the whole year basically into the summer. >> there you can see s&p 500 closed hir closed higher 9.3% and an extraordinary rally and it was still down 9% for the week as a whole. what a crazy week. don't miss cnbc's special "markets in turmoil" at 7:00 p.m. eastern time. we're out of time. have a great weekend nap does it for "closing bell. "fast money" starts now. an incredible record breaking rally capping off what was an incredible record breaking week. stocks surging into the close on the back of the president's news conference the s&p 500 gaining more than 9% today, its best day in nearly 12 years. the dow all it did was post its biggest point gain ever and this follows what was a brutal week of selling so the question now is how do you position yourself given this crazy week that we had today joining us to break it all down is tim, brian and guy.

i'm also brian sullivan. welcome. what a week this was and guy adami, i am not going to take anything away from a dow that rose nearly 2,000 points and it's better for most people's portfolios than it falling 2,000 points. >> but -- i believe we're going to eamon are we going to eamon? you have time now to think about that question. >> let's go to eamon >> let's go right now to eamon jafers who is at the white house with more news following the president's news conference which certainly moved market, eamon. >> boy, did it it was a thousand-point spike while the president was hearing. traders clearly liked what they heard and the president takinga i ceo-focused approach and bringing on the ceos of target and name checking google the president i thought taking a much different tone on the coronavirus. he's tended to sort of minimize the danger of this over the past couple of weeks and yet today he

said something different here's what he said. >> in the coming weeks we will all have to make changes and sacrifices, but these short-term sacrifices will produce long-term gain, and again, i said we're learning a lot for the future and future problems like this or worse or worse it could get worse the next eight weeks are critical >> the president here declaring a national emergency that frees up tens of billions of dollars in federal aid to go to the affected areas and it also unleashes some regulatory actions that the president cited including clearing out red tape for doctors and hospitals trying to respond to this in real time. the president taking here, action much stronger than he predicted. even yesterday when he was asked boy a reporter if he would do it he said i'll do some of the minor things and he clearly felt he had to do it and he did

>>, the market covered eamon javers >> now, you had a minute to think about that question. >> i'm a big fan of e.j. yes, it was an important day for the stock market and last night around 10:30, 11:00 p.m. the s&p futures traded down the levels that we talked about and the 2350 level so you can take solace in that and the fact that the market did rally and it's a good thing and an encouraging thing and the press conference addressed a lot of the health concerns of what we were doing about it and people wanted to hear and that's great. what concerns me and again, it was a great day for the stock market absolutely what concerns me what has concerned me and what will continue to concern me is the unprecedented -- unprecedented volatility in the bond market and the ten-year yields at one point this week were 34 basis points or so and today they

closed either side of 1% i mean, that is a historic move by any stretch of the imagination. >> look, i fwrae with you and what had me most concern side we hit 31 bases points on the ten-year notice and the bond market is telling us something and not as it can, but it's something awful and i'm want sure the move to 31 is appropriate. i'm not sure what it's supposed to be. certainly, we've seen a relative value trade into the u.s. as this crisis has moved on just back to the technical elements of today. 7% on the s&p in 25 minutes into the close. that just doesn't make sense to me that's not people getting excited to the speech and it's nice to see the president take the authoritative action that he did today and i think that's great news for the country i think 7% in 25 minutes on the s&p is a bit concerning. it doesn't mean that you should feel that this was nothing i think there was a lot of short

covering to come and certainly, we talk about the machines all of the time and the most important thing you saw the good companies today found a way back and what was interesting is then you saw some companies that may have been some of the frothier names before we started to sell off that looks like they may be the victim of margin calls and it doesn't have a lot of money that comes in after them and there are asset classes and a couple of big stocks, and the market needs to -- >> it's a good point about margin calls. >> to me, what the last two days have really been about is the deleveraging type of action is that someone is a forced seller or the buyer the liquidity in the market is almost absent so you get these massive moves up and down. what does this mean for you at home if you say, i don't want to sell the bottom, remember that some of the biggest rallies that we've had. in fact, seven or eight of the largest rallies in the dow have

