market and then we're back into the notion of a dysfunctional market it didn't really function today, guys it really didn't >> yeah, well, not normal to see 11 percentage-point move, jim. thank you. we look forward to hear from you on your show >> i do think that -- this place is so dynamite looking you might want to switch angles or that picture behind you it looks like something you bought at the martin lawrence galleries. >> it's a picture. >> i do know which one you're talking about, jim, but this one is a nice one of my old man and the cnbc logo in the background. >> i think he's making fun of mine >> i said, oh, my, i have to tell wilf how much i love david frost. what a guy geez >> well, thank you very much >> see you tomorrow. >> as are you, jim, and thank you for that insight and we look forward to more insight from jim cramer on "mad money" and sky

works ceo will be joining him along with other content and we are out of time, from myself and tyler matheson, mike santoli has you on the other side. ♪ ♪ stocks surge as congress says that help is on the way when that's still the question. good evening and welcome to cnbc's continued coverage of markets and the economy in turmoil. i am brian sullivan. in a year of firsts it was another record-breaking day on wall street. the dow soaring 2,112 points, that's its biggest point gain ever and the first time the index has risen more than 2,000. that move translates into an - 11.37% gain making it the largest climb and the biggest since 1933 on this as they close on a massive package for the

american people that could be in the trillions of dollars and we'll have much more on that coming up and first, let's get to the markets and the money on another wild and record breaking day on wall street we begin with bill nygree in. we need to hear from you on a night like this. these are the machines coming in and do you take solace in today's rally that some type of longer or medium bottom may have been found >> at oakmark we don't consider ourselves experts at market timing we think stocks are really cheap if you believe as we do that the economy will eebt alventually r as will the p-e multiple and i do agree with what jim said that the markets are not functioning especially well. it's difficult to sell things that you see when they're up it's hard to buy things when

they're down, but stocks are cheap. we think, as always, investors should take advantage of defining markets to rebalance portfolios and buy some equity holdings and make sure that they're exposed to this asset class as they want to be long term >> is it possible to know, bill, though, what is cheap when we just don't knowwhat any of the metrics, the earnings and anything is going to be? >> well, i think this is why it's so important that investors differentiate between what are one-time occurrences and what are the changes in long-term estimates. long-term changes you have to think about applying a p-e multiple to those changes. if you're just talking about something that's a one-time hit, then obviously, the multiplier on that is just one. i think of a company that we really like today, we like a lot of the financial, but allied financial and i was on an interview a few weeks ago and i

was talking about how cheap the stock was at two-thirds times two-thirds of book value and it traded at one-third of book value yesterday. if you take the fed's adverse, severely adverse stress test scenario, we could use one year of income and it doesn't damage their capital base and assuming the market recovers the following year, and the economy recovers it wouldn't affect their long-term earnings so you'd have maybe stocks like a $12 stock. it's got a 30-some dollar book value and supposed to earn about $4 a share they being lose those earnings if this lasts more than a quarter or two, but you have to think about the current slump lasting more than a year if you think about it being more of a $4 hit, and the stocks on $20, and there are a lot of attractive values if you believe

the economy will eventually get better >> or i guess, bill, and i don't want to put words in your mouth or if you believe that all of these fed programs and there were too many acronyms to list and it's far better in '08 and '09 and they'll backstop credits, loans, banks to the point where you don't need ton these multiples and would you be a buyer of chase, citigroup, and b of a >> we own citi we own b of a and we own wells fargo and own a lot of the banks. we think the banks are very, very cheap they're much better than they were going into the last recession, and if i went through each stock name by name the story would be very similar to ally that if you think we're dealing with something that could be a two-quarter recession, the banks may be risk a year's worth of earnings, but not a significant dent into their capital. >> how much is getting a stimulus plan signed and done

