day moves on. we have you covered for super tuesday. tune in for our special live coverage beginning tomorrow at 8:00 p.m. eastern time. thank you, one and all. right now, however, it is all about stuart varney. "varney & company." stuart, take it away. stuart: i shall. good morning, dagen. good morning, everyone. you know, it has been a wild ride overnight. swaini a swing of more than 1,000 points for the dow. stand up for another up and down day, after that 3500 point loss last week. left-hand side of the screen, now we are on the upside, up to the tune of 150 points. we had been down, what, more than 400, almost 500 points at one stage. the s&p has turned around, up 73. i'm sorry, the nasdaq has turned around, up 75. the s&p is up 16. bottom line here is it may open on the upside but who knows where this thing's going to close. up and down all day. we are expecting rate cuts by the federal reserve. we are expecting a massive stimulus package from china.

china is the manufacturing workshop of the world and it's shrinking, manufacturing, shr k shrinking at its fastest pace ever. this is an astonishing move into the safety of ten-year u.s. treasuries. at one stage that yield had dropped all the way down to an all-time low of 1.03%. right now, we are at 1.08%. historically very, very low. the virus is the problem. we do not know how much our economy will slow if large numbers of people are quarantined and people are unwilling to go out and shop and travel and mingle. we have these developments on the virus. deaths, two deaths in what appears to be a cluster of cases centering on a nursing home in kirkland, washington. firefighters who went to the home are now quarantined. there are confirmed cases in nine states. florida has declared a public health emergency. there's this bombshell from iran. a senior adviser to the supreme

leader has died from the virus. several members of the top leadership are infected. but iran has done little to restrict the flow of hundreds of thousands of pilgrims in and out of that country. in fact, in new york city, a traveler from iran has been quarantined at home, that's in densely packed manhattan. the bottom line here is thousands more cases are expected to be revealed shortly, and again, we do not know what impact that will have on our economy. let's get right at it. come in, keith fitz. you, i believe, are self-quarantined right now because a member of your family just came back from japan. tell us about it, please. >> that is correct. my wife has just returned home from kyoto and she is asymptomatic, meaning she does not manifest any of the symptoms, took all the precautions but you know what, i didn't want to be that guy here in the state that introduces it to our city. so yes, i'm self-quarantining

along with the rest of my family. stuart: isn't that the bottom line? i think you are doing exactly the right thing but we don't know how many other people will be forced to self-quarantine or be pushed into quarantine because they have had some distant contact with maybe a carrier. that's the problem for the economy, isn't it? >> well, it is, stuart. it's a problem for the markets, too, because this is all about the unexpected. each headline that is unexpected truly a black swan. in fact, it's what's causing the problems for traders. it's not so much what we know about or we know the headlines will be bad. it's the unknown, like this nursing home that's nearby in kirkland, for example, the firefighters who responded, medical care. this is one of those things that's just going to balloon, unfortunately. stuart: at this point, you do not see a bottom for the market. >> you know, my sense is all of these years, 37 years of experience, i want to hope that we are closer to a bottom than we would think. i haven't yet seen a capitulation that i want to see.

so i don't think the bear raid is over but my hunch is quantitative we are getting close. the computers tried to make a stand overnight. that usually presages a bottom. stuart: you were on our program almost all of last week and you consistently said you've got a buy list, you recognize the bargains, but last week you had not started to buy anything. are you buying now? >> not yet. but i'm very very close to it. i'm very excited about names like procter & gamble, apple, for example, which had the tar and feathers beaten out of it. i'm looking at amazons of the world. even some of the chinese holdings because those things, when everybody is looking this way, makes sense to look that way. stuart: i know you will stay with us for much of the program and we appreciate that. you can't go anywhere anyway. you are quarantined. >> that's true. stuart: now, left-hand side of the screen, we want to stay in very close contact with what the market is doing. a half hour ago we were down a couple hundred points. now we are up a couple hundred points. things are going to change.

let's get back with susan here. back to that cluster that's developing in washington state. full details. susan: we have a second death reported over the weekend, a man in his 70s, compromised immune system tragically passing away on top of the first death reported in the u.s. from coronavirus, a man in his 50s. this brings four additional cases of the covid-19 in seattle and king county region. we have this cluster we are talking about in washington state. that brings a total number of confirmed cases in that specific county to ten. but new york state also just reported their first case as well. stuart: that is the one that's -- well, there is the case of the traveler coming back from iran. let's bring in dr. siegel about that. this is intriguing. we have a traveler who came into new york city from iran, quarantined at home in manhattan right now. it occurs to me she, it's a lady, she may have infected a lot of other people between getting off the plane and getting into her home.

>> that's exactly what we are concerned about. that's what's leading to some community spread. let me tell you how that works. it's not that people breathe the same air as her in the airport. that's not what it is. it would be that she coughs on someone or sneezes on someone, or touches something that someone else then touches over the next hour or two, let's say. we don't know that period of time. but it's not days and days. but you touch something in the airport, someone else uses the same counter, the same restroom, they could catch it from the do doorknob. assist y stuart: as governor cuomo says, she did not have symptoms when she stepped off the plane. >> when you don't have symptoms, it's probably a bit less transmissible. not zero, but less. the time when you are most symptomatic is when you first get sick. again, we are seeing cases that occur when you are not having any symptoms, too. stuart: what we need is a test. a reliable test immediately available everywhere in the country. we don't have it. >> let me talk about that. they are increasing by several

thousand the outreach of the current test they had but you are always ahead of the news, which i love, you already got to the point. we need a rapid test. the cdc is working on it. i want to be able to see someone who has a cough, who has shortness of breath, who has a fever, take them aside, test them and know within an hour what the result is. we have the technology for that. we need it. we don't have the test yet. we are going to get it. stuart: when we get that test, a lot more cases are going to be revealed. thousands of cases. i don't want to put numbers on this. but it's likely that we will discover thousands of cases in america. >> we saw it in south korea. exact same thing. when they did 25,000 tests in south korea, bang, they had almost 1,000 cases immediately. that's going to happen here. there's no doubt in my mind that there are several hundred cases here that have not been diagnosed. stuart: stay with us through the show. one last quick question, the surgeon general says don't buy masks, you don't need them. ordinary people don't need them. you say that's okay?

>> he probably heard that from kneeling y me telling you that before. masks are for health care workers. masks are for people with symptoms. masks prevent the spread of respiratory droplets that have the virus. i want people that have the virus or have a virus or have upper respiratory symptoms to be the ones using the masks. stuart: tough to tell them that. they want to take precautions. >> when you are walking down the street with a mask on, you are doing nothing. you are not protecting yourself against anything. there's no coronavirus in the air that you are breathing. stuart: stay there, please. we've got a lot of questions for you. let's turn to ashley about the virus and what's been going on in iran. ashley: top government official has died. stuart: the top government official. ashley: yes. he was the top member of the expediency council in iran, top adviser to the leaders in iran. he has died. several other top members of the iranian regime including the

head of the iranian government task force on coronavirus has also now -- has now contracted the virus. look, 66 dead, 1500 or thereabouts confirmed cases in iran. that's a fatality rate of more than 4% which leads many experts to say obviously the number of cases is being way underreported in iran. listen, you mentioned not much is being done. the shiite shrines all remain open. that's where people go, touch and kiss the shrine as part of their show of their faith. that is continuing. stuart: that's a flow of hundreds of thousands of people within iran, going outside of iran. ashley: we don't really have a very good idea of the extent in iran. stuart: it could well be responsible for an explosion throughout the mideast and throughout the world. all right. let's move on. back to keith fitz. we are hearing the federal reserve, they haven't said it but the market is saying it, they will cut interest rates

once, twice, three, maybe four times, who knows. you think it would help the market? >> you know, that's debatable because when fear takes over, you can't give money away even if it's free. quantitatively yeah, it makes a lot of sense. we don't have a lot of room to maneuver. functionally speaking, i don't know if that will stem the tide if panic truly sets in. stuart: what do you think about onscreen at the moment, we have the yield on the ten-year treasury down to 1.08%. what's that telling you? >> well, what that's telling me is people are more concerned about the return of their money than they are the return on their money. this also tells me the rest of the world is still looking to the united states for leadership. they may hate our guts in a lot of ways but they love our dollar and this move shows it. stuart: i've got the 30-year treasury on the screen at the moment. the yield there is 1.64%. i have never seen it that low before. it may or may not be a historic all time low. i'm not absolutely sure. tell me one quick thing. with the ten-year yield all the

way down, the 30-year yield all the way down, surely we will get lower mortgage rates, aren't we? >> i tell you what, that's a great assumption. i think you are probably correct but it's going to take a little while to ripple through the lending system because they will have to reassess risk, reassess primacy of the buyer, reassess the economic situation by which they judge those bank loans and wall street securitizes those things. i think we probably are, but how fast, i don't know. stuart: stay there, please. i have a sad note for our viewers and for everyone, actually. former ceo of ge has died, jack welch, 84 years old. ashley: 84 years old. for 20 years he rose to be chairman and ceo of general electric and during that time, the market value of ge grew from $12 billion to $410 billion. "fortune" magazine called him the manager of the century back in 1999. he was also known as neutron jack. he slashed a lot of jobs,

cutting 112,000 jobs. he was famous for saying about all of ge's divisions, fix it, close it or sell it. stuart: yes. i believe he maintained profits or increased profits throughout his tenure. ashley: he did. stuart: never missed. ashley: no. he retired in 2001 and what happened to the company after that was spectacularly in the opposite direction. stuart: it was indeed. keith, i'm calling jack welch one of the greats, if not the greatest ceo of his generation. what say you? >> i think perhaps even of the last 100, 200 years. the guy was a visionary, he was savvy, he was absolutely call it like you see it kind of guy, present in the moment every chance he got. i met him once, shook his hand and will never forget the look in his eyes. he knew exactly what he was doing. i'm going to miss him. stuart: we shall all miss him. i knew him reasonably well, met and interviewed him, worked with him actually on several occasions. he was a fine man. a good man. we mourn his passing.

want to get back to virus, the markets, the economy. susan, china's manufacturing has hit, it says here, an unprecedented low. susan: record low in the month of february. not a surprise, given the factory closures and employees they kept at home and stores being closed. people are not going out to buy any goods. so we saw a record low when it comes to the purchasing managers index, close to 40 which obviously means contraction. anything below 50 is a contractionary signal. however, if you look at the shanghai composite it actually rallied over 3%. the reason is because they expect some sort of stimulus coming from the central banks, peoples bank of china, from the chinese government as well. remember in 2008 they launched a $600 billion stimulus program to insulate china from the global financial crisis. they haven't even cut interest rates by the way since their gdp has fallen to 30-year low. this might be a time they might be able to do that and turn on some of the spending as well. stuart: as you were saying and reporting that, sitting right next to you is gordon chang, our china expert, shaking his head

soulfully. why are you shaking your head? go. >> first of all, the stock markets don't recognize economic reality. as a matter of fact, you have the chinese central government often rigging those markets in a number of ways. first, by buying, also just telling market participants not to sell. the shanghai composite doesn't really reflect the underlying state of the chinese economy. stuart: what is that underlying state? if manufacturing is down to an historic low, how soon do you think they might recover or can they recover? >> they can recover and might recover, you know, in the second quarter. right now, there are some very serious signs. this was a record low. so it dropped, purchasing managers indice, 50 is the dividing line between contraction and expansion, it dropped -- the official one was 35.7, but even worse, services fell from something like 54 to 29.6. stuart: that's a standstill.

>> that's a standstill. stuart: actually, maybe even a contraction. ashley: it's a contraction. >> the other thing, although this virus seems to be subsiding in wuhan where it started, what we are seeing right now are a cluster of new cases in beijing, even state media is saying they are surging in the chinese capital. we are going to probably see new population centers go through an outbreak. stuart: that is extraordinary. that affects the supply side of our economy. can we be supplied the products that we have come to rely on from china. the answer is that's a problem. >> that is a problem. shenzhen, for instance, a manufacturing hub, where huawei technologies is, zte, many of these other big companies, that's basically on lockdown right now. stuart: hold on. dr. siegel -- >> do you actually believe the numbers out of wuhan? >> no, of course not. i say it's getting better, people going back to work, doesn't mean it's getting better. >> wuhan probably is subsiding

but the numbers severely undercount both infections and deaths. susan: well, i want to add into that because from my indications and the people that i talk to overseas, the situation is actually getting better in china. the cases are going down. i wouldn't say that it's getting worse at this point. >> certain parts of china are getting better. stuart: let me move back to doc siegel. supposing i buy something in america that was made in china. either now or some point in the future. could that product made in china exported here carry the virus? >> i don't believe so. tell you why. by the time it gets here, any virus would die. it's not 100%. if it came overnight, if something was manufactured, infected, came overnight and the next day you got it, yes, you could have it transmitted that way. but by the time most products get here, there would be nothing alive on it. stuart: i ask the question because i hear this constantly, what if i buy that toy now. >> people are overly afraid of that. they are overly afraid of that. stuart: high anxiety about that kind of thing.

>> way overly afraid of that. it's not impossible if it were an overnight transaction but almost definitely otherwise no. stuart: it is the elderly, people 70 and above, who are particularly susceptible to this, especially if they've got an underlying medical problem, correct? >> especially the last point, underlying medical problems, over the age of 70, closer to 80, actually, and male more than female. stuart: we meade to gneed to ge more often. >> those are the ones at risk of pneumonia and at risk of dying. stuart: jason chaffetz with us, fox news contributor. i want to know on the political side of this, is the virus now a factor in the 2020 election? >> i think so. if it worsens, i think president trump took some very proactive measures. the vice president has been out there talking about this and spearheading it. i think the administration is ahead of it at this point. but to agree that people are concerned about their health and wellbeing, it affects the presidential race. that will be seen when we turn

the corner in the fall. stuart: maybe it's my imagination but i have not seen any vigorous or shall we say vicious attacks by the left on the president's performance or the containment effort. have people sort of calmed down? do you think maybe we are beginning to come together a little on this or what? am i just dreaming? >> no. no. i don't. i think when the "new york times" prints an op-ed that calls it the trump virus and people try to spin it for their own political gain, they have been arguing over how much money should be there, i don't think we have seen the last of this. it depends how bad it gets and how much panic there is. you have ron desantis, the governor, a republican of florida, declaring a health emergency, oregon with its second death, you've got some people out there that are very concerned and like i said, it doesn't really affect the vote until you get, until say october, when early voting starts.

