your analysis. that's what i would do and stick with it. >> okay. >> jim >> scotty. >> last thought, and you've got less than ten seconds. >> yeah. look, let's see what next week brings i think we're topping out not a bear market real but that doesn't mean we have to set new lows just means we might go a little lower from here. >> all right thank you. have a good weekend, everybody kelly evans picks up our breaking news coverage right now. >> thanks, scott and hi, everybody. as we continue this breaking news coverage of these markets, stocks are tumbling today after a mega three-day real. right now the dow is down 672 points, so that's well off the lows it's pretty much across the board a 3% decline, and despite the losses the dow is still on track for its best week since the 1930s, been a long week. hard to remember all of that for the s&p it would be the best week since 2009, but just today the earnings growth estimate for all of 2020, this is the one that comes from analysts of all the different companies they cover, overall it's turned negative for the s&p 500 for the

first time since 2009 we've seen that for a full year and more troubling numbers out of italy we reported the deadliest day nearing 1,000 a day. let get to bob pisani for more as we await the wait that the house will be taking now to pass the giant stimulus bill. >> there was a lot of hopium last night, kelly, and disconcerting. 20% off the highs from the s&p and the lows on monday reports of insider buying going on there were reports, of course, that the dollar was off of the highs recently, and that was some cause for hope, but as you can see the markets are not doing that well today. in fact, there's a lot of return of concern overall that the volatility will continue the vix remains at 67 or so. that's implying the market is estimating 4%, 5% intraday volatility for the next month. we've been seeing that on a regular base for the past months so traders have been seeing what's happening and are projecting into the future take a look at what i call high

bait sectors energy stocks, apache down notably and industrials like textron notably weak, semiconductors these move faster than the rest and i watch for them for sign of volatility kelly referenced procter & gamble, some of the consumer state many are holding up better but kelly referenced the earnings situation yes, refinitiv has us down 0.5% for the year and a lot of analysts are talking 15% declines in the case of credit suisse all the way down to 13% potential declines in the case of goldman sachs, so the numbers, kelly, are all over and the bottom line is we don't know and it's not going to help that a lot of the companies are not going to decline to give any kind of earnings guidance for the rest of the year when we get earnings season in about two weeks. >> bob, will we have an earnings season because as you correctly pointed out the s.e.c. is giving the companies a break on the

filing dead lines, right >> yes they are going to allow a 45-day deadline for companies reporting between march and july essentially, and that implies that a lot of companies are now going to have the ability to simply say we're not only not going to provide you any -- any guidance, we're not going to file our ten qs at this point which would provide a lot of details. it's understandable because they don't have very good estimates or estimates that are really solid at this point but it's going to throw the ability to take a guess at what the right multiple should be that's why we're getting 100-point swings in the s&p 500 on a daily basis we just don't have a way of valuing stocks right now because we don't have a way of figuring out earnings. >> yeah. for sure it's going to be weird bob, thanks so much. bob pisani. >> okay. >> we mentioned the house members are rushing back to capitol hill today to try to pass that $1 trillion stimulus bill check out the scene on the floor of the house right now that is speaker pelosi they are i believe about to take a ten-minute break kayla tausche has the latest on

where things stand kayla? >> reporter: kelly, we're in the final moments of debate on the house floor. house speaker nancy pelosi talking about this bill, talking about the need to pass it. after this, as you mentioned, members will be taking a ten-minute recess where they will figure out exactly what shape this vote is going to take, whether it will be a shorter voice vote or a longer recorded vote depending on how much opposition there is will you see the house members socially distanced spaced out in their seats and during the vote they will be filing on to the floor 30 members at a time so it will take a little bit longer than usual in any case i mentioned that objection there was a late-night scramble after kentucky lawmakerthomas massie raised some of his own objections to the bill forcing lawmakers to scramble back to d.c. there's also been some concern raised by fiscal conservatives in the house they put out a statement, the freedom caucus did, about how they feel that this is too much spending but it's unclear exactly whether members making

up that group would in fact vote against this bill. president trump has said that he intends to sign it as soon as it arrives at the white house, and he's taking aim at general motors today lambasting the company for not producing enough ventilators saying they said they were going to give us 40,000 very quickly and now they are saying it will be 6,000 in late april, and he's saying invoke p saying that's an invocation of the defense production act the white house previously refrained from that from could go that because the president didn't want to nationalize companies which he believed it did, and he also thought that the private sector was doing enough to get some of this personal protective equipment to hospitals and to medical professionals who needed t.fema director earlier this week said they did need to invoke the act so clearly the president now feels that the situation has reached a tripping point where they need to invoke that, though it's unclear, kelly, how long it will turn to take that tweet into a legally binding memo that orders companies to do that.