going to matters to the equity markets locker longer term >> clearly today you saw the market anticipating that that is going to happen and no company was designed to have zero revenue for an extended period of time. we clearly need help to get through however deep -- not so much how deep the river is we know how deep the river is, and it's how wide the river is i think there have been a lot of stories over the past couple of weeks about our health care workers in the country and how inspiring they are i'm proud of the private sector's response yhow the drug companies have been trying to find a vaccine and it's been hard finding the politicians in both parties who find advancing on long-term agendas or positioning themselves for upcoming elections than they are in trying to put a package to

revise the economy it's important that it needs to get done quickly. >> and on that note i believe you're still a large holder or were prior to this of regeneron. >> we are a large holder of regeneron. it's been one of the strongest stocks on the s&p 500. as everything else in our portfolio has been declining, i can't tell you what we've been doing, but it would be fair to think if we acted as we typically did that we'd needed to trim that position a little bit, but it's a great business, and this has really shown the advantage that they have with their genetic coding and how far advanced they are and the ceo talks about their mice that are human equivalents and how much more quickly this can lead to them finding a cure or a vaccine for the coronavirus. we are thrilled to be investors in regeneron

>> bill nygren being looking out offer the long term and with certainly values will be found in the year to come. >> thank you for joining us. >> thanks, brian. >> these market, congress furiously trying to work out the final details of a record breaking stimulus plan the senate is working quickly to get something done and there are still major sticking points like potential bailouts for pension plans among other things kayla tausche joins us with the latest on where it all stands and if we'll get a vote and if we'll get a vote tonight kayla? >> brian, negotiators have been on the 2 yard line for five hours at this point. i am told the white house expects a deal by the time the sun goes down this evening, and that would be a deal in principle with the legislative text of that deal still needing to be combed through there are a handful of outstanding issues, but i am told none of them are highly

contentious. among things currently being discussed is the structure and size of the federal reserve's main street lending facility who caqualifies for that and how much will they get >> chuck schumer is trying to get more money for states and hospitals to drive up some of the dollar figures in the existing gop proposals and even so, brian, with all of this work to get done, it is highly unlikely to get a vote tonight those i am in touch with say it is more likely to see something tomorrow or later in the week as they dry to drum up support among their members. as for when the economy can open and we'll see the money start flowing through, they're earmarked to go through on april 6th and president trump says he wants to re-open the economy six days after that on april 12th or easter he explained his rationale a little bit about how he came to that conclusion.

he said easter is a very special day for me and i see it's sort of in that time line that i'm thinking about i said wouldn't it be great to have all of the churches full of people and have the churches full easter sunday you'll have packed churches all over the country. i think it would be a beautiful time >> earlier before he made the decision to float the date of april 12th for economic re-opening he held a car with investors and with the vice president, as well some wall street heavy weights ranging from dan lobe to steve schwartzman of blackstone and getting their assessment of how healthy the markets and the economy are right now and what more the federal reserve could do to stabilize those markets and to inject capital into the economy. they discussed their outlook for the u.s. economy and president trump today said that they are saying that gdp could take a 25-point hit and it is likely that that room of heavy weights, brian, is who they are >> kayla tausche in washington,

kayla, thank you very much >> all right now let's bring in guy adami and tim seymour. guys, i want to listen to this to highlight how volatile the markets have been, the 11 largest point gains and drops and four of the largest pesa percentage moves of all time have now come in just the last three weeks. we are literally re-writing the record books in many ways. do you believe, guy adami that a stimulus plan will calm these markets at all or is kind of the expectation already priced in? >> it will help, and it's great to be back with you. >> it clearly will help and yesterday on a day where obviously the market had a difficult day, i tried to point out some of the grain chutes i saw and we mentioned the fact that the indiscriminate selling was gone and you saw recovery in some of the chip names and there was some reason for optimism now today on a day when the

