>> 11 days to go each one seems like an eternity lately thank you both michael farr and steve grasso sharing their thoughts on these market which are headed lower. dow's down about 657 points. thank you so much for wahoffing. our breaking news coverage continues now into the final hour of the tradinging day >> thank you so much for that. welcome. as the new york stock exchange prepares to temporarily close the trading floor on monday. stocks sinking as we near the end of this crazy week let es east have a look at what is driving the action. oil faltering, $20 a barrel level and the broader market taking a leg lower along with it the u.s. government announces it's working to close the border with mexico. it moves tax day back by two months and provides relief for

student loan debt and new york orders 100% of the state's workforce to stay home except for essential sftss. california, illinois and united kingdom asking residents to do the same >> moments from now, he runs the largest restaurant in the world. mcdonald's ceo will join us for an exclusive interview to discuss the company's response to the coronavirus that live interview coming in just a few minutes let's focus on the big stories we are watch iing. mike tracking the market moves in the final hour of trade bob pisani on the unprecedented week for stocks. meg has the latest on the coronavirus. mike, first to you on this market action on the final weekday of a crazy week. >> it's still skittish there was a couple of days we were able to pull out some clues of stabilization a chart of the s&p 500, we keep going back to the levels of tight end 2018

right back there now i think you can look under the service and say the market was trying to differentiate. we had perhaps a lull in this heavy liquidation type activity but it's a fragile piece that's been establisheded here so we're back to those levels we saw before less selling intensity, but can't really draw too many big conclusions. i want to point to a couple of analogies. the circumstances of this market pullback, this economic shock, are completely unique. but the market die nam iblgs ic may or may not be. some folks including richard have been pointing out this 1962 flash crash or kind of crash out of nowhere that came from an all time high. down 30%, almost exactly the same pace. i draw attention to it because this is the way the balletbook would be which would be partial tentative rallies then maybe you can kind of convalesce from there and maybe retest the lows. whether you pass that test or not.

so that's the kind of thing i think people are reach iing fort the moment but of course as i said, the information gap that we have right now. it throws everything into question the weekly lows for the s&p, 2280, that would be a slight victory if we end above that >> yeah, but still heading for worst week for stock since 2008. what are you getting from the correlations a lot of people unnerved that typical stock sell off seem to blow up this week. very much disrupted with those higher treasury yields an the fact oil has been a leader for instance, today, as oil looked firmer, the stock market went higher and that's obviously fallen apart here in the last few hours. >> everything that's not cashed was just being redeemed for cash stocks, bonds, mortgages, munis,

everything including oil and gold so that obviously is the kind of just don't even ask any questions, let me just get out type activity that we will see and again, these reports by the way that we have some hedge fund or some trading firm in trouble, that's par for the course. there are always going to be financial accidents, somebody's always trapped a lot of this activity seemed very forced. that's why i think we were looking at things like corporate debt spread. there were a couple of new issues in the corporate bond market these are very thin reeds to grab on to, but you have to see that activity normalize a bit. have some sense that we can navigate those correlations again before i think you have real longer term money trying to make a bet on this market. >> great stuff thank you very much. for that >> and now over to bob >> two up days and two down days and it's looking at the moment like we're going to have a third down day three out of five here

just take a look here. down 12% on monday up 6% on tuesday down 5% on wednesday up a half a percent on thursday and looking like friday at the moment is down about 3%. is there any good news here? well, like b mike said, 2280 we haven't breached that yet that was the low earlier in the the week the vix also has come down we were 85 or so just a few day days there you see a five-day you might athat's little comfort it's in the mid 60s, but that seems president oba positively a few days ago in terms of looking for quiet, the banks aren't there as we saw yields move down today. the banks started moving down. that's been a source of weakness if you're wondering why we're down so much ewe tutilities have been weak o of that. concerns about what might be any rescue bill and impact on utilities and we're seeing

consumer staples and tech on the weak side. i want to remind you about the quadruple witching next hour. this is when you're going to see a lot of volatility. a lot of volume, frankly, hopefully next week, usually quits down after the quad witch. guys, back to you. >> we'll be watching thanks tourning now to the virus it the race to flatten the curve of infection. meg has more do we have any indication that all these measures are working >> not yet, experts say it will be difficult to see that soon even if it is working because with the increase in testing, we're going to see numbers rise and that's what we're seeing now, particularly in new york with case numbers surpassing 7,000 in the state overall for the united states, now surpassing 15,000 total cases. so that is growing very quickly. analysts are also looking to things like hospital data in

terms of how many people are coming in with influenza like symptoms and trying to parse that to determine how much covid-19 we're actually seeing rbc says what they're seeing could represent exponential growth in cases requiring hospitalization, specifically looking at new york. we wanted to update you on the rbc day that this is a new chart. the dotted origin line was their previous base case scenario for when we could start to see overd they've moved that to the solid orange line, meaning that could happen as soon as next week. in some parts of the country because the case numbers appear to be rising so quickly, guys. now these measures that we're seeing in new york, california and other place, health experts say should help, but it will be some time before we see that bear out back over to you >> meg, thank you so much for that we've got 53 minutes left of the session. we're down 3% on the s&p 500 now restaurants have been hit

hard by the coronavirus. though many are making changes to keep their doors open for drive through, pick up and delivery customers let's bring in carl along with the mcdonald's ceo who his first interview in fact since taking the helm over to you. >> thank you very much chris, thank you for your time we appreciate it so much. >> thank you, carl thanks for having me on. >> let's start with north america and really u.s just so we, because you guys are global and you can address so much we've heard from many restaurant chain, large and small, about traffic. down 50, 90, 100% in the past couple of weeks. i know q1's not out, but can you give us a sense of what's open and what can stay open at this level of demand in. >> sure, carl.

we're in extraordinary times rilght now. we have the vast majority of our u.s. restaurant rs open. 14,000 restaurants in the u.s. we only had 50 closed and the fact that the majority of our business comes through drive through, delivery, we are better set up than most to operate in a very trying time so 50 closed and are there circumstances those 50 have in common and how big could that number get >> yeah, usually what's happening with the 50 that are closed it's when a building might get closed here in chicago. navy peier, which is where we have a chicago restaurant, all of the pier is closed. that's typically a situation when we have a restaurant close. >> all right do you fear that number getting much larnler or given your

control of both company owned, it's a low number by the ay, can stay pretty stable >> i think in this time right now, our ability to serve communities, deliver food, is pretty critical. even in states or cities that have had shutdowns they've been deemed essential businesses people still need food they need to get it in a safe, clean environment. i'm very optimistic we're going to continue to see governments asking us to remain open >> as far as franchisee assistance goes, chris, what kinds of things can and are you doing in terms of rent if applicable, helping them seek liquidity, forgiveness if they do get in trouble and how to you balance ha type of support for your franchisees with the shareholder obligations that you have >> yep

really important question. and i think one of the things that for me is just so remark sbl to see how our system comes together in a situation like this to make sure that we all chip in and assist one another so in the case of our franchisees, we have lenders working with them on restructuring loan payments. we have our suppliers who are extending payment terms. and then we are stepping in in situations as a company and offering them both service fee, a service fee, as well as rent deferrals. for us, a unique thing about our business, we charge rent as a percent of sales unlike a normal business that's paying a fixed amount, our rent also goes down as any sales goes down we're all chips in and it's important for us to keep our franchisees viable through this

so they can serve the communities. i think the point about balancing with shareholders is important. fortunately for us, we came swoo sb into this crisis with fantastic porls. we have the best balance sheet in the industry and so we feel confident b about our ability to continue to function and make sure that we fulfill our b on obligations to shareholders. >> food supply chain supplie suppliers? any disruptions and would you expect them now that we're seeing cross board restrictions on travel? >> yeah, the remarkable thing, we have 40,000 restaurants b globally we have not had one single instance of a supply break anywhere in the world. which is really a mind boggling accomplishment credit to our system for that.

