that was a good low for a little while and it will take incremental, in an adverse reaction and that's the way people are viewing today as potentially a significant upside reversal when it was more mixed signals. >> another hugely volatile day and this time to the upside and that does it for "closing bell" "fast money kwot "begins right now. >> live from the nasdaq marketsite this is the nasdaq marketsite. joining us is tim seymour, jeff mills and karen finerman buyers coming back into stocks following yesterday's sell-off, but should you believe this bounce we're going to debate and get some answers what really went on between the s saudis and russia that led to the split and she was there and where oil may be headed. we're breaking out your volatility playbook and the four stocks our traders say is worth

a second look for the long run given these big market swings. so much more ahead on the markets on "fast money" tonight, but we have to begin with this the developing story out of the white house as new details, merge about president trump's possible economic stimulus plan to combat a virus-led downturn in the economy let's get right now to eamon javers at the white house on how this is all developing right now. >> brian, we are half an hour out from a white house press briefing slated to include the vice president and the coronavirus task force aides throughout the evening last night and the day today have suggested that that could be a place where the president might roll out some of his economic ideas, but we are not hearing that at this point there is no plan as of right now, this moment, a half hour out for the president to attend that briefing. the president said last night that today he would roll out a news conference to roll out major economic initiatives that would be dramatic in scope

so far today we have not heard any official confirmation of those the president has not held such a news conference and we don't know whether he's coming to this 5:30 news conference or not. so keep an eye peeled for that in the bottom half of this hour and we're getting details about what the president has been saying to lawmakers up on capitol hill including that the president pitched them behind closed doors on the idea of eliminating the payroll tax altogether, a 0% rate on the payroll tax from the employers side and the employees side through the end of the year, and i am told in that room there behind closed doors with the senate republicans, was there also some discussion of eliminating the payroll tax altogether that would carry an enormous price tag. more than a trillion dollars, a huge amount of money and it also has implications for social security and medicare because that's where a lot of those funds are earmarked. ultimately, will that be too big an ask for capitol hill is a really important question here

i don't think we should leap to the conclusion that it's a done deal those are the kind was ideas they're kicking around at the white house and no official proclamation of what the president's plan is at this point. >> it sounds like there's disagreement, eamon, listen, if we did a 0% payroll tax, to your point, what is it? the nine comma club. that is the trillion dollar club. >> it's enormous that's medicare, medicaid and social security. so ostensibly, the consumer would get the break, but at some point the government would have to probably issue another trillion in debt to pay that because that gap has to be made up >> right so i asked a white house official how are you going to pay for that, if you're proposing to eliminate the payroll tax not just for the year, but indefinitely, this official said, hey, why are we always asked how we're going to pay for things taxes are our money to start with why do we have to pay for keeping our own money essentially was his argument that's how this white house is approaching this question right

now, but politically, it's a big, big number, brian, and you wonder whether congress is going to go there or go all of the way to what the president wants. the president is obviously in a go big or go home mode right now on this idea i know it's not popular entirely among members of congress. republicans, included. not entirely popular among the president's own staff, necessarily, but the president did pitch it today so we'll see where it lands. >> we know that you poorful senator richard selby suggested that they do an infrastructure package as well and something we've been waiting on four years. one more real thing, i am told they're considering aid for the shale oil you understand stree it's not a bailout or guaranteeing that they're going to do it, but that conversation is happening behind closed doors also because of what we've seen in the oil markets this week >> we'll get to debt and oil in the show eamon javers, thank you very much >> you bet. so all of these reports out

of the white house coming after another wild day in the markets and your money because let's face it, on any other day, an 1100-point gain for the dow would be huge news cheers all around leading the nightly news today, though, no other day. it was a day following a 2,000-point drop and one of the biggest percentage declines ever so while today's move was certainly comforting, it did erase just about half of yesterday's losses the dow still down about 12% this year. in other words, today was much bett better than yesterday tim seymour, but some anybody feel particularly good right now? >> you should feel tired think about the volatility we've had intraday and we traded down 4% out of the gates over optimism and eamon talked about these are the kinds of ideas >> this doesn't, you know, i feel like we've been down this movie and been down this road and pick your metaphor, but i'll leave that aside for now and we rallied to 5.2% and the most impressive things and the things that would give me the most

