good afternoon, every one. our breaking news coverage of the markets in turmoil continues right now. welcome to my kitchen. the dow under pressure as investors digest or indigest another string of bad news the nasdaq has managed to hold onto small gains throughout the day largely because of technology which you would expect might look relatively better in the current environment. over the last four week, 22 million americans now have lost their jobs and applied for unemployment benefits that wipes out all of the gains in job gains since the financial crisis america is looking at the past

fafr path forward as the company sets its sights on reopening. the group's president josh bolton will join us in a minute. kelly. all right. thanks very much we have all of these market angles covered bob is covering stocks for us. steve digging into the jobless numbers and kayla on the latest from the white house's plan to reopen the economy let's start with bob on this choppy market session. bob. >> choppy. if you look at the s&p, very narrow trading range look underneath the hood and you'll see some sectors really doing very, very well and others getting beaten up pretty badly today. in fact, all throughout the week tech stocks are holding up well. semiconductors have doing well nvidia is doing well microsoft has regained not quite but almost all of the losses it

started with in february amazon and netflix all sitting 52 weeks high. elsewhe elsewhere, look underneath the hood here. energy's horrible week industrials are having a tough week bang stocks are getting clobbered. we have earnings this week what's going on with the overrule group in terms of asset management as for the markets we have not seen this since the end of february we're pretty flat. by flat i mean up or down 1% for the month here on bond, volatility, on the vix, the dollar the only thing that's down a bit is gold. the market can't quite figure out where it wants to be treasuries are very well big today. back to you.

>> thanks very much. let's check on the stunning number of americans filing for jobless claims in past month steve has more on that >> the 5.2 million new claims in the last week beating the estimates but down from the prior week some economists are suggesting perhaps we have reached the peak the claims weren't the only bad number we had bad data on jobs, manufacturering and housing. there's the initial jobless claim. that's the lowest since 1980 housing starts down 22%. haven't seen that since 1983 cnbc calculated some exclusive data that looks at the unemployment claims and applications by state. you can see vast, vast differences. what you're looking at is total claims since the 14th of march

as a percent of the total work force. what that shows you is in michigan, one of every five workers has applied for unemployment claims. one out of five in pennsylvania. down in california 15% there. there's another group of states there and i'm only looking at the biggest states where the percentages are much lower new york, just at 13%. north carolina at 11%. all the way duown to texas and florida at 6 and 7%. we're looking at one measure of the pain by state. the other thing we're looking at is the ability of states to pr se -- process claims we don't know if numbers are high or low. we heard many stories of people who can't get through to their state unemployment offices these unemployment offices are deluged with a flood of absolute claims we don't know if they can process them take the 22 million, we're

talking about what could be a 15 to 20% unemployment rate >> steve, i'll pick it up there. i couldn't agree with you more from what i'm hearing about the people trying to apply, the number is understated by what we don't know the total scope of this unemployment crisis that is upon us thank you very much. let's get to a look at president trump's tele conference on the economy opening up. >> reporter: next hour president trump will be hosting that tele conference with the nation's governors to share the white house guidelines for reopening the economy piece by piece according to a draft of this plan, this would see communities classified by the level of medication still needed. that depends on the cases and the strain on the health care system may 1st would see a nationwide communication campaign that

continues to stress limited travel certain could see child care and general workplaces reopen. two weeks later the plan would see testing ruled out more broadly and likely beginningin june, areas under what the plan calls moderate mitigation would be able to slowly reopen school, general workplaces and restaurants opini restaurants. some level of mitigation will be needed it suggests that periodic social distancing say every four weeks could be helpful for keeping the outbreaks under control. this conversation in washington is taking place on a day where 5.2 million more americans are applying for unemployment benefi benefits.hitting states like michigan especially hard unemployment is touching 19% workers in michigan have been protesting the shelter in place orders there president trump held a call with business executives.