as to whether that happens going forward, i think we'll have to see, but so far, we have not had a single supply break globally >> interesting >> does mcdonald's give assistance and what kind of assistance would you be arguing for for the restaurant industry? >> well, i think the important thing to recognize about the restaurant industry, not just mcdonald's, it's really a small business industry. it's not just a small business in the u.s., but globally. the restaurant industry is about small businesses and so i think you know you've heard over the last couple of weeks a lot of different discussion about how to support small businesses. i would say the number one thing we need from governments not just in the u.s., but around the world right now is let's stop this pandemic. i think the sooner we can do that, we can talk about everything else, but job one is to stop the pandemic >> so the and they've been framed in different words, but the actions taken in california

today, new york state today, illinois by the way, your home state today, you would be in favor of those from a corporate standpoint >> well i think we're need to make sure, mcdonlgd's has a role to play people still need to be able to get food i think government needs to take the appropriate actions but i think importantly, for our restaurants to stay open rng, it's important for the communities that we do that. >> chris, you went to harvard business school where they do a lot of case studies. i got to tell you, the shift of in home spend on food going from restaurants to grocery in the last few weeks is going to be a case study for years to come how much is delivery for you now? you had put in so much of this delivery, mobile order, curb

side where was delivery a month ago and where do you expect it to get to >> you're right, carl. we've been on this journey for the last several years we've made significant investments in our restaurants around digital as well as delivery delivery is a $5 billion business growing at about 20%. i would tell you no surprise that through this crisis, we're seeing our delivery sales become even more promounsed and so i think you know as you, as we look at our experience in china, as we look at our experience in south korea, they were probably further along in working through this kris ois. one of the things we've seen in both instances is delivery sustains at a significantly higher level post the crisis than pre the crisis and we're plan aing appropriately as we think about the ramifications for how this might play out in the rest of the countries around the world. >> that's interesting. so sense you got to those two

countries, can you talk about percentage of restaurants that are open there now and can americans have some faith that the united states is going to follow a chinese or south korean kind of trajectory when it comes to new cases then eventually business operations? >> sure, well in china, we now have essentially i think it's about 95% of f our restaurants are open that's about 160 or so still closed i think we can be confident that if we all take the actions, the collective actions that have been asked of us around social distancing, working from home, we absolutely have the ability to stop this virus and get to the other side of this i think what we also are seeing though in china and south korea is this is not a v shaped recovery this is a gradual recovery that comes afterward and so i think for us to start to also think about how do we you know really

enable that recovery because you know this is a deep trough for us no doubt. >> how do you, has anything about the italian experience of all this been informed through the metrics that you see why does it seem so bad there and i guess what do operations look like right now in italy >> well, you're right. in that i think italy is probably one of the most concerning and alarming situations out there in the case of italy, the business really is on full lockdown and i think it just underscores the importance of getting ahead of this while we still have time while we can still really flatten the curve as i think we've all learned that expression there's a lesson from italy in terms of how serious this is in

that we move quickly to address it >> this is still cnbc, chris, i'm sure you understand. got to have a question about buybacks which is now a topic of discussion with the president. dividends. and the dollar >> actually on buybacks, i think it's a very fair question. we had suspended buybacks several weeks ago. we wanted to maintain maximum flexiblility as we went into ths crisis to be nimble. we've stopped buybacks several weeks ago in terms of how to think about the dollar, we don't really manage the business in terms of short-term currency fluctuations obviously right now, the dollar is quite strong. if that were to stay something for a prolonged period of time, we might think of things

differently. but right now, we don't really spend a lot of time just looking to the ups and downs of fluctuation then in terms of the dividend, for us, it's paramount priority and so there's no changes planned for that >> finally, chris, how do you think the dine in experience changes on the other side of all this we see pictures of people getting their temperature taken as they go into a fast food restaurant in china. i guess operationally for the long-term, how is that going to look >> yeah. i think it's a great question. you're right, carl in that you're pointing out the consumer psychology in china and south korea has changed as a result of not just this crisis, but they've been through epidemics before none i think as pronounced as this one and you do see people are a little bit more leery about being around other people, whether it's dine in you're seeing use of public

transportation even post the crisis in some of those countries is down and so you know whether those experiences actually translate to every other country, i think time will tell but we're certainly pay iing a o of attention to how consumer psychology changes post the crisis so we can respond appropriately. >> well, chris, few companies have the kinds of radars that you do at mcdonald's we really appreciate you sharing it with our viewers today. the best to all of you >> thanks, carl. >> thanks so much. our thanks to chris as well. a quick check on the markets we are at session lows or just off them with around 40 minutes left to trade. the dow briefly down more than 800 points ch. 758. 3.8% all sectors now in the red s&p is down 3.9%, now we are following a number of developments in washington

today, let's get to kayla on the government stimulus efforts. hey, kayla >> earlier today, the white house economic team, bipartisan leaders in the senate and members of each senate committee met to discuss a path forward on the gop stimulus proposal put forth last night that as written, would allow for $500 billion in direct cash payments. $300 billion in lopes to small businesses to cover their payroll and $208 billion in relief to industries democrats are seeking to add funding to hospitals and to make some of the fine print more organized labor friendly top senate democrat chuck schumer said today that bailouts offered to companies needed to be worker friendly and when asked about the progress, president trump said that between senate democrats and the white house, that they were actually pretty close at this point. >> the democrats are very much

wanting something to happen and the republicans likewise are very much wantinging something to happen and i think it will. i spoke with mitch mcconnell and this tremendous spirit to get something done so we'll see what happens. my con ver sags was very good with senator schumer >> not often you hear that in washington, but clearly, both sides of the al, both sides of pennsylvania avenue sense the urgency in this situation and the goal according to mcconnell is to have a vote by monday morning. >> i wanted to ask you about the other huge story out of washington senators taking heat for selling stocks ahead of the market crash. what's the latest here lawmakers are required to disclose their investment activity and there were a few transactions that stood out recently because they were sales by a group of senators that took place by a private briefing on the coronavirus and the tanking

of the market just a couple of months later those senators were north carolina republican richard burr, jim inhoff, dianne feinstein and georgia's kelly loeffler, who's married to the chairman of the new york stock exchange many of those lawmakers were publicly express iing confidence in the economy saying they did not believe that the coronavirus posed a grave threat even as these sales were going on when we asked loeffle rerks, she said she didn't know enough at the time to be worried >> i don't think it was until you know a a month, the start of this month when we tarted to realize the severity of it and i think that should not be different than what other americans have seen with the proregistration of this santo domingo disease. >> they says the 29 transactions were conducted by a third party adviser that neither she nor or

husband had any destruction in those trades and that she'll answer any questions that come up u about them. >> great interview of course she outlined the manager was discretionary which if true, would avert the blame, but that will have to be clarified. thank you so much for that breaking news on united. phil >> this plays off of what kayla was reporting on the government aid package of which the airlines are trying to get 58 billion when you factor in the cargo operators. to underline the urgency of the situation, a letter just sent out by the president, ceo and union leaders say they want a deal by the end of march or payroll cuts will have to happen they say if congress doesn't act on sufficient government support by the end of march, our company will begin to take the necessary steps to reduce our payroll in line with the 60% scheduled reduction we announced for april. may's schedule is like ly to be

cut even further if kayla's reporting holds in terms of whether or not we see a vote on monday and potentially some passage of this bailout by early next week, then there won't have to be payroll cuts at united, but the airline is saying today, guys, it needs to deal locked in by the end of the month or they'll move forward with payroll cuts. whether that means a pay cut, furloughs, some combination of both >> thanks so much for that airlines and few select stocks getting a bounce today but the broader market has reached almost session lows. still down 3.7% on the s&p 500, but all s&p sectors are low. 35 minutes left in the session up next, a historic day for the fed. the bank buying a record amount of securities today. we'll break down those efforts could stabilize the system and calls for the fed to do more and later, the president of stub hub will join us to discuss the massive hit to the entertainment business and the steps they're

taking to help sellers back in a couple of minutes. don't go anywhere. driverless cars,

or trips to mars. no commission. delivery drones, or the latest phones. no commission. no matter what you trade, at fidelity you'll pay no commission for online u.s. equity trades.

b about 32 minutes left to go the industrials off their lows but now down about two and three quarter percent at 19,534. s&p off more in percentage terms, pressing on 3%. nasdaq, which had been holding in much better relatively than

those other brarometers now down more than 2% at 7,002. the russell which rallied stronger was a big day for it. today down about two and three quarter percent. some individual market movers. jpmorgan upgrading tyson and sand erson farms to overweight saying meat is flying off the shelves. if you can find chicken, call me, will you the firm believes that outstanding demand is more than off setting soft demand in the food service industry. wilf, over to you. found any chick bens lately? >> nope, sadly not, but i'll keep looking >> they're plucked, believe me they're out of here. >> tyler, mathisen, we're coming from our homes tyler is in his home father of cnbc there historic day for the fed as the central banks makes a record purchase for securities today. steve liesman joins us with more hey, steve >> h