market is up historic amounts and i hope it gets pushed through and they do it in a thoughtful way, but it concerns me that you saw the vix go from 52 to 61 market, you know, not that it matters all that much, but i think the volatility index was unchanged today at levels that, you know, are typically unsustainable. that's a bit of a concern as is some of the things that are going on in the gold market, but to your point, although this is encouraging in terms of the bounce, we're in for this for a while, so i don't think necessarily that the stimulus package will assuage the concerns of the market participants >> let's go back to where most of the viewership were involved and interested which is 2008. >> right >> we had the percentage big moves in october of '08. the market didn't bottom until march of '09, four months later

after gigantic moves to the upside, do you kind of expect the same move here >> no. this is the time line. it is obviously much more compressed and you talked about the record moves and markets and what we've seen. how about let's assume 2 yard line and we've been hearing this all day. the reality is this is going to get done >> how about the swiftest, largest policy response in advance of a recession that we've ever seen in history, as well >> how about the fed buying 75 million in bonds in addition to the 150 basis point cut to essentially zero after 50 interim cut. the response has been extraordinary and the other thing that i think punctuates today's market move is you had ceos coming forward and giving you some insight into what is going on in the business and kevin johnson on the network talking about the uptick they're seeing in china, fantastic news. the headlines that apple expects to open their stores some time in the first half of april and

fantastic news and companies coming forward and reaffirming dividends and maybe saying they're cutting capex and not a bad idea and getting insight into the corporate sector at a time when the policy response is extraordinary when markets were so oversold and i'll let you continue with the hyperbole and you're accurately putting it in that terms, but if you look at cyclical assets being one to two standard deviations cheap to their historic averages. you get an equation to add itupo to today and what happens tomorrow closing above the 2355 s&p christmas eve low was important. we are now 12% above that sunday night and lows on the s&p futures and it looks like you see markets that could want to take you you're somewhere in between here and that 2630, 2650 level. that's where markets are, but we still got reminders of pmi and sort of probably going to get

worse today and the eu composite, 31, i think, and the u.s. services ism not very good. the macro, brian, ultimately is something that we're also still waiting it see before it's an all-clear. >> want to go back to you, tim, before we go back to guy you tweeted something that's remarkable lululemon was super popular before all of this happened. the stock moved 50% up or down in four days that is an insane stat and it shows that maybe the markets are broken, the algos are in charge and to jim cramer's points that these kinds of rallies aren't sustainable and what does that movement in lulu show you? >> it's easy to blame the algos. the freeport that did a 50% trough to peak, what do those sectors have in common you have companies that certainly have dead issues and

not necessarily lulu, but certainly freeport or at least sectors that the investing community has been punishing for months even coming into this because i think there is some fear that where companies are going go lulu which i think is best of breed and an opportunity for investors to be buying a valuation that makes sense in lulu after scratching their heads for a long time is a different story, but that is what you get and as i say all of the time on fast money you make the most money when things go from terrible to just bad and that's what we've seen over the last couple of days and certainly the brave have been rewarded and i don't think you have a non-stop move here and i would caution that we still have headwinds ahead of us. >> and guy, it seems like we're getting these kinds of moves in a market that doesn't make sense to a lot of people and probably today toward the end, you have shorts being put back on again, i wouldn't be surprised if it would be a thousand-point decline and then the shorts get

taken back off and at what point does the rational thinking take control of these markets guy adami, are you there >> we have lost guy adami. tim seymour, i will say good-bye to you, too. >> if we get guy back on we'll patch him back in. thank you. coming up, making america work again maybe sooner than some people want the president says he wants to get the american economy back to business by april, folks, that's april 12th, but are we rushing the time line as the coronavirus cases continue to spike ahead of the nation's largest union group. richard trumka, later on, turning a corner and potentially promising news from china on the virus and we'll ke ytaou there live on what their timeline may say about ours i know that every single

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i'd love to have it open by easter. >> oh, wow >> i will tell you that right now. i would love to have that. it's such an important day for other reason, but i'll make it

an important day for this, too i would love to have the country opened up and just raring to go by easter. >> all right the president saying he wants to have the country back up and running within the next 19 days, by easter, as the number of cases continue to spike. according to johns hopkins there are now 51,500 cases in america, friday at this time there were 16,600 so is it realistic to expect that kind of an advanced time line let's get reaction from the nation's largest labor group joining us is richard trumka, president of the aflcio and i want to say this to everybody out there, richard, is when i hear about america working again, i get what they're going for. millions of americans, our staff here is still working. you've got people that are still working. grocery store workers, nurses, doctors, a lot of people are still working. that aside, do you agree with the president's timeline on a macro level?

