good afternoon our breaking news coverage of the market and global pandemic continues. big rally on wall street 900 points all the major averages on track for the third straight day we haven't seen that in quite some time. it's the best week since going all the way back to the 1930s. the move comes despite a record breaking 3.3 million jobless claims as businesses shut down across the country because of the virus.

during the financial crisis, the peak was about 695,000 in one week first we have our full team coverage the house gets ready to vote on stimulus package bob is watching the wild swing in stocks. steve on a surprising move from the federal reserve chairman let's start with kayla >> the house of representatives is set to vote tomorrow morning. it's expected to pass easily businesses and workers are pursing the nearly 900 pages of legislation to find out how they can access the funds provided. the treasury secretary offered clarity saying the direct cash payments should be received within three weeks fore kwlouclosures and eviction be put on hoeds and small businesses should be able to use some of these loans to rehire workers that were laid off and large share of the unemployment

claims we saw in the last week there were some businesses that were left out. democrats removed language that would have provided $3 billion for the administration to buy oil. the postal service got $15 billion less than it was seeking. the cruise industry was left in limbo and may be seeking a legislative fix. many states like new york got far less than they were seeking. nancy pelosi said there will be likely another stimulus bill to deal with that >> there's no question that more money will be needed can we do it through the fed and some low to no interest lending to the states? let's see what they can do >> reporter: a talk here in washington of a so called phase four stimulus package is already under way even with the senate breaking until april 20th. we'll see when and how that is needed the first step is passing this one and getting the president to sign it in the comie ining days

back to you. >> let's go over to bob now for more on this week's rally. the week began badly but the last few days have been pretty nice >> three up days we're holding up here. i wanted to show you the s&p futures because we had 150, 60 point swing in futures people keep saying why can't we get over, the vix get down why can't it go down in the 40s? we're having 40% swings. just take a look at these price swings on some of the dow movers boeing up 86%. home depot is up 27. chevron is up 25 walmart and some of the other consumer names are flat to down here it's not just that we're also getting companies that are coming out. we're about to go into earning

season, they're withdrawing. we're seeing companies out there. they just gave a bit of breathing room to companies that don't want to give out real information. i think it's likely not only are you going to see companies decline to give guidance, you'll see someone take advantage of that rule and not file any 10q at all >> thank you very much to rick for more on the bond market hi, rick >> if you look at a week to date of ten-year note yields,

something simple should jump out. we traded 80 basis points every second monday, tuesday, and today why is that important? because we're really consolidating. it's a shame it's only in about 28 basis points but it is consolidating. that's a good thing. look at what's going on over seas the credit spreads are narrowing. this is important meaning you're raising the bar with regard to lower, weaker quality like italian and french you see the way the spreads are coming in. that basically is telling us a euro bond may be coming and it will be a good thing for the italians and the french. germans may have to pay for it it's down a percent and a half

to date alone. these are huge swings. right now we're under 100 and that would be a positive sign for many of the global issues that many of the investors have been fretting about. back to you. >> thank you very much today we confirm that millions, millions of people are out of work >> really breathtaking the unfortunate part is most economists believe that worst is to come here especially judged by the number that's more than double their expectation you can see we were krucruising along at 200 plus thousands job less claims. it ticked up to 280 and then it

surged five times the prooefrs record what i'm hearing is this is suggesting to some economists we could have as many as 15 to 20 million unemployed americans as a result of this and double digit unemployment rate depending upon how well the stimulus plan works which designed in many ways to try to motivate employers to keep employees on the payroll jay powell taking to the airways talking to the today show on a one-on-one very rare interview he said we may be in a recession now. he is optmyic abo mm mmy -- optt the rebound.