comfort is we've essentially had a 50 basis point rise in the ten-year note. almost a three-point sell-off which is unheard of. you thought the rallies were unheard of at least in one day you'd think the world was coming to an end if we were at normal pricing. the dollar rallied which perversely was almost a risk on moment it's usually a risk off moment, and the yen sold off 3%. we continue with the hyperbole in terms of what the market is doing. >> i think until credit begins to settle down it's very difficult and we could have said this a week ago. day traders are having a great time and knock yourself out, these are dangerous markets. >> if we can put the j and k and the junk bond etf that we've been talking about because we're talking about credit and pay attention to something tonight when it marks to market, see if it goes below the net asset value and it's held junk debt. if junk debt is not liquid,

karen, and this etf is supposed to be liquid it's just something to watch about the net asset value of some ever these widely owned, high-yielding etfs and something on my radar. is it something on your radar? >> absolutely. >> explain what dropping below nav might mean because i don't think a lot of people understand that >> well, so this portfolio owned -- this etf owns a portfolio of junk bond, right? and they're marked at supposedly wherever they trade. however, if you get into illiquid markets you can get widespreads for where any given underlying bond could be so the hyg is very similar to the j and k in that they're junk bonds so they're below investment grade and as we see even with rates going down, credit quality is starting to deteriorate so the hyg is going down i've been short this for a while against and i'm long banks so short this, and now i try to

short more and i couldn't get a borrow anymore >> you couldn't? what does that tell you? >> that tells me the short is getting crowded and i have to remain short and be aware now, wow! that was an interesting risk reward it is changing now 89 ten days ago and it's 83, 82. i think things can get uglier. a seven-point move in this index is really a lot, but the investment grade index, lqd, and the rates move today so it should go down, but it went way beyond the move in rate. >> what's interesting about this and what karen said it's hard to get a borrow and short hyg at this time and what people do because it's highly correlate side they'll use s&p puts and s&p futures and that's the link between the bond market and the junk bond market and the s&p 500 so if you can't hedge out your junk bond exposure you go out and sell s&p futures and that

adds selling pressure to the market so besides the credit qualities and the concerns about oil companies going out of business, there is this kind of mechanical selling that goes on that investors need to be aware of. >> and you nailed it we're all on the phones on. >> as you do >> and everybody i talked to that's deep in the market and listen, we're a tv program so we have to sort of speak in a more general way and they're going into these things about what's happening in the market and first off, i'm not sure i understand it. i can explain it on the air. what you said between the credit markets and equity for selling on the s&p because you have to raise cash any way you can >> raise cash or hedge a position that you can't sell short. so let's just say, example, it was ibm, and you couldn't sell that short, but you needed to hedge it for some reason you can sell short s&p and the spy, the etf and you can buy puts and that would put pressure on the entire market even though you're just trying to hedge out the

idea you're actually impactsing the whole market >> i didn't realize we went up 1100 points on the dow today is everything okay >>y everything is probably not okay and yesterday it was certainly a big down move. to get back to credit, there is a price-to-earnings ratio and the s&p 500 and investment grade credit as well and i brought a chart along that could probably put it up and if you look at investment grade credit spreads they're typically highly correlated to the s&p 500 and as they start to blow out, investors are willing to pay less for their equities. what you've seen happen recently is a little bit of a gap so that chart you're looking at right now and the orange line is actually inverted and that means credit spreads have blown out and there is now a gap between the p-e ratio so the valuation to where the market is trading and where investment spreads are. based on kroept credit spreads, that would foretell a ratio of 14.5 times the marketplace and

you multiply it by forward earnings and you're talking about a level around 2400 or 2500 in the s&p 500. this isn't the only thing you should be looking at, but in terms of trying to pick a level and figuring out what they might be telling us, this is an interesting relationship >> do you buy anything, bk >> i put them out again. >> careen? >> no. try to short hyg >> basically, yeah think about what i'm going to own. i hate buying stocks like days like this? >> why is this because it feels like a suck are's rally. i don't know >> it's unsettled and you're getting mixed signals and they are blown out. that would be a good sign, but you're seeing the net swhort and we're seeing sent imcome back,

and on the valuation side, there's nor to the sound downside >> the vix -- it's not like we're not in elevated time too remember, what we're do being days and you have to have a plan for where valuation makes sense, and at some point, look i look at the charts i look at the levels and in the current credit environment i don't need to wholesale buy stuff. i think 2700 and 2750 is kind of where we're headed or 2650 if you look at the weekly moving averages i don't want to get into that. you were asking me what i was doing. i do think if you have a plan and if there are people that have some cash to put to work, i don't think you need to time this market perfectly. in fact, i would urge you not to do that. >> the spoken investment research, noted this incredible

