clorox. charles: as we come out of this situation, any -- >> rebound names, adobe, nvidia, amazon. i'm day trading amazon. i always have some kind of position. charles: i sold teledoc the day before the monster earnings. dow is up 600 points. liz claman, over to you. liz: i would love to give it right back. who knows what's going to happen in this hour? right now, we are up 647 points but it has been another wild day on wall street. just a day after the biggest point drop in history where equities lost $2.5 trillion, the dow is today and during the swing of more than 1,000 points. you can see right now we are on the green side here. the snap-back rally is still in play because oil as well has bounced back from yesterday's gusher crusher. oil right now moving higher by 10.8% in the aftermarket. we've got the nasdaq better by 3%, the s&p back by about 3% to the upside here. are investors happy because they are banking on sector bailout

ss? the trump administration promising help for businesses big and small affected by the coronavirus outbreak. the cruise industry, will it be first in line, hat in hand, after getting soaked yesterday? cruise line stocks are still getting buffeted by wild investor winds this session with major names halted multiple times in hopes of the government throwing the industry a life preserver. one of the world's leading infectious disease experts faces off against cruise industry guru the cruise guy. he says cruise ships should not be taking off at all until the virus is better understood, while stuart says he would jump on one and travel the high seas right now. stay tuned for that debate. one of the most respected bank analysts in the nation waved the warning flag on bank stocks five weeks ago. dick bove way back on february 3rd said stay away from financials due to this mystery virus that appeared to be

spreading back then in china. dick is back today in a fox business exclusive. we will ask when would you start buying financials again? and charlie breaks it on hedge funds in full-blown virus protocol mode. he's got the names as they pile up. less than an hour to the closing bell, let's start "the claman countdown." liz: this just in. we are getting developing parts of this story, where the new york governor andrew cuomo has deemed the new york city suburb of new rochelle a quote, one-mile containment zone due to its cluster of cases, and has called in the national guard troops to help pass out food and d disinfect large gathering places. you can see it is part of just the north part of a manhattan suburb and we do have some aerial pictures we just showed you regarding new rochelle. we also have this development.

the cdc is telling people over the age of 60 with underlying health conditions such as diabetes, that's what the cdc mentioned, to now stock up on groceries and medications and to stay home as much as possible. well, we would imagine the delivery stocks might get a bump here but we still have grub hub down about 2.7%. amazon is up 64%. uber is up just about 1.5%. we do have lyft down just under 1% at the moment. jpmorgan chase is one of the toppers on the dow right now. financials are staging a rebound at this hour ahead of wall street's high stakes meeting tomorrow with president trump. the rate-sensitive group is also stabilizing as treasury yields bounce off yesterday's never before seen record lows. look at this, now for the yield on the ten-year, we are standing at .77%. yesterday, the low was .31%. that's a big jump coming back here. smaller bank citizens financial group is one of the top

performers on the s&p right now. we will break down all things financial with famed banking analyst dick bove. citizens is up by 11%. dick will tell us when he would start buying these names, or whether they are not yet out of trouble for the moment. apple and microsoft, let's take a look at those, are leading the dow higher. apple is up 4.8%. microsoft, a nice move of 4.6% as big tech turns around. cowan raised its amazon price target by 50 bucks as a survey predicts non-u.s. growth in prime subscriptions and it would make sense to look at things like facebook, up 3.7%. alphabet google up three full percentage points. here's a question for you guys. is the crude oil price war between russia and saudi arabia on or off? from now, it might still be on but we have an indicator that perhaps a slight cease-fire might be coming. just a day after oil cratered 25% on news that russia refused to cooperate with the saudis on a production cut to stabilize

prices, crude oil is scratching back at the moment, up about 10.9% in the aftermarket. russian oil companies on your screen, why, russia's energy minister sending this message today. he'll meet with the ceos of those russian oil companies tomorrow to discuss future cooperation with opec. if russia is feeling the heat, so is saudi arabia to get something done. s&p global geopolitical adviser paul sheldon saying yesterday that oil is quote, well below the pain point. russia needs to see $54 per barrel to break even. obviously right now, we are at the moment at $34.59. for brent, $37.77. while the saudis need to see a much higher price, $82 per barrel. what you're looking at now is saudi aramco, this is a solid