stuart: the president's performance vis a vis the virus is a factor, correct? >> i think so, absolutely. stuart: we are going to get thousands of new cases. this is what the experts are telling me. we will have thousands of new cases revealed in the next few weeks, if not the next few days when a test comes online. that might be looking bad for the president politically. agreed? >> well, i don't know how much people will blame the president if there is a spread. you have somebody coming in from iran, then going into new york, but how they respond to that, are there materials, are there supplies, are there rapid tests that dr. siegel was talking about, are those types of things in place, they will want to take out their anger and frustration on somebody but it could also be the other side. a well-placed big response, so far i think the united states has shown and demonstrated they are doing all the right things

at the right time. the president got a good early start on this. i think it bodes well at this point but these things are changing on a daily if not hourly basis. stuart: stay there, jason. i want to talk to you about tomorrow's super tuesday and the position of mr. bloomberg and joe biden and of course, bernie sanders. lot to talk about there. in the meantime, i've got news on apple and susan's got it. susan: despite the fact we had apple into bear market territory, meaning down 20% from its recent highs, we actually have oppenheimer, a brokerage analytical house, raising its rating to outperform, saying apple might be a great place to pick up some bargains here, the products and services may prove more resilient. basically they say we are buyers of weakness because they go into deeper modes for core ios devices because of incredible sales of the wearables, airpods and the watches. even if iphone sales slow, it will be fine because there are other devices and services that

people will continue to buy. stuart: keith, have you bought any apple yet? i know you were thinking about it. >> well, again, when the markets calm down a little, that is first on the list of recommended stocks i'm going to go after. the medical pivot is very real. the market for that is three or four times, the iphone devices market, everybody is still thinking about. l also, the medical management of information. tim cook himself wants to be known for his contribution to humanity in medical stuff. stuart: gordon chang, china expert, how is apple doing in china producing parts for the iphone? >> apple says it's back up to full production. if that's the case, apple certainly would be a good buy right now. susan: we have to temper that. tim cook actually said in our interview that factories are reopening. not necessarily up to full production. but i don't think people have a grasp of how sophisticated the supply chain is for apple. launching a new cell phone and mobile phone each and every year, selling 200 million of

them with these parts, lots of parts and a lot of them being built in china, it's a very sophisticated fast-reacting low inventory. if you go into any store, they have less than five days of inventory on any of these smartphones. it's just a very sophisticated shall we say delicate supply chain. he does say factories are reopening and more than 30 stores are up and running once again in china. stuart: okay. we've got $280, the price of apple now. i believe it reached $330. that was a couple weeks ago. so down about 50 bucks. essentially at this point, you are down 50 bucks on apple. america's probably most successful company and certainly its most valuable company. it's at $280. susan: remember the conversation i had with tim cook. if they have stock declines it might be a good opportunity to repurchase their shares. they have been buying $100 billion worth of stock. when you take supply and buy your own stock back, that raises

the price of the stock. stuart: as we reported a few moments ago, the former ceo of ge, legendary jack welch, has died at the age of 84. i think the president -- ashley: has been tweeting. let's tell you what he said. jack welch, former chairman and ceo of ge, a business legend, has died. there was no corporate leader likeneutron jack. he was my friend and supporter. we may wonderful deals together. he will never be forgotten. my warmest sympathies to his wonderful wife and family. stuart: i worked with him on many, many occasions. he was a brilliant ceo. that's a fact. greg valier, chief u.s. investment strategist at -- i forgot the name of his company. >> agf in toronto. stuart: thank you very much indeed. this seems to me, this virus is both a demand problem and a supply problem. a supply problem in the sense we might not be able to get the stuff we need from china to make

things. a demand problem in the sense that we are not shopping very much anymore. you ever seen anything like this before? >> no, i haven't. i think you got to say that while we sort of know there's going to be more infections and sadly, more fatalities, what we really don't know is whether this brings the global recession. i thi chances of that happening have gone up quite a bit. i would be enthusiastic if we got massive stimulus, whether it's monetary or fiscal.t has turned this market around, maybe starting friday afternoon with the powell statement continuing this morning. the lure, the promise of stimulus i think has made a difference. stuart: you think it will make a difference to the market if the federal reserve said we will cut rates and do it now? >> i do. i know a lot of people say what's 25 or 50 basis points but it's more the psychological impact, showing the markets we are determined to avoid a recession. i think powell can do that. stuart: you think it makes a difference in china announces as they are expected to, a massive

stimulus program? >> sure. i think they need something like that. western europe needs something like that. it's not a panacea, not a cure-all, but i think it shows the markets that the powers that be are determined that this is not going to drag economies down into recession. stuart: do you think we are close to a bottom for the dow industrials and american stocks? >> hard to say. that humbles people when you make a comment like that. but i do get the sense that everyone's starting to sniff around for bargains. a lot of stocks are looking cheaper. i do think that maybe we sort of ran out of sellers on friday afternoon and it's continued through this morning. but again, we need to see something positive out of the fed in the next week or two. stuart: that makes all the difference. i'm surprised to hear you say that. that's not going to fix our supply chain problem, is it? it's not going to fix the demand side of the problem either, its? >> i would be naive to say it would fix all these problems but to get a stock market that's rebounding i think is part of the equation to get us out of

this mess. i think a rebound is doable if we get the right monetary and fiscal policy. stuart: hold on for a second. i want to recap what's been going on in the market thus far this monday morning. as we approach the open of the market which will be in precisely four minutes' time. we have about modest, albeit modest after a wild night overnight, we are up 250, 260 on the dow industrials, 97, maybe 100 up on the nasdaq and the s&p is up 24 points. we still have a monumental flight to safety. we have the yield on the ten-year treasury all the way down, i think right now at 1.06 or 1.07%. that is a huge flight to safety. look at that. we are at 1.09%. not much of a relief. certainly a help. keith fitz, again, back to you. do you think we might be approaching a bottom or am i grasping at straws here? >> i don't think you are grasping at straws at all. psychology is what rules days

like today. my sense based on 37 years of experience and occasionally being correct about this stuff is that we are getting closer to a bottom than a lot of people think. people are starting to nibble, to the last guest's point, starting to look, if the fed comes in, it changes psychology. i'm anxious to see some buying come in. stuart: let's go to kristina partsinevelos at the new york stock exchange, who is watching costco. i think it was quite a run on all kinds of supplies at costco. kristina: 100%. there are two separate traders who told me, one specifically mentioned brooklyn, photos online of massive lines at costco because people are going to stock up. we have already seen this in smaller stores, when they are stocking up on purell and hand sanitizer. i spoke to another trader who brought up retailers as a whole. he said without sounding insensitive, that this virus could beer allow them to lower their guidance, lower their estimates going forward

for 2020. we know retailers have been struggling for quite some time now because people aren't really going to stores, brick and mortar or mall locations. so he said this could be the needed win for some of these retailers. they can lower their guidance, then in several months hopefully beat it when the summer temperatures come out and people are out shopping and buying things. but more specifically with costco, you see it's up almost 5% this morning. a lot of that has to do with just the fact that people are running on this fear process of buying their goods, buying non-perishable items. when you are talking about toilet paper, bottled water, of course masks as well, everything has been sold out at a lot of these locations. i would say masks more specifically, toilet paper we know is constantly restocked. several traders did mention costco as a continued potential winner within this virus and as it spreads. stuart: let me run up to the market which opens in 90 seconds. what we've got is the expectation that the federal reserve will lower interest

rates and soon, and frequently. greg has told us that will be a good thing for the market. we also have china. we are expecting gordon chang is with us, you are expecting a major stimulus package, correct? >> yes. i don't think it's going to do very much good. stuart: but it's going to happen. very likely will happen. susan: they will cut taxes, they will spend more, there will be some sort -- stuart: rate cuts here, stimulus package, china. we are expecting a new test for the virus to be coming online pretty soon. when that happens, doc siegel has told us you will have a lot more cases reported, maybe thousands of new cases by next week. we also have the market, of course. this is the backdrop to the market which opens in 30 seconds. right now we've got a bounce, up 264 points. previously, we were up 600 points and also down 400 points. i think what you're looking at

hes is an up and down day, similar to what we had in the past week but who knows where we close out this monday afternoon. that's going to be crucial. the risk is headline driven. watch the headlines. you get them feirst here. bang, 9:30 eastern time, we are off and running and i'm pretty sure we are going up. yes, we are up 230 points. i see plenty of green on the left-hand side of the screen. those are the stocks that are now open. almost all of them in the green. i see two, mcdonald's and travelers, two dow stocks are down. ashley: ibm and walmart. stuart: also down. travelers down. most of the dow 30 are in the green, on the upside and the dow is now up 222 points. that's a gain of .9%. let's have a look at the s&p 500. where is that in the very early going? by the way, the dow is now up 1%. the s&p, that is up 1%. exactly the same as the dow.

the nasdaq up 1.25%. what you've got here is a bounce in the very, very early going. if i say don't expect it to hold, that's not a forecast. that's a declaration that you will have volatility. ashley: how much did we lose last week? stuart: 3500 last week. ashley: 300 point gain is good but very modest. stuart: not exactly a gigantic bounce. can you show me various stocks? i want to see what we've got moving. big tech, maga stocks. gilead sciences, okay. they are buying another company, forget which one, the name of the company is 47, they are up a little today. the big techs, apple now at 282. microsoft is up three bucks, $165. amazon is up 17 bucks but still way shy of $2,000 per share. alibaba is up a fraction, $208.

baidu up a fraction. jd.com is a nice gain, up 8%. 3m is up. i think they make various products which you might need in a virus situation. caterpillar is down, boeing recovering by three bucks. look at the level. boeing is only at $278. keep showing the stocks, please. i want to see what's going on here. broadcom is up, nvidia is up. interesting. nvidia makes chips for video games. texas instruments is up. big tech, not doing too bad. semiconductors in particular. gold stocks are up. that's interesting. the gold stock didn't move that much with bullion prices. ashley: big selloff last week. stuart: there was indeed. i don't know what -- oh, home builders. horton, all of them on the upside. modest bounce for housing as well. back to keith. what's your early judgment on the very early trades this morning? >> as expected, we are going to see some computerized buying,

some stability coming in. it's much broader than i did anticipate coming in today. but if this continues and we can change the psychology, this is ahead of the federal reserve, that might be the floor people need. we will know by 12:00 today. susan: you also saw and anticipated there might have been a floor set on friday as well. in the final half hour of trade, you actually saw a rally of 600 points no tinto the close. that was a signal maybe there was a temporary floor being put in. the 300 point rally probably reinforces that. stuart: temporary floor. you are on dangerous ground. susan: i'm trying to hedge by saying temporary. stuart: good idea, too. doc siegel just passed me a note. gilead sciences makes an antiviral what? >> remdesivir, big drug being tested against the coronavirus. stuart: the stock has gone straight up. you were in omaha last week. >> that's where the trials are. it looks very promising against the coronavirus.

stuart: the stock is up another near 3%. that thing has gone straight up. >> some other companies to twhach awatch that are involved in the vaccine stuff, one incredibly exciting vaccine is coming out of israel they made for birds, they have a much faster regulatory process there. they made it for birds, they altered it, it's from migal research. that could actually hit market in three to four months. sanofi is very involved, they are refurbishing a vaccine they made for the sars virus. moderna is a company that dr. fauci at nih is looking at. they are about a month away from clinical trials. stuart: vaccines and/or treatments. >> for the coronavirus. stuart: okay. look at this. you can see how the market has just lost steam, just in the last few seconds literally. we were up 300 plus, now we are up 163. in other words, the market's

gain was just cut in half literally in two minutes. what have you got from world health? ashley: telling everyone don't panic, in particular the financial markets. the head of the w.h.o. says look, his quote is that the panic into the numbers, we don't need to do that. we need to go into the facts, do the right thing. panic and fear is the worst. not sure what he has to say that the financial markets would respond to but he's just saying look, let's consider what we are looking at here. we know what we are dealing with. we don't know how far it's going to spread and when we will get a handle on this but don't panic. stuart: keith fitz, still in self-isolation there, self-quarantine. you think what the world health organization says, telling us to calm down on the markets, does that have any impact whatsoever? >> no. i think anybody looks at that and says you guys ought to stick to health. the markets will stick to money. susan: i want to talk about historical precedents.

back in 2003 during the sars epidemic, we saw double digit declines because of concerns of a global pandemic but don't forget, in the 12 months afterwards, you actually saw growth and gaeins of 20% in the stock market. so the stock market rewards long term investors to stick with it. stuart: greg, catching on to that, do you see the end of this? can you project forward and say you know, by maybe the summer or fall, we will be out of it? can you say that? >> two things. number one, by the summer i think all the new stimulus will be in the economy, keeping us from recession. number two, i think every day we are going to have more rumors about a vaccine, a cure, things like that. that will continue. one other thing, if i might add. i think the market's got a good story tomorrow in the primaries. maybe we will talk about this later. if bernie wins california, i think he's going to win california comfortably, that ironically is a good story for

the markets. if he's the nominee, if he has the most delegates, i have a hunch the markets could gladly live with that because not only would he lose to trump, i think the democrats could lose the house. stuart: that's very interesting. jason chaffetz, are you still with us? i would love his comment on politics there. what you are saying about the primaries tomorrow, bernie's likely win, it actually means a totally split democrat party, doesn't it, which enhances i think president trump's chances of winning in november. >> either you have bernie as the nominee and i think a lot of people would be horrified, or you have him blocked by the democrats, they deny him the nomination and many of his supporters will stay home in november. stuart: yes, they will. kristina partsinevelos at the floor of the new york stock exchange, watching the food stocks. what do you have? kristina: i'm watching the food stocks and the dow because one trader said look, it's dropping

negative. but there's a report that came out talking specifically about the food makers you are seeing right now. you see across the board, these makers make non-perishable items, canned goods, cereal, all the things you can stock up on. of course, we are continuing the trend, people are a little worried so they are buying more things to go in their pantry, in their freezer. so this analyst does believe these stocks will benefit. the analyst did bring up another really interesting point. if this continues for an extended amount of time, yes, these food stocks will do well but then the food service industry will not, because more people will be shifting their buying habits from going to restaurants to just eating at home and eating these canned goods. i'm going to end on more anecdotal notes in regard to the swings we are seeing. a lot of of, according to several traders here, and if you look, the fed injected $26.8 billion overnight. that was a big message to the market saying we care, we are

listening and so that's part of the upswing that we may be seeing. people believe the fed is listening. stuart: tell you what we are looking at now, volatility. we i don we use that word a lot. down 3500 points last week. a tiny modest gain this morning. up 100 points on the dow industrials as we speak. keith, that's not much of a bounce, is it? >> no, it's not. but again, don't forget what's got to happen here. money goes to where it's treated best. so what you've got is water that's leveling itself out. there have been a couple ripples in the pond, some back and forth currents. that's all that's happening with your money now. financial equivalent, water is just trying to level so it can rise. stuart: greg, seems to me this is a trader's market. people are jumping in and selling two minutes later, buying back again three minutes later. that's what's going on, isn't it? >> yeah. and i think we could have these wild swings for maybe several days, if not weeks, until we get a clear idea of what the

monetary and fiscal stimulus is going to look like. that still remains to be seen. we get 25 basis points, 50, do we get a tax cut? a lot of things still to be decided. stuart: jason rotman, market watcher, joins us now. have you any idea where the bottom is? >> i think we are actually very close. looking at daily charts, weekly charts, kind of through the trader's lens of support and resistance to major institutional levels, i think, listen, i would say within the next couple percent. we have had almost a 15% drop in a couple weeks. i actually think that's unjustified for the long term. the market will do what it will do but i don't think we have another 10% down. i think buying certain stocks which we may be able to talk about today is very justified, like today. stuart: you like microsoft, don't you? >> i do. i know you do, too. stuart: i used to. >> microsoft has had a massive drop. that company is not going ner.

i was looking at data from 2008 in microsoft when the share price got hammered. the actual intrinsic value, how we measure the worth of a company, did not go down at all. the market is much more emotional than what companies are actually doing and i think microsoft is a phenomenal investment right now. stuart: how about twitter? you like that too. >> twitter is even better. twitter, if i had to choose one or the other, twitter 10 out of 10 times at this point. several reasons. one, from a short-term basis, twitter is arguably the best stock in the world right now from a coronavirus standpoint. it's the ultimate stay-at-home stock. you don't need to go out to use it. and twitter is the ultimate real-time internet news vehicle. what are people looking for non-stop to guide their daily decisions? news. you go to twitter. third of all, elliott management, multi-million dollar hedge fund, established an activist stake in twitter. i think twitter is the perfect

candidate for alphabet to buy out. stuart: hold on, jason. tell me more. susan: yeah. is that actually positive for the stock when you have an activist investor building up a $1 billion stake and they want to oust jack dorsey as the head and twitter ceo. right now, from what i see, elliott has nominated four directors for twitter's board, if they actually get all four on board they could, they could possibly oust jack dorsey. stuart: doesn't he want to go and live in africa for six months? susan: he has mentioned that. jack dorsey also, by the way, operates square which is a payment system. but if you look at twitter's user numbers daily, 150 million. compare that over t-- compare that to facebook. stuart: edward lawrence joins us from capitol hill. what have you got an update on? reporter: a lot going on on capitol hill. my sources tell me that senator

chuck grassley and the senate finance committee are looking to possibly tax relief if the coronavirus starts to adversely affect the u.s. economy. at this point they are just talking about it and what they could do in the future. it hasn't come to that point. also on the emergency funding, the house i'm told from a senior democratic aide that there are still bipartisan talks on that emergency funding. my sources are saying it's going to come down between $6 billion and $8 billion. this is all going to be new money. nothing diverted from any other fund. the house speaker according to my sources saying she wants to make sure the president can't then divert that money to another fund. it has to be used on the coronavirus or an infectious disease. stuart: greg, why on earth is it taking so long in a national emergency like this? >> well, it's always glacial on capitol hill, regrettably. i think there's going to be a lot of good idea percolating like what we just heard. that amount of money is small

but maybe we have a truce on tariffs for awhile. maybe we lift tariffs between the u.s. and china. maybe we have a truce on western europe. there are all sorts of things that can be done to lift the economic boats and i do think both parties would be well-advised to do some of these things. stuart: okay. i just want to recap a little here. i don't think you will be able to see a bottom for the market because at the moment, we don't know how much our economy would be affected if large numbers of people are quarantined and if people are unwilling to go out and mingle and shop and travel. until you know the answer to those questions, very hard to see a bottom forming in the market. now, the key to answering that question is a test. want to go back to doc siegel. we don't at this point have a mass-produced immediately available test for the virus, do we? >> no. it actually takes -- right now, it's taking a week or two or more because you have to send it to cdc. but as alex azar has been

saying, they are now sending around the country thousands and thousands of kits. even those kits, they use throat secretions to test. it takes a few days to get results. what i have in mind, what cdc is working on is something called a rapid serology test where you can literally know the result within minutes or within several minutes, you would have your answer. that's what we need as a clinician. i see somebody with a cough, shortness of breath, high fever characterizes this, by the way, higher than the flu. have those symptoms confirm, separate, isolate, quarantine. right away. or say to people you don't have coronavirus, go about your business. stuart: you can do it right away. we are not in that position yet. how far away? >> weeks away from that. maybe the money we are talking about will help with that. although i have heard the money isn't really the problem. we need the test now. stuart: yes, but we need it now and in the absence of a test now, this condition spreads.