>> unprecedented action both in purchases it made today and this week folks, this is enough for a couple of years. it did this all today. it said it was going to buy an additional $15 billion of mortgage-backed securities on top of the 32 billion it was already buying and announced it would by 100 billi$100 billion k and that is to address severe strains in the mortgage market it announced it will do $1 trillion of repo overnight loans secured by collateral for the rest of the month. two $500 billion auctions. now for the rest of the month. a trillion dollars of repo it agreed to finance for the first time, short-term municipal bonds relieving some of the strain in that market for state and local governments then coordinated nothing here, global center banks expanding dollar loans around the world okay total it up. today alone, it purchase $122

billion of securities. both treasuries and agency backed mortgages for the week, 322 billion. it was scheduled it may have more operations to go that is the largest amount of securities the federal reserve has bought in a week eclipsing the other record, 162 billion, during a financial crisis in 2009 explain why the fed buys this stuff to people understand it. on the one hand, it could drive down interest rates. it wants to keep them low so if people want to go, it's cheaper now. affecting its monetary policy. on the second order, it provides liquidity. it steps in and it's the buyer when buyers are scared or sellers are scare d and they're not meeting the fed becomes the bir there. so it's trying to unfreeze markets. okay why is this going on in part because of really remarkable downgrades to the outlook to the economy here.

we have a new number here from goldman sachs. minus 24% and i don't think this is a report they want. that's for the second quarter decline in gdp, but they took out the previous record hold erer and these are set to i think be adjusted over time, but 24% decline they're looking for in gross domestic product in the second quarter and a modest rebound is expected by our panel of economists here looking for four or 5% in the second quarter. i'm sorry, the third quarter coming back. we'll see if that holds. really what happens is that the weakness will translate to the second quarter again to the third. >> and steef, i just wanted to come back to you on that unprecedented week we've seen from the fed to add to the unprecedented for a couple of weeks. they're not the only one who's see iing fiscal and monetary announcements from all economies around the world i guess the negative spin is that are these place, these institutions going to run out of bullets as they're firing aggressively and market rs still

falling, is there a positive spin, which is to say this time around, governments and central banks have got to the sort of whatever it takes type mind set so, so quickly compared to how they did in 2008 that took you know, a more of a nine month type period. >> that's a critical point first of all, it didn't have to invent these programs. it took some off the shelves they're going to ad lib a little bit now. add new stuff. but the first set of things it did were first done in '08, '09. it doesn't have the opposition because the people comeing to te window for help from the fed, they're not there of their own accord they're there because of this terrible virus that is causie i angst and declines in economic growth i think those are the two big reasons why this is very, very different why they're acting so much more quickly than we've seen in the past

>> all right, steve, thank you cutting our losses, dow goes from down 800 to down 400 or more breaking news out of the new jersey sue. >> indeed, sara, as we have been expecting. new jersey's governor making some very aggressive moves following in the wake of new york today new jersey's governor says all nonessential businesses in new jersey will be asked to close and he basically alluded to this earlier in the day when he held his news briefing saying although people are being very compliant, they want to quote titan the screws and try and tamp down the spread of the virus. bergen county in new jersey, which is where we are located, has one u of the highest rates of new cases in the state so the governor making this move all nonessential businesses in new jersey are being asked to close. i'll be back with more on the virus in a few minutes >> thank you very much we've got about 25 minutes or so left to go and stocks are

selling off though they are off their lows of nearly down 800 points now down just 413 here are three things that are driving the action now oil faltering once again briefly falling through the $20 a barrel level and the broader market is taking a leg lower along with it. the government announces it is working to close the border with mexico moves the tax deadline back into july and provides some relief for student loan debt. that from the federal government and new york orders 100% of the state's workforce to stay home except for essential services. california, new jersey, illinois, the entire u.k. have announced similar measures sara >> all right here we go 25 minutes left until the close. as you mentioned, the dow cutting losses now down 447 points just near the top of the hour, we were down 8006789 energy actually just moving higher in the session. all the other groups are lower

energy the worst performing s sector of the week coming up, form rer nec director joins us live with his take on the administration's coronavirus response and market turbulence and as we head to break, a quick check on bonds yields are moving lower today. the ten-year yield sitting below that 1%. that .92%, which is a sign of safe haven buying as stocks sell off. we'll be right back. through the at&t network, edge-to-edge intelligence gives you the power to see every corner of your growing business. from finding out what's selling best... to managing your fleet... to collaborating remotely with your teams. giving you a nice big edge over your competition.

that's the power of edge-to-edge intelligence.

welcome back to closing bell about 21 minutes left in the session. down 632 points on the dow just over 3% off the lows about 15 minutes ago. down more like 800 points. our next guest says we like ly won't see a market bottom until we see the number of virus cases flattening or a treatment getting approved join iing us on the phone is ann sonders, mike still with as well thanks so much for joining us.

talk us through that point i just outlined. even with all of this central bank ammunition being thrown at a the market as we discussed with steve liesman, you don't think the market can bottom until there's good news? >> i think what central banks are doing is extremely important for the you know plumbing of the financial system to provide liquidity where it's needed but that's just a portion of the problem that's kind of like intubating the patient but we'v got other problems in the credit markets much of which is tied to the crash in oil prices and what's happening with opec, which of course is sadly completely separate from the e virus. but i think the nature of the virus, the rampant uncertainty associated with it on a day-to-day basis, the massive cuts you're starting to see to second quarter gdp forecast to as deep as more than 20% drop. you know depression era kind of drop in gdp and in turn, a spike

in some cases by some estimates to a couple million in jobless claims so i think the nature of this given that we're, we know it's getting worse before it's bge getting better just hard to imagine we establish a true bottom until we have a better sense of when the, when we're in the end game for the ill pact of the virus. >> you know, mike, ann brought up an interesting point about credit which does seem to be some of the root of the problems for the overall market now can you just talk about the corporate debt problem out there right now? why it's gotten so big and what these companies are going to do if they can't service their debt with the economy basically halted >> you've had the market in a week's time, radedly ramp up its estimate of how many companies can't service their debt

there's a large corporate debt load out there at the same time you've had revenues come to a standstill. balance sheets that looked okay now don't. you also saw end investors rushing away from corporate bond funds and everything like that, so that added just liquidity stress on top of everything else so once if that's the case, and i think by the way, that's embl emblematic of this situation of trying to figure out how to navigate the market and how to decide what the pain to the economy is going to be if it's a few weeks, we can get back and the fed can bridge us there and congress can put a little bit of a cushion underneath companies and consumers. if it's months, then no business was run to not have revenues for months so i think the fed is doing what it can to liquefy those parts of the credit markets and the parts of the fixed income markets that do have these clogs in them. that's sort of the effective at the margin, but it's not really

solving the entire issue and if that's the case, then equities are going to just price in that rising default risk and all the rest of it as it goes along. so that's why that's been kind of the central focus for a while. >> for those wanting to dip their toe into the market and being a long-term investor, how should they weigh up which stocks or sectors to go for? our typical metrics like pe r h ratios out of the window >> i think valuation is out of the window right now because we've got the denominator and numerator imploding. what's unique about this particul particular what's unique about this crisis instead of just guiding down as companies will often do in a tip

dahl prerecession downturn, most of them hit by this are just withdrawi ining guidance so thas why you see a will the of firms just go to a blanket, okay, we think earningings are going to drop by x percent instead of it being a function of bottom up analysis also valuation, it's really important. in a normal environment, it's this fundamental metric because the two components of it, the p and the e, are typically quantity fibl. but the reality is valuation is as much a sentiment indicator as anything else. so even if we had some confidence in the e in this case, the issue though is where will that willing to pay you can look at macro conditions that generally support a higher or lower pe ratio, but we also know that extremes in the market, 1999, 2000 on the upside, 2009 on the downside, you know fear and greed take over and take valuations to you know, a stretched extreme in both directions so you've got

the sentiment angle, too we've just been telling investors maybe take a more, first of all, if you're disciplined using diversification, all those try ed and true disciplines, which is really the only thing close to a free lunch you get in an environment like this, but if you have the ability because of the tax *tustructure of the portfolio, maybe consider rebalancing more frequently and having it be the trigger come based on volatility. and make take advantage of that, but i would also suggest a dollar cost averaging approach, both on the adding side and trimming side as opposed to pick a day to do it >> got it. thank you. mike, we'll see you in just a bit. all right. we've got 15 minutes left of trade. the last commercial we're going to take before we go into the close. up next, we'll bring you uninterrupted coverage of the final minutes of trade when we go inside the market zone.