i'm told on one of those calls president trump said states likemy m alike michiganmy and florida would be in that later group of states to be opening president trump did not give a date for when he expected the entire economy to reopen >> brinteresting. the ceos of businesses large and small are offering their insights on how to reopen the u.s. economy and when. here is what sochl them have said on cnbc >> anxiety still very high we hope we have the ability to boot i know many leaders told the president yesterday, we need to have adequate testing to make sure we have a secured environment. >> it would be absorbed in the cost of business the fear has to decline. >> what would be needed for coming back 100%, the testing is

important. vaccine is important over time >> testing the before. testing to make sure you've got it and testing to make sure you got rid of it. clearly tough priorities from m perspective. >> the business roundtable writing to vice president pence saying caref fuful planning nowl help josh, welcome. are you essentially thinking these reopening efforts are too much, too soon >> thanks for having me. it's not too soon to plan for a safe and rapid reopening in fact, it's very important that the planning go on now. in particular it's important that the planning, appreciate that this is going have to be a phased process in which different places are able to open up at different paces and

different kinds of businesses will be getting back to normal more quickly than others >> just this morning starbucks is a company that says it will start trying to open stores where it can and shut them down to droive through and delivery do you want to see more of those announcements taking place or do companies need to do more to follow the leadership of their governors, of the white house potentially? in other words, should there be a national or state by state announcement first or would you earn courage your members to try to do what they can to get business going >> public health and safety first. that has to be our principal priority all the way through the companies in the business roundtable unanimously endorsed the proposition that safety has to come first. that's not just true as a proposition for protecting our employees and customers. it's also true as a matter of

business if people don't have confidence that social security safe to go out and go to your job and go to a store, they're just not going to go regardless of what government says. i'm sure starbucks and others are going to be following the guidance of their governmental, especially the public health authorities in deciding when and where to open. that's going to be true of the business roundstable compatable. >> you make references to the need for more prehensive tiv teg do you have any confidence that we're near where our testing capability can support any broad reopening of the economy or are we still weeks away from that? >> we've clearly got a long way to go. there's progress being made every day.

all the ceos agreed that testing is an absolutely gating element to getsing us back up and running safely everything we can do to expand the availability of fast and accurate testing is going to be probably the most crucial element to reopening promptly and safely >> on that note, i wonder if corporate leaders are in a bit of a bind. it seems like should be doing as much as they can to secure as many tests for workers some kind of additional resources to track antibodies. maybe technology or apps to track interactions as much as they do, especially since your companies are big business, will that exacerbate the societal split between the big companies that are able to access resources and the ones

who can't or the people who don't have the backing of a big employer and feel like they are left to hang >> yeah. it's good question from the beginning of the crisis, overwhelming focus the ceos and the business rounl table has been on their customers and their employees and their suppliers. we been advocating for policies not designed to support big business which can probably, most can process ride out the crisis at least for a few months but what all of our ceos are worried about are their employees and their customers for whom a loss of income over a period of weeks is devastating,

and especially their small suppliers. the division you're about asking will be working hard to make sure that isn't the case it's true of testing and foonl resources. the focus is on getting them back up and running. the people that need the support are the small and medium enterprises and the customers. >> that point about getting up and running, there's some hope that maybe may 1st could be the beginning of a start date. what do you think is realistic for just beginning to get things back open again >> i'm hopeful that may 15th

date will be a good one or for a lot of places around the country, we'll have to be guided by the public health authorities who can tell us when is the partial reopening will be safe to do that folks like congressman murphy you had on about half hour ago were talking about. they want the guidance for the parameters of how they should be operating. that's what we're working closely with the white house and the state governors about right now. they are anxious to get going but there's no getting going until people can have confidence that they can be safe.

