this really is a spiritual test for everybody, whether you've been affected directly by this illness illness, it is a spiritual test, of the will and spirit thanks for watching our breaking news coverage and we continue now into the last hour of the trading day with the folks at closing bell >> thank you hard to follow that, indeed. welcome, everyone, sara here with mike. stocks are coming back in a big way today. sectors like retail seeing their best day in over a decade. let's look at what's driving the action higher on wall street new data from the state of new york and around the world showinging the spread of the virus may be leveling off indicating extreme measures may have begun to have an impact encouraging signs of progress on both a vaccine and treatment options over the weekend, but there are more warning signs as

well china for instance reporting an increase of cases and u.s. officials warning this week will be the toughest yet as hospitals struggle to maintain and eck up and down their capacity. >> coming up on today's show, blackstone is donating millions of dollars to support health care workers and first responders in new york we'll speak to the ceo about that and his thoughts on this volatile market. plus, we'll be joined by the ed of the transports union. >> 59 minutes left of trade. let's focus on the big stories we are watching nowful meg with the latest on treatments for the virus. peter from canter fitzgerald is here with us to talk b about the volatility in the oil market in particular, but first, mike, want to get your take on today's rally and where this puts us >> a pretty crisp rally, can't argue with that. where it takes us is one of the most interesting things. a one-year chart, 26.30ish on

the s&p 500. it's exactly where we closed on march 30th so you remember that was that big three day rally off the lows from march 23rd. 2630 it's been a ceiling. look at what we did today. rushed right up to that test now what are the tests beyond that a these areas around 2700 and just above there. 2700, if you believe march 23rd is the low for this phase right now, it really fell off a cliff and became a disorderly overchute to the downside. we had a 12% down day. that's what we probably have to get back up to to thsay this is more than a reflex bounce. i want to take a glimpse of the hoo leadership today since the market highs, it's been a defensive outperformance is what we've seen here's the consumer staples and large cap techs and qqq. but this is small caps, the banks. very wide performance but look

at today and you'll seen inversion of that. when the market gets more confident, when people feel like it's e gotten over the downside, it's most beaten up stuff that tends to do better you see the staples being underperformers. that's to be expected when you get one of these rushes for the risky stuff that's been left behind >> really liked your column today. the waiting is the hardest part, tom petty and investors. it speaks to the fact that nobody has an edge here in terms of what the economy and what the virus is ultimately going to look like and therefore it's hard to make a market call >> right essentially what the market normally does is k loobing at this huge set of leading independeicators, how economies normally act right now, we have this interplay of an epidemic and policy that's extremely hard the handicap which is why one reason, the market has seized on these sides, maybe we've seen some flattening out of the infection curves make sense to react to the

upside in this way, but it's possibly fair to say sum we're going to get overshoots and undershoots on a day-to-day basis, both directions >> thanks. some glimmers of hope emerge ng the battle against the coronavirus as italy and spain have reported a slowing in death and infection rates and progress is being made on treatments as well meg with more on the response from the pharmaceutical industry meg, after another busy weekend for all of us. >> it was. one of f the nearest term drugs that people are really watching for is gilead's remdesivir we got an open letter from the ceo posted on saturday night about the supply of that medicine this is a complex drug to manufacture. they've been able to ramp up supplies now what they say is enough for about 140,000 treatment courses available by the end of may and they're making that available at cost. as it goes through the kliclinil trial process. they hope to get up to 500,000 treatment courses by october and

more than a million by the end of the year. potentially several million next year if required now the ceo saying quote these are intense, ongoing efforts and while they continue, we must await the data from the clinical trials before we know whether remdesivir is a safe and effective treatment. we're hoping for that data, the first of which in the next few weeks. we also want to tell you about some news this morning from a small bio tech company with an antiapproach they say they're going to take two anticandidates as part of this gsk, also make iing a $250 million investment sending the stock up today and these are the kinds of drugs coming in succession, different technologies we heard scott gottlieb talking about we need different approaches to start to tackle this thing and we are hoping to see these data from gill add by the end of april. they will come from china trials first and might be little confusing to decipher.

might not be super clear immediately, but we'll see gilead's trials after that, guys, and everybody will be closely watching that. back to you. >> i guess taking it as a good sign they're ramping production even before they're talking about the efficacy what about hydroxychloroquine, which has become politically charged because the president talks b about it, but is there any more data coming out on that and how widespread it's being used in hot zones like new york? >> well, by all accounts, it's being used very widely we don't yet have good clinical trial data to tell us how well it's working and so what we're waiting for. we know the new york state trial of that started in march hoping to see that data i think governor cuomo was talking about it today over the next few weeks or months the current data that exists are flawed and they're what dr. fauci calls anecdotes, not data,

so we really need those clinical trial results to know if the drug really does work. >> meg, thank you very much. talk to you again soon i'm sure. oil falling today despite earlier comments from the ceo of russian sovereign wealth fund r rdif hinting an oil deal between russia and saudi arabia is close. this comes on the heels of oil posting its best week on record and ahead of potential meeting between opec and its allies on thursday for more, let's bring in global markets strategist and head of cross assets strategy and canter fitzgerald good to see you. thanks for being here. obviously, huge rally in oil hasn't really given back much of it rallied up to 29 gi give. >> well you know i've taken a bit more of a cynical nuanced view of the dynamic in the oil market right now and i'm not that convinced this

is an all out fistfight between saudi arabia and russia. i think it might be a little bit more of a veiled attempt by both of them to take a swipe at usenp while it's been shut out of the capital markets. most people, but i'm not sure that it's true >> so that implies not muc upside of crude from here. obviously demand is down and looks like it will stay that way for a while so where does that bring you in terms of a broader investment strategy for the infrastructure and other parts of the market. >> i think on thursday we get some sort of a that makes it

look like there's cooperation. at prices this low, doesn't really matter that much because even the permanent producers have break evens in the low 40s. i think unfortunately, the next bit of pain now will come from the defaults that are likely to arise especially because now capital markets are closed and for that reason, even though obviously valuations and sector are depressed, i think it's time to sort of wait and see relative to who the survivors are in the space and we need to fix spots after the damage has been done in full. >> are you not convinced president trump can intervene in a bigger way he said he's spoken to them, they can make a deal, met with the executives he's clearly focused on this issue. >> hi, sara, nice to see you >> i don't know really think

that he has perhaps as much influence as one might think in this situation remember at g-20 meeting no that long ago, quite a bit of comradery between the saw u dis and russians the russians are well positioned to withstand this. yes, it does hurt them in the short-term, yes, it does hurt the saudis in the short-term, but i think this is a bit of a ronger gain for them than it is for us and i think their interest in fact are quite aligned relative to what it's going to do to u.s. enp companies unfortunately. >> peter, nice to have you thank you. >> thank you after the break, jamie dimon out with his annual shareholder let eter with a fresh warning about the impact of the pandemic and later, blackstone's ceo joins us for a first on b cnbc

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there are about 46 minutes left to go all indexes trading close to their highs for the day. you see a 6% rally for the dow just under that for the s&p and the nasdaq let's take a look a at individual market movers spotify get iting hit with a downgrade from raymond james on quarantine concerns. firm says concert delays and extended time indoors could be a risk to spotify, adding this could be a use uer shift to amazon music instead of smart phone presumably and wayfair says business is booming as people redecorate while staying indoors. the store announcing when it entered march, gross revenue growth was just under 20% but by the end of the month, growth had more than doubled.

