breaking news, the deal is done after days of negotiations. the senate finally coming together over what would be the largest stimulus package in u.s. history. >> stocks look to make historic rally. open by easter the time line the president is laying out urged the quarantine the white house taking a hard line on new yorkers. retail under pressure. we speak with former seers

chairman on what the landscape could look like. it's wednesday, march 25, 2020 cnbc special coverage of the coronavirus begins right now good morning and welcome, i'm courtney reagan live at the nasdaq marketsite. breaking news, the senate makes a deal with majority leader mitch mcconnell promising a vote today. >> this is a wartime level of investment into our nation i'm thrilled we are finally going to deliver into our country that has been waiting for us to step up. >> treasury second mnuchin adding that the president will sign the bill as it goes through both chambers of congress.

good morning >> this is a big deal. the thing both sides have been working on for five days straight wrapping up with a deal that we are told includes four months of extended unemployment insurance for americans. so getting those schechecks rol out as soon as possible. it will include disaster aid for state and local governments for hospitals and health systems and small business loans and other relief lawmakers have been talking about. the sticking point here is whether it would be a strong oversight of billions that steve mnuchin's office would have control of democrats wanted to make sure that money doesn't land in the hands of ceos. just after 1:00 this morning, we got word there was a deal in place. a deal versus an actual bill,

two things we are expected to see actual wording of what this will look like once this clears the senate and the house and heads to the president's desk, president trump plans to sign it, courtney >> i understand that nancy pelosi worked on a separate version of a different bill. do we think we'll run into some friction when this bill moves into the house or do we know the details? >> we don't know yes, she had a separate version sort of on stand by if they couldn't work this out in as much as democrats say they got what they wanted here, there is going to be a lot of pressure on nancy pelosi to go ahead and essentially put a rubber stamp on this and those checks can roll out to those americans that aren't working because of the impact of the coronavirus. >> remind us again of the

possible time line today >> we are hearing a senate vote today. we could be looking at approval in the house by unanimous consent. it is possible that they work expeditiously it will land on the president's desk we are still waiting on the text or details to make sure all the wording are in place or reflect what lawmakers have agreed to early this morning >> wall street is set to add to yesterday's historic gains dow jones industrial average higher by 661 points, the s&p by 48 and the nasdaq by 164 for now. look at the yields for the 10-year and 30-year. on the 10-year .867%

all after the dow posted its best day since 1933, surging more than 11% in a single session. the s&p seeing its best day since 2008 still, we remain on pace for the dow's worse month since 1987 so put that all together for the ride we've been on green across the board in asia and early in europe so far mat taylor is in singapore a >> some of the asian markets since we have seen from 2008 on the back of the record bounce for the dow. also, we have news on the agreement in the front as u.s. futures moved higher we saw a late day rally for a number of these markets.

japan was the leader logging its best day march 10, up 10% on top of the 7% gain. dollar yen moving around as well weakening around 111.36. south korea there. the kospi building on a gain of more than 8% for the south korean market. china also with the money. up around 2% the hang seng up around 2% some big moves in australia. the market ending up around 5.5% this is interesting. the first two-day gain we have seen in australia for more than five weeks qantas up by 26% the australian dollar secured

against some of its aircraft as it fights to survive amid the outbreak >> some big gains in asia. >> early move in europe with geoff cutmore. >> i want to show you what is going on at a country-by-country level. the trends are interesting here. the ftse 100 up shy of 5%. the dax putting on 3%. italy is the one i want to pull out for you. early on, we had a lot of weakness in the futures. but italy is doing better on the board here we've seen a lockdown in italy for two weeks and still a high

number of new infections and a high death toll. so some concerns around the resilience for this market as we go through the rest of the session today. but everybody enjoying the bounce we seem to have around this stimulus in the united states looking at the sectors this tells us an interesting story. i don't know if this is people looking for value right now. travel and leisure is the strongest rebound. >> that is quite a move there. back to the latest news, the total number of cases is closing in on 412,000 worldwide. in the u.s. almost 54,000

confirmed cases and 758 deaths >> white house officials urging anyone leaving the new york city metro area to anywhere else in the country to self-quarantine for 14 days. leaders say this precaution is necessary given the high rate of infections in the city the governor says cases have been doubling in the state approximately every three days with the cases concentrated in new york city. >> blackrock will buy securities held by multifamily homes. will buy new investment grade corporate bonds. >> apple is making tentative plans to reopen stores outside of china next month. unlikely u.s. apple stores will be among the first to open as