s&p down a little more than 3% t. why? he's the one. gesundheit. [sneezes] i see something else... a star... with three points. you're in a... mercedes. yeah, we wish. wish granted. with four models starting under 37 thousand, there could be a mercedes-benz in your very near future at the spring event. lease the a 220 sedan for just $349 a month with credit toward your first month's payment at your local mercedes-benz dealer. are critical skills for scientists at 3m. one of the products i helped develop was a softer, more secure diaper closure. as a mom, i knew it had to work. there were babies involved... and they weren't saying much. i envisioned what it's like for babies to have diapers around them. that's what we do at 3m, we listen to people, even those who don't have a voice. at the end of the day, we are people helping people.

doprevagen is the number oneild mempharmacist-recommendeding? even those who don't have a voice. memory support brand. you can find it in the vitamin aisle in stores everywhere. prevagen. healthier brain. better life. every time it takes care of something for us, we celebrate. how often does that... got it. servicenow - the smarter way to workflow. you should be mad they gave this guy a promotion. you should be mad at forced camaraderie. and you should be mad at tech that makes things worse.

but you're not mad, because you have e*trade, who's tech makes life easier by automatically adding technical patterns on charts and helping you understand what they mean. don't get mad. get e*trade's simplified technical analysis. welcome back we're no the zone. commercial free coverage going into the close mike is here to break down these crucial moments of the trading day as always and toe today, we've got lindsey bechlt we are down 4% on the s&p >> new data on airlines. phil has that from chicago

phil >> this is new data from vertical research which tracks cancellations occurring every week from u.s. travel agencies and the numbers are staggering now this is for the week that ended last sunday according to vertical research. ticketing revenue, a decline of 61%. compare that with the previous week when it was down 30%. to so it's doubled in terms of how much it's falling off. cancellations have spiked. 47% last week versus just up 14% the first week of march. that means net ticketing when you take tickets minus the cancellations. 73% for u.s. airlines year over year that has doubled in one week some indication there of just what a massive drop there's been for demand to people to fly here in the u.s guys, back to you. >> thanks so much for that we are down 4.6% on the s&p.

just under ten minutes left. now the dollar index has seen its biggest weekly gain since 2008 as investors rush into cash amid rising economic uncertainty. the pound briefly touched its lowest level since 1985. it is stronger, but it's given up a lot of those gains while the euro roughly flat against the dollar, but hit its lowest level. the dollar was a little weaker which was one of the reasons why stocks were doing better now flat as we approach the close. >> i have to tell you, this was a huge week. it had its strongest week since 2008 and that's leading to some real speculation that we could see policymakers step into this market something like the 1985 plaza accord where governments around

the world coordinated in a massive intervention to weaken the u.s. dollar. why now? we know president trump has had a strong dollar before and now there's this threat, but now because this is a sign of stress in the system and so many countries around the world have been bow rowing in dollars all these years so this makes it excruciating for them. pain expensive and you could see some consensus around something like this if we see an extreme rush for cash and dash for dollars as we've been seeing. >> absolutely. the pound's been a great example of it this week and in terms of the size of the moves, it's down % in just one week down 13% year the date extraordinary moves even when the fundamentals haven't changed that much as you said, sara, there's a rush for safety. right now, the dollar is seen as the only safe currency with the rest of the world acting like emerging market currencies >> true.

and in the stock market, consumer staples have looked safe they've held up better than the rest of o the market kraft hines bucking the trend today, trade iing higher earlier, i spoke to the cel about the changes being made to kraft's business as americans stockpile at their grocery stores amid the pandemic concerns >> we increased and improved our procedures in our factories from a hygiene standpoint also from a distance standpoint. so being sure that we keep our employees safe we are seeing an increase in demand we are working in some factories in shifts day and night and i have to say our teams in our factories, in our distribution systems, are incredibly proud and understanding the duty they have ahead of them >> lindsey bell, kraft heinz, which is one of the weakest

stocks over the last few year, even that company is getting a boost as americans go out and buy their staples. consumer staples, only down 12%. makes them the best performing group in the s&p would you be buying that glourop >> they have been strong and we saw general mills reported earnings and talked about the same things that kraft did that they are running their factories at capacities. they're thinking about different ways for them to deliver to retailers so that they can get their shelves stocked more quickly. i think this is going to be abyei that consumers are going to continue to flock to and you have to wonder if consumer b habits are going to change after this episode with the coronavirus, really. and if they're going to think about staying home and cooking in more and being out less socially after we get past this. >> mike, just wanted to come to you with five and a half minutes left back down. 865 points lower about 4.5% on the s&p 500.

what are the key factors you're watching i guess oil turned intraa day and the dollar in terms of it now being flat as opposed to weaker >> yeah, i mean there was a little bit of a game effort to stabilize a little bit but oil falling apart then also i guess the drum beat of state lockdowns and all the other things and recognition that we still haven't gotten tangible progress, at least nothing that's formal out of congress. so i think going into the weekend, it was a little bit slippery because of u those things a wide range of potential outcomes or non outcomes this weekend probably just started to weigh on what was already a tenuous market now we're still, you can, holding above the week's lows in the s&p. only barely through >> okay, thanks for that casino stocks have found some footing today. they're rebound iing. contessa has the details hey, contessa. >> yeah, some are rebounding nicely like you've got wynn up

t% seizers up 8%. las vegas sands up 7%. pen up 32% you might think that's astounding but given its year to date performance, barely recovered any ground here and the casinos are still facing a tough road 95% of the commercial casinos coast to coast are shut down right now. about 85% of the tribal casinos, that affects about 622,000 casino and rer sort workers nationwide plus another 350,000 workers who are small businesses that feed into these casinos and support them are in trouble. we're talking about wages in the neighborhood of $74 billion annually that are at stake now it's staggering for this industry and the head of the american gaming association who's providing those numbers to us says it's very important for the nation to realize how crucial casinos are. the life blood and economic engine for a lot of cities across this nation

guys >> thank you watching the pc stocks today dell leading the gains though. those gains are evaporating under the close. >> yeah, they sure are until around 20, 25 minutes ago, intel was positive as well, but as you noted, the major indices all taking a big dive around i don't know, 3:30, 3:35 or so dell still positive fractionally intel is down just about a half a percent, which is in and of itself in a market this volatile there's been a lot of talk about demand for work from home materials. you can also look to adobe he said demand for their cloud service remains strong as weem "people" work from home. some investors paying attention to the need to stay productive remotely and the stocks that

have some connection to that today benefitted, guys >> thank you we're watching this dow really collapse here into the close now donow down almost 1,000 points 985. session lows by far after a morning that looked to be b hire three minutes left do you hide out in any of the stay at home work from home stocks that jon was just talking about? what's the strategy? >> it is very interesting to see. i've been watching the information technologies sector as a whole and it's been interesting to see it hold up well throughout the entire process. of course it's not doing as well as the staples or ewe tutilitiet between communication services and information technology, they're right in the middle of the pack and they're hanging in there because i do think that investors continue to flock to these growth oriented companies they see surviving and really being able to do well even if we emerge from this in a slow economic growth environment. the pe on that sector, 17.7

times, it's fallen hard from 24 times earlier this year, but really only gets you back to january levels i worry about earnings from this i think it's interesting here. >> just want to get to mike on the market internals as we see a 900 point sell off here mike. >> ugly on the index level below the surface, not as bad because we started out positive. it is negative, but not in a really super pronounced way. also new highs versus new lows very, very lopsided, but keep in mind, eight in seven days ago, we were printing 1 0urks,000 so this is a net improvement by that gauge and the volatility index, it's in a little bit but only because the volatility day-to-day and actual market hasn't been as severe. so still remains to be b seen seen whether that's going to be a signal of the market coming off. >> thanks so much for that we have just under 30 seconds left of this roller coaster

week and we are selling off the dow is down 914 points 4.5% not quite 1,000 point decline. s&p down 4.2%. ten sectors are lower. somewhat amazingly energy eking out a slight gain, but as we close here on this friday, s&p down h.4% and down 15% for the week as a whole. welcome to closing bell. another tum week in the market stocks selling off sharply into the closing bell