>> we're getting breaking news out of the u.k sue. >> thank you very much here's what's happening, everyone we now know that the prime minister, boris johnson, who came down with coronavirus last week, has now, his condition has worsened he has been taken into intensive care at this point this is from 10 downing street over the course of this afternoon, the condition of the prime minister worsened. on the advice of his medical team, he has been moved to the intensive care unit. he's asked dominic rob, the first secretary of state, to deputize him where necessary they say basically, mr. rob will be taking charge of the government at this point interestingly enough, this morning, mr. rob was asked that very question. whether or not he was ready to take over the government he said the prime minister is fine and is fully in charge. obviously that has change ed ovr the past couple of hours with

the prime minister's condition worsening and for all intents and purposes, dominic rob is now u in charge in the u.k if we get further updates, sara, we'll give them to you, but right now, dominic rob is in charge in the u.k. back to you. >> sue herera, of course we pray for the people of the u.k. and for the prime minister on that sad development. just want to also draw your attention to the prime pound which got hit on this news obviously a shocking headline which raises the uncertainty factor for the u.k the pound versus the dollar, you can see the drop there as sue was coming out there that boris johnson will be admitted to intensive care and the foreign secretary will be leading in the interim. meantime, jamie dimon publishing his annual letter this morning which almost exclusively addressed the coronavirus impact on that bank

dimon predicting a bad recession and elements of financial strain like e he kau saw in the 2008 final crisis in his letter, he applauded the feds overwhelming actions which quote dramatically reduced financial stress he was confident the bank remained strong. would not need relief and would continue to lend to customers. interestingly, he did spell out an adverse scenario. gdp growth of 35%. unemployment of 14% still in the fourth quarter under which the bank's board would likely consider suspending its dividend and actually that dividend of banks was a topic i brought up earlier with janet yellen this morning. >> i would be in favor of asking the banks to suspend dividends and stock buybacks they worry that it will make them look as though they're vulnerable and that a reason that they have stopped dividends. that they see that they have

difficulties, but if the regulators ask them to do that on the grounds that we need a banking system that's able to meet the credit needs of the economy and we don't know how severe or long lasting this pandemic will be, i think that's a different situation. >> clearly, yellen's in favor of the fed telling the banks to suspend their dividends. it's obviously a sensitive topic because we had morgan stanley's keon this program, and a number of of citi, all saying you know, they're not going to suspend their dividends. it's obviously a difficult topic for them >> sure. >> and i can't, what would happen to these bank stocks if they did have to do something like that? >> it's not surprising that j.p. morguean would have been self-administered a tougher stress test than in fact the regulators do.

in that scenario, if things stay worse than expecteded, then it has to be on the table really the to preserve capital. i also wonder if banks would look for a collective way to do it if it came down to that so it wouldn't seem as if one institution was worse off than others and having to do that but i think the dividend question is probably still a little ways off before we really know the depth and duration of what we're dealing with. >> too bad wilfred's not here. he would have loved to weigh in on this topic. he'll be back tomorrow and i'm sure we'll still be talking about bank dividends take a look at stocks. the dow's up 1226 points, 5.5% for the s&p. every sector now if tn the gree and bank are the best performers retail's doing well today as well after the break, the lockdown has hit brick and mortar retailers hard we're going to discuss the

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e commerce warehouse companies seeing a boost today on the back of a surge in demand frank holland has this story about the delivery centric economy. >> shares up 6.5%. during a meeting today, the leader saying lease signings are up u 16% in march. that rise largely sparked by online buying during the pandemic also short-term leasing is up 44% and the ceo said the short-term surge in demand is real for e commerce. blackstone along with duke realty just added it expects inventory levels to rise at u.s. stores as much as 10% this year also increasing demand back to you.

>> maybe they can haask steve about it next hour thank you. some online sales are seeing a buzz more retailers are announcinging furloughs today including rh and michael kors company, capri holdings workers from these two join the hundreds of thousands of other retail employees that have been furloughed from companies like macy's and ross stores as these retailers grapple with the effects of the coronavirus pandemic joining us is rick kcaruso, a california based real estate company that owns and manages a number of shopping center retail properties like a grove in los angeles. rick, it's good to see you thank you for joining us >> thank you, sara you know we announce these furloughs every day. it's a devastating number. how do you think about these jobs are are they lost or will they come back >> i hope they come back

i think some are going to be lost the retail environment is tough right now. i think the important thing to think about is that the biggest threat to brick and mortar retail is really the current version of themselves. many have to evolve. have to change because the consumer is going the change this crisis i believe is going to change consumer culture their expectations what they want from retailers. in a really significant way, so there's going to be winners and there's going to be losers they're going to feel more local, more personalized and have a better value proposition and as many out there that were doing that before this crisis began and they'll continue to do it >> this changed in consumer culture.

will it not include less willingness to go into stores and malls? it's hard to project how the aftermath is going to shape up here from all of this. but are you worried about that possibility? >> you know, i'm not personally worried about it from my portfolio because it's all outdoor. and i think people after i isolation have a great appreciation for outdoors, seeing trees and a blue sky so i think we're in a a very good position i think that people are going to want to have more space. i think they're going to operate differently. listen, 9/11 fundamentally changed our habits as human beings but the one thing that is always crystal clear is we're human souls that want to have a sense of connection and community and our properties provide that the challenge for retailers inside their four walls is going to be to meet the customer where the customer wants them to be so

the very innovative, very smart retailers i think are going to do very well now when you get to crowded restaurants and things like that, i think they're going to have to change how they operate. movie theatres may have to change how they operate for a while. there's going to be a shiflt but what we have seen is that isolation gets tiring very quickly so i think people are going to want to come out and celebrate life and they want to connect with their community >> are you tenants payinging rent right now >> some are and some aren't. the ones i worry about the most and i care about a lot are the smaller ones, the entrepreneurs. the people that have started a small business, a small restaurant and we're deleaning n with those to support them i'm a big believer that the economy is built off the back of the individual entrepreneur and we're going to support them to get them reopened so they can rehire and move forward.

the tenants that are more credit worthy, they have been been paying, my expectation is i think they should given these times so they can put more resources obviously into the smaller businesses, which clearly will need our help >> yeah. >> what does that mean are you forgiving them, are you giving them actual concessions and not making them pay rent right now? >> we're meeting with each of them individually. it depends on certain circumstances, but we're going to give them concessions on rent we certainly may give them con educations in tis and maybe upgrading their stores, whatever they need to do. but you know, our properties are very popular for a number of reasons. one of them is the small retailers, the entrepreneurs, the restauranteurs, they're the soul of the properties and they're the fabric of the properties and we need those to survive and so what we don't want to do is have successful properties that are just full of national

retailers. national retailers could be great, but they don't have the same connection to the community and the same soul that a local entrepreneur has and those are the ones we're very focused on supporting and working with. >> all right hope that does work out, rick, thank you very much. >> thank you still ahead, the virus hunter the back. the doctor who contracted the virus himself will join us on the battle to slow the spread and lessons to prevent the next pandemic and here's a check on the bond market. yields move iing higher to star the week pretty much across the board. the benchmark ten year yielding two-thirds of 1% our special coverage is back right after this break dana-farber cancer institute discovered the pd-l1 pathway. pd-l1. they changed how the world fights cancer. blocking the pd-l1 protein, lets the immune system attack,