other regions such as singapore have seen much lower virus cases. let's turn back to the markets and take a look at futures. we are indicated higher across the board. higher by 759 points higher by 57 and the nasdaq indicated higher by 196 points this comes after that breaking news overnight the white house striking a deal on that bill for more, i'm joined on the line chief strategist frank, good morning. it is good to hear your voice this morning we have been waiting for some sort of fiscal package to come through. it is not necessarily a done deal from the details at least vaguely known so far, does it make you feel like we could hold on to a rally for one more day >> thank you, courtney

we think this is very positive we are at the point where the u.s. economy has suffered a massive heart attack the size is so huge, you need a government and conservative action to build this bridge. keeping this today in the middle of a heart attack where things are literally stopping where, two, we could get things normalized from the government side, yes, $2 trillion sounds looic a lot we have to target the companies and workers dislocated by what has happened you say $2 trillion is a lot, it is trying to plug a similar sized hole or contraction we are going to see in stoppage of work here >> when you are talking about making sure the money is allocated in the right places and that $2 trillion may just be filling a hole do you need to see the details

to see who will get the relief and give you more confidence then >> we know we are going to target workers which will be massively affected we'll see the weekly jobless claims number. typically, that is in the 200,000s we could see that number in the millions it is happening so rapidly just a month ago, things were fine given how fast this is happening, you need to target workers and companies. you look at the leisure business, hotels your occupancy has gone from 80 to 90% to zero we are talking industries that are literally shut down. we want to see the details but looking at how they are targeting small business loans bridge from here to there. once we get to there, however

long it takes. three months, six months, nine months we need companies to stay in business so they still exist there. >> do you have any advice for our viewers tuning in seeing, hey, we may have another bounce today. are you not ready to wade into this water yet >> caller: what we are seeing from markets is positive on the equity side, we are up 10% on one day this is not over yet clearly things are on the for sale rack. we would be cautious chasing from here. >> thank you, stay safe and healthy. our next guest is out with a new list of stay-at-home stocks and later, the future of the br ldspeca

eaking market coverage continuing in a moment i know that every single time that i suit up, there is a chance that that's the last time. 300 miles an hour, thats where i feel normal. i might be crazy but i'm not stupid. having an annuity tells me that i'm protected. during turbulent times, consider protected lifetime income from an annuity as part of your retirement plan. this can help you cover your essential monthly expenses. learn more at protectedincome.org . in the transportation industry without knowing firsthandness the unique challenges in that sector?

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remote technology stocks like zoom have been amid several companies that are seen a boom

others may soon emerge from the pandemic in the green. joining me now, dan. i want to ask you a broader technology question. my friends and i have been talking about how in a way, we are in a lucky technology spot because of the tools available to be able to work from home tell he conference a telec teleconference the internet >> it shows companies like zoom, citrix and cloud computing has been a lynch pin to see this technology come off smooth and keep things going. ultimately, the average consumer

is seeing how it is changing the landscape. >> a lot of these cools have been available but maybe we haven't been using them as prolifically now we are pushed into a corner and we have to we can't meet in person. we have to meet by zoom. will we be continuing to use citrix and zoom in the same way or a momentary point in time where these will be valuable tools for us all >> i think they are valuable for enter prizes and consumers going forward. a temporarily spike with what we are seeing with the lockdown i do think the world changes post covid-19. those things like docu sign,

e-cig, look at cloud computing, microsoft, amazon. we are seeing an acceleration to cloud and cloud computing. there is a ripple affect that investors are going through the rubble to look at. >> zoom technology, docu sign, citrix what are the other names you like here? >> let's think about signatures. docusign's esignature. that's a company i put in the stay-at-home area. z scaler is cloud technology

outside the firewall that's where names like zscaler and others and then north name like citrix. you have to look at cloud computing and cyber security as a little more insulated in this spending environment and names you want to own for the other side of this dark valley >> dan, thank you for the names to look at off the path from what we talk about most often. stay healthy >> you too a light at the end of the tunnel for boeing and its grounded fleet >> announcer: today's big number, 11.37% that's how much the dow mpjued