folks. this is the tenth time out of ten times the s&p has risen over 2% following a 9% drop. this bounce was all, but guaranteed according to history. >> all right your next guest says her clients aren't panicking and they're looking for the federal reserve with more coronavirus cases every day and the real threat of a major economic slowdown ahead. how optimistic can you be really right now? >> joining us is the chief equity derivative strategist at credit suisse. mandy, no panic. good what are you advising, though, your clients to do >> so i think what surprised a lot of people that despite measures of volatility reaching post-crisis highs if you take a look at the vix index, other measures in the option market are actually signaling, i wouldn't say calm, but certainly no panic and that's backed up by the flow that we're seeing from the institutional clients where what we're seeing is they're mop tiesing some hedges.

they're re-setting hedges and they're not panicked grabbing for new hedges and that to me is a constructive sign. >> can you explain what monetizing the hedges. they're rolling out, and i'm getting -- wonky >> it's okay it's okay because i feel like we're all sort of helping viewers understand that there's a lot of stuff that goes on in this market, tim, that's not just let's buy this etf. this is the mechanics and the stuff that the pros like you guys deal with every day, and i think it's important. >> sure. monetization means they're selling out of their existing hedges and not buying more basically they're calling a bottom here. we're seeing some of that and the majority is the resetting of hedges and rolling them down maintaining the same exposure and given how much the market has moved and they're rolling the strikes further down and buying puts and put spretds tadt are further down given the market move. >> we obviously know which

sectors have been the big laggards and the ones that frankly have looked like the credit issues are significant. what are you seeing now? >> part of the reason why institutional investors have held up okay so far this year is a lot of them since the beginning of the year have been adding to shorts and those shorts have been concentrated in the value and cyclical sectors and what are they? energy, financials and they obviously have sold out a lot more and that's helped out investors in terms of performance. >> mandy, we rarely see the vix hang around 40 for even day, right? so where do you think it's going? >> i think in the near-term we're likely to see continued volatility just given this macro environment and the headline environment. one point i would like to make on the vix is even though it is elevated at 40-plus to 50 it's actually trading below what the market is realizing in terms of realized volatility. so vix at 40 to 50 is implying an average daily move in the s&p, about 3%.

we're getting 4% to 5% daily moves in the past two weeks and the option market is not freaking out and not panicking it says expect continued turmoil given the macro headlines, but both the vix and other measures are more contained than you would expect given the headlines. >> bottom line we'll let you go with this, based on what you talked to us and some of the technical stuff that matters a lot, by the way, doesn't look like the overall selling is probably done. >> we're not at capitulation yet. so -- >> when will we know a 2500-point down day and a vix at 75? >> so i think what we're tracking is the client positioning and the difference between this sell-off versus fourth-quarter of '18 is that fourth quarter of '18, they were selling the stock holdings and shifting to cash what we're seeing right now is they're buying portfolio protection and they're hedging given the macro environment or they're holding on to the core long selectively adding certain

situations, but certainly this to us is more constructive than what we saw in the fourth quarter of 2018. >> mandy xu, thank you very much >> b.k., you bought puts and it sounds like mandy's puts in new york >> today didn't feel like this was the bottom i think there's just so much uncertainty out there that continues, and i think we have several more weeks of this before we get maybe, hopefully, we get some kind of clarity. remember, we've gotten hit on two fronts and it's not just the virus headlines and the oil headlines that you talked about last night and that's another huge, economic drag here and until we get clarity on that it will be really hard to have a sustainable rally. >> all right good stuff there, guys >> take care, we'll see you soon. >> on deck on this big night, what really happened between the russians and the saudis and we'll hear from alina kroft who was there with the saudis over the weekend.

plus, the idea is to buy low or lower. your traders will uncover their picks for stocks for the long run. remember, be sure to watch or listen to us live. on this day d anage, you need the cnbc app we're back after this. i saw you move in, and i wanted to welcome you to the neighborhood with some homemade biscuits! >>oh, that's so nice! and a little tip, geico could help you save on homeowners insurance. >>hmm! >>cookies! uhh, biscuits. >>mmmm, is there a little nutmeg in there? oh it's my mum's secret recipe. >>you can tell me. it's a secret. >>is it cinnamon? it's my mum's secret recipe. call geico and see how easy saving on homeowners and condo insurance can be. i'll come back for the plate. calf-shredding shoes with special rubber platforms designed to increase vertical jump sure, they look ridiculous but nothing looks more ridiculous