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encourage uing signs of progress on a vaccine and treatment options. china has reported an increase of cases and u.s. fishofficialsn this will be the toughest week yet. time for an update with sue. >> hello, everyone here's what we know at this hour new jersey reporting total deaths have now surpassed 1,000. total cases are now above 41000. governor murphy say it is of new

ca cases is quote beginning to flatten but this is no time to remove restrictions. >> if we relax our social distancing and put ourselves on higher curve, we will overwhelm the system to the point that all of our contingency plans then some will need to go into effect that is a nightmare scenario on a good day by in a sustained pandemic such as this, it would be literally disastrous >> in texas, officials are screening people arriving from hard hit louisiana check points are set up along the border to let travelers know they should self-quarantine for 14 days. ireland's prime minister has reregistered as a medical practitioner to help out he was a doctor for seven years before becoming a politician and he is given one week every month to the cause you can u get moren on the coverage on cnbc.com back to you.

>> thank you we're getting breaking news on nbc universal. julia. >> nbc universal a is issuinging a report on video consumption in the wake of the coronavirus. saying that overall, tv usage has increased by 25% for 18 to 49-year-olds with the vast majority of that on digital. they say they are leadinging all with streaming of 29% 7% increase on average for the industry the most significant increases in viewing are coming from streaming bundles, saying viewership on netflix is up 30%. amazon, 20% and hulu up about 16%. sorry, so that the increase for nbcu is 27% versus 7%. also saying they're seeing video game and social media platforms

see a seismic increase in usage. comcast shares now up over 6%. back over to you >> thank you we've got about 26 or so minutes left before the closing bell here's where we stand. higher sharply nasdaq up six and a quarter percent. the s&p is up 6.1% every sector is higher zblncht coming up, steve schwarzman and blackstone's pledge to help health care workers in new york. that's straight ahead.

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today. dow rallying over 1300 points. all the major indexes up 6% on the session. >> yeah, down almost 22% now from the high. which is a lot better than where we were a week or so ago this is the last commercial we are going to take before we take you into the close up next, uninterrupted coverage of the final minutes of trade when we go inside the market zone and you can always watch or listen to us live on the go on the cnbc app we'll be right back.

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which isn't complicated. their tools make trading quicker and simpler so you can take on the markets with confidence. don't get mad get e*trade and start trading commission free today. quick look at where we stand right now. pretty much the highs of f the day. all the major averages up more than 6% on the session investors seeing hopeful signs a slowdown of death rates in europe and possible flattening of the curve here in new york. now to jj, chief market strategist at td ameritrade. good to have you tremendous two way volatility we've had in the last few weeks here as you know a lot of tuopportunities to geti right or wrong what themes are you seeing in terms of risk appetites, how they're playing things >> sure, we released our ims

which measures our client's actual activity for the month. and you know, takes everything puts in a volatility factor and it was our client's exposure to the market was lower but the reason is they were able net buyers of equities, of fixed income the reason their exposure was lower, they went away from sort of the high beta stocks into the lower s&p 500 type stocks that have the lower beta that would perform with the market overall. that most importantly probably are well capitalized i know you've talkeded a a lot the last couple of weeks about how investors have been attra attracted to companies that have been through the storm before that have strong balance sheets and we saw that last month stocks like exxon mobil. disney two of the biggest ones we see on there ford, which you know, it's an inexpensive stock in terms of pure doll alreadies, so that one comes up then you have boeing.

one of the most interesting. the really interesting pattern, the first two weeks of the month they were selling things, but it was like a somf a shotgun went off or something halfway through that said now is the time to buy because the last two week of the month, the buying was so strong >> what about on the hedging side of things take a look at the fact that the volatility index had this huge high of 80 it's backed off a lot. are traders just now protected on the downside? >> well i think what it is is a lot of people did their hedging. we had an expiration last friday where some of that came off. people didn't drnecessarily reup yet to see where things go and face it, the cost of hedging now as it is as you know, as things go down, the cost gets more expensive. so i think we're in a little bit of this mid area right now not quite under 40 on the vix. so people are waiting to see do we have a little bit more of a

breakout and need to hedge again. this amazing rally or early tomorrow, i think people will come in immediately to hedge and yes, a lot f our clients do trade derivatives so they have been hedging themselves along the way as things got worse. >> something you track is retail by age group you have a good millennial indicator are you seeing different behavioral patterns, buyers versus sellers, depending on the age group? >> absolutely. and you know, our millennial clients were attracted to the cruise lines royal caribbean. and as well as carnival. and then uber. so at first, you may be like oh my god, that seems like a terrible idea, but again if you're a millennial client, you

may look at that and and say, longer term, these make sense to me many of them, you and i have talked in the past before, uber is has been a stock our millennial clients have been b attracted to any ways. but for the cruise lines, when talk iing to some of our clients what i see is this they think long-term it's going to be good and to be honest, they may be some of the first customers who are willing to jump back into cruises because when you're young, you're like what do i have to lose and it becomes very affordable so they ma by the target mark there. the most interesting thing is that this is the first time we've seen a lower reading from our millennial clients and the reason i think you're seeing that is as adults, this is the first two financial crisis many of them have lived through so i believe they scaled back last month due to that >> yeah, it's always good to remind folks that millennials are between the ages of 23 and 39 so they have a little more to lose in that respect >> absolutely. but i also, i like the fact that

some of the things they do also are more longer term investments because sometimes when you know people see these numbers like oh, why are they doing that? again, these are products they're going the use for a long period of time i don't think uber's going away even after this crisis and it's something not only millennials, but them probably more so, use every day or more frequently than their older counterparts. >> yes my channel checks indicate that is true. millennia millennials. thank you very much. appreciate it. >> 15 minutes left in the trading day. we are looking at session highs and going into the closing bell market zone. commercial free coverage going sbot close today we've got lindsey bell back as well on a a day where market rs rallying as i mentioned, nasdaq up is 6.44%. all the major averages up more than 6%. janet yellen join ed us on cnbc

today. >> it's really best case scenario and if activity could begin to resume in june and maybe be back to something more normal by this summer, i think the v is possible, but i am worried that the outcome will be worse. and it really depends to my mind on just how much damage is done during the time that the economy is shut down and the way it is now. >> she talked about shocking jobs numbers depression like jobs numbers and also talked about gdp citing forecasts around 30% or more annualized in thing second quarter, mike, so it was sort of realistic almost take.

she was careful to draw big distinctions between now and the great depression, hoping for a v, but considering it may take a few months longer than that and even years to get the economy back into shape. >>. >> talking about how much damage is done, if you think about her tenure as fed chair, it was stubbornly low growth. are people actually going to come back into the labbe r force r force, so it seems like a progress gets wiped away we have never front loaded a recession with this much support and potential stimulus, so it's got to be tough to actually handicap what the shape of this rebound might be >> that's a big thing for investors, right how much can the fed do here to stem the pain both in financial markets and the real economy what do you think? >> the fed's doing everything they can

the financial markets are functioning properly we did see a freeze in the credit markets when we hit close to the bottom in the equity markets, too, so that helped kind of get things moving again. investment grade yield spreads as well as high yield spreads to the treasury they have come in significantly since market bottomed so they're doing their part and like mike said, that government stimulus package of $2 trillion on top of what many are are expecting to be another stimulus package coming down the road, really also is is fuelling some of the optimism we're seeing today in addition to obviously the coronavirus case numbers and death toll numbers that we're seeing in europe and here. but i'm with janet yellen. i'm hopeful for a v shaped recovery, but i'm going to be more cautious here and we don't know what the damage from the virus is going to be on the economic environment just yet.