>> you see declines in economic activity but there can be a good rebound on the other siefds that that's one of the main things we're drying to do be assuring the flow of credit in the economy and keeping rates low is ensure the rebound limit does come as vigorous as possible >> i can tell you from my reporting there's much more to come from the federal reserve. kelly. >> it's tyler. kelly has moved onto the next broadcast. it's steve, right? that's who you are steve. >> yes >> you stay there as i bring in paul the treasury and the fed are steering our economy in the same direction during this crisis >> i can assure you fed and treasury will work together very, very closely we both have the same objectives

to protect american workers and protect american companies this is an entire government plan to kill this virus. the president said, this is war and we're going to win it quickly. >> all right let's talk more about that chairman powell said we may well be in recession. that's very careful language there. do you have any doubt that we are or aren't? >> i don't have any doubt. i don't think chairman powell does either. he was trying to soft pedal a little bit we are in mandated recession that's the important thing to remember this is a recession that's a result of an october of god to which we're responding by shutting down our economy. we need to have a new word to

describe it. i like to call it the bank of uncle sam. that's essentially what the treasury secretary as well as the fed chair is saying is the bank of uncle sam is open categorically and we're going to get the money to wall street and main street and to workers and especially to small businesses and to believe it because mr. powell has a printing press and gets his in for free >> i'm going to bring steve in nor for a minute you said something provocative as the government and the fed goes all in, these are 747s full

of money that is coming in here. you say that capitalism is having an emergency very steamy affair with democratic socialism. the affair will flame out but it will change capitalism's relationship with democracy for a long, long time. by this, assume you mean the idea the government is coming in as the lender of last resort or maybe the lender of first resort in some cases. the government is coming in as an income guarantor for millions and millions of people that is where you see a kind of democratic socialism response here explain your thinking. >> i think that's exactly what we're seeing right now and it's being done exquisitely that's the only thing you can do right now because we have to shut down the economy until dr. fauci says we can open it back up with chair powell also

noted. that's the reality we are now using tools since we haven't used since world war ii and democracy, we the people, are seeing those tools in action and we're seeing that we have a whole lot more capacity as a government to do good things in the interest of we the people. i think that is going to change the relationship of capitalism to government and i think that democracy will deal with the underbelly of capitalism which is gross income and wealth inequality i think that we're going to be moving toward a progressive agenda on the other side of this act of god with more nerve than we would have thought. >> steve, why don't you jump in

here and pick on what paul is saying the market is up a lot portions of the economy to paul's point in this era of broad inequality in the economy, there will be portions of the economy that will come back fast not the have notes but have less elements of the economy might welcome back much slower >> that's right. maybe some day you can explain to me how to pick up on paul i've been trying to do that for 20 years unsuccessfully.

this is like any other downturn in the sense it's a shock to the economy created by the unexpected idling. we did it purposely and in other cases it happens because of some other reason, for example, the sub prime crisis for example, 9/11. we have depending saying unexpected political consensus about how to address this in one of the speediest set of programs for the federal reserve. one of the speediest bailouts i've ever seen >> 96-0. >> 96 with a bail out program that is equal to 10% of gdp and

counting forgive me for a moment of potential optimism here. the reason for the shut down is voluntary and we can go back to work and we have this 10% gdp stimulus program but all the trillions the fed is going to do i'm just wondering if it's possible a recession is turning the lights offin the factory if it's possible to turn the lights on more quickly such that this doesn't end up being a recession which is defined as a pervasive and protracted downturn in economic activity. >> why don't you address that paul i heard scott wapner use theage analogy of the lights coming back on. do they come on abruptly or a dimmer where they come on slowly, grads

yull l -- gradually. there's a loot of cashiers and cooks and waiters in hotels who may not be rehired any time soon because demand may not come back all that quickly sgr >> i agree with both you and steve. recession is not the right word because of the nature of the shock. there's some imbalance in the economy. that's not the case here the response is exactly what you need and that's what the market is discounting is our economy is a going concern on the other side of this act of god. that's a great thing for the market to be discounting

we have to go through this journey and it's going be painful. when we turn this thing back on, we are in growth terms going to be having a huge increase, independent of the fact of what you're saying is right for the simple reason of elimination of subtracti subtraction. >> that's interesting about the stimulus bill trying to keep people employed. the key to how quickly we can rebound is that capacity destroyed in the process factories can do idle but then