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money. oil having its best day of the year all day it doesn't say a whole lot because yesterday was the worst day in 30 years. this is the question everyone wants to know the answer to. what exactly happened that caused the russians and the saudis to take their oil barrels and go home and sent oil and the markets literally into the tank? rbc's helima kroft was where it happened and she joins us now by phone. helima, i can't believe i missed the meeting, but i'm glad you were there what the heck happened >> i think what happened essentially is the russians said no deal. the saudis were looking at a 1.5 million barrelper day production cut that requires the russians to kick in an extra 300,000 barrels and the russians

have not been fully complying with their previous opec commitment they were not going to give up any additional barrels and the saudis said if you're not going play ball we're going home and the russian oil minister leaves the building and essentially says from april 1 every proxima producer could do whatever they wanted and that's what the markets have to be worried about being flooded with oil. >> you are there watching this, and who drove the split? it's not you, it's me. i really do think that everybody was expecting the russians to give in at the end this is what's been happening since 2016 the russians always say it's going to be difficult, always say they may not do it and always show up this was the time when the russians finally said no deal and there are reports that the powerful ceo of rossna really drove that decision. he was essentially, like, why should we give another like mine

to shale and make them balance the markets and fwrafrngly, i don't want to hear anymore about american energy abundance and i'm tired about the sanctions that the u.s. can do without any pain because of all this oil and he was very focused on the u.s if some respect that has become the new naimy. he's saying let the high cost producer of the united states balance this market. >> so, ultimately, helima, is the case here where the russians tend they're great chess players and they think a couple of moves down the board also the geopolitics of russia's role in the middle east and for that matter in latin america and venezuela continues to evolve and it continues to be very strategic for putin. can you talk about any of that because i think you look at the chess pieces i agree, u.s. shale breaks even at $50 free cash flow and we're nowhere near there and it's painful, but it is also geopolitics. >> traditionally we thought about russia and opec and the

deals they're cutting in the middle east. there are better relations in latin america and africa this has been a vehicle for soft power gains for russia and an oil deal had become a trade deal and that was one pushing an argument on the flipside you have to look at igor sechen he has said from the beginning that it should not cooperate with russia because of the tax structure. heap gets more gain the more barrels he puts on the market and his big point is american energy abundance is bad for russia because the united states can sanction everybody we just sanction rothnet trading and we don't pay the price at the pump so i think it is geopolitical and economic for sechen and that's where we stand right now. if the russians decide to cave in and give up those barrels, i think the war ends >> there was a lot of people that will be out there and i've heard from some of them, helima

who will say to heck with them u.s. refiners will buy u.s. shale and we don't need the saudis and we don't need the russians and we can put an independent and put an egoole my shoulder and eat a hot dog at the baseball game. here's the problem u.s. refiners probably want the cheaper barrels now floating around right? if they're in a price war instead of buying american barrels not only for a u.s. refinery they're stuck with oil they can't sell they have to put it into storage at a cost and that's why this is such a downward spiral, is it not? >> i think what's so interesting is we've been talking about american energy independence we don't need middle eastern oil, but he's now calling the saudis saying, you know what could you dial back your oil price war? what's so interesting is when prices are high we call the saudis and say give us more barrels and now the saudis have given up too many barrels and we're calling the saudis saying

take those barrels back and we're not as independent as we think we are if we're consistently having to call the saudis to try to get them to change the oil policy. >> helima kroft, rbc spectacular, amazing insight for someone who was on a plane in vienna and riyadh, and we appreciate you coming on >> thank you very much so much, brian. tim, this is pretty incredible stuff that we're dealing with this is political brinksmanship at the highest level that's going to end up with 100,000 americans out of work because of it >> and this has gone on for a long time, and i said this yesterday, russia does very well in a lower oil price environment and certainly one where there's a risk off because they're dollar exporters and they have a low cost on the domestic front and yes, they put together ross about 15 years ago and 20 years ago when i was living out there and they made it a national champion and they dictated political policy because there is no line between putin and