happened during bear markets >> that's right. >> in '08 and '09 and some of the biggest updates in history were in '08 and '09 and my memory serves me in '08 and 2001 and it is still higher than two days ago and it's not like bond yields signaled the all clear. >> the vix at 58 is significantly lower than it's been this week and it's still the vix at 58 which we had talked about that two months ago you would have looked at me incredulously, correctly, by the way. so that's telling a different tale i don't think any of us are dismissing the importance of the market finding its footing today. i think that was very encouraging especially last night as i mentioned 11:00, it didn't look that way and at points today when it looked like it was going to give up the ghost. that's the good news in my opinion the bad news is this bond market volatility is not a healthy thing. the bond market, whatever rates they need to stabilize somewhere

and tim is right, 31 basis points in ten year is right and it needs to find its footing. >> let me give you the silver lining that's out there. what we know, what works to solve the health crisis containment is quarantine. whether we like it or not and whether it's mandated by the government where it doesn't look like it's going to be, this country is shutting down they shut down disneyland, disney world, broadway is shutting down, we are moving in that direction, so i do think some of the bounce off of last night's low was the market saying, okay, we are moving in that direction it's going to hurt and not be great, but that's a important thing. >> how important is monday >> i think monday's part of it i don't think monday gets us to the other side remember, a lot of things that we're wrestling with especially those like me who don't expect

it to be a v-shaped recovery and we heard about boeing -- i'm not worried about being's balance sheet and based upon the quality of the management team and the quality of the core business and there are companies and sectors in the industrial space that the market is still waiting to call judgment on. i think if you think about earnings, the biggest problem that comes out of a recession is a credit crisis because earnings growth doesn't happen and ultimately you get the spread widening that becomes dangerous for the market monday is an important day because monday our country will have a better sense of where we are with the virus and every day brings more clarity and clarity of the unknown certainty is that we're not certain, but we're more certain that we're not certain than we were yesterday people are taking this seriously, as they should be and that level of clarity on where we have to get to as a country is very important. >> good stuff there.

we'll come back to the macro market discussion and we have a very special guest to bring in right now and that's the president of the new york stock exchange, stacy cunningham we appreciate you joining us on cnbc on an incredible week i'll be direct any plans that the new york stock exchange will shut down? >> we don't have plans to shut down the stock exchange. it is the symbol of the strength and resiliency of our economy and we want to make sure that we continue to give that presence and confidence to the investors and the public more broadly and second, our stocks trade better when we apply human judgment and we've been using that mechanism and a few minutes ago, we had a number of stocks in the oil sector that at the very last seconds of the day had massive buy-in bounce based on the president's announcement and we found a price level where we can offset the imbalance >> there are big trouble,

computers aren't workinging or they're slow at home and some of the structured ruks did derivatives. >> know this the market itself -- maybe the market needs to take a pause to make sure that everything is up and running because the thousand and thousand-point moves, we've all been doing this a long time. these are bizarre. >> they're certainly unusual moves. it's important that the market stay open, though. so we can take a pause for 15 minutes and those were appropriate and helpful to the market, but taking a long term stoppage of trading certainly does not send a strong signal to investors. that's not who we are. we need to be able to give people the opportunity to access their mono pep. >> you did see a lack of liquid the sometimes in the fixed income space you saw many clients using and

many investors toward fixed income etfs because of the liquidity you'll find there and you'll see investors looking for liquidity across the board and trying to determine what products they have more success trading and investing in, but i don't think we'll see the markets close and i think it would be the wrong measure to take >> hey, stacy. it's tim seymour, a pleasure to have you on, and my question is about by liquidity and extending it to today when the s&p moves 77 prs % in minutes i know you're not a floor trader and you run the exchange. >> i am just curious because today is extraordinary. >> we've seen it have to do with markets over time. markets are also much more automated and people are getting information very, very quickly and reacting to signals they're seeing in the market so you see movements happen much more quickly that's part of why we introduced

circuit-breakers and not just at the market wide level that we used a couple times this week and also at single-stock levels and when there is a rapid stock, we can take a pause and it can come back to one place and focus on price discovery >> we've been using a lot of tools in the tool kit this week and they've all worked the way they're supposed to and we want to mack sure investors understand and focus on the long term if investors are seeing these massive price moves during the day and taking those as opportunities to invest and moments to panic, i think they will be better off focusing on the long term. >> just quickly, going back to safety and you talked about the importance of people and people are the most important thing out there and especially we're all thinking about our families and you're down at the nasdaq and we have the cnbc crew as well what steps have you taken to make sure that everybody coming into that building is as protected as possible? so we've done a number of things