we need a solid plan to make that happen smoothly >> behavioral changes tough to predict and meanwhile, airline stocks higher as carriers continue to slash their routes phil lebeau has those details. >> the airlines are waiting for the treasury department to tell them how much money they're going to get and at the same time, the d.o.t. is expected to finalize the rules for reduced schedules. we've seen a mix of days for the airlines as they're awaitinging news from the d.o.t. and treasury look at what they're koing into the new york airport jfk, laguardia, newark the production cuts that are going into effect and are going to be there at least through april likely into may and june, 90 or 95% production cuts. one other piece of news today, guys, airbus halting production at its plant in mobile, alabama, where they build the a 220 and a

320. another sign that manufactures are going to have to amend their scheduled because of coronavirus. >> when before ridership was so low, on the flights they were carrying out, is it even a financial hit if they're saying we're not just going to fly a few planes >> well it will make a difference in the bottom line. you're going from 2711 approximately 271 daily flights for american down 13 that's how much of cut they're going to be making there remember, this is in place because the d.o.t. said last week these are new rules in terms of when you're serving certain metropolitian areas, we're going to allow you to bring those schedules down those are the rules that are expected to be finalized today or tonight >> lindsey wharks do you do with the airlines would you be a buy er >> it is difficult they are interesting at this

level for sure air travel has become so popular in years past. i think we'll get back to that trend where most americans want to travel for vacation and they want to fly places, but i think it's going to take some time once again like i said, once the economy comes back online, i think airlines is going to be one area, it's going to be a little more difficult for people just to immediately want to jump on a plane and travel. whether it be for work or vacation or pleasure so i would want to give it a little time but i think you'll see these come back to life over time >> dow charging even higher here, up 7.4%. 1562 points higher right now and boeing is in the lead. shares of carnival cruise lines getting a boost today. seema is here with the story >> that's right. saudi arabia's sovereign wealth fund has built an 8.2% stake in carnival making it the third largest shareholder in the

struggling cruise operate that's seen its stock plumet this year amid suspending sailings and quarantines. that's attracted a lot of negative attention u.s. cruises have also suspended sailings due to the ongoing virus until mid may or further out. it comes after carnival raised over 6 million in debt or equity shares on pace for its biggest one day gain on record sa sara >> seema, thank you very much. mike, how did you read this sort of surprise announcement that the saudis are big owners here >> if you make a big enough investment, it's self-fulfilling and they did raise a certain amount of capital. it is a very interesting bet on the persistence of this industry which i think a lot o people including even right now, not really sure exactly what the future looks like there. so i don't think it's

necessarily one of these things where you always follow a sovereign wealth fund into an investment, but for a while, it can act as a backstop. >> lindsey, so you don't want to touch the airlines what about the cruise ship operators? >> airlines look more attractive than the cruise lines right now. i'll say that. i think it's going to be difficult. for these guys and with mike, i don't know that i would just jump in follow iing a sovereign debt fund carnival at this point, tas $10 stock still down 80% and i just don't know, jn jj was on talking about the millennials buying into this stock when we've seen that on our ally invest platform as well and they may be the first to get back on the boat, but the older generation is a key generation and client based for the cruise lines and i don't think they're going to come back anytime soon. >> they were excluded from the

$2 trillion stimulus or relief package from congress even though they were among the hardest hit. >> it's not a bailout bet you're seeing in other industries at this point >> mobile payment volumes have been spiking at the coronavirus spreads. kate has those details hey, kate. >> contactless payments are getting a boost as we become more aware of what we're touching during this virus outbreak new data from credit card issuer shows a 75% jump in mobile payments from the end of february to the end of march as the outbreak worsened. the company worked with jor dash and instacart among others and in its food delivery segment, they saw a 10% increase in tap to pay options despite some reports that cash can be a virus spreader, the world health organization says there's no evidence of that happening, but people's -- could add momentum for apple pay, square and paypal. back to you. >> thank you

lindsey, i wonder about the investment implications on some level. one, has it moved to the benefit of apple and also the payment networks are already the ones who kind of handle the back end of it. arguably, you've been given a chance to get at lower prices in those stocks >> now i think you had an opportunity and for some of these stocks at a lower price actually calling to mind and i were looking at paypal this morning. only down 15% on a year to date basis which is in line with a technology sector, but much better than the overall index and it's trading about almost a 20% discount historical multiple or at least it's five-year avrnl multiplit's a hefty multiple. but you get that at a discount versus the mastercard or visa, which really hasn't done too much and still have held their valuations steady over this period but better entry points for all of them. >> we've sort of been waivering

between the short-term implications for consumers and behavior, switching to mobile payments and then the longer term sort of structural changes that are going to happen as a result of this pandemic. all the research notes on consumer staples that i've been reading show that grocery online delivery is going to become bigger for americans they're getting more comfortable doing that that's going to be a permanent change, at least according to the analyst. what kung about mobile payments in that context? >> i think online shopping in general, not just groceries, which is obviously a huge opportunity, when you think about what percentage of sales at walmart and target grocery are. more than 50% at walmart this is a huge opportunity for the payment space because if you're not online and helping these retailers out, you're missing out. there's obviously a a big big shift, the payment space had been disrupted over the last couple of years and i think this

is just bring iing an accelerato forward of that online in a cashless system so i think ths a very interesting place to be now. i just think consume ers in general, an older consumers also have gotten used to shopping online in this quarantine period >> by the way, stocks have really taken off here. the dow is now up 1700 points and we're looking at more than 7% gains across the major averages 8% for the dow there you see it the s&p 500 up 7.36% the nasdaq up 7.5% we're seeing the highs of the day and tick higher as we go into the close three minutes left of trade. goldman sachs expectinging s&p 500 buybacks to fall significantly this year. the firm estimating a 50% drop in repurchases to $371 billion while major airlines and banks have already suspended their buyback programs, goldman expects declines from

semiconductors and pharmaceutical companies is this already reflected in the share prices >> i think to a large degree, you would have to think when the s&p 500 itself is down over 20% from its high, fell 30%. obviously this is a cyclical thing. and one of the big drivers of the bull market, few of the big drivers. generous credit markets, consistent activity, have been running in reverse wouldn't confuse it with whether the markets can in fact bottom and recover without buybacks if you look back to 2009, the totals were a fraction of what they were in 2007. and didn't really come back even that much in the next year, but the market did start to recover very strongly in early 2009. so once you've been kind of beaten up this much, it seems like the drying up of selling is the thing that really gets the market to bottom >> ever come back, lindsey are buybacks kind of out for

good or when do they come back >> stocks have been spoiled over the last couple of years with the amount of capital they've received from companies so investors i'm sure a little sad to see that go but it's important now i think as shareholders are happy to see companies really take their capital and think through what they're doing and preserve that capital the to use liz it to either shore up their balance sheet first and foremost, help their employees or customers in any way they see possible. over the next three, six, nine months as we make our way through this crisis. but one buyer that you're not thinking about that is stepping into the market at this point in time when companies are pulling back on their corporate buybacks are insiders you've seen them jump back in at these lower levels with force forced to a level we saw back in '08 and '09. so that's one encouraging sign