>> thanks we we appreciate it. >> thank for having me >> tyler we have some breaking headlines from new york fed president john williams and steve has them hi, steve. >> john williams, the new york fed president, said he's seeing a material improvement in liquidity and market function of a result of the feds unprecedented actions to go in and backstop the credit markets. he stress will remain in the credit markets as long as the pandemic is around or until it passes he says the federal reserve is doing more now in terms of open market operations than it has done at any time in its history. if that were possible, that's probably an understatement he does say there's more economic pain to come. he says our work is not done tyler, the title of john williams speech is a time for

bold action. certainly on the part of the treasury and the federal reserve. the two of them seem to be taking that kind of action tyler. >> thank you very much coming up, it's been a volatile week once again for the markets. remember when there wasn't a volatile week? i can't. the s&p has rebounded 8% so far in the month of april. are those gains here to stay could they whisk away. the big banks under pressure again today. the ceo of morgan stanley saying the one bright spot for the sector may be a fleeting one hw weave those details after this short break. stay with us for nearly 100 years, we've worked to provide you with the financial strength, stability, and online tools you need. and now it's no different. because helping you through this crisis

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welcome back stocks are mixed on the day. the dow industrials just slightly lower but the other two indexes slightly higher. nasdaq higher by more. almost a full percent or 77 points all of this in the face of another stunning jobless claims number one of our next guests say we have reached the maximum bearish point in his firms bull/bear ratio. does that mean stocks can only go up from here? is that a good time to start

putting money to work. let's bring in chris hyzy. welcome to both of you glass to have you here chris since we mentioned your proprietary measure there, often when these measures get to the most bearish points, it turns out to be a good time to invest. what do you say? >> thanks for having me. what's most important about the global research bull/bear, it details out short positioning across a few different areas ic it looks at bond market flows. it works off of scale of0 to 10 0 is maximum bearish it's been pinned at zero

throughout march it's still pinned there. it's because investor positioning simply despite the exhale rebound we've had and it's been physical therapily good one and robust one. the positioning side in the short term is still very maximum bearish which is what gives us a lot of encouragement about where we can go with potential positive surprises of a recovery we start to see when you crawl out of the third quarter into the fourth >> the recovery depends on what, chris? >> science is what gets us back. that's first and foremost. we'll have more information on treatment, testing and tracking. most importantly, however, is the time line. we'll hear more about the economy reopening timeline

when you think about activity, it's a u the market is looking past 2020. >> let me turn to mark you live by chaos equals opportunity. you had a boat load of chaos which suggest a boat load of opportunities. i want to drill on one of the kwlars where my reaction is, are you nuts that is your idea of putting money into sports franchises like a tracking stock for the atlanta braves, msg and man united why? >> i may not be crazy but it would help the last month has been like bungee jumping in financial

markets. all kidding aside, i would title this invest with a billionaire whether it's msg investing with jim dolan. the valuation for the knicks is probably close to the market cap at $5.5 billion for msg. you toss in the rangers. the three things are tech bubble, financial crisis and this one is the focus on free cash flow, unimpeded cash sheets wouldn't be surprise to see dolan sell the knicks. in case of manchester united, premier league one of the most followed soccer teams in the world the glazer family happens to own

and tom brady in the tampa bay bucks. the those shares are depressing this environment again lastly, john malone and the tracking stock ticker batrk. they won the division in the last two years i think those are some opportunities. >> all right, folks. we got to leave it there thank you very much. we appreciate your time. let me tell you, mark, there's a lot of new york knicks fans who would love to see what you just said kelly. >> thank you >> maybe they know it's wishful thinking at this point still ahead, netflix is sitting near all time highs jumping today. the stock is up nearly 20% in the past week. how long can the streaming rally

last as a small business administration hits its cap on lending, heregional banks which has processed 5,000 of these loans will be here to tell us what he's hearinonhe gung trod about next step. we're back after this. and we're here for you - especially now, doing everything possible to keep you connected. through the resilience of our network and people... we can keep learning, keep sharing, keep watching, and most of all, keep together. it's the job we've always done... it is the job we will always do.