>> kayla, going back to the house vote the president furious with congressman massie and in response there's a tweet stream where he talks about his concerns with the bills and what democrats have done to it. they are the ones that did this, added the millions of dollars for the kennedy center and he was upset about that and not having the ability to audit the fed, among other factors, so bottom line he can still hold this thing up? >> hold it up in terms of timing, but the vote have expected to pass and one reason why congressman massie has come under such criticism over this is because the bill is likely to pass t.passed the senate unanimously, 96-0, that's nearly unheard of where partisanship is birth and the fact that he's creating this night and this delay for a vote that's not expected to be contentious otherwise, that's one. reasons why the president and some members of his own party are angry about this.

>> okay. so still we'll wait this hour for more action from capitol hill kayla, we appreciate it. thank you, kayla tausche. well, the vice president mike pence earlier joined cnbc to discuss the economy and the coronavirus responsech will here's what he had to say about the market. >> while the stock market has ebbed and flowed and even this week made dramatic moves, president trump and our entire economic team believethat all the fundamentals continue to be strong and that as we deal with the coronavirus that this economy will come roaring back once we see our nation through this challenging time. >> are the fundamentals strong enough to get us roaring back? joining me now are brian levitt, the global market strategist for invesco and jim o'sullivan and our very own rick santelli as well rick, first on the markets and the positioning here i look at bond yields and wonder if the market believes we're going to come roaring back, but

maybe that's not a good proxy anymore for growth what would you look at >> well, you're exactly right. there's a lot of illogic in the fixed income space if we look at this week in particular, whether it's cdx or credit spreads, everything has been really good, really sunday night through this morning everything narrowed, credits improved historic week in terms of the issuance of investment grade securities, both here hand in europe, but things are reversing a little bit today and all this is going on with historic outflows in bond funds, historic inflows into short-term money market scenarios, and i think that the -- the credit market is unsure you know, really, this is not an easy one as the vice president pointed out. here's the way i would look at it if you're 13 sis is somehow we're going to be better off than the long-term view of months and months i would say we have something going for us,

liquidity. big-time liquidity so if your hypothesis is that things won't be as bad as the worst case scenarios we'll have a huge pickup in things like housing had, investments, durable goods. remember, harken back to y2k y2k we had tons of liquidity that essentially wasn't really needed it helped fuel housing, maybe even helped fuel the tech wreck in terms of the upside and i'm no doctor we have a lot of things that can work in our economic favor >> housing absolutely is a fascinating one because of the low rates especially brian, let me bring you in on that, and as we were discussing off the top of the show we have both economy to consider, where rates are and where stock prices are and now the fact that we were saying that earnings growth is negative and probably, you know, more so than just the slight negative we're seeing already for the year. >> yeah, look. we saw a very drastic move over a very short period of time so

equities have gotten oversold and credit got oversold and what we needed was a catalyst we needed a policy response, so the policy response came in and it was significant and you had a very, very sharp move to the upside and the biggest three-day gain since we had cbs since the early 1930s. where we are here is you'll need another catalyst you know, for the credit markets, the frefs are providing a lot of support and we'll be watching that closely. that tends to be the canary in the coal mine. i don't expect credit spreads to blow back out again significantly unless we get really terrible news in terms of the number of cases and how long we'll be shut down as a society, but ultimately that's what it gets to. we've seen the monetary response and we've seen the fiscal response and now we're left waiting to see how the medical community can get out ahead of this ultimately, we will get through this households were in good shape going into this. the banks were in good shape going into this. it's just a matter of how long

this persists until we can really start to bend that curve and get the number of new cases down. >> jim, could something like housing lead us out of this? >> hi, kelly i mean, it's a pretty small part of the economy in general. i mean, i think you have to think about the economy broadly in terms of looking at the jobless claims number yesterday, the 3 million increase and we don't have precise details but certainly the hotel industry, the restaurant industry are front and center of that, but just more broadly i think the whole economy to some extent is shutting down right now, and i think there certainly should be some comeback by the second quarter and by the third quarter rather if the shutdowns starts phasing out but the question is how much damage is done in the meantime how many businesses go out of business and how many people are let go and you're left with a higher unemployment rate and maybe a recession dynamic which still has some playing out to do, so i certainly wouldn't