>> as we head into the close, take a quick look at the internals. the new york stock exchange up versus down volume almost 90% to the upside that's pretty much almost a shutout. usually what technicians like to see and also it's been in data chase. high beta stocks outperforming after underperforming quite a bit. as we head into the close just about at the highs up almost 7% for the s&p 500 the dow just under about 1600 points as a gain sara over to you. >> thanks, mike. welcome, everyone. if you're just joining us, i'm sara along with mike in for wilfred today. big surge on wall street the dow closing up by about 1600 points 7 .5 session highs but you saw a tick higher in the close the final half hour, a lot of buying s&p 500 up just under 7% every sector in the s&p was higher with technology in the lead up 8.7%

for information technology, you tillties right behind up b about 8% 7% gains for materials and consumer discretionary and real estate as well also financials having a good day. worst performing were consumer staples. check out the nasdaq with the tech buying today as a major theme h. up 7.33%. and the hard hit russell 2000 index of small caps closing up 8.15%. it was an outperformer even though it's been an underperformer so if you're just keeping score, we are now 21.5 off the highs for the s&p 500. but we are also 21% off the lows as well. coming up, we're going to speak in a first on cnbc interview this hour with blackstone chairman and ceo about all this market volatility and blackstone's big push to help health care workers in new york. joining us to talk about the market today is ally chief investment strategist lindsey bell and lori calvasina to join

the conversation by phone, but first, mike, i'll put it to you on this big buying and the surge we saw into the close off what appeared to be b better must remembers, better data that the virus spread is slowing in key hot zones like italy, spain and new york >> yes, it showed you how investors, traders, very egger to grab on to that sense that as soon as this curb starts to flatten out, that could be a signal that the footing is going to get firmer underneath the markets here we did go beyond the highs we got to b about march 30th so that's one sort of box check td off i think for this rally i'll point out one thing though. we've had eight days since this setback in the markets began where the dow was up 3%, the next day, down with some big losses so if we can put two daysing together to the upside, it would

probably be a break of that pattern, but we just don't know yet. >> we're going to talk about what investors should do amid these wild swings, but first, breaking news on air bnb >> air bnb is raising a billion dollars even as the coronavirus outbreak continue to hit the travel industry, particularly hard in a press release, they say silver lake and sixth street partners will invest a billion dollars in a combination of debt and equity to support the start up's ongoing work. the company did not disclose the latest valuation, but according to two sources, in early march, it lowered its internal valuation to $26 billion and that's down from the 31 billion that it last raised money at in 2017 now the terms of the round, they were not disclosed either but a source familiar with the matter tells me there's no ratchet and the terms are attractive for air bnb meaning there are no terms that make sure it has to go public at a certain time or

perform a certain way. morgan stanley served as a financial adviser to air bnb and guys, this still doesn't tell us a lot b about ipo plans. the company had said previously it planned to ipo this wreyear t it's facing a lot of head winds amist the coronavirus and now it's raise iing a billion dolla, so it could put that timeline further off. >> seems like a surprising headline given the u.s. hospitality industry is basically flatt on its back right now. especially the hotel companies, not the mention the pain we felt in treez private equity firms for them to get this deal done >> absolutely. you look at the private markets, too, and hear a lot of cases about companies and start ups struggling to raise money, but air bnb has seemed to be in this unique position and what silver lake and sixth partners, sixth street partners said s that travel is going to come become and that they and a number of other investors say that airbn

glr is very well positioned to come out of this crisis stronger so that's why they are raising this money right now. however, we do not know the valuation, but you can probably be safe to assume it's less than the 31 principthat's last raisey at especially when you look at booking holdings and how they've perform over the last month, which is not good. those would be the comps when airbnb does go to the public market what i'm told, too, by someone rovld looking at these companies, is there's a dozen or so that are attractive investments because they're thought to endure the crisis and airbnb is thought to be one of them >> very interesting. thank you. lori, would you be a buyer of some of these public hotel companies and hospitality companies like booking holdings or a marriott or you think

airbnb is an exception >> one of the big parts of that is the hotel, restaurant and leez you are industry. i have ceos about how quickly things like business travel and luisere travel are going to bounce back. >> just in general in term of this rally today, did it alter anything in terms of the trend make it more or less likely to in fact we've seen a low for this phase >> you know, what i liked about today was that it was driven by good headlines on the virus. we learned investors want to see an improving outlook for the virus for stocks to stabilize. we saw two things. one, they need the number of new cases to come down to feel bet r about markets, but u about 54% said we need to see progress on a vaccine or treatment on the virus and i'm not so convinced that we've gotten a lot of good news on that latter point.

i would say in general, this is a good day we need to think about what are the secondary impacts to the economy. my concern is that what's coming up in terms of those issues, they may not be prased for the worst. >> breaking news with meg. >> hi, sara. we're getting word the president just got off the phone with pharmaceutical executives to talk b about their response to covid-19 specifically the call involved not just the president, but the head of the fda as well as other folks in the white house the four executives on the call are the ceos of gilead, amgen, regeneron and a section of roche. gilead we talked about last hour is expected to have its first

data on remdesivir in the coming weeks. the other companies also working on drugs either repurposing drugs or developing new ones or in some cases like regeneron, doing both so the president according to this report expressing his gratitude for the work they've done, progress they've made and promising to commit the government's resource toward supporting that science. a lot of folks of course saying the regulatory process needs to speed these along. scott gottlieb in a "wall street journal" op-ed saying they should be working even faster to be supported getting these drugs if they show promise to the market, guys, so just hearing about this from the bio tech sector really bio tech heavy on this call today back to you. >> thank you very much >> i was just going to reference the scott gottlieb piece can i quickly follow up? is there anything the federal government can do for these companies to get them moving faster are they lacking any resources or approvals that can get these treatments out there

>> well, in terms of the resources the big companies seem okay probably the smaller companies do need support and we are seeing them get that from the government and private organizations, but what dr. gottlieb was focused on in the op-ed was really the regulatory process trying to review things almost in real time. so that as data are coming in, they can be look iing at it and trying to make sure that they can give the stamp of approval as soon as possible. so really just trying to cut down any red tape for barriers that might exist and speed up that regulatory process. >> thanks again. appreciate it. let's get to bob pisani for a check on which stocks have drif in rally today, bob. >> and mike, we gapped up at the beginning and when governor cuomo started talking midday, we took off again and never really looked back. five stocks had double digit gains led by boeing, up about 18%. that's been rallying back recently i think the key here is to look at the retailers

i want to show you dillard's 38%. that is not a typo a one-year return. that's one-day number. we had -- up 29% in order strorm up more than 20%. amazing some of these retailers. also the homebuilder kb home up almost 20%. again, this is today not a one year return. that we're looking at. the rei trts all up about 20% on top of thart. did not participate, no, it's those old companies that are out there there are staples like campbell's, which was down fractionally, about 3% are we in a bull u market or bear market? people kept asking me all throughout the day bull market on february 19th bear market on march 23rd. that was the bottom. down 35% and now we've rallied 20% off of that low so is this a bull market, a bear market i don't know i call it markets in the middle. i think it's a little premature