>> we do, have, brian, millions of people working to protect the rest of us, mailmen to letter carriers and everyone else and front-line workers are protectioning us look, the primary concern of ours has to be protecting the health and the welfare of american citizens. so we need to listen to the health care professionals to tell us when we are ready to restart things look, the stimulus program is designed as a bridge to get us across this hole to the other side so that we can keep things going while we have things shut down to take care of the health care crisis, and any attempt to prematurely restart the government or the economy right now will result in two things. it will result in more deaths and it will result in a deeper setback for the government, for the economy, thus, negating much of what the stimulus program is designed to prevent. so we think that we need to

listen to the health care professionals. let them tell us from we need to go and when we need to get there and not let any arbitrary day try to restart the american free >> fair enough, richard, when you say -- on do we let dr. fauci that, there will be health care professionals who will say, yeah being the anger can go back to work with the nokt month, and there are others who say shut it down for six months and even of the health care professionals will not agree on a firm date. i guarantee you. >> that's true, but you can have a main line consensus with those healthcare specialists the main line says we should be doing a shutdown we've all agreed to do that. we need to listen to those professionals and yeah, there will be some at both extreme, but the main line will tell us what we should do and then we can start restarting the economy

because again, a pre-mature restart of the economy is going to result in more deaths and a bigger setback for the economy and actually negate all of the good that the stimulus program that's about to be passed is going to do for the economy. >> our friend mark cuban had expletive-laden tweets as mark tends to do, and basically richard, saying let's end the partisanship basically the left, you have to stop asking for the green rules for the airlines he didn't mention that specifically, but the progressive agenda and the right, you have to stop asking for bailouts for companies that did buybacks and i'm summarizing here do you feel risrealize, richardt we'll be able to peel off some of those things that will just provide nothing more than political talk show fodder for the next year and get something

done >> well, unfortunately, brian, a lot of it was just that. it was talk show fodder. i'm not aware of anybody that was asking for the green new deal as a condition for this what we have said is if you're going to bail out companies, we do want conditions we don't want them to be able to do buybacks like they did the last time or give big stock bonuses to their executives. what we want them to do is keep people on the payroll. use it as a pass-through to keep people on the payroll and keep their healthcare going so we can get off to the other side. there will be some of those things we think pensions ought to be taken care of. many millions and millions of people depend on pensions. the president agrees with us, nancy pelosi agrees, chuck schumer, and the only person that doesn't agree that pensions ought to be part of the -- >> all right it looks like we may have lost

richard trumka listen, everybody is working from home right now. everybody is all wired up and the kids are on the ipad and playing the xbox and you're trying to get your job done. we get it. in fact, if we get richard back, if you can hear me thank you for coming on, and in fact, coming up a bit later on in the show we actually had the ceo of a company maybe you've never heard of that is trying to avoid what just happened by making sure that we are all still connected. all right. coming up, real-world advice in these tumultuous times and many of you asking a simple question. what should i be doing with my 401(k) right now do i sell into the weakness and do i buy more and do i go to cash we'll have answers and later on, we're headed to the front lines and companies trying to keep us connected and keep us from getting hacked the company, there may be a new na f ymeorou and the ceo will join us coming up. stick around

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welcome back let's get the latest developments in the virus pandemic sue herera back at cnbc hq with the details. sue? >> hello, brian. hello, everyone. we'll recap the virus for you. worldwide cases have risen above 415,000, 51,000 are here in the united states. an increasing number will be treated in temporary hospitals like this one being built in south florida. the global death toll is 18,500, and 677 are here in the u.s.