count on a relatively small housing sector alone to bring us back >> what about phase four fiscal stimulus because we're already going down that road, aren't we? people are worried about the health of the states among many other factors. >> well, phase three is pretty big. they haven't given us a proper total yet but we aggregate the numbers in there when you include tax deferrals at 2.5 trillion, 12% of gdp spread out over time and half that have is loans and tax deferrals rather than pure fiscal stuck luce but it is pretty sidesable over time that will help, but for sure it looks like there's going to be a phase four as well, and i think as we see the depth of the recession over the next couple of months i think yesterday's claims number is just a taste of that have, then we will probably have more manned more pressure for phase four as well ultimately, yes, there's a lot of stimulus here on the other side, of course, there's a lot of downward momentum ultimately i think the stuck luce will be powerful enough to contribute to a recovery and

certainly limit the recession, but in the meantime we're going to see some pretty dramatic weakness in the economic data. >> we appreciate your time today. and i should mention we're hearing on the news wires from a house democratic aide who says it looks like they will pass this via a voice vote. we'll keep you posted on those developments as soon as we get them. another big company jumping in to help fight the coronavirus. let's head to deirdre bosa for that news. >> reporter: google just announcing more than $800 million global effort to help small hand medium-sized businesses, health organizations and governments as well as health workers on front line of the covid-19 pandemic. in a blog spot the ceo of alphabet outlined the efforts saying they included $250 million inaled grants that will go to the w.h.o. and other organizations to provide an investment fund to support ngos and financial institutions, help

provide capital to small business bez there's also $340 million that they are committing in google ad credits to small and medium businesses with active accounts over the past year on google kelly, there's also other measures like google cloud credits for academic institutions and helping production capacity for medical supplies this is just the latest, another big company jumping into the fray, but you've seen lots of big tech assists in the global effort to confront coronavirus google has also launched the web services for research. >> deirdre bosa. speaking of companies helping out. apple is creating a new app to deal with covid-19 in conjunction with the white house. josh lipton is here to explain josh >> reporter: so that's right, kell el. here's how this is going to work is starting today here in the u.s. if you're 18 and over you're going to be able to download this new app from the app store or you can visit this new website that's been set up and access specific streaming

tools and resources so users will be asked a series of questions about symptoms and travel and then they will receive guidance so whether they are continue to practice social distancing, whether to closely monitor symptoms and contact medical provider, even whether or not a test is recommended, apple not alone in this challenge as you just pointed out. other big tech companies certainly trying to step up and help out alphabet, you heard deirdre talk about that, morethan 1,000 volunteers from that country working with out its own screening and testing it efforts. cisco committing $225 million in the fight against the virus and facebook featuring a coronavirus information center on top of users' news feeds, coming by the way after apple ceo tim cook says the company has sourced 10 million masks for the u.s. back to you. >> as we've looked at china's response one of the things they have done is have this great integrated app that everybody uses that shows whether they are free of coronavirus and how many people are infected in the region that

they are in. could facebook or apple with the ubiquity of their platforms do something like that here >> well, so it's interesting one point here is you're trying to get reliable information, right. as our clients at nbc have pointed out they are streaming their own apps looking at dependable information from resources. no surprise. look what apple partnered, white house, fema and cdc to try to create a central place where people can try to get more reliable information, actual information that they can act on kell >> what kind of dog is that? >> yeah, this is up. joys, of course, of working from home show america gets to listen to my chihuahua freaking out next time i'll try to have the kid freaking out and sometimes they do it together that's when the really good stuff happens. >> i have to say i enjoy this aspect of it josh, good to see you. thanks so much josh lipton. let's turn to much more somber news and get the very latest on the coronavirus

worldwide. the number of confirmed cases is spiking, now more than 540,000 and the u.s. has more than any other country. sue herera has the latest for us sue? >> indeed i do, kelly. good afternoon, everyone we start in italy where hopes the virus had peaked are dimming. that country just reported a record 919 new deaths since yesterday. the total death toll is above 9,100. total cases in italy rose about 6,000 to about 86,500 and as kelly mentioned only the u.s. has more cases the naval hospital ship "mercy" has arrived in los angeles bringing 1,000 beds and 800 medical personnel. the ship will handle non-coronavirus patients easing the strain on local hospitals. and south africa has announced its first two deaths as that country begins a three-week lockdown to fight the outbreak south africa has more than 1,000 cases, the most of any country on that continent. as always for more coronavirus