to start declaring a bull market, but technically, that's what's been going on back to you. been an amazing day. >> that's what i said. 21% off the lows and 21% off the highs. we are right in the middle thank you. zblnc earlier, jim cramer asked larry kudlow whether the government was considering issuing a war like bond. a war bond offering amid the coronavirus pandemic to help pay for all of the relief. here's what kudlow said to that. >> this is a time it seems to me to sell bonds in order to raise money for the war effort in this case, the pandemic effort in this case, the effort to keep families and individuals in business afloat. i am all for it. this would be a long-term investment into the future of american health, safety and the economy. so from my standpoint, technical

consideration aside, i think the concept is exactly right >> let's bring in rick santelli. war bonds, rick? what do you think? >> war bond, they've been called defensive bonds, baby bonds, liberty bonds, savings bonds i think it's a great idea. remember, no interest payments have to make them zero coupon bonds. pay less, get it back at the end of whatever maturity the only thing i would caution is you have to have a certaspecc program because we have a lot of corona bonds now twos, fives, tens, 30s issuing debt like it's going tough u style, but we need something specific so maybe people could go online, see how much money is raised and what it's going against here's a 60-year chart of ten-year note yields this is why we're talking about it, folks. it just goes down and down and down if i showed you a 30-year bond, it would be the same thing really low interest rate so if

we're gong toy borrow, let's borrow in the best possible way we can to take advantage of it here's one-week chart of te ten-year that's called a bear steepener going on tens minus twos. only a few basis points. because a steepening curve with stocks strong and dollar hovering, this is the way the game is supposed to work not the way we've seen it. we're short maturities get tril driled and the curve's movement is based on that back to you. >> rick santelli, rick, thank you. and just to wrap up the conversation on stocks after this blowout rally we saw in wall street, lindsey we'll ask both this question lindsey, first to you. if you want to -- recover and that these are good valuations did you miss your opportunity now that we've seen this huge

rally? are we going to get it again or would you be buying now? >> i think at these levels, you can still be a buyer putting extra cash that you have able to work i wouldn't put it all to work. i still you know i'm maybe one of the few people today in the camp that we could potentially still see some downside, but what we have seen is that once the market hits a down 20% point and hits that bear market level, 12 months later, you're up by about 10%. so we still think this is a good time to enter the market >> last word quickly, lori >> look, if you're a longer term buyer, it's a good time to get back in. if you just look at how bearish investors have gotten, now that doesn't speak to the question have we seen the absolute bottom i think probably not but if you are longer term, i would buy >> thank you both for weighing in

so many people are working from home as i am. but transportation workers are still risking their health every day. up next, we're going to ask the head of the transport worker's union how the federal and state governments can help protect these crucial employees. plus, blackstone chairman and keon the market volatility and blackstone's nbig push help health care workers in new york. we'll be right back. ection. 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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there are concerns about whether they're getting protection john, good to see you today. what are your specific concerns right now? obviously your members are kind of the essential among the essential workers in many ways >> yeah, so transit workers across america are the absolute essential and many, in ways, we're not being taken care of properly i think you've noted that the hgo and two, two biggest transit unions in the country have made a vow to defend transit workers and we're in the mids of doing this right now finding out city by city to ensure transit workers have the prop per ppe and procedures in place to take care of them >> what are they getting right

now? anything >> so it's very mixed. cities like new york where there's been an extremely aggressive fight back, new york city transit workers are well protected in terms of ppe. there are some other issues going on in terms of density in the system that we could talk about. but other cities such as atlanta, columbus, ohio, sclooef cleveland, are not being taken care of in any uniform way what can the federal government do just like they instituted a ewan tomorrow economic bailout industry by industry, certainly the federal government needs to step up, whether it be osha. they need the step up with uniform protections for workers because right now, it's not going on it's not happening and transit workers are dying. >> when you say it's not going on and happening, obviously you've been communicating with those cities and systems that you say are not doing enough what's the response been and i guess even with the

federal government >> it's not a uniform system like it would be in the airline industry we're asking for the first time that the federal government institute uniform measures across the board there's been no response from them yet state by state, city by city, the response has been mixed. where workers have the determination the fight back and defend their livelihoods ppe is coming. proper protection is coming. where workers don't fight back, the companies are having their way with them and people are dying. >> so what can you do? these are essential workers, services they might not have thought themselves to be that before this started, but obviously that's the position they find themselves in. is there talk of a strike or any action you can take? >> we've always recognized ourselves to be essential

workers in society we are the circulatory system in nika lambty that gets front line workers into the fight whether they be paramedics or home maids or food industry workers, so in the aftermath of the 9/11 attacks, transit workers stood tall in the aftermath of hurricane sandy and various other hurricanes, we've always delivered for society the obligation is resciprocal though the government must deliver for us and have us work with proper protection and to answer your question, we will organize fightbacks we are advising workers not to work unless they were given proper protection. it's time for any government entity or private employer for that matter to say that they cannot obtain proper pension. the unions themselves have been able to obtain it and we've been able to obtain it, the government certainly can so it's a situation where it's become obvious in some cities that the employers, whether they be government agencies or private enter the ties, simply

don't care about health and safety of transit workers and are really willing to use them as canon fodder. we will fight back >> john, we hope you get what you need keep us posted and thank you for joining us >> thank you and we thank of course our transit workers and all of our essential workers. still ahead, we'll speak with blackstone's ceo about his company's big donation to coronavirus relief in new york and the impact the virus is having on the economy and on wall street and as aem rind er, you can u always watch or listen to us live on the go on the cnbc app. we'll be right back.

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go to xfinity.com/prepare. thank you. third biggest point gain for the dow ever today back to mike taking a look at investor positions right now in equities where are we >> looks like it was pretty washed out before at least we got this rally rekrebtly deutsche bank tries to get a composite positioning indicator here this is fund flows, futures positioning. hedge fund position and things like that. what you see first of all is before we started to go down in

the market, we were at close to top of the range positioning conceded only once then we started plunging here. the market's looking oversold. you see a little pick up u here. it tells you the systematic and tactical traders and some of the fund flow folks are basically very, very light they've vacated the market at this point a lot of the selling pressure, chopped around for months. doesn't mean it's going to spring back, but it does say that this as a source of incremental selling pressure seems not to be there right now. >> interesting chart, mike, thanks up next, we will discuss the impact of the coronavirus is having on private equity with steve schwarzman in a first on

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let's look at how we finisheded the day on wall street up strongly across the board dow jones industrial average up almost 8%. s&p 500 down more than 2%. got more than three times that today. russell 2000 small cap was the outperformer as some riskier stocks led the way >> all right, blackstone announce iing a $15 million donation today to support coronavirus relief efforts in new york 10 million will go toward the new york state covid-19 first responders fund while the remaining 5 million will support organizations providing food security to those workers and new york's vulnerable population joining us now by phone and a first on cnbc interview is the chairman and ceo, steve schwarzman thank you for phoning in we heard governor cuomo talk about this give us more detail as to how you're contributing.