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and a team of experts - here for you 24/7. we've always believed in the power of working together. that's why, when every connection counts... you can count on us. welcome back, everybody. let's get a quick update on the coronavirus. >> good afternoon, every one new jersey governor is extending school closures in his state until may 15th he's calling for a review of long term health care facilities after 17 bodies were discovered in one nursing home. >> i am also outraged that bodies of the dead were allowed to pile up in makeshift morgue

at the facility. new jersey is living in our long term care facilities deserved to be cared for with respect, compassion and dignity we can and must do better. >> the faa is allowing airlines to carry cargo in the passenger cabin. american airline ceo told cnbc yesterday that he was looking to do just that high on the list will be medical supplies to help fight the outbreak a florida animal shelter is finding homes for dogs despite the pandemic they have empties a tekennel for the first time in its history. you can head to our website for more back to you. great to see you thanks president trump tweeting just moments ago that there will be a quote, major news conference tonight at the white house at

6:00 p.m i guess it's basically his daily briefing turned into a news conference he'll lay out the guidelines for reopening the economy. we'll have our eyes on that. >> we are watching netflix on the stock as it hits fresh all time highs morgan stanley calling it a leader in the streaming space. i guess the big question is whether netflix growth process as it relates don sumers staying home >> i think that is priced in i think the thing that we're watching right now with netflix is their expenses. if you look at the tremendous expenses that they have gone to build their original con tent, it's been a huge number.

right now, they have tremendous tail winds the question will be what happens when you get more competition to keep all of those viewers once everybody gets back to work. >> todd, shares of netflix up 20% just this week ahead of earnings next tuesday. how are you trading the stock? >> we are long we hold it in our portfolios long term monthly chart looks great. we just fwrobroke from a two ye consolidati consolidation. if were to move from two weeks, you break down was around 190. balance sheet looks tough with 15 billion long term debt. 2.6 billion in operating income last year but shows are ranking consistently in the top 70% of top ten viewings it's tail winds.

we hold it and we like it. >> all right thanks for you call on netflix and thank you for watching trading nation i will say tiger king, whether you love it or hate it, the numbers provided 23 million views in first ten days of release. >> it was something you really couldn't take your eyes off of though i was able to take my eyes off eventually. thanks very much still ahead, the sba's lending program has exhausted its funds. $350 billion in just a couple of weeks time that has republicans and democrats already playing the blame game as congress works, if you can call it work, to free up more money the latest detail, next. smithfield foods closing two more meat processing plants today following that big closure in sioux falls, south dakota more employees test positive for the coronavirus. despite the plant closure, pork

produc products, prices, are at all time lows. remember you can always, and i do mean always, watch or listen to us live on the go, anywhere you are on the cnbc app. we'll be right back. our special breaking news coverage returns in a moment

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welcome back the dow industrials have staged a bit of a comeback down about a quarter of a percent the s&p is higher by a quarter of a percent and the russell

down by about one and two-thirds kelly. >> thanks. the ppp program is out of money and is no longer accepting loan pl applications kate rogers is here with the latest >> that's right. this program really had overwhelming demand from day one which is why you're seeing so many small businesses scrambling right now as 1.6 million of these loans have been approved and assigned the loan number completely exhausting this $350 billion fund many questions remain. what happens to these businesses that started the process with their banks. do they get to stay in their place in line. what amount of aid would be enough to service the 30 million small businesses when this $350 billion went to just 1.6 million loans. how much aid has been paid out we continue to ask the ceo of the consumer bankers estimation.