more than 900 points 927 points briefty tempt to go positive to morning. oil took a sharp turn south as well s&p 500 closing lower by 4.4%. ten out of 11 sectors today lower. energy the only bright spot though it is the weakest sector on the week down 19.6% double digit declines for all sectors on the s&p 500 this week the nasdaq bet r of the three major averages for the week. only closing down u for the week 12.6%. for the s&p 500, a loss of 15% for the week for the dow, a loss of 17% joining us to talk about the market, chris ailman still with us is is lindsey bell mike, first to you on the action

we saw into the close. we knew it was going to be volatile with that quadruple witching what does the action tell you and where does it take us from here >> i mean the market still has lot to prove i think coming into today, the question was oh maybe we can kind of squint and look at some of the signs of developing in the market did fot stay down below those old late 2018 lows and there was a little bit better breath better selectivity in the markets then this afternoon, a lot of that buckled. now it didn't give everything up, but i think you have to kind of assume or at least hope that that really furious leveraging liquidation action perhaps has mostly gotten done and now you're left with just a incredibly opaque fundamental outlook. does this market respond to very oversold conditions and nasty sentiment or enough people say when the market is down 30%, i close my eyes and buy because the world isn't going to end those are the only two gobold

cases. it's not about the next catalyst unless you think there's going to be a policy bazooka coming out monday >> what about retail investors any funds suggesting they've taken part on the selling of equity markets >> no doubt they have. i think one day this week there was a sizable outflow from vanguard they're usually the most disciplineded. without a doubt, there's outflow. there's retail freight out there and especially by the way in corporate bond funds this has been an area where people didn't want anything that had corporate credit risk. it's all been funneled into cash like instruments like government money markets. you have short-term treasury billing trading for that reason.

clearly, there's been a big skrar run icare running through. not clear that's a timely indicator given the fact the tape remains shot. >> just finished off our worst week of stocks since the financial crisis in 2008 you have two of the biggest two economies in the countries shutting down as of today. people are scared about their health and jobs. what do you do give us a long the term perspective here. >> if you're a long-term investor, you went into this with diversification and some protection on the downside, which would have been in your bond portfolio those have had tremendous returns. which is why i can confirm they're selling their bond funds and rebalancing. i'm disappointed the s&p 500

didn't at least hold 2350. i thought that was some semblance of a ledge for us, but obviously with today's action, that's now given away. >> lindsey, what are you going to be focused on not just over the weekend but in the weeks ahead to start to give you more confidence that again with one of the biggest declines since the financial crisis this week as sarah said, the opportunities that obviously are arising >> the economic data is going to continue to get worse. the market is somewhat prepared, but it's probably going to be shocking to see how big and bad some of those numbers can be, but i think as many guests that have come on, i think it's going to be about the number of coronavirus cases here in the u.s. and how does that increase happen is it a swift move up or could we do it on a more grad pace if we can do it more gradually, maybe the market finds a little bit of comfort in that, but

until we have that, i don't think it's going to be hard to find the bottom here because we know most likely based on some economists reporting coming through this week that we are going into a recession we have two of the largest economies in the country shutting down and when that happens, you tend to see more bleeding in the equity market in that scenario. >> i guess we don't know the depth of the length of the recession we're in let get to bob with what a wild week >> it was a painful week it was. down 15 a% what was painful is it really didn't go down in a straight line let me show you what the s&p did on a daily basis we were down 12% worst day of the week was on monday tuesday, we were up 6% wednesday, down another 5%

thursday, up a half percent. put up the s&p we essentially ended just off the lows for the day with the s&p down another 4.5% for today. 4 4.3% the only good news, 22.80 was the intraday low this week and we ended above the low that is pretty thin gruel though to hang your hat on for a bottom dough point moves were pretty breathtaking one day down almost 3,000 points tuesday, up 1,000. wednesday, down 1300 thursday, up 188 and of course just saw for the close here, the dow jones industrial average closing the day down about 900 points sit iting just at the lo for the day. in terms of the markets overall this week, i think one of the things that got people disstressed in the middle of the week was everything on their board was down so the s&p 500 was down we had oil down 26% as a record week and then we had high yield bonds

dropping at the same time. on concerns about credit downgrades and issues there. corporate bonds also dropping the same amount as high yield bonds. you won't see that kind of numbers in a long time then we saw gold down 2% rou roughly. so when everybody has these up, i do, the s&p 500, gold oil and bonds up top of my screen. you see all them down. people look at it and say oh my heavens, that's sign people are just raising cash and i think that's what made a lot of people distraught for the week. back to you. >> i had a question about the closing of the stock exchange floor from monday. i've been speaking to loads of the investment banks and they've all certainly suggested that the work from home policy as accent waited the volatility at the moment another consideration there of course is whether the shutdown of new york outside of nonessential workers will make

that worse still, but as we talk about the new york stock exchange, will not having the floor open be another factor >> they're hope iing it won't so the floor accounts for about 20% of the overall volume in the new york stock exchange. overall trading in nyse listed stocks they've been very vocal that in the event they have to go to all electronic for a temporary period of time, they believe the designated market makers, the dmms, and the vast majority of the trading floor community will be able to participate in trading electronically so it will not be as disruptive. t issue about closing new york down, essential workers, i talked to several trading desks today. they're preparing to also work from home. many of them may have to in fact and the bigger question is whether that be disruptive in you're not as collaborative when you're sitting there by yourself at home as we are sitting on a pod in a trading desk, but i think a lot of people are going

to get used to it. look at what we're doing you and i sitting here in our homes talk iing to each other. something we couldn't have imagined doing even a couple of weeks ago and yet amazing how quickly you get used to it so i think there will be a little sand in the cogs for trading if people do their trading from home, but i think a lot of people will get used to it it's quite impressive how technology has evolve and we're able to do this. >> i agree not just essentially in our homes, very much in our homes. bob, thank you for that. now the bond market also experiencing a lot of volatility this past week and rick santelli has the details of that. hey h, rick. >> hi. yes, boy, we've basically dropped to the low yields today as stocks were dropping. we finished up at the low yield today at 88, which happened to be down 26 bases on the day. although we were only down eight bases points on the week because we zoomed up earlier in the week if you look at what's going on

with hyg, it's a great surrogate for how the stomachs of how anybody who owns high yield is feeling. it closed at the lows. down 13% on the week at levels we haven't seen since 2009 there's nothing great going on at hyg, but then again with all the disstressed securities and trips slipping a bit and the fact we've been on diets for trying to find yield where ever it can and low covenant securities, it shouldn't shock anybody. look at a two day dollar boy, it just came back basically unchanged on the week. it's up close to 4% on the week. and it's closing at a high that we haven't seen in three years and two months back to you. >> yeah and it happened so fast. thank you very much. rick santelli. chris, there really was a feeling of sell everything this week not just stocks, but even safe havens like rick was talking about. bonds and gold except for the u.s. dollar

what should you do with your bond portfolio, to be in a safe haven? do you need to rethink those allocations? i wouldn't recommend long-term investors do that. if you're a short-term trader, you have to. but lopg term investors, people with iras, 401(k)s, should develop a long-term plan and stick to it and rebalance. as scaryas that is, rebalance. now when everything sells off, i agree, that's a really difficult challenging time but i think that we've been able to maneuver a portfolio in our case with other securities and at least help us balance in this kind of a difficult time cash is king >> like what >> liquidity is the key issue. maintain liquidity the only thing that really is holding up has been the long bond ending up u credit, the risk is uncertain because we're definite ly heading into a recession and bill ackman try today scare everybody into a depression. i think the risk of that is very

low. we're going to head into a recession and can't figure out h bad that's going to be, so hence the sell off everything mood >> chris and lindsey, thank you both very much for joining us. >> thank you >> still to come here on close ing bell, former national economic counsel director, gary cohn will join us. we'll discuss whether he's in favor of bailing out american businesses back in 90 seconds do you have concerns about mild memory loss related to aging? prevagen is the number one pharmacist-recommended memory support brand. you can find it in the vitamin aisle in stores everywhere. prevagen. healthier brain. better life.

we segetting to patientscines in record time. at emerson, when issues become inspiration, creating a better world isn't just a result, it's a responsibility. emerson. consider it solved.