>> it's also awkward for hospitals because they think something is a suspected case, they isolate them, waiting and waiting for the results. they may be wrong. stuart: i'm going to go in for some medical tests this afternoon. am i going to be met by medical workers in haz/mat suits? >> no, not yet. it's wise you get it out of the way. stuart: we don't know, do we? we don't know who is carrying this thing. >> it's not over all hospitals in the country at this point. it's still isolated cases. it's still pockets. it's not yet widespread although i agree with you that there are thousands of cases that we don't know about. stuart: have we contained it? the quarantine we've got, is that containing this virus? >> that's actually worked. when you look -- well, it's worked to keep it to certain regions. yes. i actually think the public health response has been excellent here in the united states. with the exception of this testing. the testing is a huge hole in it. it's got to be fixed. stuart: got it. >> public health officials have done a good job otherwise. stuart: back to the market because we were up 300.

then we were up 100. now we are up 200. all over the place. 26 of the dow 30 are green. four are in the red. keith, what have you got? >> well, tell you what, if a long-term assumption is these companies are valuable and have a clear path to profits, that's why you buy. but days like today, you question whether you are an investor or speculator. i have an investor's mindset so i'm looking. that's why i have a buy list that's growing by the minute. stuart: we should tell our viewers again that keith fitz-gerald is in self-quarantine situation. a relative came back from japan and out of all sense of decency and the right thing to do, you are quarantining yourself. that's where you are right now. no one is anywhere near you, are they? >> that is correct. i'm in my office. i have no contact with anybody other than my family. stuart: are you having food delivered to your door or something? >> fortunately, we stocked up.

i remember this vividly for sars and avian flu in china so we started stocking up a couple weeks ago and yes, we will have food delivered to the house if needed. stuart: thanks for being with us. the miracles of the internet, just terrific. news on the "new york times." ashley: their shares are down, just checking, almost 4% now. they are putting out a warning saying they expect the coronavirus to affect their current digital ad sales. they say those sales in this quarter expected to decline 10%. they are seeing a slowdown in international and domestic advertising bookings which they put down to uncertainty and anxiety about coronavirus. so they expect total advertising revenues to be down in the mid teens, 15%, in this current quarter. stuart: i would expect facebook and google to be taking -- ashley: based on what they say, yes. stuart: if the "new york times" is saying that, a decline in digital advertising revenue, wouldn't that follow through to facebook and google? susan: well, it's a little bit

different of a model at google because how they get advertising is people just go on to search and they check them through different web sites. that's different from "new york times" which operates its own content avenue, right? stuart: i don't understand the different channels, quite frankly. but the "new york times" is down 3.5% on a decline expected in digital advertising. ashley: when you are advertising to social media it's way, it's out there. when you are advertising on the "new york times" you are advertising to a specific group. stuart: recap the market. we are now 20 minutes, almost 20 minutes into the trading session this monday morning. we have gone up, off a little less, up some more, now up 200 points. i don't believe we have yet gone into the red this monday morning. have we hit the bottom? we will ask that all day long. have we hit the bottom. very very hard thing to suggest because you don't know what's coming at you. we are up and down, all over the place.

jason, are we anywhere near the bottom in your judgment? >> yes. as i said, i think we are near the bottom. i think we are within a few percentage points of the bottom. i think we are just starting to see a global concerted effort by central banks to try to stimulate the economy. yes, i'm aware that lower interest rates does not equal a cure, it does not equal a vaccine. i think everybody is aware of that. that said, the market does like when banks cut rates and i think we are just starting to see that. i think the market may start to try to get ahead of that somewhat soon. stuart: pay close attention to stocks coming to us out of china. baidu and alibaba. baidu up? susan: just raised to overweight by jpmorgan. we have seen a hit on china-related stocks, baidu equivalent to google in china, also jd.com. those are the amazon-like type

of stocks and companies. for its part, from what i see over the past, what, four weeks or so, baidu down around 3% but today an overweight. there might be i guess bargain hunting for a lot of beaten-down chinese names because a lot of people say the consumer and the na demand is there, just delayed because of the coronavirus. stuart: any comment on that, gordon? >> i think when you take a company like baidu, it will be less subject to central government manipulation. i think that probably is a real bounce. you look at some of the state companies, that market is manipulated. stuart: i have alibaba, only up 60 cents, very, very modest. i wouldn't call this a bounce, to be honest. dow industrials up just 140. ashley: money still going into treasuries. ten-year at 1.08 now. stuart: remember it hit a low of 1.03. ashley: now 1.077. stuart: extraordinary.

okay. kristina partsinevelos at the exchange, you are watching leading sectors, consumer staples. go through them, please. kristina: we have been talking about it all morning. as expected, it is the leading sector, consumer staples. think of all the non-perishable items we have been talking about. colgate, they make soup, toothpaste, all things we need. clorox to clean your house. costco because people keep going to buy in bulk over there. talking about the second leading sector, utilities, throwing dominion on there, and the third sector we can focus on is real estate. also a big mover today. you can see the three leading that group. one trader before we went live walked by, he's like it's quite something this morning in terms of volatility. the fact we already had an 800-point swing, talking about premarket trading until now. a few people making bets this could possibly be a bottom and that's because a lot of it has to do with support from the federal reserve.

the federal reserve looks to be showing support and they like that. everybody is trying to find little pockets of money where they can get in and make some cash. one trader said he was here on friday until 5:30 p.m. his client, i shouldn't point in which direction, made millions because he bought a few spdrs and sold them off. i don't want to give you names. they will get me in trouble. stuart: one of the themes today in how this market reacts is people separating themselves out. unwilling to go shopping, unwilling to go to the cinema, unwilling to travel, unwilling to come in close contact with other people. that is going to be a problem, if you see -- an economic problem if you see people separating out. i think that's exactly what they are doing. >> it's hysteria, actually. that fear reaction is of course driving the market, as you have talked about for days here. i don't think the public response is exactly proportional to the risk here. it's very difficult to communicate that to people without thinking that people say

you're diminishing the risk. we have done a great job here saying what the risk is. we don't know how many cases there are. it's a lot more contagious. i have been following contagions for many, many years. this is one of the most contagious. easy for me to say about ebola you are not going to catch that. this is spreading. it may be spreading undetected. it's new. we don't have a vaccine. all of that is panicking people and they are overreacting. of course people should be going out. there isn't the kind of presence of this virus where you can't be on the street. now, what your guest said, where there was a traveler from japan, it all depends on how many people have it in the area you are traveling from. that's the key. stuart: isn't it also how many people you come in contact with when you arrive back here in the united states? or if you are a carrier and you don't know it, how many people you come in contact with? i don't see how the health authorities can check every single person that you and i have come in contact with if we are carriers. i don't know how you do it. >> well said.

stuart, it's reached that point where all the public health initiatives in the world, it's something called contact tracing, what you are talking about. you have a case but the person was in contact with hundreds of people over the past day, it's impossible to figure that out. i would add, though, medically, you are less likely to spread this when you are asymptomatic. way less likely. it's when you have the symptoms, when you are coughing, sneezing, when you have that fever. that's where most of the transmission occurs. stuart: greg, we are here in new york and we do see some of this separating out in the immediate environment of new york city. i think you are in washington, d.c. have you seen anything somewhat similar? >> not yet. but it's still early. i would make maybe a modest case for being positive. there's going to be an enormous surge of refinancing over the next several weeks that is quite positive for growth. i also think there's going to be a lot of speculation about what gilead's doing, what they are doing in israel. we don't have a cure tomorrow but i think like we got, you know, the manhattan project got

the nuclear bomb that ended world war ii, i think this will lead to tremendous innovation on the part of the firms like gilead. that's a plus as well. stuart: i hear you chiming in, keith. what have you got to say? >> well, that's the key right there. crisis always creates opportunity. so the optimist in me looks and says the magnitude of this crisis is going to produce unprecedented innovation. this country may be down, many countries in the world may be down but you know what, the world is still filled with clever, resilient people. i will vote with them. stuart: real fast, gordon, i hear a place like hong kong is emptying out. those who can leave are leaving and there's a large concentration of people from hong kong now going to vancouver and the west coast of the united states. is that accurate? >> that's correct. also, we have the hong kong schools being closed through april. that's unprecedented. i think travel restrictions president trump put in place at the end of january are

absolutely critical. that's the only reason why we do not have an emergency now. stuart: i'm looking at the casino stocks. they are all related to macao, of course. they are all down today. any update on that? susan: gaming revenue was down about 80% in the month of february. that's a crater right there. that's huge because they were also closed for two weeks over the chinese new year holiday period. that's usually when people go to macao to get some entertainment and gamble. this is a big deal especially for the wynns and sands. stuart: hard to know when they will start traveling again within china, isn't it? >> certain parts of china, they will travel. but when this has clusters in places like beijing, maybe even shanghai, you are going to see this virus really move and you are going to have different travel patterns across the country. >> i actually agree with his point about travel restrictions the president has put in place have had an effect. i want to make a point to say something you brought up a few minutes earlier.

the world health organization has been a total disgrace. how dare they. now they are saying don't panic, after they came to the party so late, after they were probably involved with china and suppressing all of this, and previous contagions? they are always the first to panic. the world health organization said bird flu will kill 100 million people. now here they are, they are so untrustworthy in these situations. stuart: is it a politicized organization? >> completely. the w.h.o. is largely responsible for this virus being spread out of china and there's got to be repercussions about this. we need to start defunding the organization if they don't change. >> i agree with gordon on this completely. stuart: that bad? >> they do some good work. >> the staff does the work. the staff does good trying to make sure that people can travel. that is how this disease spread out of china because of the w.h.o. >> dr. wren in charge of communicable diseases for w.h.o.

was head of public health in china. one of their top officials for 30 years. they couldn't be more in bed together. stuart: greg valliere, hear you saying yes, yes. you have a thing about the world health organization as well? >> i agree they created a sense of panic. every auto accident is a tragedy but we'll lose more than 30,000 people this year to car fa the at thats. you have to put this in perspective. stuart: okay. we're heading up to the top of the hour, very close to 10:00 this morning. that means we've been open for a half hour. so far we have not dipped into the red. not for the dow industrials, s&p and nasdaq. we've been up as much as 330. up now 120. you have got volatility. so far it has been on the upside. as we speak the dow jones average is up 137. roughly half of the dow 30 are in the green.

roughly half are in the red. the s&p 500 is also up about the same amount. half a percentage point. nasdaq same story. i call the anxiety index, that is flight to safety for the 10-year treasury. we went down to yield of.03% at one stage. i think we're back up now to 1.08. that is hard i also, that is exceptionally low rate. case closed. exceptionally low. 10:00 eastern, that means we just got some latest up in members on manufacturing sector. ashley, do you have the number? ashley: we do. slightly down from january, 50.1. 50 is the baseline. if you're above 50 barely in in expansion. we were 50.8 in december. this is not a big downside surprise by any ends means.

this is down slightly from january. stuart: this is interesting, you got reading on american manufacturing, number of 50.1 which implies, okay, we're still okay, modest, very modest expansion. ashley: correct. stuart: the same number out of china was 35. 35, compared to our 50. i know some degree comparing apples and oranges, but a reading of 35 gives you understanding just how far down chinese manufacturing has sunk. they're the workshop of the world, they are really slowing down dramatically. next case, numbers on construction spending, susan. susan: up 1.8% this is really good, very strong. 7th gain of construction spending increases. we're looking annual rate spend of over $1.3 trillion when it comes to construction spending that is good for the u.s. economy if 1.3 trillion continues to spend into it and creating jobs as well.

stuart: that is a backwards indicator, isn't it? not looking towards future expenditures. susan: it is the largest monthly increase in spending in two years. the u.s. economy remains strong. underlying fundamentals as we call it. stuart: keith fitz i would thought we have more impact on the market from a strong construction number like that but apparently not. >> no. not yet, stuart. this is still all about psychology. everybody is listening to that number. real impetus is lack of a test, federal reserve, any kind of stability you can put in. that is matter of looking for upside once you have a base. stuart: i'm looking at market now. we're back to a gain of 90 points. that is where we are. up 300. now up 90, up 88 points. volatility is the name of gaat i am and greg valliere, i don't see this stopping for some time to come. >> no. i think it will last several

weeks. i will reiterate, point we made earlier. we'll see unprecedented surge of refinancings. i think that is a source of stimulus. stuart: okay. we've been told wearing a mask is not going to do you any good. so kristina partsinevelos what do the makers doing now? >> incredible to see movement in these stocks, specifically apt. that would be alpha protect. we watched how it climbed 620% since the first outbreak. the stock has been halted because it dropped so dramatically. it is down 22%. the same thing with lakeland. they both make facemaskses the surgeon general came out over the weekend stop buying face masks if you're okay. if you're not sick, you don't need face masks. if you move it around too much you're spreading germs even more. save the face masks for nurses and medical officials that actually do need it, versus

those, i'm scared. you are seeing a sell off in the two stocks because the surgeon general saying stop buying face masks. stuart: good stuff, kristina. doc siegel, the face mask doesn't do anything for me, what does? how i guard myself. >> dr. kristina is absolutely right, move the thing around, collecting viruses. put it in your hands or eyes. more likely getting sick using a face mask than it actually protects you from anybody. stuart: how do i protect myself? >> you go on a plane. the plane is filthy. i like disinfectant wipes. all the disinfectants probably work on surfaces against the coronavirus. clorox does, they work on surfaces. going on common surfaces, own a plane, a train, wipe down the surfaces. washing hand works for all respiratory viruses. if nothing comes out we'll decrease the transmission of flu washing our hand more.

you use the hand wipes but make sure your hands are well-lubricated f they get too dry, viruses go in. you don't want your hands so dried out from the hand sanitizers or cracks, entry point of viruses. drink more water on planes. staying well-hydrated, making your membranes moist especially in the nose, hairs in your nose, decreases chances of catching viruses. stuart: all the way down to that. good lord. >> back to vaccines. we don't have it yet. stuart: we need you badly. market is up 98 points on the dow industrials. rebecca walser, joining us now, any sign of a bottom? >> i wish i could say there was, stu but honestly this is too much of a premature rebound. i still think that we're going to have more emotional overreaction. and so the chinese data coming out with the pmi numbers being

the lowest, fastest decline ever, really, if you think about expected a 50. got 35.7. this is lower than the bottom of the great recession. so i think that will be digested. obviously we're seeing a little bit of a bounce-back because we're expecting the federal reserve to intervene, central banks to intervene. will that have great impact on the supply chain? not so much. there are some good signs, there are some positive signs i'm seeing. stuart: i'm looking at the market. i see the s&p 500 slipping into the negative column. down just a point. one of the first time we've seen one of the three major indicators on the downside. the dow is up every 40 points. we were down 300. now up over 30 points. coming down we look like. rebecca, i don't see how you find the bottom of this market until we find out how many people in america will be quarantined and how many people will avoid contact with others and cut down on their buying.