tens of billions of dollars in aid had been paid out. as lawmakers continue to work on a deal toward an additional round of funding, we caught up with senator from new hampshire. >> when need to address some of the concerns that we discussed when we were framing this program around how do we prevent businesses who may not need the money as much from getting into the cue and getting those tl dollars. this is an ongoing challenge as we think about the next round of funding. how do we ensure it goes to the businesses and workers who need it the most. >> another astonishing stat here from the sba saying it's now processed 14 years worth of loans in under 14 days, which is really something just the size and scope of this program. there's been many criticisms on the way this roll out has gone

that's a huge number for the administration to put out. >> is it true they are not accepting more applications or what is the status now to your point, the basically nearly two million out of 30 million small businesses were able to get funding, what about the other 14 out of 15 who will want some assistance as well >> absolutely. we were saying wells fargo said it would continue to work on applications and submit them when a next wave of funding goes through. you need to two through the sba e tran system and get a loan approval number from them before they kick that back to the bank and the bank can fund your loan. there does need to be more funding before the sba can continue to process. they alerted lenders they can no longer accept application because the funding ceiling did get lit this morning that's where it stands now if and when washington comes up with a new round of funding then they can start processing those loans moving forward >> we appreciate it.

thank you. tyler. thaupg -- thank you very much our next guest does own a bank that has processed about 5,000 ira robins is the ceo of valley bank very prominent here in new jersey welcome. good to have you with us let me pick up from where kate left off you processed about 5,000 of these sba loans. you must have other applications that are in progress what happens to those people >> thank you very much for having me. exactly to your point, we have about 4,000 applications that we were in the process of working through. another 6,000 applications that were still in our cue that we were working to get towards alone. although we processed 5,000, there's 10,000 applications. it's about a billion dollars of

loans that our small businesses need that we were unable to get to >> you were unable to get tome this because their applications came in late or the processing took longer than you thought those people are just basically in state of suspended animation awaiting potentially another supplement of capital into this program, am i right in. >> that's exactly correct. we spent about 25% of our staff dedicated to this. indirectly our entire staff was focused on this. we had people working until 2:00, 3:00, 4:00 many the morning. it wasn't because of lack of resources. it was a lack of funding the government provided. >> let me understand one of other thing. forgive me for not knowing this. where does the actual loan money come from? in other words, once the loan has been approved by you and by the sba, does the sba front you the loan money or does the money come out of your resources and

then you go fwook tback to the ? finally, what happens when the loan goes bad? >> the money is fronted by us. theborrower can request forgiveness for that funding we would then go to the sba to look to be reimbursed. valley would be responsible for funding that loan for a few two years. not only have we been dill jeigl working, there's been funding for these loans. >> if the loan goes bad in year

two, are you then stuck or do you ghoo back to the sba to get compensa compensated? >> we made sure we did the correct diligence in assessing borrower eligibility and the loan balance they took if we did all of that correctly, it's our understand that the government is then responsible for it that said, is a billion five we had to put out for a period of time in my mind it's the best thing question do. we spent over six hours of our people working on that loan. we weren't doing it because there was a significant financial impact for us. we were doing it because it's the right thing for the community. >> that's what community banks excel it couple of quick questions and quick answers. have you had to do or do you anticipate having to add to loan loss reserves? >> as a result of the ppp

program there's no expectation for that there's our quarter earnings are coming up. i'd probably be a bit remiss if i told you how we're thinking about it some of what the other banks have reported, the economy has gone in different direction than what the expectation was last year for all banks there's a significant expectation that provisions will be increased for the year that said, part of the challenge is, in my mind, an understanding what the severity of the recession is this pure significant amount of deferrals we put out there none of that will come to fruition we're not going to second quarter how these things loans will be paid >> we appreciate your time

today. continued good luck to you kelly. tyler, thanks. there's been reports of glitches in the distribution of stimulus checks to some americans let's bring in kayla who has just learned some new details for us >> reporter: yes, i just got off the phone with the treasury official who notes that some americans who chose to sever their tax refunds in 2018 or 2019 via a refund anticipation loan where by h and r block or turbo tax would advance that refund to that filer will not be seeing this stimulus check arrive via direct deposit. that's because in these cases which this treasury official said could be in the millions of filers, in these cases that refund was paid in advance by h and r block or by turbo tax and a this filer did not wait the three to six weeks to receive that tax refund via their bank account in normal course of business for those individuals, they can still go to the get my payment