breaking news on auto sales! these are sobering number frs jd power, which analyzes retail auto sales sales happening at dealerships so if we go and buy a vehicle, this is what they're analyzing and according to jd power, monday through wednesday of this week, auto sales were down 33% year eeover year. compare that with last week when they were down 15% and the first week of march when they were basically flat down 1%. it is clear the american consumer is slowing down some could be because you have people who have decided i'm just saying home. not going out looking for a car. others, i might be being laid

off and the last reason guys you have a market selling off like it does, you're going to have a big hit to consumer confidence that's the number one driver of auto sales in the u.s. people feel confident, they buy a vehicle. they don't feel confident, they don't buy and right now, they're not buying guys, back to you. >> phil, i mean these numbers are -- >> phil. >> astonishing when you see down 33% in such a short time but where were we expecting them to fall because when you have a scenario like we have today, you'd expect the big ticket expensive luxury type upgrade of buying a new car to drop off >> you have to look at it as a whole year last year, they sold just over 17 million vehicles in this country. all of the automakers did. they were expegting it to come down this year probably in the range of 16.2, to 16.5 million vehicles nobody believes the industry will be able to hit 16 million vehicles this year

most had brought their full year sale estimates down to 15.5 and in the month of march, many believe you're going to see 12, 12.5 million and it's plunging guys it's understandable. here in illinois as we speak, the governor is issuing a ta at home order nobody's going to go out looking if r a vehicle they're not going to do it anytime soon that's the case in california. new york, new jersey, connecticut. you're seeing this around the country. and now we're seeing it in the numbers in terms of just how much auto sales are slowing down >> thank you back to mike with a look at one bold bear indicator. what are you watching? >> yeah, this one is just b about all the way in bear zone from bank of america michael hart ekeeps this indicator of various market signals, technical lots of mechanical signals it's pretty much all the way in bear zone although it's gotten

lower. in early 2016, it was lower and it can chop around the low level so it doesn't mean as if it's an immediate contrary turning point signal for the market, but it shows you after a while, a third, one-third of the value of stock market going away in a month is going to do that. to sentiment however, this other chart from boa shows that in their client's portfolios, the equity allocation is down sharply mostly because the market's down not necessarily because of outflows, but it remains above average, well above major lows shows you the bull market did take equity exposure up among wealthy individual investors and now it's coming back but that's not really cut into those equity allocations. at least not yet >> thanks. up next, the ceo of remote work technology company citrix tells us how much more business his company is receiving and as a

reminder, you can watch or listen to us live on the go on the cnbc app we'll beig bk. rhtac our retirement plan with voya gives us confidence. they help us with achievable steps along the way... ...so we can spend a bit today, knowing we're prepared for tomorrow. wow dad, do you think you overdid it maybe? i don't think so... what do you think, peanut? nope! honey, do you think we overdid it? overdid what? see? we don't think so, son. technically, grandparents can't overdo it. it's impossible. well planned, well invested, well protected. voya. be confident to and through retirement.

zblncht let's give you the final numbers on the market today. it was a 4% kind of day in terms

of losses for the dow industrials. s&p 500 less than that, but round up, got a 4% loss. it was a brutal week s&p 500 off 15%. dow off 17.3% and nasdaq off 12%. >> thank you so much for that. now our next guest is a former top economic adviser to president trump and former president and chief operating officer at goldman sachs gary cohn now on the phone good afternoon thanks for joining us. >> thanks for having me. wilfred. >> i wanted to start with you you think the administration is doing handing this there was some criticism do you feel that was warranted and do you feel like they've now got things under control and taking the right actions >> i think the administration is

very concerned about helping out workers and helping out the environment and the economy. and i do think that is important right now. they understand that in shut tig down the economy and having people stay home, we're really asking people to sacrifice and we're asking people to give up their occupation and give up their wages and they do understand the impact of that and they're trying to understand how to mitigate that that is really important >> when it comes to the potential for bailouts, gary, boeing has been talked about a lot this week. it's quite a good one to focus on some of the predicament that the company is facing has been its own doing and its own wrong doing. does that, should that be factored in when considering whether these types of companies should receive a bailout >> i think we need to talk about it in the big picture. specific companies because i think right now, we've got a big issue on our hands

we need to bail out the american workers. they want to go to work if they could. in the last hour, the segment on the casino industry was fascinating. how many billions of salaries they pay and how many million os f people they employ we need to have industries like that and we need them to survive and the casino industry doesn't stand by itself. it's dependent on the airline industry, uber and lyft to get people there on a lot of different industries, so when we're talking about bailing out industries, we're really talking about the american worker today. i think that's the important issue. i think that's what washington was trying to deal with right now. are there specific irssues and companies? there are, but the who he will list of issue that really congress is spending their time on now is dealing with american

workers and american workers inability to work and put food on their table and play for their basic expenses right now >> gary, i wanted to ask about the banks. it's a scenario you know very well there's been a number of announcement over the course of the week in the way they're helping existing customers essentially cutting them some slack, talking about small businesses or consumers. should the banks be going further than that and extending loans to companies that might be struggling that aren't existing clients or is that an unreasonable expectation and meet some kind of backing of loans to expect the banks to get to that point. >> working with their clients and making sure those that make payments on mortgages or credit cards or any kinds of loans that banks are working with them.

you have a will the of the different ceos on talk about how they're working with their clients. yes, banks need to work with the entire u.s. industry and other industries to help them through this situation but we don't want to turn one crisis into a new one and invent one that we have to solve. so i would say that banks themselves are part of the solution u but they have to manage their own solvency as they go through this and them just making loans for the sake of making loans, at the end of the day, won't help anyone and then we'll have another crisis to solve. >> the banks gary as you well know all suspended their buybacks on sunday the following day, they all announced they'd been tapping the fed's discount window. what do you make of that do you think it's a sign of weakness >> historically, no one tapped

the discount window. no one wanted to many banks were asked, they did it together. many of the reasons that banks are tapping the discount window now and this is a longer discussion, has to do with a lot of the regulation that was put in place after the 2008 financial crisis banks operate under a lcr, liquidity leverage ratio, where they have to keep an enormous amount of liquidity based on their outflows and so their able toy make markets and provide liquidity and buy assets from clients is highly affected by their lcr ratios and so by going to the discount window and borrowing more money, they're able to facilitate more transactions for their clients and they're really trying to help out and do it as good corporate citizens >> i've been speaking to lots of traders, all sorts of investment banks over the course of last week and it's very clear the

last two weeks in particular that a big part of the volati volatility we've seen in markets has been that the u.s. treasury market, the commercial paper market, haven't been functioning as well as we would like to see and that there's been this big rush for u.s. dollar liquidity and yet tat same time, everyone frames this as not being a financial crisis is that framing still fair when we have such clear dysfunctions at the moment in certain parts of financial markets >> i think people are saying it's not a banking crisis. our banks are highly capitalized and functioning well is there a deleveraging of the market complete is there a flight to liquidity yes. do people want to own dollars? yes. when everything correlates to one, which is going on right now, which always happens in times of stress, it happens in '01, 2008, it's happening now.

and everyone wants to create liquidity and wants to own dollars because it's the safest currency in the world, banks are trying to facilitate that and stay within their stringent guidelines put upon them after the 2008 crisis. that's the scenario going on now and they're using the various faci facilities the government has put in place to help them out. i do believe and i think there's a big issue, one of the major issues that we're going to need to solve before markets can rally is the whole credit market issue, the muni issue. what are they going to issue to pay for all of the things going through congress right now a lot of what's going through congress is trillions of dollars and the government is going to need to borrow that money and we need to know how they're going to pay for that. as you know, markets do not like unpredictability they like to know what's coming down the pipe.

they like to know how the government's going to pay for it and until we get the treasury to declare how they're going to pay for it until we get the credit markets functioning you know, in a more reasonable fashion, i' think we'll see more of this volatility >> you've been upbeat. you've told me before not to be too negative you said we're not in recession. how much is your optimism being tested now and when you think about the magnitude of the losses, how do you wrap your head around the size and scope of it. >> sara, we're no recession. i'm not going to tell you we're not. you cannot remove the consumer from the u.s. economy and we're an 80% consumer driven gdpp and say we're not in recession the unemployment number is going to skyrocket

one of my hopes is a lot of the packages that are coming through congress now will allow industry to keep their employees on their books and continue to pay them that's the problem that congress should be wroorking on. if you look at the collins rubio piece of the stimulus package, which is the i think about $300 billion for small companies -- those 500 employees. that's what we need to do. we need to continue to pay to have companies pay their employees. as companies are not able to earn so you know, we really have to figure out how to get to the other side of this >> would you be buying stocks right now? are you buying stocks right now? >> so, the answer is i have i have been. i have been. i think cash flow analysis is really important between now and year end and understanding

company's balance sheet is important. if you look at a company and i don't really talk stocks, but i'll mention one you look t company like uber that came out yesterday and said look, we have enough cash to make it to year end. the stock went up from you know, 14, $15 to $23 at the high today. so i think it's important to do your blabs sheet work. important to understand the cash flow analysis and i do believe like everyone, that we will come out of this and we'll come out strong and the consumer will once again consume in this country. so in some respects, it's can companies make it to the other side >> and do you really think the government can prevent mass layoffs in this country? >> they can try. they can clearly try and i give them enormous credit for what they're trying to do and understanding the breadth, depth and magnitude of the b problem. they're trying to throw many resources as they can.

