brett it was hurting its uk roll out. they lowered capital spending for this year by more than a billion and a half dollars shares responding about 13% to the upside after a lore day

yesterday. we expect more spending and dividend cuts from the energy sector as companies come to term with 30 there adollar oil we're seeing a bit of a rebound. right now oil closing up about 10%. bouncing back a day after its worst performance since the gulf war in 91. there you see it up 10.5% at this hour. let's bring in bryan sullivan. also joining us is kevin book. gentlemen, welcome bryan lead us off today. how do you translate the activity in the market today >> i don't know about your report card in high school but if i told my parents i was bringing home an f and brought home a d minus, i did better than i thought they were not going to be happy. that's pretty much oil today you about the about the 945 point retracement on the dow the numbers have gotten small. we're seeing these pops come up.

there's some talk out there, will the rush shass asians and s get back together. taking out of ordering pipe, truck driver drivers ground crews those are the things we'll see trickle through the economy and it's going to sting. >> ris it a positive for the u.s economy or given the number of jobs tied to the oil economy today, a negative? >> it's negative now to have low prices

it's got to do with the nature of putting capital investment in the ground it's bigger than the money you saved from the low price on the consumer side. nobody wants to spend more on energy no politician wants to sell that for everybody in the economy, on average, it's better to have a higher price today >> most people seem to think that as we kind of move through the day and think through this that russia can last longer than saudi with oil at these levels and u.s. bankruptcy court will take care of the extra four million barrels a day in global capacity >> if a u.s. company goes ba bankru bankrupt, which i'm sure they will, doesn't mean they will stop producing oil back in december 2018, we did a piece on power lunch where i

highlighted the six stocks with the highest net debt to ebitda ratios i find no joy in that but the market set the play book it's all about debt. they insist they keep pumping. it's going to be a credit and debt story. it might make people less likely to spend the extra 15 to $20,000 to buy the e lek tlectric versif

the car they might be looking at that's not something the ev industry would like to see. >> what we're talking about based on today's news, the saudi's exceeding maximum capacity, the russians maxing out themselves that's 3.15 million barrels of incremental supply landing on a market it's already going to have a demand loss from coronavirus that combined effect puts the price in the teens without rationalization in the market. that rationalization will happen in sochl the producers here in the u.s. on the side on the way down, some other supply would get shut

in as to whether they stick with that, whether the war keeps going. russia does have installation in this tax law i don't think anyone is expecting this to end soon the tanker, you'll see a lot of ships sitting at sea filled with oil going to nowhere but ship owners will get paid that's one sector of the market you may want to take a look at i'm trying to not be all bad news >> thank you very much we appreciate it >> tankers of 26%. let's check the brotdader markes the dow up 945 at the high slightly negative at the lows and up 558 how are these wild swings in the

markets affecting the minds of voters democrats head to the polls in several key stesat we'll have that next on power lunch. okay, guys, the bus is down, but we've got a spot! follow coach kevin. let's go, guys. sorry again that we're fully booked. this is the best we could do on such short notice. this is amazing. thank you so much. (announcer) treating others like we'd like to be treated has always been our guiding principle.

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take place today including one in michigan as well as washington state it's running neck and neck with new york with the most cases how are the coronavirus cases and its impact on the economy playing out on the campaign trail? for more let's hear from kayla >> tyler, it's business as usual on the kpacampaign trail despite being members of the age group most vulnerable. there's been handshakes, hugs and very similar messages from the two candidates that the source of the volatility is a crisis in confidence in the white house and the cdc and the medical community must be trusted. the candidates are vying for 365 delegates tonight. michigan is ground zero. a win there for biden would make him the run away leader or could reset sander's campaign like it did in 2016. the labor vote, a third of the electorate is still a toss up.

polls have been favoring biden but they have been wrong before. washington state is the second highest delegate prize candid e candidate. candidates have been focusing on michigan washington, despite having the high delegate prize has the highest number of covid-19 cases. as for stimulus in response fo the virus and fall out, sanders tweeting about paid and sick leave. a position backed by his democratic colleagues in congress too it's not clear which measures the former vice president would support but perhaps we'll get more detail on that later today. >> are we going to be hitting the campaign trial some reporters have been called off of it. >> it's case by case and state by state basis i think every organization is making their own decisions and figuring out whether these highly attended close quarter events are really worth it for

what you get that's every organization. >> we appreciate it. our nest guest says if michigan and washington state go for biden tonight, it's over it's great to see you. thanks for joining us. >> yeah, think in terms of the democratic primary it likely benefits biden sometimes i think the conventional wisdom has been all of this washington experience is sort of a liability but in this case, i think, washington experience a steady hand being the vice president overseeing the response of the financial crisis all benefits biden. if anything, i think this is probably a tail wind to biden.