>> well, what we decided was that given the magnitude of this crisis and the fact we're a new york based firm, that we should do whatever is possible to help contribute for the first responders, for the different types of equipment that the governor is trying to find we pioneered this special fund for first responders that he had. and we're also giving $5 million to different mechanisms for people in new york both first responders and other people in need with this crisis. what i'd say is what's had us do this and why i'm going on tv today is that i think it's important for business leaders all over the country to support their local communities. this is about as difficult a scenario and environment as you

can imagine. and everybody's got to do something and we're doing things beyond just this money we're giving services, masks, food, free apartments, we're giving in the u.k., one of our facilities like the javits center in new york, converting it to a major hospital for the u. can k. national health service and we have efforts all over we're bringing doctors up from the south to work in new york. so i think not everybody can do what we do but everybody can do something i'm not just in new york around the country. >> no, it's a great point and we tried on cnbc to highlight all the good news examples that are

doing their part making masks, b contributing money, sourcing equipment from china and contributing it to the places in need how do you think new york is is doing? we saw hopeful numbers today on hospitalizations an case numbers. what's your judgment as to where we are in this crisis? >> all the medical experts say we're approaching sometime the crest. this will go on for a while. there aren't any yet miracle cures so i think we have to be prepared to deal with h issue just think about where we started. almost everybody in the country was overpowered in terms of what they needed. that was all over the developed world the same thing been a lot of lot of scrambling, a lot of creativity.

i think we're going to see some interesting things over time from the medical area and everybody's adapting i think it's important and we'll get through this >> what are you seeing tluz lens of hundreds of companies your funds own in terms of the degree of economic damage that might be in store and whether the support efforts passed so far are going to be enough to sustain companies of all sized >> that's a great question let's just start with the contents that when you close a good part of an economy and it doesn't matter whether it's u.s. or some other place and the cost structure remains in place, it's going to be a somewhat difficult time for that type of on operating business fortunately.

the government understands that as the federal government and put in place both stimulus program that just passed some of the earlier legislation and operations of the fed. i give that really high marks. if they can get that money out to the people who need it. the unemployed people will end up with you know very high levels of financial support with the concept being to bridge us over this two, three, four month period of economic decline then we'll be able to come out of this pretty well. without the government's support on this kind of unprecedented massive scale and i believe there will be one other sort of supplementary stimulus as well that if we hadn't had that, we

would have had a dire outcome. a lot of people deserve credit for that for sure at the frafl level. that with it, we're going to be able to get through this and restart. >> i wanted to ask about your real estate portfolio. obviously blackstone has built up a giant portfolio there over the years. a lot of people are worried about that sector because of businesses from restaurants to retail being totally close eclod both in the short-term and long-term, are how are you thinking about losses you'll see in real estate >> i think we're in quite good shape, actually, sara. in real estate we've focused on warehouses, which are really needed as well as apartment buildings where people are in them we've kept away from the malls

we have a very small exposure to hotels and so in terms of the asset classes we're in, and where we've focused, i think we're going to do fine through that of course there will be some people who are affected by the virus who won't be able to pay rent for a short period of time. there will be relief on the other side so we donwon't get io any difficulty i believe and so realist for us remains at a very strong area. >> steve as we plunged into this crisis and immediately generated some criticisms about how companies were maybe unprepared and maybe debt was too high, stock buybacks have been under a lot of scrutiny and criticize m

and whether it's corporate tax do you see us coming out of this rethinking major elements of all those issues and do you think you would be kind of even promoting any ideas for changing any of those things? >> well i think where we are is that as i said, it's a model to suspend large enough amounts of revenue from an economy for companies, you're going to feel it you're going to feel it, whether you're walt disney you're going to feel it whether you're macy's, who just you know sort of laid off 130,000 people. the dra matic change in the composition. people always rethink things as did the case i think companies were basically in quite good position so for all the banking system is extremely strong

in the united states so really, this is an unprecedent ed type of situation where you just spend revenue if you don't have revenue, it doesn't matter what your business model is. it's not going to do well and the important thing is to make sure that we resume a normal environment. >> what does that look like, steve? what kind of time frame are you looking at and how long do you think this economic collapse is going to last? >> well i think it's a little tough to say at the moment. my expectation is that people will be allowed to go back to work as soon as the medical people say that we're on the real down slope here bill gates for example i think

was on television recently talked about eight weeks from april 1st, june 1st. other people would like to do it faster some people will want to do that slower i think is circumstances on the ground will tell us when it's right to go back and then i'm a personal believer in very large scale testing as we come out of this so that people can feel secure that the people they're meeting and people who they're working with don't have any health problems it will take i guess they call it in the trade now, mass i havive testing you know, to help us before there are any medical breakthroughs that will be useful to have people feel much more comfortable

>> we know you've been one of president trump's go to advisers on the markets i know you were in on the call with him and the vp. what's been your message to the administration and how do you think they've handled this crisis >> well you know, one of the things i don't do is talk about what i say to other people where they're asking me for advice on this one, i'm going to have to disappoint you and not share what i say in private. even though if idid, it would just be between the two of us, i'm sure >> question on energy, you've got some exposure there with the oil portfolio. what is this country's energy industry going to look like when this is all over how many bankruptcies do you see

and how much economic damage do you think that's adding to an already painful period >> i'd say the damaged area along with the transportation businesses are in the most pressured position it's because of too much supply. combined with much too little demand when you take $100 billion barrel type of industry and remove ten, 15 million barrels of demand let alone supply more, you're going to have prices that collapse, which you've seen. you're going to have significant shut ins of production less money going into

exploration. you're going to have to get this in balance that's not a short-term possibility. because it involves a lot of people making decisions. if i had to put myself to a test, this will probably be the last area that normalizes. out of this crisis >> appreciate you phoning in and all that you're doing in new york with those new relief efforts. we have breaking news on the sba loan program for small business kayla. >> sara, we're hearing from multiple sources in the banking industry that they've been unable to process the lion's share of loans today because of

technical issues on the website that has been processing these loans. the issue deals with the ability to confirm that an application has been received and therefore put it in a cue for those funds to be disbursed. that program was down for the better part of today at some points, it was down completely across the company. one source tells me that one bank tried to submit 10,000 applications today and only one received confirmation of five of those applications now for its part, the administration says this system is up and running. a senior administration official telling our kate rodgers who covers small business, that there has not been an issue. saying the sba continues to process approve and guarantee billions of dollars of loans per hour and add lenders to this system so certainly, they are trying to get this up and running in an unprecedented period of time to process this unprecedented volume of loans, but from the

bank's standpoint, they are running into a bottleneck of epic proportions and not able to get many of these applications through. guys >> thank you i guess probably no surprise it's stressing the infrastructure here with all that thank you. time now for a coronavirus update with sue herera >> hello, everyone here's what we know at this hour british prime minister boris johnson has been move e ed intev care he reportedly suffered breathing difficulties and has been given oxygen he has asked foreign secretary dominic rob to fill in for them as necessary rob b says johnson is receiving excellent care about the work of the government will continue here at home, cvs opening rapid testing at a store in atlanta and another in lincoln, rhode island the tests are free, but patients must preregister on the cvs website. honda extending its halt