indicator that the saudis are definitely suffering. the massive selloff yesterday pushed shares of state owned saudi aramco below their december listing price of 32 reals per share. shares fell by as much as 10% yesterday, closing at 28 reals. let's bring in our floor show traders along with golden airline guru frank holmes of u.s. investors. we know that plummeting oil was very much a vicious trigger that sucker-punched stocks yesterday. what signs do you see that this twinning trade ain't over yet? >> you know, are we to believe russia? they have been overproducing for so long. the fact they will come to a meeting with the saudis, it makes sense. they can't have this price to maintain what they expect out of their government. right now, there's a lot that's going on with oil. it's almost 10% of our gdp here in america. so if oil goes down, that means the trickle-down effect whether it's these high-paying jobs that

some of these oil services provide, whether it's cars or houses, that's all going to be affected. this might be a short-lived bounce. you might have to take advantage of it if you were long. liz: frank holmes, the way that you kind of were looking at this is through the lens of the airline stocks. you have an airline fund. airlines have gotten clobbered year to date. we could just cycle through some of those year to date pictures. they are moving higher today, but tell me why you feel that airlines are a good buy right now even though the future's a little opaque here. >> first of all, warren buffett likes to buy when there's calamity and crisis in the market. he increased his exposure to the airlines last week. we have for our etf, the assets doubled and we have never seen such big inflows as contrarian buying. overall, the economy in america is still robust and healthy so the airlines responded with cutting back on flights.

i know prices going to vegas this weekend from san antonio, they are expensive. there's been no discounts there. liz: yeah. these year to dates are nutty. but if you look, they have really struggled and so if people wanted to buy some, you know, 38.9% cheaper for ual, for example. phil, give me a sense of the mood on the floor of the cme at the moment. everything was really orderly yesterday on the new york stock exchange floor, even as i watched in the final 20 minutes of trade we started to test the lows and lost about 2,000 points on the dow. what's it like today? >> the volatility is quite high in the markets. we ended up back lower on the day, now we are starting to charge back up. there's a lot of optimism that not only oil prices are going to recover but also president trump is going to come in with some kind of package that's going to help provide some underlying support and a level that -- you know, of comfort with the markets here and people will start coming back in, start investing in the markets

gradually. liz: you know the vix right now, down 9%. so there's less fear when the volatility index is down, folks, but the vix is still up 259% year to date. it's been a lot of moving higher and a lot of anxiety. frank, matt, phil, great to see you all. thanks for joining us on the floor show. check the dow. we are up 715 points right now. we were just showing you u.s. oil and shale drillers and producers. right now, they are moving higher but getting absolutely scorched yesterday. many of these names dropped to 16-year lows. i want to pull up apache. that alone suffered a stunning 52% cut about 24 hours ago, but the entire sector moved higher today because it may be one of many industries that are about to be deemed too big to fail. blake burman was there this morning when president trump rattled off some sectors that might get handouts. i don't know what form, blake.

maybe you know. reporter: we still haven't gotten any sort of details yet from the white house as to exactly what an economic stimulus package or economic stimulus measures, whatever you want to call this thing, might look like. but for a couple days in a row now, the president once again said the airline industry and the cruise industry could potentially be benefactors of whatever is eventually put forward by this white house. the president, treasury secretary have outlined a handful of different items as to what potentially could be in these economic stimulus measures and here they are. a package could involve payroll tax cuts, small business loans, paid leave, deferred tax payments, and help to the airlines, cruise lines and even the president mentioned hotel industry. president trump earlier today went up to capitol hill, met with senate republicans for their policy lunch and afterwards, the president tried to give this reassurance. listen. >> be calm. it's really working out.