health care has been, as you know, has been pri yourty number one for democrats in general this is a good context for them to hammer home that point. >> do we start shifting our attention saying biden has it locked up. we start t start to look ahead to the general and to think about how this development, the economy in general, how it all plays. partly why i'm surprised the president hasn't announced a bigger fiscal package because we're getting late in the calendar >> first things first. washington and michigan, if biden were to win those, he's their front r-runner. there's another super super tuesday with 15% of delegates and florida's the big prize there. if he wins like polls are predicting in florida, then yes, i think it's fair to say he'll be the presuchtive nominee and then you'll see the pivot to the general election if you look at those incumbent presidents who haven't gotten

re-elected, it's george h.w. bush and jimmy carter. they were overseeing a slow economy. does this absolutely matter and will this weigh on folks' minds? of course. you could make an argument our politics have become more tribal so maybe the economy matters less, but this health crisis is going to, could impact people pretty directly and therefore could inform people. >> you know what's interesting to me, i heard an observer mention the other day that no democrat who did not begin the campaign as an outsider has won the white house in recent list not carter he was an outsider clinton was an outsider. obama was an outsider. joe biden is anything but an outsider >> yeah, that's right. although maybe his comeback, you know he was -- >> he was only u outside looking in until last week. >> i don't know. maybe that was what sort of people had to you know subject him to that type of test you know that's absolutely right. >> it's interesting. >> and also i think just given this context

it's only march. so we could be talking about something different in september, october, november right before the jenner, but if this continues, i think it's going to put a premium on sta e stability. >> the last two democratic presidents were left-handed, too, so who knows. >> i think there is something into what you're saying. if we think b about bernie and hillary in 2016, you think about people would have been more passionate to turn out for bernie whether that would have been a cleser e contest with trump. if you u fast wforward to 2020, if biden's the presumptive, you wonder if that's the strong ees person who would have gone up against trump. >> you're seeing a lot of enthusiasm in the primaries. i think this idea that only bernny or somebody who's an outsider could get the turnout is not necessarily at least what we've seen so far and what we saw last week on super tuesday >> let me get your quick thought on whatever stimulus package

comes out of the white house you are skeptical that a payroll tax will have the votes to get through a democratic controlled house of representatives and congress in general. >> yeah, i think speaker pelosi and democratic leadership really threw cold water over this idea last night and this morning. mitch mcconnell doesn't love this idea either so i think this is going to have a lot of obstacles in terms of getting the votes in congress. what the markets should expect is a much more targeted stimulus package. so this idea of paid leave maybe some tax credits for impacting industries increase in unemployment insurance but really those you know who are impacted by the coronavirus, the payroll tax only benefits those on the payroll so it's not necessarily helpful. >> what about just cutting $1,000 checks to everybody >> i think economists are advocating for that. i think that the votes are not going to necessarily be there in

congress >> i dare someone to vote against a 1,000 clrs check >> things can change quickly i think that's a big caveat here is that we have a durable slowdown then all this is thrown out the window >> thank you so another super tuesday that's three >> everything's super on tuesday. >> i know. pimco, we appreciate >> check out the dow up more than 600 points. that's super right there super tuesday. get it back to the highs of the day or near them. it's going to be a wild close so stay tuned you don't want to miss the next hour the next six minutes either. there has never been a better time

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and so does the pain. 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 shares of disney lost about a quarter of their value nin the last month while dealing with the coronavirus and transitioning to a new ceo julia? >> that's right. disney shares are down about 25% this year, but they're up 4% today. now disney's already warned of its impact of its zhashanghai ad

hong parks being shut down since late january with tokyo disneyland closing in late february and plans to open in march. bernstein writing we expect the domestic pasches to shut down. perhaps that will be the deyo start buying disney shares warning though quote if consumer's willingness to go to theme parks is permanently altered, there will be more downside mulan is set to open march 27th here in the u.s. it was expected to be huge in china, but has had its release there delayed indefinitely with all the theatres in china still closed the mo writing in a note yesterday saying once the market find its bottom, disney it expects to be an outperformer as the attention turns to the tail winds of the streaming business. we may hear more from bob iger and his new ceo at its annual

meeting happening tomorrow morning. back to you. >> thanks very much. jul julia boorstin we're up about 495 points. a lot of headlines on the wire from washington. they include from secretary mnuchin who met with nancy pelosi say iing there was bipartisan urgency to pass a relief package also, we're hearing from richard shelby about maybe looking at oil options. eamon said what about the energy industry, the oil companies. that wouldn't normally be part of a coronavirus economic relief package. obviously. a separate issue there, but they're apparently looking at a everything now >> but those companies in many parts of the country that have been such a part of the growth and the wonderful economy in texas, north dakota, elsewhere, they have been really hurt in keeping with what libby was talkinging about, the idea of a very targeted stimulus

directeddirected at specific industries, classes of individuals the unemployed, people who don't have sick leave for which help immediate would be much welcome. >> the dow's up just about 600 points thanks for watching "power lunch. >> you don't want to miss the next hour. closing bell starts now. >> good afternoon, everyone. welcome to the closing bell. i'm wilfred frost. i'm here at the jpmorgan post. that is leading the dow bouncing a healthy 7%, but of course off the back of massive declines yesterday. about 15% of declines for the banking sector the broader market has seen large and volatile moves but with 59 minutes left, we are up 2.9% >> welcome, everyone let's look at what's driving the action sharp fluctuations in the market today as stocks bounce higher following the sell off, but did briefly fall into the red earlier today.