coverage at cnbc, go to cnbc.com kelly, back to you. >> okay. sue, thanks very much. the pandemic has fast tracked specific coronavirus drug developments coming at a cost off other drugs in the pipeline for more on that story let's bring in meg terrell meg? >> reporter: hi, is kelly. the covid-19 pandemic is disrupting all kinds of businesses including clinical trials around the world. basically every major company has said there will be some potential impact to ear ongoing clinical trials or enrolling new clinical trials and these are some companies that put out press releases saying they are seeing these potential delays or who we've been in contact with and who have said that in fact is the case. merck, pfizer, eli lilly, glaxosmithkline, galapagos which has partnered with gilad, bluebird bio and vertex pharmaceuticals which just said that this morning they might see potential delays in clinical

trials or in starting new ones that company also saying though they don't expect any kind of supply disruptions to their existing mid-sins joining us to discuss that more is dr. jeff lydon, the ceo of vertex pharmaceuticals good to have you on the phone with us. talk to us about these potential delays we're seeing in clinical trials across the industry the what do you expect this will mean down the line in terms of getting new medicines through the approval process and out to patients >> yeah, it's great to be with you, meg, so sorry it has to be remove today as you pointed out, all of the companies in the industry are going to see some impact on the clinical trials. it's early days still, so hard to predict how much. we do expect some impact on the trials but very different for the different trials some trials require medical centers. obviously those will be more impacted others are more remote and will be less impacted the bottom line for us it is that all trials that we have

going are ongoing but we may temporarilily pau temporarily pause new patients we want to protect our patients. we don't want to expose patients in clinical tried to covid-19 infection. two, we want to optimize the allocation of health resources because we don't want critical health care resources that should be used for covid-19 that will be used on our clinical trials and finally, of course, we need to maintain the integrity of our trials with regulators, so i think it's a little early to say what's going to happen. everything depends on how quickly all of a us get back to a more normal life and the covid-19 outbreak resolves, but i think we can certainly expect to see some impact on some trials across the industry. >> and as we are seeing that potential delay, what are you seeing as you as the ceo of a drug company who evaluates data every day, including very early

stage data, as you look at what's available on things like hydroxychloroquine, on remdesivir and on clinical trials now, it's early data, bucht how much promise would you say there is now and how soon could we see something that's actually going to work >> yeah, very early days, but i think it's important to take a step back and remember that literally within days to weeks of the outbreak starting in china we haddoid the viral agent and sequenced the virus and already identifying new vaccines and testing drugs. that's remarkable and it's really a reflection of the tremendous advances in biotech sciences that have occurred over the last decade or so. that would not have been possible 15 years ago, and if you think about the new drugs and new approaches, we sort of think about them in two buckets, meg. one is to look for existing approved drugs that might be active against the virus, and as you know there are a number of those that are being tested. if we could find one of those, we're literally talking about

months before we could make such a drug available to patients that's the shorter term solution, the best case scenario the other thing that we're doing obviously as an industry is looking for new vaccines and anti-body treatments those take a bit longer. those will be 9 to 12 months because we have to test them not only for their efficacy but to make sure they are safe to give to patients. regardless of whether it's six months or 12 months i'm very confident it's a matter of time until we do find a treatment for this virus >> well, we know that vertex as well is stepping in to try to help the community in boston where you're based you are contributing to the boston resiliency fund tell us about that and about what industries, responsibility and the role is to help communities in that way. >> first as you mentioned, we've been very fortunate at vortex because we've seen literally no effect of the outbreak on our business that's because we've designed our supply chain to ensure we

can continue to get our medicines to patients and also -- because our patients have underlying lung disease so they take their medicines in a very diligent way, but other part of the response i think from industry in general is to be good civic citizens and help how the in the community, and i've been working as sort of an unofficial adviser to mayor walsh here in boston we talk a couple times each day, and our first order of business was to make sure that we got all of the shelter in place orders, the shutdowns, the social distancing guidelines right. he did a tremendous job there, and then we started talking on march 14th or so and say, look, we know there will be a lot of cases. we know there will be cases in our cities and some of our most vulnerable neighborhoods what else can the private sector do to help and there were three things that became obvious to us one was food we're going to have a need for food for patients who are either quarantined or infected in their homes and for kids who are now not able to get food at school