sechen it's an interesting time to be buying them. >> i love the industry as far as the people i've met and -- now we have to buy the oil stocks and they're so cheap here's what's hard about it, b.k. we are really the only nation in the world, oil-producing nation in the world who doesn't have one nationalized oil and gas company. russia may have a few small one, and let's be clear we don't have that, so we just -- deaths by a hundred cuts. >> that's what's interesting about this is that this is the russians apparently have a long time that they can sustain these cuts and saudi arabia not as much as russia, but they can do it to your point we don't have a nationalized oil company, let's see what the president might come up with and we might have one pretty soon. >> this is a strategic industry for our country and they should be protected soon. >> either through the debt or whatever coming up, our traders will

crack open the playbooks because not everything will sell and it's indiscriminate selling and they have four names that they say may be worth a second look longer term in the wild market swings we'll bring you those name ahead, but first, we are headed live to the white house and we're expecting an update on the re anavirus outbreak he's live look we're back on "fast money" right after this

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say "yes" to allegra-d. before we talk about tax-s-audrey's expecting... new? -twins! to putting your true colors on display. ♪ we'd be closer to the twins. change in plans. at fidelity, a change in plans is always part of the plan. welcome back to "fast money. white house officials are about to hold a press briefing on the coronavirus outbreak and possibly break some news on what, if any, kind of economic plans that they might have to mitigate some of the damage. we'll bring you this live as soon as it begins and until that time, the question tonight may also be is trump going to bail out the travel industry?

the stocks moved today a little bit on hopes that he could, but cold comfort for investors royal caribbean and carnival cruises down 50% and 60% this year american and other airlines have 30% and 40% this year. any reason to buy these names now based on the concept that we might get a bailout of some kind >> i think now, no whether you're talking about the airlines or whether you're talking about the cruise lines there's more pain in the near-term. take the cruise lines, for example. they're probably going to have to intostitute massive discount to draw people back in near-term there's too much uncertainty and i think there could be more downside to go longer term, i might be more optimistic and if you have the stomach for it you might want to poke around a little bit and some of the bankruptcy concerns might be overdone. they have revolving lines of credit that haven't been tapped and in terms of defaulting on debt they may be overblown people have short memories once this passes, you have a big demographic of baby boomers with

$120 billion >> you what? -- >> here's the thing, i wouldn't have gone on a cruise ship before this. i'm a bad person to ask. >> what if people book now for six months and a year from now i'm sure there are people bottom feeders, and i think there was an article. >> you have to have the stomach for it, with stocks down as much as they are, there could be some benefit to buying at these levels and if you look at the u.s., just real quick the u.s. and it's a big market and a developed market and only 50% penetration in terms of their primary market and their customers have gone on cruises and it's a growing industry. once this fades there could be some value here. >> the problem for playing for a bailout whether it be in the cruise industry or the airline industry is generally speaking, by the time you get to a bail out your equity is worth zero or close to that. so it's hard to play for a

bailout here and yeah, maybe they get some money and maybe they get bailed out and you have more pain ahead before you get to that point. >> can i ask a question that i'm not sure you need an answer from >> are cruise liners strategic in any way should we be bailing out the cruise ship industry >> anyway, don't answer that question and let's talk about airlines and united rallied 12.5% today and it's still down 41% from where it was essentially february you have a dynamic here where if you're looking at the charts and you're looking at at least price action you get some sense that united might have capitulated where it traded 4.5 times average daily volume and you had this place for the last fourdays and you've had 10% intraday swings and today it was close to 15 i think it's getting interesting. >> getting interesting and warren buffett, we know is interested in delta air lines, before this happened and i don't want to pile on to what b.k.

said and market cap is not a great example and it factors in the pain of debt >> royal caribbean's debt is 11.7 billion and the market cap is 10.7 billion and the debt is greater than the market value of the company. >> they might have time. i don't know when the debts mature i don't know what a bailout might even look like i don't know if it's a --? a life raft of sorts >> clever. i don't know if it's wrurnd writing their debts or giving them lifelines, i don't know, but i -- >> would you buy any airline or cruise stock now >> no, not yet and i had owned airlines and sold some well, some poorly. i think there's more pain to come i really feel like the perception of where we are in the s-curve of coronavirus in the u.s., we haven't even really begun to accelerate yet. i feel like china maybe things