they can't >> always love talking to both you have guys. >> appreciate it great to hear from you despite the economic fall out, the dow is on track for its largest weakly percentage gain since 1932 paul tudor jones weighed in earlier. >> investors can take heart that we've cataracted this shock with the greatest fis facal monetary bazooka. it's more like a nuclear bomb. that's literally the countermeasures we brought in to sit there and to bring safety to

our economic systems. how do you explain what the market is doing today in face of more than three million people claiming unemployment claims how can the market be up 900 points in the face of that >> some of the market moved today is based on the fact that the market has been trading off of a complete lack of information. we got today was certainty on how bad this is going to be.

even though it's dreadful and shocking, there's a sense of where this is going. markets like certainty and we can count this the other thing that we have is we have this large bazooka coming on the solvency side from the congressional bill passed and this will keep households afloat for the next six to eight weeks. that will go a long way. >> are the in your opinions that we're going to see whether it's 3.3 million or whatever the total number was, are the numbers we going to see over the next few months, are they going to be meaningful or so outlandish that you can't use them to value assets >> i think we're in for a whole run the next months or even quarters of economic data that fall squarely into the category of crazy numbers

we all knew it was big what's the difference between a 20% decline. part of the reason the prices are divorced from reality is that reality is divorced from reality. that's the environment we will live in for some time to come. i think the vix is capturing that >> i want to get your thoughts as an investment thinking about what someone, i'm a hey boomer i'm a proud baby boomer. not counting the years for my requirement but not mindful of that if i'm in my 401(k), what should

i be doing with it right now >> that is the big question out there. i think the best advice we can give today is you need to have at least a two year time horizon. we have done studies on decline in market and if you go down 25%, for the most part you're higher than that 25% downdraft after 24 months. not always but after two years you can see the other side of this even if we get a u shaped recovery, meaning we trickle around on the bottom for a while before we go higher versus the v shape where you get rocket ship up, you should be doing price wise in the market in the end, we're our own worse enemy. all of our plans for investing can fall by the wayside when people follow this way too closely. if you're a long term investor and you don't need the capital for two to five, ten years then

it's probably fine to start edging in here this is a very, very treacherous market and the truth is like three days of going up and we're all bulls again, we just have to be careful april will be ugly and we should be expecting that. >> should i be buying this rally or selling it? what should di do >> the answer depends on your investment time frame whether the market is near the bottom or not. what if you put all your money to work on the day the market peaked in the dot com double

if you fast forward to today, you have still doubled or tripled your money even with the worst of all possible entry points if you've got 5, 10, 15 years to run, it's a pretty easy decision it's not about timing the market it's about time in the market. it goes against human nature to sell high. that's the secret to long term investment success >> thank you very much you got some good looking boys over your right shoulder >> thank you proud mother of boys >> that's great. >> you got a good team there thanks very much let's get to sue with the latest coronavirus numbers. >> hello we just got new jersey's

governor reporting a big increase in coronavirus cases. nearly 2500 confirmed since yesterday. that brings that state's total to just under 6900 worldwi worldwide, cases of coronavirus have gone above half a million the death toll is now nearly 23,000 italy, alone, reporting 662 deaths since yesterday pushing that country's total above 8100. churches in northern italy are temporarily storing coffins that are awaiting cremation police in northern england are carrying out checks on drivers to make sure they complying with britain's virus restrictions in as a top uk prosecutor says anyone with the virus who deliberately coughs at emergency workers will be charged with assault and faces up to two years in jail. here at home, the brick yard will be quiet on memorial day weekend. the indianapolis 500 has been rescheduled for august 23rd. it will be the first time the

indy 500 will not be held in may. georgia's governor has extended public school closures until april 24th they were set to reopen at the end of march the university system of georgia and technical colleges will continue online lessons through the rest of the semester for more on the coronavirus coverage at cnbc, go to cnbc.com back to you. >> thank you very much let's bring in meg for more on how companies are racing to find a cure for koe vidcovid-19 >> companies are working quickly on various vaccines and drugs. public health experts say it's the other, the nonpharmaceutical interventions that will make a difference in this outbreak and in flattening the curve. if you look at various areas, up

until today we had actually seen a slowing in new cases in west chester county that's on the left today we saw a major spike in new cases in this area different areas are driven by different policies even if one place is starting to get a lock on things, if we don't have policies across the country to suggest people not travel or to have the stay at home orders in different states, that we would see seeding of outbreaks in different areas florida's case is now approaching 2,000. they don't have a stay at home order for the state there. they do have sort of locally driven responses this is major concern.