through may 1st. the japanese automaker shuttered its plants on march 23rd fiat says it plans to restart some of its u.s. and canadian facilities on may 4th and tractor supply trying to hire 5,000 new workers. they service a large number of rural communities and is offering increased health benefits and pay as it tries to meet the needs of the farm community. as always, you can get more on the coronavirus coverage by heading to cnbc.com. back to you. >> thank you very much, sue herera our next guest is a renowned virus hunter that's how he's actually known he advised the -- university for center and immunity. he visited china this year study coronavirus outbreak then later actually contracted the virus here we spoke to him last queek weick and since then, the cdc changed guidance, now recommending

everyone wear face masks as we enter one of the hardest weeks here in new york it's nice to see you first, an update how are you feeling? >> much better >> good to hear that so are you testing have you test eed negative? how do we know when you can get back into the world? >> i'm going to wait until i'm two weeks out from my illness then i'll get tested then intend to get back. i'm still working. just working from putnam county, new york rather than manhattan. >> yeah. a lot of us still working from home i guess getting back into the world is all relative. what do we know, what have you learned about the various antiviral treatments and how much progress we've made and which company should we be watching >> well the remdesivir trial is not yet complete and we haven't seen anything that's so dramatic that the data safety monitoring board would have said stop the

trial now and decide to move people all into one arm or the other. to receive the drug or not which might happen any day now because you know, there's no reason that it shouldn't work, but it's not the same thing as saying that it does. regeneron, which you've just put up here, obviously is making, is about to release some antibodies that are going to be tested and clinical trials beginning as early as the next several days there are plasma trials that are being done with blood collected from people who have recovered from covid those sorts of studies are going to be initiating around the country over the next several days cautiously optimistic that this will work and of course you have the favorite drug of our president, which is this, hydroxy chloroquine coupled with the antibiotic you know the z

pack which has not been through an appropriately blinded clinical trial. so we don't know whether it is or is not effective. so there are many things that are coming online. the one thing we do know works is isolation and the one thing we think will work was reflected in the cdc's recommendation, people now start wearing masks when you travel through asia, everyone is wearing a mask so we're the outliers here in not doing that and there is some evidence back from 2003, 2004, that showed whether you wore a surgical mask or n95 mask, there was a dramatic reduction in community risk if you wore a mask so if you wore it all the time, it was a 70% reduction if you wore it intermittenly, it was a 60% reduction, that's pretty persuasive data

>> i wonder if we've learned anything, is anything surprising about the behavior of this virus as the outbreak has gone on? thinking of the dramatic change in the curve that governor cuomo showed today in terms of their modeling is that strictly a result after these policies or is there something about the virus itself that's come as a surprise? >> well, this is a very different virus. it's the most contagious virus that i've ever seen. that said, the methods that are being used, the strict isolation, has had a profound impact it worked in china worked in singapore. it worked in cokorea. so it's not surprising that it's flattening the curve here. so we've done that experiment many times and we need to have a rigorous, consistent, national policy everyone everywhere should be doing this until we have something better to offer and the other thing, i just want to say one thing we really need to focus on vaccines this is the way to get us out of

this mess. and the sooner we have those, the sooner we'll be back to business as usual. >> all right well we hope that does get moving perhaps with the help of bill gates as we heard dr. lipkin, thank you very much. >> my pleasure >> up next, the small business emergency loan program went live on friday and has big banks dealing with the heat. more details when we come back it's a thirteen-hour flight, that's not a weekend trip. fifteen minutes until we board. oh yeah, we gotta take off. you downloaded the td ameritrade mobile app so you can quickly check the markets? yeah, actually i'm taking one last look at my dashboard before we board. excellent. and you have thinkorswim mobile- -so i can finish analyzing the risk on this position. you two are all set. have a great flight. thanks. we'll see ya. ah, they're getting so smart. choose the app that fits your investing style.

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the government's small business emergency loan program went live on friday. we're told by senior administration officials that so far more than 130,000 loans have been assigned a loan number for a value of more than $38 billion. but it's unclear how much of that 38 billion has made its way into the hands of small business owners on main street. this program is first come first

served, we're hearing from a lot of small business owners today they're anxious. applications that are stuck in cues or those waiting to hear back from their banks. we heard from two business owners who had gotten loan numbers from the sba, but we're told they needed next steps from the sba before disbursing that money. now in the last few minutes, i know we saw kayla pop on we're hearing from systems 245 the e trans system was down today. senior officials telling cnbc those reports are not accurate they continuing to approve guarantee and process billions of dollars in loans every day. how much money has made its way into the hands of small business owners >> that's the crucial piece. thank you, kate. let's bring in steve liesman now with a look at how the banks and feds are reacting to demand for these loans.

>> not a small wrinkle in this ppp program. wells fargo announcing it's going to cap the loans it will give at $10 billion because of the cap it has on the size of its balance sheet as a result of the settlement with the fed over wrongdoing under prior administrations at the bank. the wells fargo ceo out with a statement saying, the company continues to operate in compliance with regulatory due to past actions. while we're lebding, we're limited in our ongoing ability to use our strong capital and liquidity position to extend additional credit. the wells fargo now has a three part plan where it's going to limit small business lending to $10 billion. focus on none profit age businesses that are smaller than 50 employees and it will donate the fees from these loans to

charity. we have no comment from the federal reserve on whether it will respond to what we understand is a request by wells fargo to raise the cap, my understanding is, this is a decision that has been made by the federal reserve board, the board itself would have to meet and decide to raise this cap since the broord imposed this cap to begin with, so there are stories out there that we cannot confirm, that there is consideration of this, we're waiting to hear whether or not this is something the fed decides to do. will sorry, not will, mike. >> and sarah >> we'd like to weigh-in on this, i'm sure thanks, steve. your daily news ruowndn, bill gates making a final push to fight the coronavirus. woman: my reputation was trashed online.

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as we all begin to a life of self-isolation, companies and philanthropists remind us there are still acts of kindness out there, many of them. here of the stories we're highlighting today himm hilton and american express will donate up to 1 million hotel rooms for first responders, to

isolate away from their families >> apple's new device is a face shield they have donated 20 million masks. bill gates says he will spend billions to fund the construction of factories for seven of the most promising vaccine makers and lady gaga is doing good while keeping fans entertained she's helped raise $35 million so far, and announced a star studded benefit concert later this month, other performers now slated are billie eilish and paul mccartney >> i love about this, is that it's going to be broadcast on all three of the major networks, nbc, cbs and abc it's hosted by fallin, colbert and kimmel that is really coming together >> as if it's some kind of public event, it's community

property, it's -- no, it is fascinating. >> these folks or stranded as well so they're doing what they know how to do. we have some breaking news from phil lebeau >> not a surprise given the fact that south carolina's governor has issued a shelter in place edict for the state. boeing has said it will be suspending production at its charleston south carolina plant. 6800 employees this means that boeing has completely stopped all final assembly work of commercial airplanes here in the u.s., guys, back to you. >> there you go, there's the juxtaposition of this market as we come off a 7% gain. >> boeing did power higher

some of the battered groups, real estate, financials. technology on top, what do you make of it, have we seen the bottom >> it's a plausible bottom, i don't think you know for sure based on what happened today but yes, some of the beat up stuff we ended up watching brian sullivan picks it up here i am brian sullivan, thank you for joining us what a market day. the dow serving 1600 plus points twoel pie two pieces of information. some people are starting to see around the corner.