some much-needed ventilators arriving in new york city today. new york states is the u.s. epicenter of the coronavirus outbreak with nearly 25,000 cases, and that number has been doubling every three days. new york city mayor bill de blasio says thousands more ventilators are needed >> this is life and deaths this is not -- sometimes people use words that are too dramatic. this is not too dramatic it is the blunt truth. it is life and death we need these and we need them immediately? and the summer olympic games have been put off until 2021 it is the first time the modern olympic games have been delayed in their 124-year history. many questions remain including who will pay for that postponement as always, you can get more on the coronavirus coverage here at cnbc by going to cnbc.com. i'll send it back downtown to you, brian >> sue, i can't tell you when i look forward to seeing you again in person. i don't know when that time will be >> we are the ultimate in social

distance willi distancing which everybody has to observe. >> sue herera, lunch is on me. thank you very much. >> today the turmoil is to the upside and it can be both ways, folks. stocks surge on hopes the congress can get past the massive $2 trillion stimulus package. the dow rising 2,112 points and the biggest point gain on ridiculous and the fourth biggest percentage gain on record let's talk about the big move higher and the markets going forward and joining us now, mike wilson, chief u.s. equity strategist at morgan stanley mike, thank you very much for joining us what advice are you giving your clients at morgan stanley right now in these incredibly tumultuous marks >> we . >> the first one is don't panic. volatility is extreme right now and trying to trade this volatility is not advisable for most of our clients on the retail side for sure the institutional side depending on the client and the opportunities are available

every day and the volatility creates really good opportunity. look, the bottom line here is that we have been in a bear market for several years and we've said this before we think that this is the finishing move to a two-year bear market and we've made the call that basically bear markets end with a recession, right? so it doesn't mean that the lows are in and we'll shop around and we're in a bad economic event now with a lot of uncertainty. we have to recognize, brian that marks have been trading defensively for the better part of two years and not withstanding the fourth quarter rally which was very much liquidity-induced and people were chasing around and this fits with that of course, the coronavirus combined with, you know, an oil price collapse which is really infected the credit markets has made a recession that is somewhat unprecedented in terms of its speed and depth that we're seeing, but of course, that's going to now invoke a

policy response that's also unprecedented and we've seen that from the fed which is incredible what they're doing in terms of the size and now acting in credit markets directly and now we're waiting on this bill, of course, which is just a matter of size and timing, but we think it will be fairly soon this week. so markets are properly -- have properly discounted the recession quickly. it is now trying to figure out are these good values? we think they are. we've been telling clients for the last two weeks to start averaging in and we think the lows are pretty much in for 90% of the stocks. >> 90% i got a text from a hedge fund manager suggesting that when the data begins to roll over in a positive way in spain, when we start to see spain start to roll over that gives us our path forward here, perhaps, and that's when the markets ultimately buy let's hope that is sooner than later. would you agree with the basic thesis of that >> well, i mean, that's part of it i don't think you can point to any one metric i can tell you that i thought

when the credit market stabilized that that was the most important metric, okay? that happened on monday when the fed injected themselves into the credit markets directly. so i think it's a series of things and it's the funding and credit markets had to stabilize and that's happening and that's good and volatility is coming down, that's good and the virus flattening out in europe is important which people believe it could happen here, and then it's just a matter of confidence and people have to get the confidence back because it's been shattered here and both in terms of the behavior in terms of what they're doing with their pocketbook and what they're doing with investment fund there has been testing and retesting and back and filling and we think this is a perfect time for real money and asset owner type clients to put money to work over the course of the last month. >> is there any spot of the market and that completely avoid at all costs still >> well, i think what you have to be careful about in these

types of situations is there will be a lot of bankruptcies a lot of defaults and that's what happens in a recession we are telling clients be careful with overleveraged situations you don't need to be a hero and try to buy the junkiest stuff out here and although there will be a cyclical com pointeponent u need to survive what is going to be a recession. >> when we look at the market data, thursday, mike, i would imagine we could have jobless claims number that could be over a million people let's hope not, but there are estimates that could be as high as 2 million people, numbers we have never seen. we'll have economic reports that in the next couple of weeks and this is not hyperbole tvstuff are going to be so bad looking on their face that it will rewrite the economic record books, but do we look at all, at any of these numbers are there any numbers that are still sort of valid at this point right now?