>> 2500 new cases in new jersey just in a day's time the curve is really ramping up steph curry, the basketball player did an interview with dr. fauci within the last couple of hours i guess it was a streaming interview. he made some news there. you have some color on it. >> he did. i just was watching it on instagram. i had to get some help from some younger people to explain how to watch it it's so embarrassing asking some really insightful questions of dr. fauci just now, including one that everybody wants to know. what is the metric that they are looking for in order to suggest these restrictions on movement on school closure start to be lifted in the united states. dr. fauci said what they are looking for is the peak of the curve many the u.s. of new daily cases for us to be on the other side of that peak. if you look at the trajectory across the united states, new

daily cases are still rising we're on the wrong side of that curve. he said that's what they are looking for. another really interesting piece of the conversation was talking about the potential cyclicality of this virus whether it will sort of ebb in the summer and come back in the fall. drchl the doctor said if it acts like other viruses, we should expect that to happen if and when it comes back in the fall, he said we'll be better prepared we'll have the tools to trace cases, isolate people if they are sick do the kinds of things we seen work in south korea to keep levels lower that was encouraging news. >> you talk about the rise in cases, are they going up because they are going up or we're testing more or a little of both

>> that's a great question so much of this is just dependent on how much testing we're doing. as the restrictions change and the guidelines change for who is being tested, those numbers will be impacted by that too. experts will say the number of positives isn't the number of people infected. it's just the ones we have detected through the testing some estimates put the actual number of cases at much, much higher than what we have found >> thanks very much. appreciate it. >> still ahead, stocks are soaring today but the s&p still on track for its worst month since 2008 don't worry if you're feeling the pain in your 401(k). stove tell kwyou what your next be mcan and should be. that and much more after the break. through the at&t network, edge-to-edge intelligence gives you the power to see every corner of your growing business.

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the oil market is heading to a close. let's go to eric at the market desk >> oil snapping a three day winning streak as demand concerns take hold once again. wti down 7%. brent down 3.5%. those tick a little lower in the last few minutes demand has plunged in recent weeks plus u.s. crude inventories rising for their nineth straight week adding to

the supply glut. back to you. >> thank you very much grocery stores are working to juggle unprecedented demand while protecting both customers and employees from the rising risk of the virus. >> reporter: much of new york city is shut down, the grocery stores are doing a booming business in fact, here at this lower manhattan grocery, i went inside yesterday and it was just packed the manager tells me they have done three times the business as usual. there's a sign right on the door that reminds customers to practice social distancing some stores that we have seen are not just reminding customers, they are putting tape on the floors to show customers

what six feet of space looks like they say two grocery carts from each other we saw this at a deli counter in new jersey other chains are taking it a step further now only are they posting the signs. c we heard that from kroger and al ber -- albertsons. remember when the bag ban went into place now all of a sudden, these are out the door they want people to have disposable plastic bags. it's big changes all the workers are wearing masks and gloves to try to protect themselves >> the workers asaw at my local supermarket were doing the same.

they were trying to take protections. are grocer having to add staff how are they keeping up the demand for work? >> reporter: and demand. you know if you call and try to get an appointment for pick up in many of these grocery stores, you look a week out and there's still no appointments available. we know walmart is hiring 150,000 people kroger says it's hiring 10,000 people all these places are hiring bonuses to their people. in fact, target told us they are paying 2.50 more per hour plus as much as a $1500 bonus they are doing everything they can to keep the people on the front line in other words to keep them all safe, to keep them from getting sick, they are petitioning the federal government for ppe those personal protective devices. masks and the gloves right after health care workers.