i don't see how you find a bottom until you have answered those questions. >> i mean this is unknown unknown, right? this is what we don't know, the deepness of this. the thing i do think just like dr. siegel was saying, this is a little bit of an overreaction, an emotional overreaction, we don't understand the virus. if you look at influenza or the flu, that kills 12,000 to 61,000 people per year. we've been living with that forever. obviously every death is important, not to belittle everyone's death this is not that. this is a much smaller death rate. just a much higher infection rate and obviously the world health organization and china didn't do us any favors not being completely transparent from the beginning so we could rationalize what the spread rate would be and what all of this would actually mean to us so now we're dealing with the reality of it and we're overreacting. obviously that is bad for the market. stuart: you can't see this, rebecca, but on the left-hand

side of the screen we're showing airlines. i'm astonished american airlines is down another 7%. $17 per share on american airlines. norwegian cruise lines that is down 7%. the cruise lines really absolutely taken it on the chin. just about to see the dow turning negative. there we go. down two points, down a fraction. up and down all over the place today. we had 1,000 point swing earlier this morning and into the trading session today. okay. if you were going to buy anything, rebecca, if you were going to buy anything, what would it be? >> maybe western digital? stuart: what is so special about them? >> just their out look, their forecast. we think the demand for that will be a little bit more robust. that no matter what happens, it is a good space. stu, i don't think, i was on here last week. i think worst-case scenario we could see as much of a 25%

pullback. we had 12% so far. so i don't think we're at the bottom. i know a lot of people are being very hopeful but i don't think we're there yet. i think we'll have more emotional overreaction when we have more deaths in the united states, we have more spread in the united states. that is going to make investors more uncomfortable. the fed will help a little bit but you're still going to see people overreacting. that will impact us. if you're looking for a bargain, i still don't think we're at the bottom just yet. stuart: okay. let's go to keith fitz still with us. he is in self-quarantine having a relative return from japan. doing the right thing, self-quarantining there. how long do you plan to spend in self-quarantine, keith? >> the cdc guidelines are two weeks. i will look to see my wife remains symptom-free and our oldest son returns from japan is symptom-free. in that case we'll be all clear an engage in normal life.

we want to be smart about this. there is no reason for me to run out there to be that guy. i can do things like this over the internet. i can work as long as i can touch the internet. i can trade the markets. the miracle of technology. that is where and why i'm so emphatic investments related to that especially now. stuart: i want to bring in tom homan, acting director of i.c.e. tom, we have got a guy, who you saw him is in self-quarantine. the president talking about the possibility of closing the southern border to prevent the spread of the virus. come on in, what do you got to say about this? >> i think it is absolutely needs to be an option. under 212-f of the immigration law, stuart he can restrict entry of aliens, immigrants and non-immigrants if it is detrimental to the interests of the united states. so i think it is an option he has. i think he takes action on that. i think we monitor what is going

on in mexico. there is coronavirus in mexico already. i think a lot depends what the ninth circuit just did. the ninth circuit ruled the remain in mexico program has to stop. now the doj has a stay on that decision but if ninth circuit goes back, no, you cannot keep seeking asylum in mexico, the president has a strong case, putting, making an argument for 212-f suspending entry in the united states between the ports of entries. after ports of entries, step up reviews and interviews and make sure those entering are free of any sort of symptoms of coronavirus. stuart: that would have a profound economic impact because the cross-border, the legal, the legitimate, cross-border traffic with mexico is enormous, isn't it? that would have profound impact on america. >> i said the 212-f if he suspends entry between the ports of entry.

at port of entry, step up inspections. 100% inspections. talk to anybody coming in. see if they're symptomatic. first stop illegal entry, stop taking asylum applications despite what the ninth circuit says, start there. increase inspections at the port of entry. we close the port of entries before, during murder of a dea agent. if this issue continues to expand i think it is an option the president needs to take. stuart: that would be closing down the legitimate points of entry, not just between them but actual points of entry closure. hold on a second, tom. i've got with us, texas congressman will hurd. congressman what do you think about closing the southern border, literally shutting it down including the legitimate ports of entry? >> well, shutting down the ports of entry would have a huge impact on our economy at a time right now with what y'all are

following what is happening over the last few days. that would probably be a bad idea. we should be treating our ports of entries same way as airports. people coming through from countries high-risk. we know what steps should be taken to do that. of course in between our ports of entry, nothing should be coming through there, all right? that is illegal to come across our border that way. we should be deploying more technology, which we are over the last couple years. we have improved, with latest and greatest technology along the border to do that but we should look at our ports of entry the same way we're looking at our airports. hopefully the next week or two we'll see more testing for the, more testing kits so that you can tesco individual -- to covid-19. more folks we'll have better idea who has the virus and who

doesn't. stuart: about why on earth congress is not in special session? why aren't congressman, house and senate, why are they not in washington, d.c., getting this thing dealt with? you want to supply more money to combat the virus. why aren't you there? >> well we're there this week and we'll be voting on a supplemental to add on top of the money, cdc, hhs already has. so right now these -- stuart: do you think you should be getting on with this faster? >> of course the sooner the better also but by the end of this week there is likely going to be an agreement out of the house. this is also something changing fast. stuart: good lord, sir, it is a monday morning. >> sure. stuart: you know, at the end of the week you could can understand the frustration here. >> right. yeah, but the reality is cdc and

hhs has been having the resources to deal with the threat as is. congress adding additional fund is not going to be able to help get more masks produced in the united states of america. it will not have a drastic impact on global supply chaunce. with also need to be making sure that there is resources available for local officials to be reimbursed for the work they're having to do do. in my hometown of san antonio, we took some of the people from the diamond princess. i think what is also important at this point we shouldn't poe little size the health crisis. we should be deliberate in the fact that this is, this is serious. this is a global threat. the threat to individual americans are low but we have to remain diligent and vigilant to make sure we're prepared for this to get worse. stuart: hold on a second, congressman. greg val your is with us out washington, d.c. what do you say about the possibility of closing legitmate points of entry on our southern

border. >> if you want to improve psychology in the country you don't want to be politically provocative. not only would it hurt the economy, it would just raise the temperature politically. that is the last thing. we need to listen to dr. fauci. we need to listen to the experts. if you want to get psychology improving we need to talk what is happening in israel, what is happening with gilead. that is the hope of the future. stuart: i think we also need to talk more about what's happening in iran. i'm sure you saw this, greg. senior advisor to the khomeni people, he is dead. he died of this. there are senior members of the administration in iran come down with this illness. they're doing nothing, not nothing but they're doing very little to stop the flow of pilgrims backwards and forwards by the hundreds of thousands. that is a huge threat to the world. >> when this whole thing is over, whenever it bottoms, whenever there is over, there

will be postmortem what happens with the iranians and chinese. >> what is going on? stuart: keep going on, greg. >> it will be a harsh postmortem when people look bark to see how iranians and chinese handle this. stuart: i honestly think you could see regime change in iran because of this, out think so? >> yes i do. stuart: not regime change in china but diminished authority of xi xinping? >> people in both of these countries done a great disservice by their leaders who didn't adequately give them advanced warning. stuart: let me go back to congressman will hurd. busy jam-packed show, last word to you, sir, what would you like to get out there? >> say that one more time. i had a hard time hearing. stuart: what is your last word on this. we're kind of running out of time. what are your final thoughts what is going on here. >> wash our hands. don't travel to china. don't travel to italy. don't travel to south korea. don't travel to iran right now

until those countries get this under control. you should be wiping down hard surfaces. these are the steps we should be taking. this is serious. it is a serious global threat, but cdc experts at hhs, local health officials are working together in order to make sure that we're ready for a growth of ceiling the coronavirus cove individual-18 in the united states. stuart: last thing, congressman. you're in texas, you seen any signs people are separating out unwilling it travel, unwilling to go to the grocery store, any signs at all? >> i haven't seen that i've been in my town of san antonio all weekend, out and about. people enjoying the nice weather, enjoy watching basketball. getting ready for the final four. stuart: okay. congressman will hurd, republican, texas, thanks for joining us, sir. we appreciate it very much. thank you. new york governor cuomo and

new york city mayor de blasio have just given update of cases in new york and new york city. ashley: let me give you comments from the governor. he said community spread is real. we're going to have more cases. that is inevitable. i've been saying for weeks people will test positive. there will be many, he says. testing increasing testing capacity we want 1,000 tests per day. and then we will isolate those people who are identified to reduce the spread. now he, they also talked about the woman in manhattan who tested positive. they say she was a health care worker and that she and her husband also a health care worker did everything by the book. they did everything right. they do not believe that she was contagious and exposed other people. stuart: okay. >> of course they have contacted everyone on the plane and the private car drivers that they used. contacting them to make sure that they too have not been exposed and show any symptoms but she said, we don't believe she was contagious.

again, contagion they say, doctor has been saying this all morning, dr. siegel, contagion is sneezing, coughing in is isolated setting. >> it is very, very hard to do restricted travel restrictions. i haven't mentioned this. they caulk to customs and border protection. they lie to us. they been to china with the second stop, they don't tell us. we don't get all the right information. i wonder if there is a way homeland security can figure out working with the airlines where people have been. that is numb about one. numb about two, symptoms are not always revealed. people can take tool noll or advil to try to suppress toms symptoms getting in. if you think just taking temperatures a way to identify this is not the case. i really applaud the administration how they're trying to do the travel restrictions but they're not 100% effective. stuart: get the test pronto.

>> 100,000 coming available. we need three times that. it has to be available in every medical center in the country and rapid as possible. stuart: president trump has been tweeting about this, i will read it to you the latest presidential tweet. as usual jay powell and the federal reserve are slow to act. germany and others are pumping money into their economies. other central banks are much more doing it much more aggressively. the u.s. should have for all of the right reasons the lowest rate. we don't, putting us at a competitive disadvantage. we should be leading not following. greg, you this the president is saying exactly what you've been saying? >> you could have predicted that tweet. i'm surprised it took him that long to say something like that. this is a period we need to rely on the experts, doctors and scientists. i'm not sure it is all that productive for trump to say that the fed will move, powell

indcaughted that on friday. it was not a helpful tweet. stuart: keith puts, you think the president and lott of investors would like the rate cut now, not next week, now. >> the fed can't be sycophants to trump. they have to do it at their pace. there is fed meeting in couple weeks. maybe we'll wait until then. the fed can't show the world it does exactly what trump wants at the time he wants. stuart: rebecca walser, come into this please. if we had a rate cut by the federal reserve in the very near future, would that help? >> i think what you're seeing federal reserve jerome powell on friday, letting people know, calming markets that the fed will is watching and will take action that is appropriate. we saw the rebound on friday afternoon as susan mentioned. the fed is a factor here.

we look for that. again we'll still have emotional back and forth. once cases are spreading in the united states, people will emotionally overreact. so we have to be prepared for that. this is going to spread. this is going to affect us. it is going to affect travel and make people stay home. conferences are being canceled. we have to be prepared for that and the fed is not going to be able to stop that full stop. it certainly will not affect our supply chain problems coming out of china. stuart: rebecca, benefit of viewers at home we might think jumping in with a little spare cash, are you saying not now, not yet? >> i'm saying i do not believe we're at the bottom. i believe unfortunately until this is just the very beginning, if you think about it stu, of impact in america. china has gone through it, all the other countries are experiencing, italy and south korea this now this week is starting to impact. we had our first death over the weekend.

expansion rate is going to have emotional impact on investors. they will not like seeing it is going to spread. i think once they see, okay it spread. we have china, look at ceo kevin johnson out of starbucks last week, thursday, they are 85% open on their stores and they're saying they're starting to see decline of new infections in china. they're starting to see a pullback. that is a positive sign. we're seeing infections to spread. we're not there yet. we'll not see the bottom until we're there. stuart: all right, rebecca, there is mounting attack on the virus. blake burman at the white house. the president's meeting with pharmaceutical companies today. i guess that is part of the attack on the virus, right? reporter: you start seeing series of meetings with executives at the white house from the business community. pharmaceutical executives later this afternoon, 3:00. the president said over the weekend this started out as a meeting to get executives here to start lowering drug prices. the focus has since shifted on

to the coronavirus and i'm told that ever since the coronavirus came into focus that they added more executives from the pharmaceutical industry into this meeting as well. to try to tackle and combat this problem. i'm also told, stuart, that airlines and cruise lines executives will also be meeting with the vice president in the coming days on wednesday, it will be the airlines executives. and on saturday it will be the cruise line executives, ceos, presume as well. the vice president heads up the federal government's stops but i wouldn't put it past it, stuart, the president to be at the meetings as well. they're starting to bet many business folks here at the white house. stuart: blake, airlines and cruise lines which have just been decimated by this -- reporter: hammered their stocks. stuart: is there any possibility president might offer financial aid to those industries? reporter: there is talks at

least on the hill about potential tax cuts if it would get to the point that would be for the economy as a whole. i'm not sure anyone is really there just yet. in terms of specific industries, stuart, we haven't heard that, remember during the trade war the president specifically decided to help farmers. might he at some point down the line potentially jump in for certain industries. we don't have any reporting on that. we don't know at this moment. it is a good question, considering what we saw with the china trade war. stuart: that question will be raised, no doubt. blake burman, back to you later at white house. let's turn to politics for a moment. tezlyn figaro, formerly with the bernie campaign, she is with us this morning. >> good morning. stuart: yes, good morning. i'm forgetting the pleasantries here, i do apologize. do you think that the virus will be an issue in the election and

if so, which way does it go? >> of course it will be. every moment is a moment unfortunately for people to politicize. mook bloomberg already pushed out believe how he would handle the coronavirus speaking about his time in new york and his ability to lead. of course they bring it up. they brought it up at the last debate. mike bloomberg was the only one to bring it up. hopefully we rally around americans, focus about our health as opposed to ballot. of course that won't happen. it will be continue to be politicized unfortunately. stuart: i would guess the president's performance on the issue will be a issue in the election? >> of course it will be. but no matter what, even if he does good, the bottom line democrats want to get president trump out of office. i don't see them giving him credit anytime soon f that was the case, there would be credit for the first step act which is something i was very proud of to

see come out of this administration. we're in tribal politics. it is not about right or wrong. it is not if you're with the right or the left. that is what the mission will be until the end of the year. stuart: you mentioned tribal politics. i think you're absolutely right. i think the democrats have two tribes, there is the moderate tribe and is the bernie tribe. there is a complete split and total divorce between the two. and i don't think that will be resolved tomorrow, super tuesday. i don't think it is resolved if at all but certainly not before the convention. what do you say? >> oh, for sure. it will be contested convention. you're absolutely right. there are two tribes. unfortunately thing for moderates, the tribe that bernie sanders represents has more volunteers, more individual donations, more money from those donations, more doors knocked. i think the tribe is certainly larger than the moderate tribe and it won't be over at the convention. that will be contested but really, varney, i don't see it

over next four to eight years. it will be a lot of time to heal the divide. possibly people moving to a third party. it is broken fractured. i don't see it healed. the moderates will throw everything at senator sanders to make sure he doesn't get the in nation. that is the reality of it. stuart: those of us who really enjoy politics whether you're on the right or left, this is absolutely fascinating. last one to you, tesla. seems to me a split and divided party is in no shape to take on a very united republican party under president trump in november? >> one thing for sure, trump has his party locked and loaded. they know to either if they go against the grain there will be consequences. democrats haven't been able to lock in their party the way president trump has. like it or not, i tell people all the time, lick it or not the republican party is pretty much united behind this president all with the exception of mitt romney of course. we'll see how that fares for him

upcoming, come the elections. it is going to be a challenge for democrats for sure. stuart: i think both you and i are enjoying this. tezlyn figaro -- >> i am enjoying it. stuart: i know you are. you have a lovely smile. see you very soon. that is a promise. >> thank you. stuart: exactly 10:30 eastern time. let me reset what is going on in finance with the virus. first of all the market, now we're up 173 points. this morning we've only briefly gone into the red. it was a very, very brief excursion into red arrow territory. it didn't last very long. burned back up again. look you're up 100 points, 160 on the dow after losing 3500 points last week. i will not call that. after bounce if anything. we've been all over the place today. up and down. and down and up all over the place. now we're up 145 points, even split between the winners and the losers.