already and are expanding next week, as well. >> first, we restricted guest access on the trading floor. so the people on the floor now are people that support trading operations on the trading floor just so it increases the likelihood of the people on the floor being protected from an outbreak we also ask the employees at the new york stock exchange that don't support floor function, but work in the new york stock exchange building to work from home we're just limiting the number of people coming into the building we've increased our team, we have the deep clanning crew to make sure the floor is sanitized so that we can keep the door open if case we were to be very, very quickry for trading and we have plans where we can move and trade completely, and

ironically we think it's critical to keep the markets open not just for investors, but really for -- to show that strength and resilience, and i just have to say the markets have been challenged this week, but so have americans and we're trying to figure out how to process information, how to protect ourselves and take precautions we're doing it here in our markets. you use the tools we have. we're doing it here on the trading floor by trying to protect the people that come to work every day and americans are doing it all over as they prepare for what they're not quite sure how the next few weeks will unfold. >> stacy, you guys have done a wonderful job. congratulations because being open i think does send the right message and in terms of your business specifically, does this, the ability to bring clients down, does this potentially hurt your listing business or does it sort of temporarily cause a bit of a pause in that? >> yeah. i will say that one of the things we've focused on with our listed companies they're all going through a period of uncertainty right now as they're trying to figure out how to

protect their own employees. we can leverage our network to help them with that. we held a conference with scott gottlieb whoi know is a friend of cnbc. he talked about things they should be thinking about and doing it and bringing the company together and share best practices is of value and we bring them together so they can share best practices >> with respect to ipos. >> certainly the market that is not the most conducive and not just because of the volatility with the market and because of the concern about meeting with investors and many are putting that on pause. >> the mat he, you'll be eyeball to perform and that is snag, at the right time and there's plenty of time for that. >> fastacy, wishing everyone thr

to be as safe as possible. it's been a krazy week. >> you, too. thanks. >> we have breaking news on microsoft. let's go to josh lipton with those details. josh >> so brian, we do have big news on microsoft today announcing that co-founder bill gates is going to be stepping down from the company's board of directors to focus more on his philanthropic pursuits we know he's passionate about areas like global health, education, climate change. he will continue to serve as technology adviser to ceo satya nadella. he had transitioned on a day to day role to spend time with the bill and melinda gates foundation and he had served as microsoft chairman of the board until 2014 satya nadella said microsoft will continue to benefit from bill's ongoing technical passion and advice to drive the company's products and services. it is not the only news from

bill gates today, though, brian. >> he is also stepping down from berkshire's board, as well we learned that ken chenault will be leaving facebook's board to replace him there >> back to you >> big news there. josh lipton in san francisco thank you very much. bill gates has not been the ceo of microsoft for a long, long time satya nadella's been there for a long time. you don't sell microsoft because bill gates is stepping down from the board. they have a fantastic management team there and it's taken a hit this week with the entire market, but i don't think this is a structural change people knew and ultimately bill gates will have to slowly back away from that, and if i'm looking at microsoft today and if there's any weakness on this news which it doesn't really appear that there is, but i would not sell microsoft on this news >> go ahead, tim, i want to talk about the extraordinary move of microsoft and 76 million shares are traded whereas before that it was about --

>> that's mom and pop on the retrade. >> and total is about four and a half times the average daily volume so guy talked about this last night and mentioned a level on microsoft that i think at least people wanted to see we certainly kissed that last night. the thing that worries me about microsoft is it is a market proxy and in fact there were shenanigans going on in the market and why not go after microsoft to take it back higher whatever that means. if you think about the nasdaq that's outperformed the s&p by almost 800 basis points this year just think about that as you digest whether you think mega-cap tech continues to lead the way or that they have to catch up on the way down >> today's late move not withstanding and tim mentioned the levels and the 139, 140 level topped out the entirety of last summer into the early fall. and i'm with b.k. on this one.