well, the recent historical numbers are stale, as you know i'll go back to what i was saying before. this will be a historic recession in terms of how fast we get to the end point. let's talk about the unemployment number. we will have unemployment go from 3.5% to something like 7%, 8% overnight and usually it takes about two years for that unemployment cycle to play out this time it will happen in a month. so it's going to be, you know, it's kind of a terrorizing type number that we'll see on thursday and the good news is people are talking about it and it's known and in some ways it's shock value. it can actually help people understand that this is where we're going. we're already there and we've arived and thi arrived and when companies start controlling cost it's the beginning of the end and i started this conversation by saying bear markets end with a recession and that's when companies control costs and they

start protecting margins and in this particular case, the government will help with unemployment insurance and fiscal stimulus. in many ways this is an investor and the government is intervening which is taking some risk away from the shareholders and it's shifting it back to the fed's balance sheet and the government's balance sheet as they help out with stimulus. >> we appreciate your time and we have to drop off here because we have breaking news from the federal reserve. for that, let's go to mr. steve liesman. steve? >> brian, thank you. the federal reserve out with an announcement saying it's going to be reducing bank examinations especially for small banks this is an interesting area here where there have been questions about whether the fed needs to provide some reliefs to banks in the wake of the dodd-frank era they're saying the fed will grant additional time to banks to resolve non-critical supervisory issues however, one place not getting relief is the fed is requiring the biggest banks to submit their capital plans for the

stress test. there's been a debate. one idea has been, hey, you know what if these times you don't have to stress test the banks. they're being stress tested right now. another sign to that coin is go back to the machine in 2009 when the stress test was a huge thing that showed the markets the banks had enough capital and so there are some banks, we're told that actually want to have the stress test to show they're in good shape there are still other things we're waiting the fed might be able to do in terms of relief of capital requirements and so far the fed has generally held the line on those, brian, but this is the first thing that we'll ease off on examinations temporarily and provide some relief in the supervisory realm. they've already said they're not going to look down on banks who are working with their borrowers and you can take your restructured loans to the window at the fed, brian. >> yeah. and i wonder if there was some

relief to bank examiners assuming there are still physical exams >> another good point. >> right >> that's another point. >> yeah. >> by the way, don't come anywhere yeah steve liesman, thank you very much been in the tie since 9:30 this morning, brother and we like it. thank you. >> so let's talk about the markets and your money because many of you probably have avoided opening up your retirement accounts and your 401(k) maybe a good strategy because it's probably not going look so hot, but what do you do now? let's bring in steve grasso from stewart frankel also remotely because as we know, the floor of the nyse is also shuddered temporarily. steve, is there any advice you can give to people that are probably afraid to open up that internet link and see their account balance? what should they be doing right now? >> brian, there's good advice and maybe you don't want to open it up just yet

i think these types of sell-offs that we're seeing. i'm not calling for a hockey stick recovery, but i don't think that you can judge where we're going from where we came from, so what i mean by that is if you own good companies, you know these companies are going to be around in two years, three years, four years, then just stay the course if you own apple and if you own microsoft and you own all of these other blue chip companies just stay the course they're going to be higher than they are now that's number one. number two, if you own stuff that you're worried about, that took the biggest hit, that's down 30%, 40% from their recent tops, they're most likely going to get a bailout this type of bailout seems like if you ask you get and we're looking at 2 trillion dollars, brian. >> this is not the first and last bailout there's going to be multiple $2 trillion dollar bailouts so for me, if you own an energy