susan, what do you have on interest rates? susan: what do you think of 0% interest rates? stuart: what do i think? not much. susan: jpmorgan says high probability if, that is if, if the coronavirus continues to disrupt past the summer. jpm saying we could get to 0, to 25 basis points during the financial crisis of 2008. er? pricing getting to zero rates by end of this summer. markets are expecting interest rate move at mex meeting in march. goldman sachs says 100 interest rate cuts. if coronavirus disrupt the businesses and travel. ashley: 1% end of this year. maybe a cut end of this week. maybe coordinated effort around the globe. the ecb is ready to pull the trigger.

what else, they tried everything up to now, it hasn't worked. yes, 1% total for rest of the year. stuart: worries me. you're awfully close to negative interest rates where you pay the borrower to borrow money. ashley: like germany. stuart: like most of europe, actually. we like to follow individual stocks that are moving today. we have way fair moving again and kristina at the exchange, tell me why, and which direction it's going? reporter: going way down, 5% lower today and not just because of one analyst or two analysts. literally four analysts have cut their price target for the company. way fair is well-known online platform to buy furniture at affordable prices. friday they had wider-than-expected loss for earnings on friday. another report, saying half of their supply chain comes from china. which means the coronavirus would affect the supply chain. that is part of the reason why you're seeing all of these price cuts coming from various

analysts. for example, ubs reduced their price target to $65 a share from 90. trading almost, at $59..95. wedbush also reduced their price target to$0. credit suisse a little more optimistic, believes shares can go to 110. we're seeing sell off for way fair. it was actually halted. you can't trade it. that is because of the volatility. a lot of people are concerned about the supply chain for way fair. stuart: that is virus casualty. a short expression that sums it up. a virus casualty. a special guest. he knows what it is talking about when it comes to the virus, dr. matt mccarthy, an infectious disease specialist with us right now. a return visit to the program and we appreciate that, sir. i believe you're expecting

literally thousands of new cases to be revealed next couple weeks s that accurate? >> shorter time period than that. when you hear crop crone in new york, the person tested positive was only2nd test our state has done. that is a national scandal. we have been far behind for weeks. we should have been testing for a month and we haven't. and as a result we don't know who has the virus. i tell you this as somebody who has boots on the ground. i was in the emergency room this morning seeing patients. i'm not somebody sitting here pontificating. i'm looking into the eyes of scared and vulnerable patients who want answers. i for a living have to tell people the truth. i can't bluff my way through this the truth we don't know who has this virus. stuart: were you talking to people with the symptoms of the virus because you're an infectious disease specialist? >> i see all kind of patients. stuart: are you taking precautions? >> i do. i take precautions.

the great part about working at the best hospital in the country i have a really strong group of infection prevention people. the challenge here is trying to light a fire under congress, under the coronavirus task force, trying to understand where the delay is coming from. we're going to see a lot of headlines today about pharmaceutical industry is working on vaccine. that is 1months away. i'm a doctor in the busiest city in the country who can't get a rapid, reliable test for my patients that is the most pressing issue. i've been beating the drum for a while. we've known about the virus since december. it is march. new york state has run 32 tests. that is a scandal bordering on a cover-up if we keep offering false reassurance. stuart: that is because they don't have a rapid reliable test. >> every industrialized country in the world has one. we created one cdc said oh, it is faulty test. you will hear a lot this week

ramping up testing. as of right now this moment we have not ramped up sufficiently. stuart: you're telling me in germany, italy, china, japan there is a rapid result test. >> in korea they have drive-through testing. you don't have to go to a hospital. they will do 10,000 tests in a day. we've done 32. this is outrageous. i think the president did a wonderful thing creating a chain of command for the pandemic response but now we have a leader. that is the vice president. mr. pence. we have to create a sense of urgency here to get the testing done. we have to cut through the red tape. we have to light a fire under people who can make decisions otherwise this thing will continue to spread. that's a big problem. stuart: i just want to know what's involved in getting a rapid and reliable test? >> so the type of test is called rtpcr. i sumos of you viewers are not familiar with the biochem mystery of it. it is a way of amplifying dna. if you stick a swab in somebody's nose, coronavirus is

in there you can quickly detect it. this is something a lab technician at any lab in the country knows how to do. i did this when i was 19 years old. the problem if you have a contaminated reagent. which means something in the little experiment is impure. we created something that didn't quite work properly where we could be convinced. and the challenge has been getting the right test out. now this week we'll finally start testing which means you will see a big ballooning of cases but remember, when you see that we have 300 cases by wednesday, that is only, that is reflecting what we've known for weeks. that means there is really thousands of cases. we've got to start thinking about mitigation strategies. what that means, acknowledging containment already failed this is spreading in the community. what you will see are more people like my friend ron desantis in florida, declaring a state of emergency. you have got to be prepared for that. right now what we're hearing from the topper loan of our leadership is not reflecting what the medical community is

preparing for, mitigation, closing of schools. all kinds of things doctors are talking about but we're not conveying that to the public. stuart: you expect that to come? >> absolutely. unquestioned. stuart: thoroughly convinced. >> absolutely. it will vary by region tremendously. i live in westchester. when i'm walking around beautiful westchester, not thinking about the coronavirus. when in times square jumping on the six train to go to work absolutely. not mass closures but higher. population density in manhattan is 20 times than wuhan. if this thing gets out i expect we see closures. stuart: is there a difference between full-scale quarantine in a hospital and quarantine at home? >> oh, tremendous. i don't think we're going to see a large-scale quarantine here first and foremost i think it work unconstitutional. i don't see any way for us logistically what they can do in

china but what i do see are in certain pockets, in the pacific northwest we're seeing this big expansion. we've often in the headlines focused about the number of cases, 88 cases, two beths. we're not focusing on on health care workers. there are hundreds of health care workers who may have to be quarantined. hospitals won't have providers to care for crush of patients that may soon be coming to us. this is a big issue that is not something i'm offering reas shuns on today. that may change. stuart: do we have the beds available in hospitals absolute and complete quarantine. >> if you run the numbers it doesn't look like it. what i really liked about the press conference on saturday the president stood up there, when they got into the nuances of the science, he stepped back, let tony fauci step in, the most infectious disease doctor in the country. he told us 20% of people who get this will have severe infection, which means icu. which means death. we have only 100,000 icu beds in

the country. most of the time, 3/4 of them are filled. if we have a big crush of patients i don't know where they are going to go. lars time i was on the show, after i came off, i got a call from a senior member of the military said, our boys are ready to mobilize. one thing i would be interested in exploring should we be building new hospitals? should we be expanding our capacity to care for people? i know that there are people in the military who are ready to spring into action. i'm telling you as somebody who goes into the emergency room every morning, that the testing is not there yet. it is coming soon. that will provide some clarity. stuart: above all, doctor, we have to avoid any sense of panic. >> absolutely. stuart: but when you come out with thousands of new cases, the idea maybe we have to have 100,000 special beds available, military might have to build hospitals, that encourages panic. >> well i don't want offer, panic is not a useful response. stuart: no, it is not. >> i can tell you, talking to patients day in, day out for years, panic doesn't help but being prepared for the situation

does. and when i hear people stand up at a podium say, life will largely go on as normal, there may be a few changes here and there, that is not reflecting the kind of preparation that actual doctors and scientists are doing right now for this. i'm not panicking. i've got two young kids at home. when i go home at night, i'm not worried that i'm transmitting a deadly virus to them. i want people to be prepared. sometimes i hear from politicians a lack of urgency, i want to use this platform to speak directly to the vice president who is the face of this response and say, cut through the red tape and make the testing happen so that we can save lives. stuart: can you force people into quarantine in their own homes? can you say, you've got to say there for two weeks? >> the thing you learn in medicine you have got an area of expertise. it is not wise to go beyond that i'm not a lawyer. i will not come here and tell you legally we can force people to stay home but we can give you

medical advice. i can tell you in certain high density areas you might want to. when i go down to florida, when i went to florida two weeks ago i wasn't thinking about coronavirus. when i'm in times square going on the six train i am thinking about it. what i say to viewers, think about where you are. how high density the place you live? if you're not going to a big city your risk is simply different than somebody like me going into the emergency room every day to see people coughing and sneezing. stuart: i'm looking for the other side of this. i would like to reach the other side. if we have a reliable fast test, if it is mass distribution, anybody who wants it can get this thing, you have got the explosion of new cases, doesn't that take you closer to the far end where you're getting over it? >> that won't be the end. that won't be the beginning of the end. that will be the end of the beginning when we have a rapid, reliable test. i will come on your show, things have changed.

we are getting testing. that will give us clarity. once we know who has cases then we can make informed decisions such as should we shut down march madness the basketball tournament, well if there is city with a breakout maybe we should consider it. we tested and have 300,000 cases, we can move forward. you will see the markets change. you see stability. we have to test a lot of people. until that point, until a doctor like me can come on here, when i press a button i get a test, i get a result, until that happens we'll have uncertainty. stuart: would you stay there for one second please. ashley will give us a report what has been going on in iran and i think that may pose problems for us here as you well know. ash, what is the latest? ashley: the latest we have finally the world health organization has a technical team in iran to support the country's efforts but to this point we really don't know what has been going on in iran. the death rate, we have 1500

confirmed cases. 66 deaths. that is a death rate way above what we've seen elsewhere, which suggests there are many more cases there they don't know about. they have shut down schools and universities in iran. they have 300,000 soldiers mobilizing. all of this could be too little, too late. all the religious sites including shiite shrines remain open. one of the expressions of faith is to touch and kiss the shrines. imagine that in the environment. they haven't stopped that practice. stuart: doctor, i think, neither of us know this, but i'm surprising the explosion around the world in the future may welcome from its base in iran? >> yeah. the first text i woke up to this morning was picture of people licking the shrine in iran. that concerns me. i'll tell you one thing, there is a big question about the case fatality rate. people quote one to 2% coming

out of china. we are doing a lot of mathematical modeling. we're not using the chinese data. we don't find it reliable. we're using the korea data. we think what happened in korea will be a lot more reflective what we see in the united states, we see .2 to .4% death rate. stuart: .2, to .4 from the coronavirus. what is it ordinary common flu. >> ordinary flu is .1%. this would be like a bad flu season. people say this is pretty assuring. flu season kills 29 to 69,000 people. if we're saying double that, 50,000 americans, we go to war over far less than that. that is how i think about it. stuart: older people mostly at risk. >> if you're 80 years old and over, we're seeing incredibly high rate. we're also seeing for people who have comorbid conditions. tony fauci said at press conference, obesity, heart disease, cancer, diabetes, that is a pretty big swath of the

american public. people say why is this guy so alarmedded and why is he so fired up about this? because i have to talk to patients every day and tell them the truth. i can't bluff my way through this i have to tell them. that is how i feel. stuart: can you get it, recover from it and get it again? >> we're starting to see these things come up. there is the thing called the boomerang effect which i don't know if anyone heard about but something we're seeing in china. there is place cleared, say all good. then cases start rising again. we don't know why but i'm keeping a very close eye on the boomerang effect. that is something to think about in the weeks ahead. stuart: hold on a second, doctor, we appreciate your input. have you update around the world from cases? susan: tunisia has the first case reported. qatar as you mentioned four new cases, two qatari nationals and helpers tested positive for the coronavirus. uk, total numbers there in britain up by four. we're looking at 40. around the world, 90,000 cases,

3,000 kills. first cases reported in new york, rhode island, florida. china there is bright spots. china reported 202 new cases the lowest daily total since january. that goes to a narrative that maybe china is getting more under control. stuart: what do you say to that, doctor? >> the chinese data is tough to interpret this too shall pass. we may be getting there. i am worried about the boomerang effect. we'll see a transient dip and creep back up. i'm not all good with the chinese data just yet. stuart: i understand there was a case, it started in china. made its way to iran and then iranian traveled to china and brought it back to beijing. that is the boomerang? >> absolutely. why it is so tricky to have testing based on travel history. that is just not helpful anymore. this is worldwide community that

is spreading everywhere. a doctor like me is hamstrung have to get travel history in march, as i said before this is a scandal that the tests are not available. they're coming soon. there is hope. i'm not panicking but the testing is not there yet. stuart: dr. matt mccarthy, thank you very much for joining us. hope you are not a stranger, come back soon. >> i would love to. stuart: you know what you're talking about. kristina, at the new york exchange what do you have for me? i'm sorry. we have a problem with the microphone. but look, what we've got now is the high of the day. the dow is up 350, 360. that's the highest point it reached in this monday morning session. we've been open now for an hour, hour and 28 minutes. we're up 360 as we speak. now we had our ups and downs. we were up 300. then we were up 80. now we're up 359, 360.

we do have volatility but largely on the up side. ashley: maybe the doctor can comment on this, this is from the head of the w.h.o. he said we're in uncharted territory. we never seen before a respiratory pathogen capable of community transmission? >> i have had issues with statements coming out of the w.h.o. but i see community transmission of viruses. >> never before he said. >> i'm not entirely sure what he means. influenza we spread all the time. there may be something lost in translation there because this is a very common thing. what i'm worried about in addition to the community spread is something called nosacomial spread. doctors and nurses transmitting to patients. we don't have way to surveil or test health care workers i'm sad fight with. i say cut through the red tape, get the testing available to protect everyone. stuart: we do have the firefighters in quarantine, those who attended that nursing

home in washington state. they walked in, helped people and may have been contaminated. now they're in quarantine. >> this is the concern. we may lose a big chunk of our health care workforce. if we see in california, that there are over 100 people in quarantine. i think about this question every day. who will take care of my patients if i contract this virus? stuart: doctor, again, thank you very much for being with us. now you can go back to the emergency room. don't be a stranger. we appreciate it. thank you very much, sir. we are bringing in brigadier general robert spalding. you're expert and specialist on the china situation. what do you make of the latest developments? north korea fired off a couple projectiles today. they arrested hong kong

democracy people. chinese authorities, arrested a couple hong kong democracy people. is china using to its advantage this crisis? >> no, i think it has been steadily suppressing what is going on in hong kong. i don't see much coming out of the north korea despite the projectile. i'm excited actually about the announcement from the white house about the using the defense product act. this coronavirus demonstrates how fragile supply chains, and how stuck we are on the chinese communist party. stuart: what is using the defense procurement or defense production act do for us? will the president be able to tell private enterprise, get on this, get on it now? >> not just tell, it unlocks funding from the defense department and credit facilities to incentivize companies to reshore manufacturing to the united states. so this is something we've been

looking since national security strategy back in 2017. so the coronavirus is really accelerated i think the reinvestment, and rebuilding of the united states that really need to come after we lost over 70,000 factories to the chinese. stuart: yes, if we're running short of a lot of drugs because they come from china or the components thereof come from china, that's got to change. you can't have that. >> right. not just drugs, micro electronics, chip fabrication. all things are important to national security and promoting our economy. so i think it is really positive step. stuart: okay. i want to talk about iran. an aide to iran supreme leader khomeni, he died of this virus. some members of the leadership are infected. they have mass infection in iran. maybe i'm going over board here but do you think this might lead to regime change there? >> i think one of the things coming out of this, totalitarian