sometimes. basic medical supplies, obviously very important and then home education, again, for the kids who have been sent home and all the boston public school kids and kids across massachusetts sent home. so we came up with the idea of raising what we call the boston resiliency fund. we thought we'd try to raise initially 10 million vertex kicked it off with the vertex foundation making a million dollar gift and then i called a couple of my friends jack connors and two of the business leaders here in boston and we went out and it's been really remarkable, meg within the first day of it announcing the fund we surpassed our $10 million goal, and a week later we were over $20 million and we're still moving north and i think it's just a real testament to how the boston business community comes together in a time of crisis they did it in the marathon bombing case and they are doing it now and it's just very heartwarming to see the business community come together in that way. >> well, it is good to hear, jeff thanks for joining us. it's nice to hear good stories of kindness and people coming

together as we're all in such a scary time right now thanks for being with us >> thanks, meg >> meg, our thanks to you as well, meg tirrell with the ceo of vertex. there will be impacts on the effects of coronavirus to other drugs in the pipeline. coming up, small businesses were a big focus in this this stimulus bill but lots of questions remain who is eligible and how much can they get and state of the state. 9 economic slowdown will take its tolls on individuals and businesses but on states as well which will look at which ones could come under extreme stress as the downturn continues. a reminder, watch and listen to us live heon t app on the cnbc go app i just figured it out myself we're back in two. heading in a new direction. but when you're with fidelity, a partner who makes sure every step is clear, there's nothing to stop you from moving forward.

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but when you're with fidelity, a partner who makes sure every step is clear, there's nothing to stop you from moving forward. welcome back the dow is down 60 points. break news out of washington on the stimulus bill. kayla tausch', what can you tell us >> reporter: well the ayes have it on the floor, kelly there was just a voice vote that was conducted, and there were enough members reached in a quorum, 216 was the number that be to be reached, and essentially if you get that number they were able to deny a vote to the lawmaker who raised opposition in the last day that's congressman massie from kentucky he is on the floor speaking right now. he's expected to demand a recorded vote. that request is expected to be denied because he does not have another lawmaker supporting him in that effort, and i'm getting word in my ear that that was in

fact denied. we'll bring you more as we have it as this color continues coming off the floor that's exactly what this vote looks like. >> barring any additional -- is this it? is this the last step that means as secretary mnuchin referenced, as soon as this becomes law, you know, start the clock three weeks, people could have that money in their direct deposits >> that is correct, kelly. wow. >> appreciate it kayla tausche. let's check the markets which are moving lower on this news. the dow is down 740, bite rumon, sell the fact but we're down from where we were, a 3.3% for the blue chips, s&p down 3%, exact same percentage decline for the nasdaq dow still tracking for its best week here since the 1930s. quick check on oil which has been such a tough one lately it's down again today. demand continues to drop we're now hovering just over $21 a barrel that's another 6% slide. just been relentless all s&p sectors are trading

lower today as well. energy, the big one, no surprise and industrials and communication services all down, energy sector down another 6%. tough position for the cruise stocks, norwegian, royal caribbean and carnival all down 18 to in norwegian's case 22%. norwegian trading at just over $12 a share had. the banks not spared some of the pain today from jpmorgan, morgan stanley and bank of america. we're seeing declines of between 3% and 4%. jpmorgan is down interestingly enough more than 7% and still the sector up 12% this week. this rescue bill has $349 billion in aid for small businesses it's become pretty controversial. it will be distributed by the small business administration, but everyone wants the details and our kate rogers has been digging through this bill for just that and is explaining who is eligible and how to get the money. >> that's right, and for these small business owners that cash cannot come quickly enough here is who is el jinelle. in the bill, small businesses

and non-profits devind at 5-- defined as 501-c-3 corporations and independent contractors, have to have been in since sen february 15th in order to acquire that money borrowing is going to be based on payroll expenses and the loans have a maximum interest rate of up to 4% with up to ten-year terms here's what you can use that money for. the loans can be used for expenses like payrolls, mortgages and leases and utility payments also important, there will be loan forgiveness depending on expenses and layoffs a senate aide told cnbc the number of employees will be based on staffing numbers from february so if you're a business own their had to make some layoffs but you're able to bring back enough workers the loan forgiveness amount may wind up being higher the sba, of course, will put out more guidance on this as it becomes law. the 7a program is a

partnershipship between private lernsd and the sba which guarantees the loans and they have a small business disaster loan assistance program, smaller loans of up to $2 million, apply for those online we're all still digging through this and learning more as we go and we'll bring you more as we go. >> two quick follow-up questions. the first is are people going to their local small business administration office, or as it sounds like from the bill going to their local bank and maybe the banker they have had a relationship and the funds will be disbursed via that institution? >> you would go to your private lender secretary mnuchin had said that they are going to be expanding the number of lenders who are able to participate in the 7a program. we haven't gotten details on what that looks like just yet but i think the message here is that there will be broad access coming down the line the disaster assistance loans, go to sba.gov.