app. enter in the refund information and hope to receive stimulus check. if you severed your tax refund in 2018 or 2019via a refund anticipation loan then you're in this bucket. this is something you will have to go on and do. separately, we should note willford frost said even if you had direct deposit set up with your bank those will not arooifr instantaneously either those will be phased out as well >> i think the whole point of some of these tax prep businesses is to give you that advance on your tax refund i imagine this affects a lot of people >> reporter: we don't know how many it affects but it's expected to be in the millions >> we appreciate it. thank you. let's get to rick santelli the low yields are taking a toll on the banks

>> taking a toll on banks financials we have been dropping. if you look at the spread tens minus twos it's been steadily flattening flattening never good for banks. if we go to the white board, banking starts towards the end of february. what should jump out is on the nineth, we made the all time low closing yields at 50 basis points go to the 23 rrd we had kbw at a very important turning point. it look like this is where t going to start to two up but it didn't you could see not only how did rates turn but the kbw index and financials in general seem to follow they haven't hit their lows that were accomplished. it's only a matter of time if we continue to see the ten year

yields we will have a retest of that low yield of 54. tyler, back the you. thank you very much. still ahead, where's the bacon now is not a good time to be a pork producer. jane will tell us why after this quick break. every financial plan needs a cfp® professional --

confident financial plans, calming financial plans, complete financial plans. they're all possible with a cfp® professional. find yours at letsmakeaplan.org. welcome back bacon is taking a beating with prices falling to all time lows even as producers warn of shortages. jane has a look at a when's behind that drop >> kelly, there is plenty of meat, okay

with restaurants closing, in fact, there's a glut that's one reason why bacon at the carcass level is seeing all time lows. now livestock producers say they are seeing a back up in trying to get their animals to processing plant because of becf worker health. smithfield foods has closed three plants now and they're not alone. >> to all the employers in the sector, it's critical you follow cdc guidelines and guidance and best practices to keep your employees and people safe and healthy. >> now smithfield and tyson both tell me they're doing all kinds of extra precautions extra sick leave, lots of sanitizer, plexy glass barriers, but guys, we could end up with a weird situation because of this where you the consumer seeing less meat on the shelves at hire prices where as the farmers have too many animals and lower prices

it's just an odd thing going on right now. >> it's this mismatch. i thought about this when our store was out of chicken the other day. i knew i could probably go order a chicken dish from a restaurant if people wanted bacon, sounds like they have to find it somewhere they can have it for carry out. >> well that's assuming bacon can be produced and processed at the plants that's the thing some of these foot plants produce bacon and and if there's less coming in, you'll start to see prices rise and potentially a scarcity, but at the moment, prices are so low at the farm level. down by 50% in the last two months some farmers are reportedly turning their pork bellies into lard and that's just a crime >> do you put anytime the oven or do you consider that a crime, too? >> my husband has tried that i think that's wrong >> i do, too it comes out terribly dry. jane, thanks good to see you. jane wells with an important

story tyler about what is going on with pork production. >> always on the griddle or in a frying pan would be my view there on bacon let's talk b about housing starts they have fallen dramatically in may. off more than 22%. we'll get a look at those new numbers and a new housing reality and how long it could take for housing to bounce back and stick around for the closing bell philadelphia fed president patrick parker will join for an exclusive interview at 3:00 p.m. it's going to be a busy news afternoon. . won't be a new thing. and it won't be their first experience with social distancing. overcoming challenges is what defines the military community. usaa has been standing with them, for nearly a hundred years. and we'll be here to serve for a hundred more.

but right now, the world needs all the good that we can do. to everyone working to keep america strong, thank you.