regimes will have to think about how transparent they are with regard to health risks in the future. one thing you can't do is censor a virus. stuart: that's true, yes. but you can clamp down on it with doctor conian measures if you see fit. china has done that but iran has not. >> you talked about recently about some of the religious icons they're using in the country. that could be big challenge for iran going forward, particularly if they don't stop some of that activity. stuart: robert spalding, thank you very much for joining us, sir, we appreciate your expertise. >> thank you very much. stuart: yes, sir. let's get back to the new york city exchange. tell me about codiagnostics. reporter: another coronavirus stock trading higher. the company announced they will supply diagnostic tests to

several labs across the country. they have a patent over a platform. they create diagnostic tests at a molecular level. they will pass on the platform to clinical trials, not trials, to labs called clia. clia labs. that is creating an uptick in the stock right now up 9% because they are working on the actual test for coronavirus, not the vaccine, pills or anything like that. the actual test, that is contributing to a up swing at 14.50 cents a share. stuart: kristina. thank you very much. i see a sense of urgency. let's put it like that. the dow is up 430 points, the high of the day. i suspect because we're doing things like getting a test together, making it a rapid test that will be delivered relatively quickly. if you can do that, yes, you diagnose lots of, thousands of new cases you see on the other side you're able to take care of

it. maybe the market is encouraged by that. i'm not sure i should be reading that into the market. we're up at the moment 400 points, close to the high of the day. howard kurtz with us now, "mediabuzz" host. howard, mr. fauci, dr. fauci, some in the media said he was muzzled because he didn't appear on the weekend tv shows. fauci says, no, he was not muzzled. what do you make of this? >> completely bogus story. anthony fauci, widely respected. been doing this since the reagan administration, briefed president trump almost daily. said he had not been muzzled. there was a bit of a pause when president named mike pence when they coordinate these efforts. they cleared him half dozen shows on different channels. joe biden repeated this on one of the four sunday show interviews. the guy says, no, i'm free to say whatever i want, this is completely spurious allegation. stuart: is it me or my imagination, right after

dr. fauci spoke at the press conference on saturday morning, i didn't detect anymore vicious and nasty attacks by the left on the president and the administration's performance. am i imagining things? >> well there still has been some. main you're just not looking at a broad enough landscape. when you have a "new york times" columnist calling this the trump virus, other people in the press trying to blame this on trump -- look i'm for aggressive coverage how the administration is handling this, there have been missteps. it depresses me. this is serious matter may or may not become a full-blown crisis in the united states. seems at pro-trump our anti-trump media are having the same argument, some cases scaring people. that is not responsible. stuart: i will run the sound bite from dr. fauci where he sets the record straight. we all should be seeing this. roll tape please. >> whenever you get a request to

go on any show there is always a formal process that's generally routine of clearance and when the vice president's people took over on essentially being the person overseeing the task force, they said let's take a very temporary halt on clearances so that we can gather that happened. very soon thereafter, the clearances went through and i have never been muzzled and never been told that i couldn't say anything i wanted to say on television exactly like i'm doing right now with you. so that was really a misrepresentation. i'm not being muzzled. stuart: i think you nailed it right there. >> yeah. well, that should be the end of the story. another bogus story, the president was actually surprised to be asked about this, the idea he had called the coronavirus a hoax. that's not what he said. but it keeps getting repeated. what he said was the democrats in their criticism of him were sort of repeating the impeachment hoax. very very different. nevertheless, as i said, this

has become so politicized, the media i think have a lot to answer for here. stuart: thank you very much for joining us. i appreciate it no end. i really do. just a few seconds from now we will hear from the president. we've got tape of what he has to say about this issue. we are still up very strongly, 370 points up. here's the president. >> thank you all very much. thank you. [ inaudible question ] >> you have to spray. have you to spray to get rid of them in regard to drugs in colombia. reporter: we have to combine all the elements we have, precision spraying but also the record highs we reached in 2019 for eradication and dismantling the drug cartels. we have to work on all the elements and be very strong

against crime. it's hurting our people and hurting people everywhere. we need to work jointly in that effort as we have been doing so far. reporter: what's the next steps? >> we are talking about venezuela, one of the things we are talking about is venezuela. big subject for us. they are treating the people of venezuela unbelievably badly. they don't have water, they don't have food, they don't have anything. we are talking about that. that's a big topic of discussion. >> mr. president, if i may add something to that, it's very important that we are stronger on sanctions against a dictatorship in venezuela. venezuela is running -- they have destroyed all the health care system. we have to in this year work together jointly so there's political and democratic transition that is effective in venezuela. reporter: what do you want to hear from pharmaceutical executives about vaccines? >> this meeting was set up before. that was about drug pricing. this meeting was set up a long time ago with the pharmaceutical

companies. that meeting was about drug pricing because we brought the numbers down last year, first time in 51 years that the drug prices, prescription, have come down. i have a meeting scheduled on drug prices but now we will make another subject and that will be probably the first subject and that is to do with the vaccine, how are they doing. reporter: is it possible to accelerate the development of the vaccine? >> that's what we will find out. we asked them to accelerate whatever they are doing in terms of a vaccine. absolutely. reporter: is it safe or appropriate to be holding rallies during a public health crisis like this? >> these were set up a long time ago and others are. you could ask that to the democrats because they are having a lot of rallies. they are all having rallies. that's what they're doing. they're campaigning. reporter: but is it safe? are you worried at all? >> i think it's very safe. yeah. i think it's very safe. reporter: do you think the [ inaudible ]? >> say it? reporter: do you think [ inaudible ] are going to start as planned? >> we are going to find out.

we are getting out, we want to get out. we had good meetings with the taliban and we are going to be leaving and we are going to be bringing our sold jriers back h. we have been there for 20 years. it's a long time. we did a great job in terms of getting rid of terrorists. now it's up to other countries to get rid of terrorists. [ inaudible question ] >> we have discussions to go but we made a lot of progress. okay? thank you. thank you all very much. stuart: for purposes of this program, where we are looking at the market and the virus, the president did have some very brief remarks there about the virus. he's meeting with the pharmaceutical executives this afternoon. the meeting was originally about drug pricing. now it's going to be about the vaccine for the virus. and efforts to speed up, accelerate the getting of this virus and putting it into practice. remember, please, this is a distant prospect. there's no way you get a vaccine

on the shelf or wherever tomorrow morning. it's probably next year, maybe later this year, but it's sometime away. that's the vaccine. the president was also asked is it safe to hold these major rallies both for his own rallying -- rallies and for the democrats. he says yes, it's safe. that was his expression. that was the sum total of his comment on the virus. now, doc siegel is back with me. am i right in saying that even if they accelerate the vaccine, you're not going to get it until at least the end of this year? >> yes and no. here's the yes. the candidates that we are looking at in the united states including the one by moderna, that's about to go into clinical trials, that's at least -- that's a year. the one in israel i talked about before, they have different rules in israel. that vaccine which was already -- was made for birds and now has been reconfigured for humans, they can accelerate that so it's three or four months. i don't know if the u.s. will

approve that. they have different process there. that is an extremely exciting candidate that could come out in three or four months. in the u.s., the candidates will take a year. stuart: okay. it's a ways away. >> months, no matter what. stuart: that's the expression i was looking for. doc, thanks very much. stay there, please. charles payne is with me now, host of "making money with charles payne" on this network. are we close to a bottom? charles: i think we are in a bottoming phase. i think it will go like this. some of the clues to look for, this morning, the headlines this morning, for instance, "usa today" , dire phase of the corona outbreak, a boom in u.s. cases. "new york times," u.s. skyrocketed by 35%. when those kind of headlines don't move the market, in other words, there's a certain adjustment that because the market is building in a worse case scenario. you go down 4,000 points, you build in worse case scenario.

as the news that we know is coming, comes but it doesn't scare us anymore, that's a good sign. you start talking about valuations and things like that, you could easily argue something like apple, you know, do you sell apple here? absolutely not. do you wish you sold carnival cruise lines two weeks ago? absolutely. there's going to be a case by case basis for some of these names. stuart: interesting. we have been saying on this program today that there will be an explosion of new cases and you will hear -- we had an expert on the subject and doc siegel as well, there's going to be thousands of new cases reported if not this week, certainly by next week. that would be anxiety-producing yet you have the dow bouncing a little after a big loss last week, we are up 350 this week. the market has not taken badly the bad news which we know is coming. charles: because we know it's coming. still, it's a jolt -- i will tell you the headline you haven't read anywhere. tell me if you read this on the front page of the "journal" or

"new york times" or anything. 45,155 have recovered. stuart: you're right. i have not seen it. charles: that's also part of the story. it's not out there. the recovery part. the good part. the big part you see is 80,000 have gotten it. over half have recovered. i think we will start seeing more evidence perhaps that the mortality rate is less than we anticipated. all those things contribute to a more calming film and wall street would love it if in the meantime, they can get help from the federal reserve, and i said last week, i put out a piece on twitter and on my show that i think it would be smart for the president to suspend the trade war right now. stuart: he may or may not do that. charles: but those are things i believe, you could give a big jolt to the upside for the market. stuart: here's my point. we are not going to find a

consistent bottom for the market until we know by how much our economy is slowing down, because of the widespread use of quarantine and the reluctance of people to shop, go out, travel and mingle. charles: here's my only problem with that. you only know that after the fact. i think the stock market will know that before the numbers officially come out. you know the big news this morning, goldman sachs upgraded china and singapore as investments. those are the first two big places that it broke out. stuart: they think they are getting past it. charles: right. stuart: that's the whole point. charles: not completely past it but the evidence has changed so much, new cases have declined so much, they are starting to put people back to work that two weeks ago, people were thinking maybe singapore is in worse trouble than we thought. we are not going to take the aggressive steps they took, particularly china, but the point is if you wait until you have an amazing gdp -- we know,

you know. the markets are going to know long before that. stuart: i want to bring back doc siegel again, because i want you to repeat for the benefit of viewers who are just joining us, the idea that we are going to see an explosion of new cases in the united states in the very near future because we got a test. we will have a test very soon. >> that's absolutely right. that's what happened in south korea which actually has an excellent health system. they got 25,000 tests, they did them overnight and bang, they had 1,000 cases. now they are up to 3500. there's a lot of community spread we don't know about. t to charles's point, 80% are recovered. thousands don't get diagnosed at all. so it's not as severe a virus as people out there worry about. but it is something to be very concerned about here and to take very very seriously. stuart: without being flippant, my greatest fear myself, my family, is not so much getting

the virus, but being in quarantine for two weeks. being utterly stuck. i know not where. that's a worry to me. that's a very selfish point of view, i know. but that's a worry. >> the purpose of that quarantine, no one has ever said this on tv, the purpose of this quarantine is to decrease the spread of the virus. that's why we are doing it. if it gets to the point where the horses are out of the barn, then the quarantine doesn't work anymore. it's a public health measure designed to slow the spread. why would we do that? we would do that because we don't want it to take root here, then keep coming back every year. stuart: if we get thousands of new cases, you've got thousands of people who are going to be quarantined either in the hospital or in their own home. thousands and thousands of people quarantined. there's going to be anxiety goes with that. so this mixing of people, going out in public, shopping, going on a plane, that may be a problem. >> deep concern. i also want to add one other

point. we don't know all these draconian measures that china used, locking down whole cities, entire regions, millions of people, stuck in place, that's not actually a proven public health measure. we don't know if that's why the cases have slowed there, why we are not getting new cases in china. maybe it's burned out, the virus. maybe those measures worked. we don't know. we haven't done anything like that in 100 years, that kind of technique. stuart: in a hundred years. >> maybe longer. used to do that in the middle ages. that's what they did in the middle ages, say this village, you can't leave. stuart: that's right. the black death when it arrived in england, whole villages would be totally cordoned off vigorously so. >> that's where the word quarantine comes from. black death. it was associated with the number 40. people on these ships had to wait on ships 40 days quarantine before they could come ashore. stuart: let's not get too carried away with the middle ages and the black death. ed renzi is with us, fat brands

chair, former ceo of mcdonald's. look, running a business like mcdonald's would surely be extremely difficult if you had a hard time getting your workers to get to work because some of them are quarantined. that's a real problem, isn't it? >> it could be. but restaurants by and large have extremely good sanitation processes, systems and procedures and every surface is wiped down regularly with antibacterial and antivirus and if anybody's sick in a restaurant, we tell them don't come to work. stay home. i think the good doctors, fauci and siegel, have told us exactly what to do. wash your hands, keep your hands away from your face, if you got a cough, cough into a mask or some other device to keep you from spreading your germs and stay home. there's a lot of panic about some of this stuff and it drives me crazy because when you look at the six billion people living in the world, what percentage

actually have the disease and how many of them don't recover? it's minuscule. i think there's a -- i think there's a lot of hyperbole and noise. we need to calm down a little. stuart: i think you are absolutely right but that hoerp bo hyperbole, the noise, the anxiety, is now having an effect. i know people who have been in malls recently and the foot traffic is down. i know people who have traveled in planes and they are half empty. doesn't matter where they are going. i think it's having an impact already, whether we like it or not. i think our function should be clamp down on that anxiety, clamp down on any element of panic. let's get the straightforward facts. how did you handle sars and other -- not epidemics kind of thing but outbreaks that you have lived through as ceo of mcdonald's? >> we are fortunate in this country that we have a wide open society, unlike iran or china.

we got the very best professionals to educate us, tell us what to do. we listened to them, we executed against what they had to say and we just put in place good common sense systems to make sure that if somebody got sick, that it didn't spread throughout the organization. we were highly successful with that. just good common sense and hygiene. stuart: hold on for a second, please. i want to point out this is almost the high of the day. now we are up 460, 470 points. we have had a wild swing, 1,000 point swing in the day in its totality from the early morning trades of futures to now. 1,000 point swing. now we are up 481 points. 25,890. kristina partsinevelos at the floor of the new york exchange, you have news on tyson foods? kristina: yeah. tyson and pilgrim foods, because there is an abundance of meat in this country right now, you have a lot of these meat producers

stockpile and create fatter birds, that's literally what we are hearing, because they assumed that china would be buying the chicken and pork but according to the agricultural department right now, in january, this is when we first started hearing about the coronavirus, we are seeing the largest inventory levels for chicken, breast, thigh meat and drumsticks, at 12%, the highest -- 12% increase in the month of january, then for pork, we are seeing an 11% increase in storage, though. that's because they cannot ship the meat to china. they increased the production of the meat because china did have a huge decrease because of the swine flu that took out a lot of their pork meat so producers here made more to ship it. now they are being stuck with all the meat in cold storage. there's an amazing quote and line from the dow jones, full credit to them, this is from a protein analyst for agricultural lender rabble bank, sell it or

smell it principle right now. because this meat has been in storage for quite some time. they need to get rid of it. i know it's an ick factor for tv. shares of this company are climbing higher. doesn't make sense given the fact its inventory levels are higher, that means it will be more expensive and domestically they don't think people will be able to offset that increase in inventory so they will be stuck with that for quite some time unless they discard it. you can see the share price of tyson and pilgrim up. yeah. stuart: i will go back to ed and ignore the sell it or smell it comment, because it sounds like if you've got a large inventory of chicken and pork, that's good news. by the way, the dow is now up 500 points. ed, good news on the inventory of chicken and pork. >> absolutely. it's going to mean prices in the united states are going to come down because they have to clear the inventory out. by the way, if it's frozen in cold storage, it's got a long shelf life. i wouldn't worry about it in the least little bit.