bottom out as we're accelerating. >> royal caribbean has a note until 2022 kind of like the oil industry, too. the thing that may work here is that the debt isn't really due until 2022, 2023 for most of the oil companies for at least royal caribbean and that may be the lifeboat. >> but it also means what tim was referring to >> they keep pumping oil and if they're not out of business then that means oil prices stay low >> each if the oil and gas companies go bankrupt they'll still pump oil they're not liquidating. >> they're still pumping because they've got creditors and private equities >> all right coming up, the one stock analysts say may have been unfairly punished as fears over the virus spread we'll bring you that name ahead. there's your mystery chart and we'll let you determine if it was over punished. plus a not so chill call on netflix and why the streaming service may not be the homebody stock play you think it is plus, a reminder, we are

awaiting the white house press briefing and when it begins we'll bring you itot live and we'll bring you back with more "fast money" does. ♪ don't just plan to retire. plan to live. an annuity helps cover your essential monthly expenses, so you're free to live the life you want. find out how an annuity can give you lifetime income at protectedincome.org

>> welcome back to "fast money." white house officials are about to hold a press briefing on the coronavirus and it was supposed to begin eight minutes ago we'll see if vice president mike pence who, of course, is the head of the coronavirus task force or maybe the president himself makes an appearance and announces a economic stimulus or payroll tax cut or more. when that begins we'll bring you to it. one name in the beaten down transportation sector got a bit of a boost today ups shares up after stifel upgraded it to a buy saying the recent sell-off has created an interesting opportunity for investors looking for yield in a, quote, fearful market ups yielding 4.5%. so, jeff, is ups a name you will bet on right here? >> probably not. >> i read the note and it seemed a little bit like the best house on a bad block story

they were talking about free cash flow and there were reductions for 2021, 2021 and just generally the outlook for the partial industry is not clear. we'll hear from fed eshex next k and it could lead to additional downgrades and this stock has been incredibly volatile and it's been down to 120, four or five times over the last five years and it is cheaper now at these levels than it was because earnings have grown, but i think volumes are at risk, and i think the company's at risk and i would not be buying with both hands here. >> guy adami actually worked at ups at some point, and i doubt i have any footage of that we talked about the transports and one of the things is you can't invest in a bad neighborhood and the transports basically got back to, you know, late, if not november 2016 levels when they opened up at least yesterday morning, and i -- ups is painted with part of that brush even though i think they and fedex have been treated much more cyclically than they

should have been. >> i know there's a lot of big macro stuff going on and waiting on the press briefing and let's do what fast money does, right which means we're trying to find opportunities for you in a sea of volatility and maybe there were stocks that have been dumped out with the proverbial bathwater and each of the traders bought one pick they think that could be a place to hide or a good value down the long term. tim, why don't you kick us off >> it's j.p. morgan. if you'll own one bank thshgs is the one to own if you think we'll go into a consumer tailspin this is the question, but we're basically trading at around 1.5 times price to tangible book which is where you've wanted to buy this thing five years ago i think their exposure to net interest income of the money center banks is because of the diversification and this is one of those stocks they said, oh, boy, i can't believe i can buy it here. >> i very much agree with the j.p. morgan call and i like

disney and that's the stock they liked after it popped after the disney plus announcement and now trading at 17 times versus trading at 22 times at the end of last year you haven't seen these valuations since the '18 sell-off and in '08 and it's a name that you can own and it's 23% below the long-term moving average and punished more than the broad market. >> i like the disney call. if they were to announce the los angeles disney closes orr la orlando, and i think that is the day to buy it. >> i think there was an analyst and all of our brains are filled with mush. >> speak for yourself. >> you'll forgive me, karen, who said exactly that, the day they announce disneyland is closing -- that's when you buy the stock. >> i agree with whoever that is. >> whoever that is out there, we apologize. it wouldn't be so shocking to see disney say that, right