they have application details there. we're talked to some small business owners doing that in paper form and also via online applications having some issues, obviously as you can imagine. demand is really high. a ton of businesses have been impact across the country and people are trying to access that cash quickly because the cares act is not up and running are and the 1a expansion program under the cares can act isn't active yet >> one final question, i don't know if you know the answer to that, but i have a neighbor who is a self-employed contractor so technically he's his own employee, doesn't really very any employees. would someone like that be eligible >> yes under this and under the text that we read self-employed contractors would be eligible but this will be based on payroll expenses, i guess that depends on how much you're paying yourself and what that looks like that but your neighbor should be covered from what i can understand. >> news we can use

kate rogers is all over the small business effect from this bill coming up with states and cities reeling from coronavirus, is relief for them going to be the next major washington bailout? plus college chaos the admissions process has been thrown into disarray by this pandemic we'll look at what that means for the industry and the students and a look at this week's best dow performers boeing up 75% but home depot up 25% and nike, united tech, american express all with big gains. we'll be right back. tomorrow. it's a day filled with promise and new beginnings, challenges and opportunities. at ameriprise financial we can't predict what tomorrow will bring. but our comprehensive approach to financial planning can help make sure you're prepared for what's expected and even what's not.

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welcome back as many businesses are forced to close and with cities enforcing shutdowns, states are losing millions of dollars in revenue and could cause lots of stress to their budgets, so which ones could be hosting the most? dom chu joins us with that story. dom? >> reporter: let's start with the good news first. first of all, according is to s&p global ratings the vast majority of municipal debt in this country is still investment grade or aa or better, in fact for many muni bond investors the pain is not being felt right now but what could happen if things get worse? good news first. the most creditworthy states out

there, 15 of the 50 states in our union actually have aaa rated debt, it either on a general obligation bond basis, the taxing authority of the bond basis or on an issuer basis. those states are shown there, mid-west, mid-atlantic, florida and texas included there as well now for the states that could have real stress if things get bad from a fiscal standpoint take a look at these five states pennsylvania, connecticut, kentucky, new jersey and illinois no secret there. they have been going through fiscal issues for years at this point. those states could come under more stress if businesses really start to take a hit in this coronavirus shutdown one of the things that we're looking at how can investors prepare for what could happen in munis credit ratings agencies are looking at a number of different things whether they upgrade or downgrade credit they are looking at size of cash and tax reserves that states have, the viability and variability of those revenues from a tax basis or anything else, and then pension and other

liabilities as well. those are all big factors. kelly, a key point to be made here is you remember that map i showed you you'll notice that texas and florida, both aaa-rated states for right now, but with texas heavily reliant on the oil and gas industry and for florida, more heavily reliant on things like travel and tourism so as hotel and flight and cruise revenues start to dry up, oil revenues start to dry up, could those states be in the crosshairs for potential stress? it's something that many muni bond investors right now looking for income are paying close attention to. >> great point because the rest are the usual suspect, the fragile five we always seem to hear about we'll see if this one is different. thank you, sir, dominic chu. in the last few minutes the house passed the phase three relief bill. the ink didn't dry yet but relief for the states could be coming in phase four or five my next guest says time is of the essence and joining me is

jerry seib, executive editor at "the wall street journal." that's the kind of background i would expect you to have, deep and rich and somehow reflecting a long history and tradition which is exactly what we turn to you for. what do you make of this vote and the speed of it? you know, it's all so unprecedented. can they get money to people quick? >> you know, that is the key i think speed is of the essence. think of this compared to the 2008 and 2009 rescue package which was t.a.r.p., the bank bailout which passed in october of 2008 and finally the stimulus package that passed in january of 2009 when the obama straight was brand new so a span of four months to get $1 trillion out the door and congress is about to do that in two weeks, way north of 2 trillion and bigger and coming together much faster. as messy as it has looked over the last few days this is a pretty amazing process it's interesting we all in our business we tend to stress the details, which,