the cost of storing it is the big expense. stuart: i just have to get charles in for a last word before he runs off to do a really good show of his own. what do you make of this? charles: we have the cp effect but it starts at 2:00, not this early. my biggest thing, i have been saying it all along, where do you think the market's going to be six months from now, a year from now, five years from now. as an investor -- stuart: six months from now, where is the market? charles: i think much higher. i think we will end the year, the s&p around 3300, 3400. charles: susan is nodding vigorously. susan: i think there's pent-up demands. the fundamentals haven't changed really. people put off their purchases until the coronavirus is contained. the demand is still there. it's just a catch-up play. companies are still making a ton of money as well. charles: one cautionary tale for every investor out there,

passive investing. when these funds have to buy the hot stocks and the hot stocks go up and they have to buy them, it works in reverse on the downside. maybe take a little more control of your own personal investing. stuart: i shall do that. charles: maybe buy microsoft back, if you sold it to kwek. . stuart: little dig there. i will take it. get off and do your own show. you got word on walmart? susan: walmart is up 5% today. in fact, walmart, apple, visa, travelers, those are the stocks accounting for about half of the rally for the dow today. i wouldn't discount that some of this might be internal company repurchases of shares, because they have fallen some 15% or so at least for apple. they have a ton of money to spend. they say we will give back to shareholders. you heard tim cook say they might be doing that. it is an entry point. also, walmart as well, i would imagine there is a lot of -- there might be some gains that

consumers are looking to hoard, to buy goods in anticipation of possible coronavirus spread and having to be quarantined. we have heard about retailers preparing for this surge in food buying and goods buying. stuart: i got a feeling there's going to be a surge in delivery. what i mean is you drive to the supermarket, you have already ordered what you want, they come out and put it in your trunk and you drive away. no contact. i can see a big surge in that happening, if you don't want to be too close to real people. >> that's walmart. they perfected that. susan: amazon. stuart: edward lawrence is with us. you have news from which health organization? reporter: the world health organization. they vujust now officially chand the designation for the risk assessment for transmission in communities in the united states to very high. that was low beginning. if you look at the map of this johns hopkins university does a good job tracking this stuff, if you look at the map, you can see a big red blob over europe.

it started with italy early last week and now it's just all over europe. this viruses expanding and now it seems there are cases you have seen growing cases in the united states. again, the world health organization just now raising that risk assessment for community transmission to very high in the united states. stuart: thank you, edward. doc siegel, the world health organization raising the alarm bells over community transmission. bit late, aren't they? >> that's what we were saying, they are late to the party, late to the situation. they are reacting to the idea we are now seeing cases in the u.s. we can't track to travel. that's increasing and is increasing in several states at once. it should be raised to very high. again, i would like them to be a little ahead of the curve rather than behind it. they are not that useful, the w.h.o. stuart: they are politicized. >> yes. stuart: all right. i need factual objective

non-political information. that's what i want. you deal with the crisis, that's how you got to deal with it. they are not giving it to me. >> they were on board with keeping -- i don't know that they are part of the suppression that went on in china but they didn't help matters. they weren't whistleblowers. stuart: that's a loaded word -- >> sorry about that. stuart: have we got developments with the virus in saudi arabia? susan: first case just now, state agency in saudi arabia. we talked about the middle eastern, the northern african region. tunisia reporting its first case as well. qatar has reported four new ones. i would say globally we are looking at 90,000 cases but speaking of the w.h.o., they are saying that out of the 62 countries who have reported coronavirus cases, 38 have reported ten or fewer cases in the country. so they are saying out of the entire 62 countries that said we have a case of coronavirus, there's less than ten. >> that's fair but i want to add a point here. come to think of it, they are

talking about high level of transmissions in communities. where is the word pandemic? they still haven't called this a pandemic which is unbelievable. it is a pandemic. stuart: does it meet the criteria? >> yes. stuart: i don't want to -- >> what does it mean. it means sustained transmissions within communities in several regions of the world at once. yes. ashley: the health organization goes on to say a good number of countries have not reported new cases within the last two weeks. which shows it can be contained. >> yes. yes. stuart: look, i maybe have a bee if my bonn in my bonnet about iran. ashley: you called it first. assist we r stuart: we ran that report a week ago. i happened to have been there many years ago. it's a religious center. it takes pilgrims from all over the world constantly. they haven't shut it down. they have an outbreak. come in, walid phares.

look, an adviser to the very top authority, khomeini himself, an adviser has died from the virus. other officials are infected as well. am i going too far if i say that regime is in real serious trouble of regime change? >> absolutely not. you actually called it a few weeks ago. you and i discussed the matter. now it's happening. the problem is the regime and the way they acted before. let me give you the background of what it is. nobody can stop that threat around the world but some countries are better prepared than other countries. the problem with iran is that they have not invested enough over the past five years, including from the moment they received $150 billion. how many billions did they invest in their own medical health infrastructure? very little. they were spending on militia, hezbollah, and that is precisely why for many in iranian society rose against the regime. now they are trapped in their

little preparedness to face the threat. stuart: is iran hiding how bad it is? >> oh, definitely. if you go online, twitter, facebook, whatever other platforms, you would hear and read iranian comments, the population saying, complaining about the iranian regime not telling the truth fully but then we saw on video and on tv some of these high officials including the adviser to the grand ayatollah being sick on tv while delivering speeches. stuart: we saw the actual videotape. the man was standing there talking about the virus or public health, mopping his brow, sweating profusely, unsteady on his feet. turns out the man had the virus, for heaven's sake. it seems it's such a center of pilgrimage, and you've got hundreds of thousands of people coming in and going out all the time. they are a center, they are an explosive center of this virus at this moment.

>> absolutely. let me add one more thing very important for iran or countries with regimes like iran. the trust between the public and the government is very important in fighting that threat. there is no threat -- there is no trust between the public and the regime. that's why they are not getting enough information. here in democracies we complain about every little detail if we are not satisfied and we have the right to do so. in iran it's a problem. the government is not telling the truth. not telling the population exactly what to do. stuart: in my opinion, the regime will be gone within a year. what say you? >> i say that this crisis broke the red line, there is a divorce now between the public and the regime. as to when that would happen, we'll see. stuart: okay. always a pleasure. thanks very much for being with us. very very important subject. appreciate it. look at the market, please, bottom right-hand corner of the screen. close to the high of the day. we are up 576 points. big gain for the nasdaq. that's up two full percentage

points. s&p up over two full percentage points. dow is up 2.25%. it's a bounce. i'm not going to suggest for one moment that it holds for the rest of the day. ashley: for this minute. stuart: at this moment, that's a bounce. leave it at that. all right. ed renzi with us again. to me, the most difficult thing for this country at this moment is assessing what kind of impact we have on our economy from this anxiety of people not willing to go out, shop, travel. i think that's the biggest unanswered question at this point. >> i would agree completely. when people are afraid they tend to withdraw and pull back. i think the president, the congress, other leaders in this country ought to get out in front of this, say we can manage this, we are an open society. your earlier guest mentioned e

r iran. china and iran are not open at all. we complain about things fast and hard and long because we realize politicians work for us, not the other way around. i think as long as our politicians and leaders continue to provide leadership, speak to us honestly, tell us how to behave, we will come out of this pretty quick. stuart: thanks very much indeed. doc, you have a comment? >> i want to respond to something sue and ashley reminded me of. there are countries where it hasn't had sustained spread in the last few weeks. it looks like it's decreasing in china, if we believe the statistics. it looks like the coronavirus has decreased in singapore. here's what i want to say. as we start to test, we will see a surge of cases but the fear that it's going along with it is way out of proportion to the actual risk. it's that fear that's causing all this economic upheaval. the idea of people being afraid to walk down the streets or that everyone has to sequester themselves into their homes or that they can't travel anywhere is not in keeping with the

actual public health risk here. stuart: bottom line, if they have gotten past the worst in singapore and maybe in china, the same thing could happen here. >> that's right. stuart: reveal the thousands of new cases and we got a test, then you can see the other side. >> that's right. by isolating cases, showing proper precautions, we may get over the hump. that's what i'm hopeful for. especially as late spring comes around and the virus may not spread as easily. stuart: ash, what have we got from elizabeth warren now? ashley: she's calling on a $400 billion fiscal stimulus package to head off what she calls the potential economic impact of the coronavirus. stuart: fiscal stimulus? ashley: $400 billion. included would be millions of americans who are uninsured can get all the recommended evaluation and care and any vaccine once it becomes available for free. create an emergency paid leave program for anyone that has the symptoms or a family member who has the symptoms can stay home and get fully paid time off.

stuart: who pays for all of this? when you say $400 billion fiscal stimulus i'm thinking somebody will get their taxes cut. ashley: wouldn't that be nice. stuart: that's not the case. exact opposite. elizabeth warren would never, ever suggest cutting any taxes as far as i know. although she did, i believe, she wanted to cut the medical device tax, did she not? some medical device makers in the state of massachusetts. >> what happens to the $400 billion if the coronavirus dies out? susan: also an interest rate cut would move trillions of dollars. you don't need the fiscal cuts to augment a trillion dollar move by the federal reserve. stuart: i don't think elizabeth warren has much chance of becoming the democrat nominee. but that's just me. what do i know. look who's with us. congressman greg murphy, north carolina guy, republican. sir, you are the only practicing

physician in congress, practicing physician, i believe. would you have some reaction to elizabeth warren's $400 billion spending plan? >> i think that's absurd. i frankly think that panic is stoking the fear through all this. this is a time where we should use education, we should use common sense. 2,000 people have already died in the country due to the regular flu this year. it's going to be important that we don't create panic. this is going to be a problem for our nation, there's no doubt. we have seen that worldwide. but the united states has literally the number one infectious disease prevention program. they are being smart with this. president trump cut travel from china february 2nd and we are allocating, we are in the process of appropriating the correct amount and correct response to this entire epidemic. stuart: what do you make of this proposition, we are soon going to get a valid rapid test and we are going to discover thousands of new cases. they are going to be revealed.

but isn't that the way forward? you can see beyond that, once you know what cases you've got, you can test for it, you know what quarantine is needed. that's when you can see the light at the end of the tunnel, isn't it? >> i believe so. there are so many cases right now probably in the united states, for that matter, that have been undiagnosed because people just had mild symptoms, they had the flu or just thought it was the regular flu and stayed home when it was really the coronavirus. i think the lethality rate is not as high as people are saying. what we are really scared about, purposely so, is this getting into nursing homes and long term care facilities. again, that's where precautionary measures need to be taken and will be taken as we move forward. stuart: congress is trying to pass this emergency funding bill. what's the latest on that? why is it taking any time at all? isn't this automatic, just do it? >> i have not seen text yet, as far as anything with a specific

appropriation. hopefully that's going to be done this week. to be very honest with you, if we had had this a week ago, nothing would have changed this week. it's an appropriate response that the administration is mounting and we are doing things literally as fast as we can and doing the right things in the right time. stuart: doctor, thank you very much for being with us and sharing your expertise. i didn't realize you were the only practicing physician in congress at the moment. >> they make it kind of difficult for us to continue to practice here in congress. i love what i do so i'm trying to stay in touch with my patients. stuart: you don't do home visits, do you? >> i do, actually. stuart: you do? i'm so sorry, doctor. i wish you would come represent my district. what a pleasure. thanks for being with us. we appreciate it. yes, we do. all right. do we have john layfield with us? >> yes, sir, you do. stuart: all right. looks like you are in washington, d.c. where is the bottom, john? have we found it already or what? >> i hope we have. i think the market right now is

trying to figure out where this coronavirus is going to go from here. there has certainly been optimistic things that have come out, as cases appear to have peaked in certain countries, especially china. that's a big deal. the market is trying to figure out where now, how this affects the consumer. that is important, because it looks like this virus is at least going to spike before it subsides and hopefully it subsides quickly after that. but when you have consumers 70% of gdp, that is big to have the consumer this worried about travel, about going to malls, going to restaurants and also in china, china is moving from a manufacturing economy to a consumer economy. it's hitting them much worse. they are 16% of the world's economic output. stuart: i notice the dow has just turned with a positive up 600 right now. you are up 605 points, just about. big gain for the nasdaq and s&p as well. i know, john, you like a couple of stocks in particular. apple and disney. okay. i'm not going to ask you about why you like them. i'm going to ask you, have you bought them yet in this dip?

>> i have a huge position, at least as far as my portfolio, in disney and in apple. i did not buy any more in this. i do like it at these prices. you are taking almost a 20% haircut off a $150 price down to $117 with disney. i think that's an overreaction. stuart: how about amazon and walmart? i know you like them, too. have you bought them? >> i own those as well. i have not bought any extra shares. i have about 4% in my portfolio that i keep for my bigger stocks. both of those are right at that limit. the biggest thing with online shopping is setting up the online account. people are going to start setting up online accounts because they don't want to go out in public, whether that's drive up delivery, whether that is having delivery to their house. i don't think that subsides after this virus is over. people are going to get used to buying online and it benefits walmart and amazon. stuart: you have not bought any more of them. that means to me you missed this dip. >> i have missed the dip. i have had these stocks for a long time. i saw the dip coming down. i didn't add to my position because it was getting a little

too high for my risk mitigation in my portfolio. stuart: you are still in the money, i take it. >> very much in the money. stuart: glad to see it. john, stay there for a second, please. now the dow is up 577. big gains all across the board this morning. it's a volatile situation. the dow is who knows where it's going to close. you just simply do not know at the moment. david avela, hold on a second, we have with laurence si simone. you're here. lauren: good morning. stuart: i want to talk to you because you have been out and about in manhattan and new jersey. i want to know if you see any visible signs of anxiety like less foot traffic in a mall, fewer people in the grocery store, more people in the grocery store buying stuff? lauren: i have actually looked at what people are buying in the grocery store to see are they stocking up on bottles of water or anything in particular. i would say just as they normally would. i have seen no big changes. i have not seen anybody wearing

face masks. in some parts of manhattan, by asian people, yes, but i think you see that typically most of the time. at the toy fair last week, one woman out of the entire toy fair, wore a face mask. that was a big gathering in that space, international gathering, too. stuart: i understand in some grocery stores, costco, for example, preserved food, what's the right expression here? lauren: canned food. assi stuart: pasta, that kind of thing, selling very rapidly. children's medicine, cough medicine, that kind of thing. sold out. gone. lauren: i have not seen that. have you guys? ashley: not seen masks, either. lauren: in california, i'm sure that's the case because that's the entry point, if you will, from asia. maybe we will start to see it in florida, an older population. now you have some cases down there. maybe the west coast and down south. here in the northeast, i have not seen that. stuart: i think that's flat out good news. i'm delighted to hear that.