>> if nothing else, you do have a bogey and that 140 level is pretty interesting >> just given what we're hearing now and a name like microsoft longer term, reit? there is a long term work trend that may change from this environment and may change, part p seeable, and in term of the way they work to different things we had a conversation with karen and tim pointed this out and there's been relative strength in these chinese internet stocks and it doesn't make a lot of sense until you start to think about it so maybe they're ahead of that curve and maybe that's a place where you should be looking, as well. >> we have some more breaking news and this time with dow component boeing and we referenced it now with phil lebeau >> this is about fitch putting

bowing on credit watch negative and as you take a look at shares of boeing and they did get a bit of a pop back today and this is a stock that's well off of its 52-week high and when you look at the stock the thing to keep in mind is that fitch is saying, look, you look at the pressure that is being applied to the airlines worldwide right now because of coronavirus and because of people canceling flights and not booking flights and that raises questions about what happens with future deliveries future orders from airlines and it's a pressure point on boeing's finances in the ice of fitch. they go on to say in the report where they put the company on credit watch negative. these concurrent risks continue to have 737 max delivery ramp up and there is another issue that you're alluding to and it's supposed to be grounded until the middle of the year and will the delivery start later this year and after the grounding is lifted and then fitch says this could slow the rate of debt reduction from peak debt levels which will be higher than what

fitch previously expected and it's credit watch negative and y'all have over the last year. the company's target right now, and they're working with the faa for an ungrounding by the middle of the year and that would set the stage potentially for deliveries to resume maybe late in q3 and the start of q4 and that's going to be the catalyst with boeing and one other note regarding the airlines, guys take a look at shares of delta, today it will be cutting its capacity by 40% in the next few months it was 15% and that was the expected cut that they announced on tuesday so from tuesday to today it's gone from 15% to 40% one reason why, huge drop-off in not only bookings, but in an increase in cancellations, in fact, in a note to employees,

the ceo at bastion, they have negative net bookings for the next four weeks and this is not just a delta problem, guys this is all airlines. >> people are canceling flights and they're not booking flights and that's yet airlines are trying to conserve cash. >> i guess i'm confused with getting the 737s back in the air. is that why the max is the only 737? that is their option going forward even going through this sort of semi-passenger deleveraging for lack of a better term. they have to focus that because that's their future. >> right you've got a backlog want also for bow, but also airbus and if you have airbus arne the world that are scrambling to preserve cash and they're going from profitable years to net loss years and what happened to future deliveries. so far, boeing says we're

looking at the airlines and it's early on and we believe the airlines will work through this crisis, but what happens if this extenuates say out over a couple of months and now you have airlines that are supposed to take deliveries of certain aircraft we're not talking about the max and we're talking about other bodies both for boeing and airbus will they be in the financial position for them to do this that's the question for both boeing and airbus. i've got to tell you, when you talk to airline executives, the level of drop-off in terms of bookings and the increase in cancellations, it is stunning and they're just not seeing bottom yet there's no way for them to say yeah, we're confident that come mid-april, come mid-may, we have a sense of where the bookings will be at because they're just not seeing it. >> thank you very much >> up next, we're going to brake out this potential playbook after this crazy day and week. we'll talk about what's ahead and how you can use options to

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continuing coverage of this historic week on wall street tonight at 7:00 p.m., markets in turmoil at 7:00 eastern time justa just a few seconds left in the show and tim, kick us off. >> i think you should be standing up for the continuation of news on both the credit side coming through and there will be companies continuing to tell you where they're reeling it in and

something that's pretty good the most important thing to me is the fed fed is tuesday, wednesday. the fed has done some part of their work they have more work to do. i expect they'll cut to zero and the question is what will they do on asset races and it will drive guy adami crazy, but it's got to happen. >> think you need to flip your playbook upside down sell the rips and buy the dips. >> crazy week. 'lsee wel you guys on monday that's it for us, but "options action" is next. don't go anywhere. awesome internet.

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good evening everybody. welcome to "options action." mike ko is joining us from san francisco. all of our traders, of course, have been spending a lot of week -- a lot of time this week addressing clients big and small, and individual hedge fund, you name it. for you at home, there is a lot of valuable and calming insight to be gleaned from these conversations because you have a lot of the same concerns as the big institutional clients. so let's start there mike k