yesterday. the biggest percentage gain since 1933

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every time it takes care of something for us, we celebrate. how often does that... got it. servicenow -the smarter way to workflow. welcome back shares of boeing bouncing. a plan to restart max production in may the plan reportedly hinges on the scale of disruptions linked to the coronavirus and regulators clearing the max's

return to service. shares went higher nearly 20% on that report. we are watching shares of ok occidental p occidental petroleum the ce o's salary is taking a hit by 81% employee perks and gym memberships are reportedly set to end in april. back to washington where earlier this morning, the white house and senate reached a deal over the historic stimulus package. >> help is on the way. the american people are already rising to this grave challenge we are going to pass this legislation later today. former sears chairman and

ceo arthur martinez is here. he'll talk about the impact and all things retail. we are back after this ♪ 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

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...simple, easy, awesome. [ barking ] breaking overnight, the white house and senate striking a deal with the $2 trillion coronavirus stimulus plan. what comes next. futures are on the rise looking to add to yesterday's historic

rally. retail leaders calling on washington for their own bailout. sears former ceo arthur martinez is will us to discuss. this is wednesday, march 25, 2020 on cnbc welcome back i'm courtney reagan. kicking off this half hour with breaking news as the senate and white house strike a deal over an historic $2 trillion stimulus package that will send money directly to americans. >> after five days of arduous negotiations and sleepless nights, we have a bipartisan agreement on a rescue package.

>> eamon has been following this since day one. i hope you were asleep when this came pass at a little after 1:30 this morning >> you are right i was asleep we are waking up to this news this morning off of capitol hill it is a massive news i know it seemed slow for a lot of observers, by senate time, this was extraordinarily fast. this is how mitch mcconnell announced the deal in the 1:00 a.m. hour. >> this is a wartime level investment into our nation i'm thrilled we are finally going to deliver into our country that has been waiting for us to step up. >> the main center pepiece this will be known for is direct

checks to people for $1,200 for people make up to $75,000 and $2,400 for couples making up to $150,000 additional $500 per child in there. huge sectors including $100 billion in assistance for hospitals, $350 billion for small businesses and $500 billion in aid for corporations. we don't have text and we don't have a final vote yet. there is still something to watch for. we have a handshake agreement that this is the deal and the terms that will pass this thing as soon as they can. >> this is the senate but we

have to move over to the house drafting her own draft bill. do you think it is met with a lot of resistance. >> what pelosi said on cnbc yesterday is that she could move forward with something called unanimous consent. everybody agrees nobody is going to object and they just pass it by acclamation on the house floor. they could do it today if they want to. any one member of congress who objects could stop that progress if it is not unanimous, it is not unanimous.

this is an entirely different situation. maybe the leadership can hold the rank and file at bay there is an issue of how many members can even return to congress to vote on this thing given that a number of them are in quarantine and many have already come down with coronavirus. >> thank you eamon good news out of washington giving a list ft to futures. dow up 800 points, the s&p up 58 and the nasdaq up at least 200 points the treasury rising this morning. the 10-year at 0.869%. the 30-year bond 1.42% after the dow posted its best day since 1933

surging more than 11% in a single session seeing its best day since 2008 we are on pace for the worst month since 1987 there is a rally in asia overnight where we are seeing green across the board geoff is standing by in london >> it has been a horror in europe as well even though we are up a quarter. this is the broad wall of the major european blue chips. this market is effectively still down over 20% from the peek we saw last month before we started to build coronavirus into the story. let's show you the breakdown here the different markets. the uk, germany, france and italy all with similar sized gains here

a little under 5%. italy doing well i will point out, this is the economy and country in europe that has the biggest issue with the virus in terms of new infections and deaths. showing you the sector break down big themes are cyclical here it was oil and gas and autos and construction materials travel and leisure way up here at the top we lost a little gain when we spoke to you 30 minutes ago. people are hunting for deep value in the europe space. that's why we are seeing a strong rebound in travel and leisure. that's why the story for kwaqans this view that this will impact travel and leisure we have a broad base rally in

europe >> stay safe, i know the uk is under effective lockdown to the major sticking point of the $2 trillion stimulus package. $425 billion earmarked to back stock loans to distressed companies and for industry-specific loans. bailouts for airlines and cruise industries have stolen the headlines. we have to talk about the retail sector one that has been shut down since the virus began. going to arthur martinez he's served as executive chairman of ambercromby and sack