>>. >> i believe that we have to go right now to the white house and we'll come back to get our remaining picks. let's go down to the white house where the press briefing with vice president mike pence is beginning. >> and i couldn't be more proud of the efforts of the men and women standing behind me or all these standing behind them president trump said from early on that this would be a whole of government approach and today give evidence of the fact that it's a whole of america approach we're bringing the full resources of the federal government and the full resources of this great economy and our great business sector to bear in protecting the american people and protecting american families a few updates from today as we continue to expand testing availability across the country, testing is now available at all state labs by the end of this week, there will be 4 million more tests

made available in jurisdictions around the country 1 million are already in place thanks to the good work of our top commercial labs that the president brought together yesterday. labcorp and qwest are in the process of distributing and marketing coronavirus tests all across america and we're working with state and local officials to ensure that that happens at rapidly as possible, but as the testing is expanding we want to make sure to the person people that today president trump assembled the hop health insurance executives in america and as we announced earlier today all of our major health insurance companies have now joined with medicare and medicaid and agreed to waive all co-pays, cover the cost of all treatment for those who contract

the coronavirus. they've committed to no surprise billing and they've committed to encourage telemedicine it was a year ago that medicaid actually expanded to pay for telemedicine, medicare pays for telemedicine so now for seniors who may think that they are either at risk or have contracted the disease they can get medical advice without having to go to the doctor or go to an emergency room i know i speak for president trump when i say how grateful we are to see our health insurance industry step forward to meet this need that no american should be concerned about being able to pay for or afford the cost of a coronavirus test if their doctor deems it to be appropriate and necessary. >> president trump went to capitol hill to meet with members of the republican caulk

us and there he talked about economic package he's calling for payroll tax relief and i think most important to the president's heart is we want to make sure that hourly workers, hardworking blue collar americans that may not have paid family leave today that small and medium-sized businesses in america would be afforded the resources to provide paid leave so that no one would feel that they have to go to work if they might be infected or if they might have beenec posed to the coronavirus. we had a good reception on capitol hill our legislative teams have fanned out and we'll be working with republican and democrat leadership to move an economic package. larry kudlow will be reflecting on that in just a few moments. we also talked about what are known as n-95 masks and we're working senator deb fisher and others have important legislation that would extend

temporary liability protections so that masks made for industrial use could be shared with hospitals to ensure our healthcare workers are properly protected and outfitted. we are grateful for growing bipartisan support for that measure and we're going to be working earnestly with republicans and democrats to move a reform that would make more n-95 masks available. i am also pleased to report that we did receive this afternoon a comprehensive proposal from the cruise line industry, a proposal that includes advanced screening and services on ships providing for airlift evacuation and land-based care at the expense of the cruise lines for anyone that might be not only infected with the coronavirus or any serious illness and we'll be reviewing that in the next 24 hours and the president's objective is for us to make a cruise line safer even as we work with the cruise lines to ensure that no one in our

particularly vulnerable population is -- is going out on a cruise in the near future. i'm going to recognize doctor fauci to talk about where we are and dr. burks will give us some research that she's done on the scope. we'll have other updates and let me say once again, this is a whoe whole of government approach and from early on president trump has insisted that our government at the federal level and all of our partners at the state level work in concert to protect the american people and as we stand here today the risks to the average american of contracting the coronavirus remains low and we're giving every american the tools and the information that they need to protect themselves, their families and their workplace and their schools and we're going to work together we're going to work together to

see our way through this and working with leaders and both parties in congress, and working with leaders at the state level all across this nation and i'm confident we will. with that, dr. tony fauci for an update on the status >> thank you very much, mr. vice president. just to give you a very brief sketch of what we do every day, the cases continue to increase globally i would pay particularly attention to the cases in europe, in italy and france in which we're starting to see that up at the same time as the relative number of new cases come down from china what we're seeing in europe is that europe is in the upslope so that is something that is expected these the way these kinds of outbreaks go this is not a surprise to anybody. if you look at the history of infectious diseases outbreaks. in the united states we continue to have new cases as of this morning there were 712, i believe, with 27 deaths. guaranteed by the time of this

evening, that's going to be up and there will be several more and tomorrow there will be several more so we realize that this is something obviously that we've been saying all along that we're taking very seriously and now the question is what are we going to do about that and there are a number of things that one can do in order to blunt it if you look at the curves of outbreaks and they go big peaks and they come down what we need to do is flatten that down. that would have less people infected and that would ultimate he have less deaths. you do that by trying to interfere with the natural flow of the outbreak. so what we're saying today is although we keep coming in and saying appropriately that as a nation, the risk is relatively low. there are parts of the country right now that are having community spread in which the risk there is clearly a bit more than that, and you know the places you know washington state, california, new york and florida, but what i want to talk to you about today just for a moment or two, is that we would