a lessening of people's willingness to associate with each other, that's not good news for the economy. lauren: no. people are talking about it more. a lot more. everyone is wash your hands, sing happy birthday as you wash your hands. stuart: what? lauren: make sure you wash your hands the appropriate amount of time to get all the germs off, you are supposed to sing happy birthday two times. i'm clearly a mom. this is what moms think. stuart: i don't know -- there you go. what's happening with the diamond princess and the evacuees? ashley: three busloads of those particular passengers followed the plane in two weeks ago, california, travis air force base. they are headed to airports and can go home. the first batch can go home. there's more buses scheduled to leave later today, more evacuees going home. it's a good sign. all together we understand about 140 people are now free to go home. but ten evacuees are remaining at the base for a variety of

reasons. stuart: i tell you, my biggest fear is not so much getting the virus itself but being -- ashley: in quarantine for two weeks. stuart: i have a very small apartment. lauren: that creates that stay-at-home economy which we have seen. what do you do, how do you survive when you are at home. ashley: doesn't order food. we know that. stuart: maybe for the first time in my life, i would have to order out for food. ashley: you are under quarantine. how does that work? stuart: they leave it in front of the door, i open the door quietly and grab it. ashley: a hand comes out. susan: then you will finally buy into uber and the other type of gig economy? they are the ones that deliver it. ashley: that's what scares stu more. gig economy. stuart: if i'm cooped up in a very small apartment for a couple weeks, i will do anything it takes to eat. it's that simple. and anything else you want to deliver as well, i will at a

time. thank you very much indeed. let's get to -- david avela is with us. we need the political angle on this. you are the go pac chair, republican strategist. >> i am. stuart: do you think this virus is now becoming and will be a significant issue in the election? >> potentially, in that it is the best case against medicare for all that we could potentially have right now. think about right now -- stuart: why? why? if we had medicare for all, the virus hits, why is that so bad? >> right now, the president just talked about it a few minutes ago in the oval office, he's bringing in the prescription medicine companies, saying where are we on getting the vaccine and using that private sector research, using the innovators to solve this problem and think about all the red tape that would have to be worked through if the government was in charge

of this. stuart: okay. i think you made your point right there. do you think the president comes out of this looking good? >> 77% of americans say they are pleased with the way the president is handling this virus. you hear democrats, you would think they want him running around screaming oh, my gosh, we are all going down on the virus. his attitude is different. it's that we are going to be okay, folks. we are aggressively going after this and again, approval rating's pretty high right now. stuart: we will get an explosion of new cases in america. that will come on fairly soon. thousands of new cases because we will have a test in place. i wonder if the president's standing will still be as good when those cases surface. >> yes. we have a president that is working and people see that he's working on this. the vice president now is helping to lead government efforts on this. but the key to all of this is the research and development that's going on in the private sector to bring a vaccine to the

table. stuart: bernie doesn't care for the private sector. >> bernie's not for that. stuart: david, thanks for joining us. it was brief but we have such a rock and roll show. we are up 655 points now for the dow industrials. nice bounce. >> wish i had bought more stock on friday. stuart: so do i. thank you. thank you very much indeed. ed, before you leave us, what do you think of the president's response to the virus and whether it becomes an issue in the election? >> i think it will become an issue in the election because the democrats will force it, because he's done a good job. he's been measured, very deliberate, he's relying on the scientists. he elevated to a very high level by putting pence in charge of it. i think the american people got a lot of confidence in what the president has done and the numbers you just quoted at 70% is really a very good thing. i think he's doing a great job. will there be blunders, mistakes, bad tweets, probably. but overall thing is he's listening to the scientists and

they are using common sense. that's what i like. stuart: you are all right. thanks for joining us. appreciate it. see you again soon. ladies and gentlemen, pay attention to the big board. we are up 671 points on the dow, a high on the day. the nasdaq is up 200 points. the s&p is up 71. in other words, you've got a much better than 2.5% gain for the dow and 2.5% gain -- ashley: people are coming out. stuart: how about that. let's go to the exchange. kristina partsinevelos, you have news on tesla. what have you got? kristina: this has to do with the cyber truck. they unveiled that massive futuristic all electric vehicle. sources told electric, a platform, that the cyber truck is doing quite well, gaining momentum in terms of demand and they believe it will continue to do well once it actually gets into the hands of consumers. more specifically, they raised

the point, this is on electric's website, that consumers are buying this truck, are interested in this truck even though they don't have the tax credit. this would be the first time that consumers will no longer have a federal tax credit for an all electric tesla vehicle, the cyber truck was unveiled in november and they are saying that's what's propelling demand. just last friday there was another note from luke ventures saying the cyber truck is building support in the construction industry. you are seeing some bullish remarks. keep in mind tesla got -- i know you are groaning but it got hit last week. still at $714. you are groaning, too, maybe ashley, too -- ashley: not me. not me. stuart: i really don't care about the cyber truck from tesla on a day when we are going up and down by 1,000 points. you know what i mean? there you go. we will be back to you shortly. kristina: you better.

stuart: we will. i promise. now look who's here. kennedy is the name. she's in new york city. you have such a presence. you are able to do that kind of thing. i can't do that. >> of course you can't. that's where i learned it from. we are taking our act on the road. it is finance vaudeville. stuart: wait a minute. you live in manhattan? you are out and about. >> as far as i know. yes, i do. i know it feels like i live out of a suitcase. stuart: now you have a patient in manhattan, got the virus, in voluntary seclusion and quarantine in her home. she came back from iran. she's got it. how do you feel about this? >> i'm not going to iran. i'm not going to china. it's very hard for me to get panicked because i like data. i like facts. and right now, people are extracting what they want from the data and really fanning the flames of hysteria.

i don't think we are there yet. i'm actually really glad we are having a conversation about hand washing and germs and things like that because there are all sorts of things that are lurking that could take down the best of us. and this actually, there was an article in the "new york times" that coronavirus will have pretty much the same fatality rate as a bad flu. if it's under 2%, at about 1.4%, that's people who contract it and those who succumb to it, and it's going to drop even more as more people get it because you have to have a wider sample in order to get a clearer picture. and having said that, yes, it's bad, it's bad for the people for whom the flu is bad. there are probably 200 to 300 people who died over the weekend from the flu. stuart: yes, that's right. it's older people in particular, especially those above the age of 80 or people with a serious medical condition to start with. >> so my mom lives in oregon, hi, mom, and there was a worker at a school who contracted corona and it wasn't tested soon

enough. they didn't let the families know. so people in that town are furious because that's a much smaller town and you know, it becomes very real to them. stuart: anybody self-imposing quarantine around your mom? >> she is now. any excuse to not fly, she takes. and she's a survivalist. she's got plenty of food. she's got stuffed cabbage in the freezer for a small army. people want to come co-quarantine with her, they will be living high on the romainian hog. it's true. stuart: i just can't keep up with it. got to move aside for one second. stay there, kennedy. you have news on latvia and senegal? susan: the spread is going to north africa, we have been talking about this. saudi arabia with its first case announced this morning. tunisia, qatar has four new

cases. we have been talking about this global spread past 64 countries and counting. the w.h.o. says in half of those, 38 of them actually, there are ten cases or less. don't discount the fact we saw first cases in rhode island, new york. stuart: i want to leave you with this. we will get a test for this virus. that's going to reveal thousands of new cases. once you have done that and dealt with it, then you can see the far side. then you have some hope, light at the end of the tunnel. i think that's what we are seeing at the moment. >> i say the free market will save us all. that's the wonderful thing, all of these companies that are developing vaccines, new vaccines, you know, some are reusing drugs for other viruses to good effect but there are companies that are working around the clock and it is the ultimate motivator. it is the free market. that will save millions of people. i think that's a fantastic thing. also saving some people's portfolios.

stuart: yes. that, too. kennedy, you are all right. thanks for joining us. see you soon, promise. jeff hoffman is with us, global entrepreneurship network. you helped build expedia, priceline. can you give us some quantification as to how bad you think this virus around the world is going to be for travel companies? >> sure, stuart. i tried to get a surgical mask to come on your show because i heard you can get coronavirus from watching tv but they were sold out. stuart: all right. okay. how bad is it going to be? >> the impact is massive. if you think about it, travel is a $5.7 trillion industry. 319 million people around the world work in travel, 1 out of every 10 working people. so the impact globally on the economy is huge. the air transport association is estimating that this will cost the airlines alone $29 billion. just in lost revenue. that's just the airline business, not even the ripple effect. global business travel

association said 37% of all the next couple months upcoming business travel is already canceled. we are seeing it, look at giant conferences, conferences that draw over 100,000 people. the itb in berlin, the world's biggest travel conference, canceled. mobile world congress, canceled. even facebook's f-8 canceled. the impact is huge. that's just the business travel side there. stuart: i don't want you to speculate but i am going to question the survival of the olympics, due to start in japan in july. what do you think? >> there are already people questioning whether or not they should go to that. people just have no sense yet of how long this is going to stretch out and the images they are seeing are creating, as everybody has talked about this morning, more and more fear. there's pictures of professional baseball teams in japan playing in empty stadiums and they see that holland america ship that

didn't even have any cases that was denied getting into five different ports. people are very worried about it. i do think the olympics could potentially be impacted. stuart: you see, you can't just open up travel again, say here you go, you can travel wherever you like and freely. you can't do that. in fact, it's likely more travel restrictions will be imposed, right? >> definitely in the short term. even if you did quote, open up travel, you are still dealing with, like the kaiser family foundation just did a study and they said 1 in 8 families already canceled their summer vacations. spring break and summer vacations. the fear factor is really hard to control even if you do open up travel. a lot of people are saying i don't know, it's safer just to stay home. that has a big impact on travel everywhere. italy, tourism is 13% of the italian economy. italy is getting hit hard.

people are just saying let's just not go. stuart: yeah. look, thanks very much for quantifying this. very interesting numbers. i think you have outlined the degree of anxiety around the world when it comes to any kind of travel vacation, whathave you. we appreciate that. good man. >> thank you. stuart: now, have we got news of our military base in south korea? ashley: yes. one person that was immediately quarantined. stuart: off base. ashley: off base. the top u.s. general says the broad impact of the coronavirus to uniformed military he says is very very minimal. do not see any significant impact on exercises and daily life. they say military research labs are also working very hard to come up with a vaccine. he said test kits and protective fe gear are being distributed to trps on t troops on the korean peninsula. stuart: did one of us around the set sneeze during the interview

with jeff hoffman there? susan: i did. i have had no travel, though, to china in the last, well, up until the hong kong protests. i was in alabama for the tim cook interview. stuart: five feet or six feet between us here? susan: i try to wipe some of the residue -- lauren: i sat here nicely and two of the men just jumped away from you. i just sat here. we are strong. stuart: alpha male jumps away. susan: lots of macho here. stuart: we think you're all right. just stay where you are. john layfield, the dow is up 627 points. big gain for the nasdaq and for the s&p. do you think maybe we are getting close to a bottom of some sort? what do you think? >> i think unless we see some type of mutation or some type of worse outbreak in the united states from the coronavirus,

yes, we possibly are. the market's trying to figure out a couple competing factors. oecd came out and said global gdp projected to come in 2.9%, the lowest since 2009, is being lowered to 2.4%. the united states, they only lowered ours by .4%. everything is still in place in the united states unless this virus gets much worse. you have low tax, low regulatory environment and a very conciliatory fed. in fact, you will have central banks around the world giving synergistic approach to this virus. it looks like right now, unless this virus gets worse, this market should be fine. stuart: this market should be fine unless this virus -- all right, john. >> lot of caveats there. stuart: don't worry about that. now we are still up 620 points. interesting guest with us now, on the phone. a team usa olympic hopeful. sir, now, you want to be in the olympics, want to go there.

what are you being told about the possibility of cancellation? what are the authorities saying to you about your trip to the olympics? >> hey, stuart. how's it going, man? stuart: good. >> yeah. right now, they are not really saying too much. everybody is thinking about the possibility of it being canceled. among the athletes, everybody is a little concerned because this is the once in a lifetime opportunity for many people. we have been training our whole lives -- stuart: it would be devastating to you. you really have been training your entire life. it would be devastating to you not to be able to go. >> yeah. being a track and field athlete, [ inaudible ] is the biggest thing for us. when it comes to getting in big meets and all that stuff. stuart: what's your sport? >> i'm a shot putter. stuart: shot putter.

okay. sorry, i didn't know. >> yeah. stuart: you are on the phone, i can't see you. i trust you are a big guy, right? >> yeah, i am. big guy. susan: how can you say that? stuart: i want to wish you the very, very best of luck. i hope that things go smoothly. i hope you get to the olympics because i do understand a man like you has trained his whole life for this. very best wishes from all of us. that's a fact. >> thank you. thank you so much. stuart: thanks for joining us. appreciate it. ash? ashley: quickly, british airways now has canceled flights from heathrow to italy, france, austria, belgium, germany, ireland, switzerland and also new york's jfk. stuart: you are kidding. ashley: cancellations. stuart: sky news said that? ashley: british airways and ryan air. stuart: most major cities in western europe. ashley: and jfk. stuart: good lord. lauren: looks like there will be an emergency conference call among the group of seven nations to discuss what to do, how to

prepare for the event of a worldwide economic slowdown and also ways to stabilize the markets. now, when you have, we are up 700 points, when you have the central bank here in the u.s., japan and europe essentially saying we're there should we need to do something to stimulate, if you had the market going down on a day when that is communicated in some fashion, it would be bad. ashley: there's a reason for the canceling, also from british airways, is lack of demand. they are not going to be flying half-empty planes. stuart: that's an interesting part of the story here. ashley: they will lose money. stuart: that means people are voluntarily not traveling. it's not that british airways is saying you can't go. ashley: no, no, no, no. this is about -- stuart: they don't want to go there. ashley: interesting development. stuart: just as this is happening, look what you've got. the dow is up close to 3% now. a gain of 730 points. maybe all of the stuff that we are hearing about, what they are doing to combat this virus, both here and abroad, maybe that's

penetrating that last week's big selloff was too far, too much, too far, and now we have bounced back 700. this is no guarantee that we close this afternoon on the upside. there's no guarantee of that whatsoever. but right now, it's a bounce. what have we got on apple? susan: apple is leading the advance today, up 7%. so apple of course, well, it is america's biggest company. it's 5% of the s&p 500. the biggest heavyweights on the market. right now, apple, visa, walmart, travelers leading the gains for the dow and apple, tim cook last week told us that he would be buying at these lower levels, they have been repurchasing their shares. i would say there is probably some of that and also pent-up demand, especially when you have oppenheimer raising it to overweight saying yes, iphone sales might slow because they can't produce them in china. factories have been closed, stores have been closed as well but you still have wearables like airpods and watches that will make up for it. stuart: that $19 gain for apple

gives the dow an extra 130 points on the upside. without apple, the dow would still be up 630 points. which i think is pretty good. got something else? susan: also representing 5% of the s&p so think about the 5% gains of the 3%, that's quite substantial. stuart: $292 on apple as we speak. let me just update some of the things which might consider to be positive here. number one, last week we went down an awfully long way. i think the market was pricing in a recession and/or a depression. i think maybe it may have gone too far so maybe today you've got a bit of a bounce-back after that. some other positives. we are going to get a test for the virus, a rapid test, we will have the results almost immediately. that's coming onstream very quickly. that will reveal thousands of new cases in america. that may be a plus in a sense

that you know what you're dealing with and you can see the other side. secondly, or thirdly, whatever you want to use, we are seeing a drastic decline in travel around the world. as ash just pointed out, british airways is canceling flights out of london that go to the major i guess that is good news. if you're stopping, clamping down on world travel. maybe stopping transmission of the illness a little bit. ashley: from that perspective,. stuart: maybe, i don't know. i'm trying to think of other positives. >> stimulus has to be the main one. 100% probability of 50 basis point cut from the federal reserve priced in. few weeks time. bank of japan. what about europe and china? global coordinated action. stuart: would you say finance ministers big meeting this week? >> there should be a conference call tomorrow. president meeting with drug companies today.

airlines on wednesday. fox news town hall on friday. jobs report on friday and meet with cruise liners on saturday. stuart: western europe gets together that could imply fiscal stimulus. ashley: coordinated. stuart: coordinated fiscal stimulus as opposed to central bank monitoring stimulus. susan: they have been buying stocks and bonds. that is part of monetary policy as well. stuart: they have. john layfield, still with us. is this maybe sign of a tenuous bottom? i'm pushing hard here, john? >> i think it probably is, stuart. i hate to put another caveat on that, but we still don't know how exactly the virus can mutate. the worst-case scenario was priced in last week. if you have systemic shock, you have low interest rates and can't respond to the shock. that is what people were looking at last week. this week you're looking at coordinated response from all over the governments around the world to provide that stimulus out there, to get away from the shocks.

i think that will mitigate this problem. stuart: joan, look, thanks for being with us this morning. sterling work indeed. we appreciate it. john layfield. lauren: the other thing is super tuesday which is tomorrow. what is the situation with the democratic party? mayor pete buttigieg, moderate is now out. where does his support go? does it go to elizabeth warren or biden or bloomberg? where do we stand in politics? that does affect the market because of the democrats varying policies. there is that tomorrow, stu. stuart: of all the people who would bring up politics, you are the last thing i would think of. i thought i was leading the charge on political angle. lauren: >> sorry. stuart: after tomorrow's super tuesday i think the democrats are chronically split, flat-out split. bernie versus biden or bloomberg. that is dramatic split. which i think works very much in the favor of president trump. facing split opposition. susan: if bloomberg stays in the

race, doesn't he split moderate vote? i don't even if he does badly tomorrow, bloomberg, i'm talking about, he does not leave the race. the split will absolutely continue. our time is up. we had a very interesting day. neil, it's yours. neil: stuart, thank you very, very much. as you touch on the spark for a lot of, this notion that the world will come to the rescue. world central banks doing that the world bank and imf on the wires they will do what they can to help people affected by virus. new york city confirming the first case. we have a lot more going on in china. 200 more cases there. manufacturing in china reaching lows, that are recessionary lows. the president meeting with pharmaceutical executives. that is on tap. phil flynn keeping track of all fast-moving developments from the cme. >> neil, it is a rush to g