fifth avenue if we use the number of the sector that is effectively shut down, i'm very worried about what will happen once this passes what is going to happen to all these retail workers >> the good news in this bill is that workers are coming first. almost one in four workers in america work in retail trade the vast majority are part timers the majority of the traffic in malls has stopped. these are the most troubled people in america and significant contributors to the economy and wage earners often second incomes for families who need it very much i'm delighted the stimulus bill is addressing them first

whether the loan guarantees and loans to retail companies come to pass, we'll have to see how it is written in the legislation. it is going to need to be precise with respect to companies that are successful and don't need a lot of people and those struggling and need a considerable amount of help. we'll have to see how that language develops. >> those companies considered healthy like a best buy or tjx companies, still they are tapping into revolving lines of credit and shoring up their balance sheet. does any of that give you concern or raise a red flag about the need to raise this capital? >> there is a big red flag for a lot of companies that go into this crisis overleveraged. with the demand out there, that puts them in a perilous

position the bankruptcies that could flow from that. they are dipping into their lines of credit and the possibility of a shutdown. we have no idea what that could be for months. workers could be furloughed for a long time. it is important to have them be economically sound and have them ready to spend when they get back to work >> on line sales get a lot of attention. that is the growth area of retail the majority of sales are still in stores. if you don't have stores as an option do you believe shoppers that are ordering items on line where they didn't before, will have that behavior permanently changed to say they won't go to

stores anymore >> i think that is correct i think there will be a migration to more use of online commerce to satisfy one's needs whether essential or discretionary purchases. once you do it, it is easy amazon has shown us how easy it will be. we'll see some migration i don't think it will be seismic. companies will not happen overnight once they reopen it will creep up until the right balance is found for me is probably somewhere between 40% to 50% of revenue derived from e commerce. >> if you were running these companies selling discretionary

items. perhaps af you used to run that company with stores closed and the fear of future jobs. >> for ambercromby, would be to make it clear that we have staying power. if the government is there with loans to make that happen is important. one of the biggest things for retailers is the continuous flow of goods with no opportunity to sell it. there will be some activity. there is a huge backup in the supply of goods that will need to be relieved and sold. margins will be impacted in the second and third quarter of this year >> that is a big story we need to follow. beforei let you go i'd like to ask you one more

final question it seems that it was the u.s. consumer that propped up the economy for quite a long time. do you think the u.s. consumer could be the leg that takes us down from here because of this virus? >> there is still an enormous uncertainty. ultimately will have great economic effect. americans are worried and frightened because of this they are sheltering in place i hope the business people and our elected leaders follow the science here and allow this pandemic to be treated and run its course and allow business to get back to normal, whatever the new normal is. and get back to normals as quickly as possible. >> thank you for that this morning.

>> thank you very much tonight at 7:00 p.m. eastern, cnbc special town hall, pandemic and the path forward. we'll want to hear from you. submit your questions now on twitter using the #cnbcpathforward facebook becomes the latest tech giant to warn over the virus. cnbc is back in just a moment. 300 miles an hour, thats where i feel normal. i might be crazy but i'm not stupid. having an annuity tells me that i'm protected. during turbulent times, consider protected lifetime income from an annuity as part of your retirement plan. this can help you cover your essential monthly expenses.

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welcome back, president trump is pushing to get the u.s. economy back up and running by easter sunday. the number of americans testing positive skyrockets and states and cities struggle to contain the outbreak frank holland has more >> google extends contracts. renewing those for another 60 days fertitta is laying off 40,000. owner of the golden nugget and

restaurants. >> the sinking demand is happening despite increasing social media usage after twitter contracted revenue guidance on monday over similar ad concerns. the inability of the united states to have full control over our drug supply. nick joins us via skype. the u.s. is one of the leading country's in the world so why can't we make more drugs can you hear me, nick? >> i can hear you. >> why can't we make more drugs? >> it has been the u.s. strategy for a long time to outsource a

lot of the drug. we have already seen indian restricting the export of ingredients. that has created a lot of concern. we haven't invested in this high-tech manufacturing of drugs. you have to understand how we make drugs here. we use batch processing. this is a slow process you add the ingredient to the formation of tablets take steps. it takes weeks or months to make a drug we can't flip a switch and pop out new drugs if, say, india decides they don't want to sell to us right now? >> what would change this? what happens if the supply gets cut off? >> there is a new process called continuous manufacturing