like the country to realize that as a nation, we can't be doing the kinds of things we were doing a few months ago, that it doesn't matter if you're in a state that has no cases or one case you to start taking seriously what you can do now that if and when the infections will come, and they will come, sorry to say, sad to say they will, but when you're dealing with an infectious disease you always have the metaphor that people talk about that wayne gretzky. he doesn't go where the puck is. he's going to where the puck is going to be, we want to be where the infection is going to be as well as where it is. so what we have here, as you can see here if you go to coronavirus.gov, remember when dr. burks mentioned yesterday some of the things we put together keeping the workplace safe,

keeping the home safe and keeping the schools safe and commercial establishment safe. this should be universal for the country. everyone should be doing that, whether you live in a zone that has community spread or not. when you have community spread you obviously have to ratchet up the kinds of mitigations that you have, but at a minimum, this is the minimum that we should be doing. so everybody should say all hands on deck. i'll stop there and later ooii'l be happy to answer questions >> thank you, mr. vice president and thank you dr. fauci for that clarity. we continue to monitor the situation around the country and across the globe and dr. fauci and i have long term contacts out there in many of the countries experiencing current outbreaks. we continue to review all of the scientific lit raerature to loo for insights to determine who is at the greatest risk and that's why we've talked to you about people with immunodeficiencies

at any age, people with medical conditions and the elderly and how important it is for all of us to take these precautions in the household to protect others because we have circulating flu and other respiratory diseases at this time we all have to ak lict like allf these diseases any respiratory disease can be transmitted to others and finally, we got new reports out of china who had nine pregnant women during an acute covid infection and all nine were infected both -- and they delivered while they were infected and all nine babies were healthy and the mothers were healthy so we continue to look for data like that to be reassuring to the american public and at the same time ensuring that every single person is participating in this response to this virus and taking those precautions that we should be taking every day. if we start doing this today, we will be ready next year for any

of our respiratory diseases because i think we'll be able to show that these simple, simple household, simple work, simple school, simple business approach is across the country can change all of our respiratory diseases. so we thank you for getting the message out. we thank you for the participating and ensuring in your households and in households around america that we're protecting all of those who will need our support right now. >> excellent >> thank you, dr. burks and dr. fauci. this information is available at coronavirus.gov and as we said, we can't say often enough. the risks of contracting the coronavirus for the average american remains low, but for senior citizens with serious underlying, chronic health conditions, the potential for serious consequences is very real, and make no mistake about it by practicing these habits in your home, in your school and your business, you're not only

protecting your health, but you're also protecting those that are most vulnerable with that, for an update on the progress that president trump made today with our health insurance companies i would like to recognize seema >> as the vice president said we had a terrific meeting with the insurance companies -- >> you've been listening in to the white house's press conference about the coronavirus outbreak a number of updates from vice president pence other ands, of course, waiting on larry kudlow, the national economic counselor to speak about what fiscal or economic plan they might have. by the way, i want to show tdoc, teledoc, virtual doctors getting a shout out from vice president pence. obviously, when you look at this, p.k., no stock has really been focussed in on as much kind of out of nowhere -- >> right fad, though? >> a shout out for the vice president. >> yes >> i mean, if you look at this, there will be several things,

we've talked about zoom that come out of this maybe i'd like to try that and now it's a necessity and you get used to it and probably for the longer run and they're up a lot right now because it was mentioned, i think, on pullbacks this is something to look at >> we'll take a short break and be back with careen and b.k.'s picks that we promised you we'll be back. ♪ ♪ ♪ ♪

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we will do final trades. tim? >> one of the names i was going to offer up before and i'll throw it in there now is msg this has been hit and the tenants and i'm going to a concert with my brothers tonight. take a look at this one, great company. >> tim mentioned it earlier. j.p. morgan, you can buy it at nine times forward earnings and you haven't gotten it this cheap since 2011. >> j.p. morgan was one you were going to mention earlier. >> yes lululemon is coming in at $60. i hope i get a chance below $200 it is not cheap and it is the highest quality. >> i want to look at things that i know there are so many uncertains out

there. one, they will print a lot of money and two, oil is a huge input into gold mining so gdx. a want to buy that one. >> all right, guys good show on a big day with th. "mad money" begins right now. >> my in addition is simple, to make you money i'm here to level the playing field for all investors. there is also a bull market somewhere, and i promise to help you find it. "mad money" starts now >> hey, i'm jim cramer welcome to cramerica call me at 1-800-743-cnbc or tweet me at twit whois