you know, justifiably. steve mnuchin, the treasury secretary, who really has to worry about when had the rubber hits the road has been stressing speed, get the money out thereto because you've got to get it in the hand of the consumers if they have lost their jobs so they don't have to shut down they can still pay their rent and their utility bills. got to get it to small businesses because they have to close their doors and declare bankruptcy those are the things that will determine how quickly the economy can bounce back and how deep the damage is in the long run. >> how bad was the park, so to speak in this bill, jerry. as we get more of the details, there's going to be plenty to focus on so how significant do you think some of those details will be and what do you think of the overall takeaway guess the problem is if people don't feel like they can see the immediate benefit of this right away it's going to just engender growing criticism of what was done. >> well, yeah, you're right. again, go back to the 2008 and 2009 example, people felt they suffered a lot of pain personally after the bailouts and the rescues were passed, and

that's because they couldn't make their mortgage payments they lost their houses in a lot of cases and meanwhile the big banks got bailed out and it that produced the tea party sentiment starting in 2009, the populist uprising there was a real reaction to the fact that people felt there was a disconnect between what the big guys got and what the average guys got so i think a key here is how fast you get the money to the average american. how fast is the small business owner or just the consumer actually helped here is he or she rescued that's a perception but it's also a reality but a really important reality. you know, the last time around the bailout was focused on the financial sector because that was the problem. well, now the financial sector is the symptom of the problem. the real problem is in the real economy and the consumer economy, and the political reaction will depend on how fast and how efficiently the government manages to fix up that problem >> you know, plenty of people have said if the cruise lines registered offshore to avoid taxes and reregistering them onshore should have been a

requirement in order for them to get relief or for the airlines, you know, such a hated industry that no one likes the idea of giving them funds. boeing, that one remains controversial because of everything that happened with the 737 max problem, so, you know, you can go industry by industry and understand why people are sort of alarmed at where this money is going. >> sg yeah, i think that's right, but i think you have to remember that there are more continues and strings attached there was a lesson learned last time which is, you know, the taxpayer needs to have the feeling that he or she has gotten their money's worth out of this deal you now have the fairly remarkable prospect of the government taking an equity stake in airlines in return for having offered a rescue package, so -- and there are more conditions in this legislation did executive bonuses and buybacks being prohibited and there will be surprises in here that will make people mad, no doubt about that, but overall i

think people are a little wise they are time than they were in 2008 and 2009 about the potential for bad optics coming out of this. >> finally, one. criticisms that congressman massie had of the bill and said if you took $2 trillion andie vieded by 150 million, that could be $13,000 a person and maybe that would be a better approach what's your response toss that >> do than the dix the liquidity problems because if you have 13,000 in your pocket and can't go out out of your house, the small business down the street is still going to go broke there's a peculiar nature to this problem and it's not all going to be solved by getting cash in the hands of consumers who just can't spend it right away you have to do both things at the same time so that's -- that's a nice sound bite but i don't think it reflects the reality of a credit liquidity bankruptcy crisis that's running alongside the crisis that many people are feeling in their own lives and bank account. >> hopefully that can forestall

the need for phase four or face five, gerry seib with the "the wall street journal. really appreciate it. coming up, the college admissions process has been turned on its head as students are force it had off campus and sports are stalled and construction and weight loss and offprice, a look at wall street's bullish calls and a quick look at the airlines after two days of huge gains they are trading lower today the dow down 444 points so wree' coming back a little bit after the stimulus bill was passed we'll be back in a little bit. pars r life isn't a straight line. and sometimes, you can find yourself heading in a new direction. but when you're with fidelity, a partner who makes sure every step is clear, there's nothing to stop you from moving forward.

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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 some bullish calls on the street today. let's start with lube capital upgrading home depot to buy and trimming its price target to 240. the firm believes the retailer will be less impacted by most retailers based on the simple fact that its stores will remain open construction is considered an essential industry they believe many projects are

still ongoing. we've got a roofing project happening on my street home depot shares are at 192 today. up next, morgan stanley upgrading ww, formerly weight watchers to overweight with a $24 price target saying that while the company will be negatively impacted during the short term the stock has an attractive valuation and could be a beneficiary of what they call the post shelter in place world, you know, not stress eating, getting back in shape maybe. their new price target indicates a 40% upside and deutsche bank naming ross stores a pick within the off price group. the company's strong balance sheet and domestic-only store exposure and track record of consistent sales growth throughout the years, they did lower the price target to 102 from 126 ross stores is down 3% to about $83 a share. meantime, the impact of coronavirus is certainly being felt on college campuses across the country, and the pain is hitting university finances. the ncaa announcing revised financial distribution to its