in march, coming in far worse than estimates and building permits falling, but not as steeply diana oleic has more >> housing start fell a wider than expected 22% in march the largest monthly decline in over 35 years but they were still just over 1% higher than a year ago and february's numbers were revised down slightly pulling out single family, which is the bulk of the market, starts fell back to levels last summer and we're up over 2% annual ly single family construction really started cooking with gas at the end of last year and this year as demand soared due to the tight supply of dpis existing homes for sale and the then at least strong economy now everything has change echan. interestingly, building permits, which indicate future construction, were still up almost 9% from a year ago.

i expect these numbers to get worse although home building was deemed essential business during the pandemic just to put anytime perspective and show how hot housing was one month prior, in february, total housing starts were up nearly 40% and now up barely 1% tyler. >> what do you is see in your neighborhoods? do you see work getting done or not much at all? what is the pace >> well, so i see work getting done, yes. i am this is of course a remodel and there's another one going on across the state and another one up the street over there, but these were remodeling projects likely already underway when this started contractors who were impossible to get to two monts ago who said maybe i can get to you next fall or following year because demand was so strong, now you're hearing them say i've got time and more people are sitting home they have a tremendous amount of equity in their homes, wu nobody wants to move, nobody wants to

do anything and you're seeing home sales fall as well. >> yeah, that's for sure >> diana, thanks very much kelly. >> i echo that thanks, guys it's been a mixed day for stocks with the dow the worst performer of the averages. our next guest says any tangible progress toward a vaccine will trigger a huge market rebound. let's bring in david katz. david, let me ask you something. is there any chance the market is pry pricing in a vaccine now given the rally and rebound? >> well, about a a month ago, the market was pricing in scenarios. the government stepped up and the market has rallied p we think it's pricing in the fact that the worse case scenario has come to fru i but if you get some better health news, we think there's a lot of upside we think the market looks at a year ahead earnings and while this quarter and next are are

going to be horrible, we think if there's any sort of health resolution that the economy should be in better shape next year >> the president tweeted while ago that he'll be making a majo announcement this evening. we know he's speaking with governors shortly and the theme is reopening what do you want to hear what do you think the market is pricing in right now >> i think the market would like to hear a safe reopening of the economy. we still think it's a little bit early on if you listen to the governors, they feel that shelter in place is is going to be the best course of action for the next either two weeks, four weeks, six weeks, and we really do need better testing and a better idea of how the virus will be b handled when we start to open up the economy hopefully there will be some sort of progress whether it's a regeneron or gill add coming one some way to treat this if you can take the worst case scenarios off the table, you can start to open up the economy

>> you have a couple of your stock picks. their yield is 3 to 6% you think you can bank on all these dividends for names including pyc on the banking side and at&t with 7%? >> the poor stocks we gave have very safe dividends. the bank has good capital ratios and should be able to get through this the fed, the head of the fed said last week he doesn't think he needs to force the banks to cut their dividends. pnc had a very good call yesterday. we think they've got a very good loan port foal yo. we think at&t can about support and cvs, no brainer. very good businesses, will earn a lot of money and we think you can look at many, many stocks in the market in many industries like the consumer staples that will be able to pay their d dividends so they're going to be around they're going to get through this and you're getting a 4% yield rather than zero in the

bank >> thanks. >> thanks a lot. >> david katz with matrix. >> a relatively calm day in terms of the dow not that much movement, but you never know with the final hour of trading coming up and a presidential news conference at 6:00 stay tuned for the last hour of trading on the closing bell. >> thank you very much welcome to the closing bell. stocks bouncing from gains to losses on a bit of a vol time session today. let's have a hook at what's driving the action new data showing job losses with continuing at a tstaggering pac. another 5 million americans filing for unemployment. 22 million people now in just the last month on top of that, the $350 billion emergency loan program to help small businesses to keep their workers on payrolls has officially run out of funds and in new york, hopeful signals as coronavirus hospitalization rates fall again seve