company, that's a problem that you've known about forever the oversupply it's always supply and demand, the underdemand and the oversupply, and if you own the chemical names, some of these names actually make bleach and they're still down because they're cyclicals. so if you own an energy name, maybe you have some head-winds and the other names will be bailed out and those vacation names and the travel name, et cetera >> i want to talk about something that we have been talking about for a number of weeks on these programs which are the bond etfs and we talked about it on the show lqd, cort, bnd, you know the tickers and we never talk about them on fast money they're bond funds and they're boring guess what many were below the power of the net asset value because bonds are not liquid, and the fed effectively bailing out bond

etfs as well today, did it not >> i would say that the fed, talking about what the fed's buying, you're better off talking about what the fed's not buying the fed is buying u.s. treasury, corporate bonds, municipal bonds, mortgage-backed securities and to your point, the lqd, if you look at it on the chart, spiked up on the news and you always want to be -- if we learned anything from the financial crisis you want to buy what the fed's buying, right so lqd what's the top holding of the lqd? it's banks it's pharma, but it's banks by a long shot because they're making sure that liquidity for everyone that wants to raise money, they're able to do so and this for them seems like the fairest way to do it and both the vcit and the lqd, banks are number one by a long shot in the allocations within those funds, within the etfs. >> so basically, they bailed out the credit markets which bailed

out the banks which bailed out some of the bond etfs. does it shift at all the way we think about investing going forward? all of these things and not picking on many of the etfs and we've been talking about all these things with cute tickers were created in the last 12 months or five years, whatever it is. is this going to clean things up longer term, you think or are we going to go back to the way things were six months ago? >> i think that's a great point. >> when you buy the etfs, you have to look at the assets that they're holding and what they're investing in and what the liquidity is, brian, is of the utmost importance. when you're looking at the names to buy, though, make sure they're from a reputable fund and make sure you're not buying one that started last week >> steve, my friend, i have to cut you off because the president is stepping to the podium with the coronavirus task force. >> i encourage everyone to keep following the guidelines on

social distancing, avoiding large gatherings and hand washing and all of the other things which everybody knows they're supposed to be doing ultimately the goal is to ease the guidelines and open things up to very large sections of our country as we near the end of our historic battle with the invisible enemy. it's going for a while, but we'll win. we'll win. i said earlier today that i hope we can do this by easter i think that would be a great thing for our country and we are all working very hard to make that a reality we'll be mighting with a lot of people to see if it can be done. easter is a very special day for many reasons, for me, for a lot of our friends and that's a very special day. and what a great time line that would be easter is a great time line and what a great timeline that would

be my first priority is always the health and safety of the american people. i want everyone to understand that we are continuing to evaluate the data. we're working with the task force and making decisions based on what is best for the interest of our fantastic country in order to defeat the virus, we must continue to be very strong. your resilience and spirit has been inspiring to everyone right now this virus is attacking 149 countries, but everybody looks to us and they're watching us and i'm very proud to be your president, i can tell you that. there's tremendous hope as we look forward and we begin to see the light at the end of the tunnel stay folkcused and stay strong n my administration will deliver for you as we have in the past

let me provide you an update on critical preparations and supplies and the war on the virus. through fema, the federal government is distributing more than 8 million n95 respirators, 14 million surgical masks and many millions more are under order and they'll be arriving soon 2.4 million face shield, 1.9 million surgical gowns, 13.5 million gloves and more than 4,000 ventilators to the areas of greatest need have already been sent and we have 4,000 being delivered to new york and the federal government is using every resource to acquire and distribute critical medical supplies the core element of this strategy is my executive order authorizing the use of the defense production act which has, as you know, already been activated a long time ago.