most drug makers haven't invested in this point but it has been given the drugs up by regulators scott gottlieb has been one of the biggest proponents the speed by which drug making can be scaled up we are talking about days or weeks rather than months some academics have been pitching washington with a lab that would be tasked of continuous manufacturing in the case of an outbreak. this takes time and likely would not be ready for the coronavirus outbreak in the event of the next outbreak, they hope to have production scaled up in the u.s. a white paper shows that this would speed up the formulation and testing but that they would be able to produce up to 5

million units of a drug per day with minimal setup >> so we may not be ready for this pandemic but maybe the next one. hope that is a long way off. nick, thank you for being with us >> thank you >> check out more of nick's reporting at stat news.com stocks looking to a rally. we'll look at whether that has legs to build on you can always watch or listen a bk jt montbc app wereacinusa me

welcome back the dow soaring more than 2,100 points and 11%

our own jim cramer has a warning. he cautions them against believing the bull market is back >> i hate this kind of rally this was a machine driven rally just like the selloffs we know that they are going to nail the close hire. that's what machines do. i want to wait and see there are other days besides today. this is one day of a bull market and then we are back to the notion of a dysfunctional market joining me now on the news line is guy adami. what do you make of his comments >> caller: good morning, courtney you are doing amazing work i agree with that. i do when the market goes up 9.5%, 10%, we are swayed it is better to go up or down.

we use panic when the market goes off 10% and an equal amount of panic the other side. boeing has moved 40% to the upside i understand that stock got crushed but moves like that are not natural. i think jim is spot on the volatility is here yesterday, with the dow up some 2,000 points you saw the index close on the change per day, which is some what concerning. a lot of people were taken on the fact that the mechanism is broken >> even with the senate passing this plan that something doesn't feel right even if we are higher >> it doesn't feel right for me.

it doesn't feel like we are out of the woods in terms of market volatility yet we could see a few more days on this and some people will take solace on the fact that they got their act together this is not just an economic thing. we are dealing with the medical and the health issues, which don't seem to be going away anytime soon india overnight put the entire country on lockdown, if you think about that we are talking unpress dentsed thing -- unprecedented things to think that this is going to continue on the upside is polyannaish. i hope i'm wrong >> if you are an investor and you make up this morning and see maybe we'll have another day of

gains today, do you think we should still exercise some cautious it is not time to put money to work yet >> i think exercising caution would be the right move. if i'm wrong, i'll be the first to come out and sigh i am sorry, was wrong. if you think about it, you are getting a reprieve if you found yourself discomforted, uneasy given what is going on health wise, job wise, market wise. this might be more of an opportunity to look at what you own and maybe pair things down instead of adding to some things i'm still of the belief there will be one more move to the down side. it doesn't comfort me to say that the whole thing doesn't feel

right. i mentioned that yesterday on an unprecedented, historical day by any measure, the fact that it remained unclosed was to me, a little disconcerting >> airlines up double digits united up, boeing up does that not give you any comfort as we know there is probably something in this bill that is going to be helping in this industry. you feel like there is more pain to come. >> i think that they have been given that lifeline is encouraging the fact that the continue uation with a move to the down side is maybe abated for a while. there is still a long road ahead of us. you have to ask yourself, when are you going to see normal si

again in air travel. >> we have to go, guy. you got it i think it will be a while before we get back to normal >> cnbc breaking market coverage will continue right after this to help you stay informed of the latest news and to keep your kids learning at home, just say "coronavirus" into your xfinity voice remote to access important information and special reports from around the world. or say "education" to discover

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breaking news, they did it the white house and senate leaders reached a deal overnight on a $2 trillion stimulus bill we'll take you through the bill. what it means for unemployed workers and some of the hardest hit sectors like airlines. and the best day percentage wise for the dow since 1933

welcome to cnbc. we continue with breaking news coverage of the pandemic right now. good morning welcome to "squawk box" on cnbc. i'm becky quick along with andrew ross sorkin and joe kernen if you are watching the futures this morning, they are higher even after those gains you'll see the u.s. equity market is indicating that dow would open up by 625, s&p indicated up 40 and nasdaq up another 130 points yesterday was the best percentage day we've seen for the dow since 1933 it was a gain of 11% if it closed higher today, that would be the first day we have