they should be next in line to get the personal equipment >> thanks very much. stay say in new york city. still ahead, jobless claims topped a record three million many week as the coronavirus takes its toll but markets shrugging that number off. is it more pain ahead? we'll give you a round up of the latest waves of layoffs. with the dow rallying for the third day in a row, it's now on pace for its biggest three day gain since the 1930s should you trust the rally what should you be doing with your 401(k)? we'll talk to a financial advisers in a bit. plap

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plap. nasdaq up better than 4% the russell up wau wall street and main street bracing themselves they were filed just this week

>> businesses were shut down eastern tennessee jobless. the mother of three tells us she's a bartender. her husband, a handyman, a construction worker. both now without an income morgan stanley pointing out that both industries are among the most at risk for further layoffs as well as retail, trade and manufacturing. >> we were told to file unemployment all we have the restaurants. everybody is out of work over here

>> reporter: they are working to expand capacity and try to accommodate this need. many deal with this crush of claims and many workers struggle to file. next week's numbers are likely to be high as well >> you bet they will be. thank you very much. let's drill down on these historic job numbers good to see you. good to have you back. >> good to be with you >> were you shocked by the jobless claim this number or did you expect it was going to be that high? >> every one was talking about it it's so many service industries.

it's different from 2008 from the respect of it's just happening immediately to every industry the expectations i think are what people knew were coming i'm a bit surprised there's any surprise to it >> this is a self-inflicted period of job loss and potentially of recession i think it's probably certain we are in negative growth right now in terms of the economy. last night on the special, mark cuban made the point and i thought it was an interesting one that what companies do and how they respond to this situation is going to define them those that survive for the next decade you agree? >> i do to an extent it's how they survivor and if they survive you've got small business owners that are saying, i can make it up to people later on if i'm in business when you're talk about a really small company when you get into a situation, we're not talking about the 500

employee thresholds. we're talking 5, 15, 25 people where the owner may have a kid going to college or they are supporting their family and maybe their grandparents or parents. there's so many nuances that go into it and we all want to take care of people that's where the indirect problems of the bill that was passed if everybody making under $75,000 get a check but a lot of those people still have jobs, now you'll have issues where the unem ploployed are jell ualous e employed because they are double dipping. >> that's an interesting point even if you remain employed you will get this check. there's obviously additional unemployment funding in the bill as well. i guess one of the interesting things is companies have to make an ethical, a moral decision and a capitalist decision to take care of their workers on the one

hand at some point taking care of the workers might become impossible because you have to save the company. in other words, there's not going be a company if i don't do prudent things >> if you're running a company with thousands of employees and shedding a few hundred is going to save the thousands, do you do that if you're on smaller size scale, do you do that i think what mark cuban was referring to more is can somebody who run a small business not be so selfish to only look for their own finances purely i think that's one of the issues we're talking about when the legislation says they will comp shareholder or ceo compensation while giving hand outs to corporations ink that's important we have to look at those issues. are the partners or shareholers

taking out more money they need when they have more money than anybody else to begin with that's where the intersection really exists morally versus capitalistically >> how quickly do you think hiring will come back when it comes back >> how quickly do i think? >> i think it will take a bit of time you're taking car out of the garage that hasn't been running. i think it will be cash crunch on the liquidity side. >> that's an interesting point thank you very much. >> good to be with you still ahead, as the coronavirus spreads around the globe, global smart phone sales are sinking. we'll tell you wt mnsorhaitea f