lot of good things are going to happen. the consumer is ready, the consumer is so powerful in our country with what we've done with tax cuts and regulation cuts and all of those things, the consumer has never been in a better position than they are right now. reporter: after that lunch, the treasury secretary steve mnuchin then walked over to the office of the house speaker nancy pelosi and those two sat down for a meeting, and acknowledgment today from the senate majority leader mitch mcconnell that whatever this white house might want to put forward, there might need to be some democratic buy-in. >> the package needs to be negotiated. the speaker is obviously the most prominent democrat here on capitol hill and anything to get on the president's desk has to be agreed to between the administration, the speaker of the house. reporter: as it relates to payroll tax cuts, there are some republicans, senate republicans who have publicly said in the last couple days they might not

necessarily back that idea. i'm also told as it relates over here to the white house and the president's senior economic adviser, some of them are also worried just about how big this package might get, that it might be policy versus targeted stimulus. you saw that list there, when you talk about payroll tax cuts, small business loans, paid leave, deferred tax payments, help for the airlines, cruise lines, hotels, just exactly where does this end and how big might this be? liz: robert wolf this morning on "mornings with maria" had said a payroll tax, while a nice idea, it takes too long to get out there. he doesn't believe it would get passed and he advised both president trump and bush 43 during crises during that point when he was running ubs. i think that it's an interesting point. we will be watching for whatever they decide to come out with. blake, thank you very much. blake burman. we've got 48 minutes before the closing bell rings. look at this. okay. we were just minutes ago up 783 points. we are still up about 768. looks like this market feels as if it wants to go higher, but no

go for boeing. boeing is hitting new multi-year lows. we are at $222 change per share. the aircraft giant, the biggest loser on the dow 30 by far at this hour. today marks the one-year anniversary of the ethiopian air crash that killed 157 people and led to the grounding of boeing's 737 max fleet. shares are down 32% in the 52 weeks since this crash. president xi faces the belly of the beast. a hospital in china's wuhan. the epicenter of the global coronavirus outbreak. xi declaring today to the world that his country has officially turned the tide in the fight to contain the deadly pathogen. whether you believe that or not, up next, the epidemiologist who says don't believe everything you hear and why she's sounding the alarm. no one, not just the elderly, should be thinking about taking a cruise right now.

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liz: coronavirus cases and questions about it continue to spread at this hour, many of them swirling around whether or not to take a cruise, no matter your age. this past sunday, dr. anthony fauci told fox news's chris wallace that elderly people with pre-existing conditions should not board cruise ships. but the day before that, ucla center for global and immigrant health director dr. ann ramoin tweeted quote, it's absurd that the vice president of the united states met with cruise line execs, then announced cruises will continue. we have explicitly clear data that covid-19 spreads easily on cruise ships and many older high risk people will be on board. politics and commerce are not more important than human lives. the doctor joins us live along with the travel expert known as the cruise guy, stuart sheeron. doctor, i will start with you. some might say your position is extreme but tell us why you think it's absurd that cruise ships are still taking off with passengers on their trips.

>> we have to follow the global data, and the global data is clear. covid-19, this coronavirus disease, spreads easily on cruise ships. in fact, many viruses spread easily on cruise ships. and as a result, we really need to limit the opportunities for spread. i think that it's very clear that cruises right now, we are trying to limit big gatherings of people. there are many, many meetings that have been canceled all over the world, and let's be real. cruise ships are like a big meeting of people in cramped quarters living all together, thousands of people to size of a football field, and eating together, playing in casinos together, going to shows together. i mean, the truth of the matter is this is the optimal opportunity for disease to spread. liz: i'm sure the coronavirus loves cruise ships. we saw with the "diamond princess" which ended up being forced to dock in japan, i mean,

that was a case study for us. there was one 80-year-old passenger and as the entire ship was quarantined, the final number showed eight people ended up dying and i think 700 were infected including some government officials from japan. so clearly, this is an issue but -- so should nobody be taking cruises right now? >> i think again, we have to follow the data. the data also shows us that you can be infected and shedding virus and infecting other people before you have symptoms, so screening procedures are not going to work, it doesn't matter how carefully a cruise wants to screen people before they get on. people could be sick and all you need is one person on a cruise ship ill, and they could spread it to thousands of other people. we saw a 20% infection rate on the "diamond princess." it's the ideal environment. doesn't matter if you are in the high risk or low risk group, it's not a good idea at this point.