i was, i was on another network a week ago and i said to the anchor, look, this is not a small problem. it's a trillion dollar plus problem and this is. and i think the government's starting to understand the magnitude of how important the consumer is to our economy so they're doing what they can and i think they've got to attitude that they're going to have to continue to do more and more until we get to the other side >> looks like kevin is going back to the administration to help deal with all of this you were on that team. would you go back if you were called >> look, i want to be and i continue to be as helpful as i can. i continue to be in touch with many of my former colleagues in the white house and many of other agencies and if they need my help, i am willing to help the country in any way i can >> gary cohn, thank you for joining us >> you're welcome. thanks for having me

>> former economic adviser at the white house. breaking news on delta phil lebeau with the story what now, phil >> they have just put out an ak, which includes a letter from the ceo. a number of point of news within this letter. first of all, they have suspended the stock buyback program and their dividend so that's one piece of news that's going to get a lot of attention in washington. also they have taken out a new $2.f billion line of credit and they have also drawn down $3 billion from their existing revolver lines of credit so they would have ample cash on hand. they need it you know why listen to this statistic they are burning through $50 million a day in cash. they're q2 revenue is down or expected to be down 80%. $10 billion. that's the expectation for the second quarter bottom line, delta like american, like united, like all airlines, burning through cash and they need the government aid as quickly as possible back to you. >> phil, $50 billion a day

what is the cash balance i mean are we talking -- >> i don't have the, this is just -- this is just on the day, the letter i don't have the actual cash balance. are they going insolvent tomorrow no do they have enough that they can last for the foreseeable future yes. that's my understanding that they have the strongest balance sheet among any of the airlines out there. having said that, everybody has made it clear, they need this bailout which basically comes out to $25 billion in immediate cash grants to the u.s. airlines and then 25 billion in loan guarantees at least that's what they would like to see. now there's some question whether or not the senate will agree to that. or the senate may come back and say no, we're not giving you cash grants. we'll give you loan guarantees so one way or the other, they need help from washington because they cannot continue to burn through cash at rate they're going right now. especially with the drop in

bookings and the acceleration in cancellations. it's just fallen off a cliff, guys >> phil lebeau, thank you so much for that. still to come, the ceo of citrix tells us how the company is ensuring the cybersecurity of users working from home and later, the president of stub hub discusses how the future of the live events industry could be further hit by the coronavirus. 'rba ia up of minutes. show me reality...tv. where my hobbits at? play lord of the rings.

play my "straight outta the shire" playlist. i want to see the king. find lebron. search more cartoons. play the last o.g. take me to the streets, play sesame street. me want more cookies. [cooking show] soft and cookie-like on the inside... find the things you love with a voice command. introducing at&t tv. with live tv and access to streaming apps. visit att.com/tv. i was drowning in credit card debt. sofi helped me pay off twenty-three thousand dollars of credit card debt. they helped me consolidate all of that into one low monthly payment. they make you feel like it's an honor for them to help you out. i went from sleepless nights to getting my money right. so thank you. ♪ so w>>i'm searching for info so thank you. on options trading, and look, it feels like i'm just wasting time.

wasted time is wasted opportunity. >>exactly. that's why td ameritrade designed a first-of-its-kind, personalized education center. see, you just >>oh, this is easy. yeah, and that's >>oh, just what i need. courses on options trading, webcasts, tutorials. yeah. their award-winning content is tailored to fit your investing goals and interests. and it learns with you, so as you become smarter, so do its recommendations. >>so it's like my streaming service. well exactly. well except now, you're binge learning. >>oh, i like that. thank you, i just came up with that. >>you're funny. learn fast with the td ameritrade education center. call 866-296-7451 or visit tdameritrade.com/learn. get started today, and for a limited time, get up to $800 when you open and fund an account. that's 866-296-7451, or tdameritrade.com/learn. ♪

let's get to sue herera now for the latest coronavirus update hi, sue. >> hello, everyone here's what's happening at this hour we have another grim milestone global deaths from coronavirus have now topped 11,000 with italy accounting for about 4,000 of that total. and within the last half hour or so, the governor of illinois ordered residents to stay home starting tomorrow unless they're going to places like supermarkets or fapharmacies earlier today, new york and new jersey issued similar orders joining california and noting that while the elderly are the hardest hit, the world health organization is underlining new data showing a significant proportion of people under 50 now need hospitalization. >> today, i have a message for young people you're not invincible. this virus could put you in hospital for weeks

or even kill you even if you don't get sick, the choices you make about where you go could be the difference between life and death for someone else >> and along those lines, some warnings of florida's beaches. they're still attracting sunbathers and that has prompted pinellas county to close all beaches at midnight tonight. they won't reopen until at least early april and on a lighter note, since so many are staying home, a lot of you can't go to washington to see the famous cherry blossomses so we'll bring them to you. they're at their peak, which is earlier than usual so that's a bright sign any way. that is the news update on this virus at this hour back to you. >> it's such a bright sign, sue u, and also in the background of kayla's shot earlier, i thought it was snowing momentarily but -- >> yes

>> we were told it's not it's just the blossoms blowing in the wind which was a nice thing to be corrected on >> indeed. have a great weekend thanks so much >> sue you, too and stay healthy of course thank you. as the number of coronavirus cases continue to increase in the u.s., more companies are having employees work from home instead of the office. remote work from, excuse me, remote work firm citrix is one of the giants helps to bridge the gap to this new normal the company's ceo joins us now for more in a cnbc exclusive david, thanks so much for joining us i mean what level of pick up in demand for your services have you seen in the last month >> unprecedented times now whether it's just looking across the level of work from home that's happening gloebally at this point in time when i look at citrix, your teams are working around the clock to help our customers and really get their employee to a

place where they can be safe and secure and ultimately, they can be productive. beyond that from a technical standpoint comes a lot of the tips and tricks we've learned over the last 30 years really talking about andleadin this idea of remote work and making people productive from anywhere >> are you attracting new cu customers? >> anticipating this was going to be a big problem. we put a lot of different offers in place the provide very low cost capacity license for new and existing customers to help them scale up across everything they're doing. so from that standpoint, we've seen just a really, really active period of time right now. but at the same time, i measure activity on a number of different ways

one of our services in particular saw a 48% increase in activity from a same time a wee ago so we're seeing unprecedented levels of working from home but i think there's absolutely a short, medium and long-term aspect of this short-term, a will the of triages and businesses are just trying to get people productive. medium turn, it's going to be stepping back and thinking about all the core infrastructure they need a tip kl citrix customer has over 500 applications. >> david, we were just discuss ing with gary cohn earlier, the extent to which the u.s. is of course a consumer economy. we know huge sways of it have been b shut down in recent weeks from live sports events and to the rest of it, but for those companies that you've always had as a client and who are just shifting a lot of office work to homework now, do you feel like those companies are in fact still operating at give or take 100%, just that their workers

are in different locations i guess i'm looking for an optimistic spin on whether we could be overstating the falls in gdp i say not yet. but i'm optimistic just like the technical side, there's a short, immediamedium d long-term aspect to all of this. short-term, it's interesting it's funny, it's novel to see your coworkers in pajamas on a video call, but that's fwoipg to pass quickly i think what's really important is for businesses to take a big step back and think about how do we get into a repeatable rhythm, one that we can demonstrate, leadership and communications and empowerment and give people that space to succeed. the challenge with a lot of crisis is that senior management usually wants to grab hold of all decision making. this is one of those instances where it gives people the tools to be successful give them that space to succeed. i think a lot of businesses are going to adapt to this new normal quickly at least that's what we're see ing at this point in time. >> david, your stock, your company was in the news today

for another reason a new snarts came under fire in washington for selling stocks and buying other stocks ahead of the market tanking after coronavirus briefing early on at the end of skrjanuary. one senator bought your stock. just wondering if you have any comment and if you've seen others rush into your stock early as a result of what was coming to this country >> yeah, i heard the same thing this morning i saw it on the news people buy and sell our stock all the time i sure hope the news that i saw this morning isn't the case. hope everybody is subject to the same level of accountability both on an individual bases and corporate basis. not much i can say b about that specific instance. >> all right david, appreciate you addressing it ceo of citrix. >> thank you very much up next, stub hub's president tells us how california's lockdown is impacting silicon valley and

whether her company can survive the cancellation of live events across the boardful we'll be right back (sensei) a live bookkeeper is helping customize quickbooks for me. (live bookkeeper) okay, you're all set up. (sensei) thanks! that was my business gi, this one's casual. (vo) get set up right with a live bookkeeper with intuit quickbooks. or trips to mars. no commission. delivery drones, or the latest phones. no commission. no matter what you trade, at fidelity you'll pay no commission for online u.s. equity trades. at fidelity you'll pay no commission every time it takes care of something for us, we celebrate. how often does that... got it. servicenow - the smarter way to workflow.