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josh joins us now with details. >> tyler, so many companies apple right now is dealing with this question, how is this economic shock going to impact consumer spending and in turn, iphone today, bernstein's is telling his clients apple is going to take a hit his math, lowering his 2020 revenue estimate by 13%. 248 billion. this implies a 5% decline year over year. he says iphone revenue growth now falling from 7% to minus 11%. so how do bulls respond? that much of the news is already priced in ch deutsche bank just upgraded apple to buy. they say there are ris ks no

doubt. they're telling their clients those are more near term than long-term challenges separately apple like a lot of companies is thinking about ways to respond to this outbreak in ways that make a real difference here's tim cook. >> apple has sourced, procured d and is donating 10 million masks to the medical community in the united states. these people deserve our gratitude for all the work they're doing on the front lines. >> apple is buying those masks from its supply chain. back to you. >> thank you very much how quickly can they get those out into the population? you have any idea? >> well what tim cook is telling you they're donating those 10 million masks to the medical community here in the united states listen how quickly, remember tim cook, jeff williams, a lot of o executives there, these are executives with deep background and experience in supply chain management >> are they sources them out of

china or do you know >> i don't know exactly where they're sourcing them. only that they're buy iing them from that supply chain >> all right thanks very much josh lipton. still ahead, the steep drops of stocks have halved 401(k) households in america. up next, a financial planner will join with how to be positioned during this time of uncertainty and why you might consider adding to equities right now. we'll be right back. we see heating breakthroughs clearing the air for billions.

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last month, there were more than 11 million 401(k) millionaires across america. but not anymore. data shows that after the coronavirus sell off that the number of millionaires, 401(k), that is, sank by 500,000 how can you protect your retirement savings

welcome. good to have you with us >> good to be here. >> say i've lost a fair amount of wealth in my 401(k) 15%, 20%, depending on how my account was apportioned. what should i do now that the market seems to have a little footing under it >> sure. so i think most people need to think about this as baseball and first base is going to be have been a plan. the approach in retirement are what the market flats are for their outlook for retirement second base is thinkinging about rebalancing your portfolio if you haven't done so. third base, consider increasing exposure here's equities, where you need to be careful. go back to see if it's

appropriate to be taking an more risk still on a 23% drawdown despite the last two days. last and home plate, if there's surplus cash on the sideline, here, you need to be even more careful bausley quecause liquid pressure and there may be some out there to ease the losses i'm betting that we will recover. >> you know, doug, where i came from, getting to second base had nothing to do with rebalancing my account, but that's for another time, my friend. say i am, i am nearing retirement is this the time to sell into this rally and go to cash? or to buy it >> i think a lot of people don't know what either buying or selling is going to do unless they have that retirement plan in place, that financial plan in place. it's difficult to provide people

with context to their specific situation. if you are feeling nervous, if liquidity is an issue, please understand it might be okay to provide yourself with a little bit more liquidity you know a lot of people are in those target bank funds in their 401(k) do we know how they're working >> so these target date funds should have been moving along with your age to get you into what's deemed to be an appropriate risk tolerance you're going to want to check with which ever asset manager fund they're using, when their rebalances are, when they mayo cur, to see if they're doing job tlooels in rebalancing the port foal owes back to their target allocations. >> do you trust target date funds? >> i think they keep you out of harm i think perhaps a more custom allocation for individuals is better, but at the least, they'll keep you out of harm >> the beauty of the 401(k) is

that it really forces you to dollar cost average, right so this week, the stuff coming out of my paycheck is going into the market at a price that is 20 something percent lower than it was a month ago. >> yeah. that's the beauty of making contributions out of your paycheck every single time you get paid is that you've been averaging up end, down and here, these latest ones are going to buy into your specific allocation at lows >> it forces you to do that. that's where it comes in is there ever a time you need to raid your fund >> piggy back right there.

but i think there's also a lot of people who don't have enough liquidity. it pains me to say, stop contributing, but if you are nervous, everyone deserves to sleep well at night. so keep that in mind it's a balancing act for sure. >> got to wrap it there. thank you very much. that will end it for this hour the closing bell followed along with wilf and sara >> thank you very much, tyler and yourself as well welcome, everyone. tyler will be holding down the fort at cnbc world headquarters chbl big rally on wall street. stocks looking to close higher for a third day in a row the dow jones industrial average is up u around 20% just in the past three tradinging sessions. the senate passing a $2 trillion stimulus