division one member schools in response to the cancellation of march madness which generates most of their revenue. as a result, the ncaa is digging into its reserve fund to deliver a payout of $225 million, less than half of what schools were expecting. at the same time, we're learning that pennsylvania state universities are expecting a loss of $100 million due to refunding room and board payments and all of this has thrown the admissions process into flux this year. for more i'm joined by sarah haberson, an independent college adviser and founder of "application nation. it's indicated that it will be easier for college students to get into colleges this fall, do you agree? >> unfortunately the covid-19 affected a missions offices while they were release regular decisions so most of the decisions happen in the monday of march so admission leaders had to make last-minute decisions on how to make sure that they would still be able to bring in their freshman class on

target so in some cases that meant reducing the number of international students they were bringing into the class or admitting to the class, and instead it meant more acceptances for domestic students which is always a good sign, and i think we're beginning actually t sign we're beginning to see an important shift in the college admissions world we saw that happen a bit last year with the college admission scandal. this is unprecedented. the pressure on admission office to bring in a freshman class on target will be beyond anything a dean has ever experienced. >> it's interesting to watch the figures go up. harvard had a record low acceptance rate. dartmouth has gone up. it might be easier to get in there year but what about financial aid. are universities going to be less able to give you that >> that is a big part of family's decision about whether or not they feel comfortable sending their child off to

college. a lot of these families are weighing the fact they can't visit the campus again in some cases the student has never seen the campus. they are concerned about financial aid and merit scholarships this is a shift where student vs more power in the process this year than ever before. what i tell my families in application nation, if they got a better financial aid package from another institution, especially a competitor or a better merit scholarship, i encourage them to reach out and show the other financial aid offer or merit scholarship sometimes that can be the difference ultimately, these families are concerned about distance ta are concerned about cost and those college admission offices are just as concerned. they know not having on campus programming for the month of april will really affect their yield rate which is the percentage of students that enroll after being admitted.

these admission offices are really scrambling. either colleges have too large of a class or too small of a class. is this a moment where you have student going why would i pay off this money when i can do this online model. >> the elite models have looked down upon that virtual learning experience now they have no choice. it's unclear about how long this will go on families are look at that ticket price of duke university $81,000 a year >> gosh.

>> for a family who has never seen campus, it's a huge commitment it's like buying a $300,000 house without ever walking through it i was talking to family last night in my application nation group. the family lives in california the student got admitted to duke they had not visited they were waiting the see if the student got in at this point how do you commit to a school that you haven't seen and you're not sure about how long distance learning or virtual learning will go on. these colleges, especially the highly selective, the elite ones have not invested in that virtual learning model they have a lot to learn over the next couple of week, couple of months and years. everything is changed. the student college experience will never be the same again >> it does kind of feel like that $81,000 a year i mean it's sunsustainable. thanks again we appreciate it thanks for joining me today. >> thank you >> tune in to cnbc tonight

eastern for a you are priour pr special report tweets your questions using the hashtag cnbc path forward. stocks are off session lows this afternoon with major averages down wa does that tell us about the overall markets. joini ining me is dave smith bullish sign if every one is moving to cash what do you think? >> the component to that is some people hitting the panic button. i think there's a national flow out of bonds into stocks that a

natural cause of rebalancing >> what about the flows into cash >> that's it i think there's clearly some folks that have reached their maximum pain point you think about the baby boomers, they have been through two scares they don't have the time to earn it back. they say i can't take another 20, 30, 40% hit to my portfolio. unfortunately, this allows them participating in week like the one we're finishing here >> do you think people have panicked too much. what do you say to those who go i need a different strategy for the next three to five years it has to occur occasionally

we have these pull backs we expect the expectation. you can remind clients what you saw them before. it's going happen. however, there are certain clients that just, they have a number in their heed they can't go below. you have to keep them invested so they can participate fully. each and every time they are based on a new set of circumstances. every time you go through it, although the outcome is similar, the driverer of wha causing the sell off is different. >> david, it's reassuring to

hear from you. we appreciate it >> thank you don't go anywhere. labor secretary isn't happy about how the 2 trillion dollar stimulus will be spent former macy's ceo on what he sees in store for struggling retail sector.

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good afternoon, every one. it's 2:00 in the east. our breaking news continues now. stocks are sliding with just two hours left in this trading week. the market giving back a big chunk of the gains this has the house passed that 2 trillion dollar relief package we're keeping a close eye on oil at this hour west texas intermediate falling. there you see it off more than 6.5% energy by far the worst performing sector now down more than 55% 50%. retail on our radar as wel