doprevagen is the number oneild mempharmacist-recommendeding? memory support brand. you can find it in the vitamin aisle in stores everywhere. prevagen. healthier brain. better life. no mthe most reliablere, xfinwireless network you to connect you with those who matter most. it's the network that gives you the best coverage and more flexible data that you can share, mix with unlimited and switch at any time.

you'll save up to $400 a year on your wireless bill. plus, get $300 off when you buy a new samsung galaxy s20 ultra. xfinity mobile. call, click or visit a store today. ithat car is one of mine. and soon, it's going to be one of theirs. but they would have never even known it existed. if it weren't for the power of targeted tv advertising. it's smart. it grabs people's attention. it works. it's why comcast spotlight is changing its name to effectv. because being effective means getting results. the live events industry is getting slammed with everything from broadway shows to sports games getting canceled until further notice

joining us by phone is the stub hub president. thanks for joining us. give us a a sense of what has happened to your business and just the scale of how many events have been canceled and what it means for the industry >> well, as you know, we're in a pretty unprecedented situation among the live entertainment industry i think we've seen something in the order of 15,000 event cancellations so far and the vast majority of folks understanding that the next 30 and 60 days in particular may go live events fairly challenged. i think at stub hub, we're fairly confident in the approach we're taking, which is a, first and foremost, protect our fans, number two, protect our employees to make sure they stair safe number three, think about how we can help the industry and do our part when you think about the people who might be really affected with things we do and number four, i think planning and thinking about how we come back and recover when this is all

over so it is indeed an unprecedented time but we're focused in these four areas >> i mean there's so much reselling of tickets that gets done these days. in the instance of canceled events, who's events who is going to end up seeing refunds is it just the original purchaser of the tickets or do reselling and secondhand buying, does that get refunded, too? >> it absolutely does. anybody who purchased on our site at stub hub is protected by what we call our fan protect guarantee and for cancellations in particular, we're offering customers right now two opportunities. number one, a full refund. number two an alternative option which we're seeing a lot of adoption of the stub hub coupon where we give back 120% of the value if customers want to take a credit and so we continue to offer anyone who purchased on our site

whether it's the secondary site or the primary, we continue to protect every customer who has bought on our site >> obviously, we're asking a lot of tough balance sheet questions. how long can you go on for how long can you survive with any events being booked. >> the good news for us and i am sure you are both aware that stub hub was sold and where we were originally on ebay and sold in february via gogo who has two of the largest investors and they're behind them and between the two of us, i think we feel have complete access to capital ask deep pockets so i don't think we worry about the solvency of the business and it's managing short-term liquidity as we all need to do and i think we have the benefit of having incredibly strong capital backers and we are pretty confident of our ability to weather the storm

like every business leader rate now we will manage our expanses critically >> sukinder, thank you very much for joining us. >> thank you so much take care. >> still to come, an unprecedented measure, california issuing a stay at homerd for oer its $40 million residents and the impact on the economy ahead. the invitation to lexus sales event now through march 31st. lease the 2020 rx350 for $409 a month for 36 months and we'll make your first months payment. experience amazing at your lexus dealer. ♪ yes i'm stuck in the middle with you, ♪ no one likes to feel stuck, boxed in, or held back. especially by something like your cloud. it's a problem. but the ibm cloud is different. it's the most open and secure public cloud for business. it can manage all your apps and data from anywhere. so it can help take on anything, from rebooking flights, on the fly to restocking shelves on demand.

without getting in your way. ♪ ♪

modern modernization today where the future workplace of today starts tomorrow. our full range of products and services will take your enterprise to a bold new era. behold, the innovation scarf. in order to innovate, we must first outovate. what? at cdw, we get better ways to modernize. our experts can design, orchestrate and manage your most complex technology, today and into the future. it orchestration by cdw. people who get it. >> welcome back. the goldman sachs has just filed

a proxy statement that includes pay for the executives for 2019. these are the key numbers. david sullivan, the chairman and ceo getting $27.5 million, that's a 20% pay rise. the coo, 23.5 million and stephen cher coming in at 22.5 million those numbers in the ballpark of what the other banks where it is unfortunate for goldman sachs had this already been filed a month or two ago like many of the other banks did because it's, i geshuess, a little uncomfortable to be announcing this level of pay with all sorts of other issues and costs are front and center that said, goldman sachs has been donating money elsewhere to the likes of the national health service and maybe that will offset perhaps some of the negative spin that could be possible 2019 share price performance, by the way, goldman sachs 37.6%

which was the head of the kbw banks index, so while the bank is still going through its big turnaround and it's certainly not at the end of that, and last year's share price was better than the bank's index and also just flagged in 2018 and the proxy statement they said that there were callbacks possible relating to the one mdb scandal that wasn't deemed necessary anymore in this 2019 set of bonuses and the 2019 pay for sullivan >> not a good headline as people are looking at job losses in this country the california governor issuing a statewide, stay at home order amid the coronavirus, how does that affect the food supply? jane wells joins us with more. jane >> hi, sara. most of the 40 million residents have to stay home or in their

yards, but agriculture is considered essential industry so it is still going on, but annual problems with labor shortages are about to get worse agriculture is worth about $54 billion in california. down south they're harvesting winter lettuce, where i live it's strawberry season these crops require a lot of hand labor and that's from mexico and across the country over a quarter million laborers come in and given visa the u.s. has suspended new visa applications current visa holders are being allowed in and now there's a border closure going on and they're not sure what that's going to do and the farmworkers coming north with the border closure be considered essential? farmers here certainly think so. here in california it depends heavily on illegal farmworkers, illegal crossings are also down on top of all this farmers are also extra concerned that their farmworkers who were picking and packing this fruit and vegetables that they are healthy and finally, guys, a lot

of people are saying while these people are unemployed, why don't they go out and pick crops they were making people go pick apples and they wouldn't show up on the second day, and this is very hard work and you have to be fast and efficient. back to you. >> jane wells,y th thank you for that you definitely win the home shot swimming pool no less. >> companies and individuals are stepping up for the greater good in these unprecedented times here are just a few of the latest examples. walmart says it will pay nearly $550 million in special employee bonuses. the company also says it will hire 150,000 new associates to keep up with heightened demand j.p. morgan is giving bonuses, as well, offering frontline employees up to $1,000 and a special payment and offering up to five extra paid vacation days

to manage child care and dependent care goldman sachs is donating 195 masks to the u.s. health service. audible has launched a new website. stories.audible.com to provide free audio books to kids and families while schools are closed and alcohol brands are joining the effort, too. guinness parent deangelo pledging 1 million pounds to support bartenders and pat ron is donating to hospitality charities. former presidential candidate andrew yang says his foundation will give $1 million to people in need amid the crisis. one more piece of good news, the aspca telling cnbc that it is seeing a heartwarming response with people fostering animals. we like those uplifting stories and hope you do, as well

crazy week ending down 15% or thereabouts on the s&p >> i think the big question that policymakers are going to have to grapple with next week, will fred, and as we go through this crisis is how to balance the health concerns and health policies with now our economic health concerns and policies as the nation shuts down. we'll be waiting for any word and so will investors next week. >> we certainly will, sara, and from everyone here on "the closing bell" team, have a healthy weekend. brian sullivan picks things up now. ♪ ♪ >>. >> it was a week like no other on wall street the coronavirus crisis sending shock waves through the economy. the dow saw its biggest point gain and its biggest point loss ever this week all told, the dow dropped 17%. the worst week since 2008 and perhaps this is the