quite a long time ago. the private companies are heeding our call to produce medical equipment and supplies because they know that we will not hesitate to invoke the dpa in order to get them to do what they have to do. it's called leverage you don't have to use it from the standpoint of actually, it's been activated and the threat of it being there's great leverage and companies are doing as we ask and companies are even better than that they're coming through and they're calling us and it's been really something to see this morning. ford, 3m, general electric health care, are making tremendous numbers they've started respirator, ventilators and face shields they're working together, we didn't have to exercise or utilize the dpa in any way the fact that we have it helps

and we won't have to we're receiving full cooperation that the government stands ready to compelcooperation if need be we haven't found that to be the case it's been really amazing to see these big, strong powerful and in some cases very small companies, family-owned companies step up and make a lot of great product for what we're going through and what we will continue to be going through for a while. the army corps of engineers and the national guard are building four hospital facilities in new york city at the javits center which will be operational very soon they've already started and in addition they're building four separate medical facilities in different parts of the state we're dealing with governor cuomo on that. four hospitals and four medical facilities at the highest level, too. really incredible facilities temporary, but incredible.

we're also deploying the u.s. navy hospital ship and that will be arriving in new york harbor in the not too distant future. it's finishing its maintenance and they're doing very big maintenance and we condensed it very seriously and as you know, the other hospital ship and these are incredible ships that is already on its way to los angeles. so we're in frequent contact with tate and local officials and getting a lot of work done we're likewise, building hospitals in los angeles we are also working in the state of washington, we are working with the governor of the state of new jersey building a medical facility, a hospital facility and doing a lot of work. i want to thank the great people from fema and also the army corps of engineers secretary mnuchin and the members of my administration

continue to work closely with congress i am pleased to report that we are working to pass the biggest and boldest financial package in american history senators will soon hopefully vote on a $2

for us to do it in three weeks i think is highly dubious and entails great risk no one wants to take our economy down, but you don't want to open things up prematurely and make things worse either. it's a delicate trade-off, but i think we have to err on the side of caution as underscored by the medical profession rather than by politicians >> but you maybe agree, steven, there will ultimately be a trade-off. it will never be a day where there's no cases -- i mean, hong kong still has cases growing and they're trying to sort of not reopen, but keep open, if you will there will never be the perfect time >> no, i totally agree with you. but the judgment that needs to be made, brian, is when does the risk/reward tip in a way that allows us to resume some semblance of economic activity

in three to four weeks relative to the trajectory in china, we certainly don't want to incur massive economic carnage as you wait for, as you said correctly, the perfect trade-off. we don't want to move in a way that is premature and that ushers in a major setback in our recovery efforts >> and this is going to come from the states. i mean, a lot of people talk about obviously -- no disrespect to the federal government, but these are statewide decisions. as far as i know, i'm not at yale, steven, but we are a federalist republic last time i checked. ultimately the states are going to have to make the calls. >> i think states, city -- society in many respects and i actually just finished my

first experience teaching 20 bright young students online at yale the discussion today was fragmentation in europe as the european economic union survive the shock. they made the point that fragmentation, potential fragmentation in the euro zone is playing out real time with the potential fragmentation of the united states of america it's an interesting and important comparison >> it certainly is by the way, very quickly, thursday canada had a million, almost a million jobless claims today. their work force is tiny compared to ours could we have a couple million people applying for jobless benefits when we get to thursday morning? >> my old company, you just talked to mike wilson, is looking over 3 million goldman sachs is looking for 2 million. so split the difference. yeah, we could have a big number, but the markets are hopefully anticipating that and

that certainly didn't stop a megabounce today the question is can it be sustained. we're going to see a lot of bad numbers after this -- >> we certainly will steven roche, always a pleasure to get your view thank you for tuning in. thank you our staff. jim and "mad money" pick up the coverage right now >> my mission is simple. to make you money. i'm here to level the playing field for all investors. there's always a bull market somewhere and i promise to help you find it. "mad money" starts now hey, i'm cramer. welcome to "mad money. welcome to cramerica other people want to make friends. i'm just trying to you make you a little money my job is not to entertain, but to educate you, put in context call me, 1-800-743-cnbc, or tweet me at jim cramer you know what this rally reminds me of? this