liz: stuart, you are known as the cruise guy. everybody follows your pieces and your writing about the cruise line industry. when were you last on a cruise? >> it was about three weeks ago, actually, in the caribbean. liz, i would just say, i mean, based on the doctor's data we should all dig a hole in our backyard and jump in it and hopefully at some point, we will be able to come out and the world will be a safer, better place. but there is data to show all kinds of things and the reality is that the cruise lines have been dealing with h1n1, zika, ebola, sars, mers and norovirus for decades and they learned from these processes. they provide a very safe environment for cruise passengers and crew. i was on a cruise ship a few weeks ago. i saw extensive changes because of what was going on with "diamond princess." liz: like what? like what? >> they had tougher screening, you had your questionnaires,

they were people i the terminal that were looking for people -- >> cleaning doesn screening doesn't matter at this point. if someone is ill they may or may not known. the truth is people could be shedding virus beforehand and asymptomatic infection is a driver of this. >> that's what happened on the "grand princess." >> exactly. it doesn't matter if the cruise line is perfect in terms of how they want to screen people, whatever it is they want to do. the fact of the matter is, all it takes is one person who has been incubating the virus who doesn't know they have been exposed and the entire cruise -- >> -- the amount of people that have been tested. 1453 people in this country. you look at south korea, with 7500, they have only got 54 deaths. we are way behind this. >> the death rate in south korea right now, the case fatality rate in south korea right now is less than 1%. the case fatality rate in wuhan where they did not implement social distancing and good practices of keeping people away

from each other was actually 5%. that means that in places where you do not have good social distancing practices in place, and you do not keep people in safe environments, you have a case fatality rate that's much higher. we have the opportunity to lower that case fatality rate by making sure our hospitals are not overrun. liz: got to run. stuart, i want you to have the last word. cruise or not to cruise? >> i would absolutely go on a cruise. thankfully there's no cruises to southeast asia at this time. i would be certainly looking at alaska. i would definitely be going to the caribbean. mediterranean. i think there will be a lot more changes as far as itineraries may actually wind up happening but right now, i would certainly go on a cruise. liz: great to have you both. it is an ongoing discussion as we learn more about this. good to see you. join us again. it is a lively discussion that we continue to look at but we

are looking at session highs right now as this discussion continues. we are up 950 points. can we make it 1,000? much more straight ahead on "the claman countdown." ♪ ♪ ♪ ♪

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liz: you could argue that the markets are charging higher with the dow now up 824 points, after the trump administration touted payroll tax cuts as a potential antibiotic to the global coronavirus outbreak. charlie gasparino, way back in january of this year, reported on the possibility of tax cuts 2.0 and i was able to quiz white house economic adviser larry kudlow in d.c. from our showdown there two months ago about charlie's report. here's what he said. charlie gasparino is reporting, his team is reporting that as we head into the election here, that you and the administration will do tax cuts 2.0,

specifically a payroll tax reduction as part of election year fiscal stimulus. >> here's what i've said. liz: you just said no. >> i know. there are no specifics. charlie shouldn't be reporting specifics. specifics don't exist. he's ahead of the curve. liz: right, but -- 55 days, one viral outbreak, 4500 points to the negative off the dow later, the tune has definitely shifted. charlie, we have this. maybe this is why the markets are moving higher. reuters is reporting president trump told republican senators today in a private behind closed doors meeting that he has two possible options for the coronavirus. one plan would be to waive, this is what reuters is reporting, waive a payroll tax through year end or make a tax cut permanent. charlie: payroll tax cut permanent? liz: this is all that it says. charlie: let's back up a little on when i said that. i said that in january, because i was covering the t-mobile, the last oral arguments on

t-mobile/sprint before the state attorneys general. at that point, what they were worried about was not the coronavirus. they were worried about election year that the economy needed a stimulus in an election year because we had essentially a trade war with china, there was going to be an impact on corporate earnings and this administration is just obsessed with markets, like you know, that number, that dow number, is what they think is going to get them elected. whether or not that's true, i can't tell you but they believe that. at least the president believes that. liz: you are here right mnow fo a different reason. charlie: when he was saying i was over my skis, of course i was. i was reporting what administration officials were talking to congress about. now that you have the coronavirus coming, so they are even in more, you know, it's even more pressing to do some sort of fiscal stimulus. the reason why payroll tax cuts are on the table, i'm not saying they are going, i'm just telling you the reason why it's on the table, it's hard to take the corporate tax rate down anymore. they did a massive cut on that.

if you are going to cut income tax rates, federally, the only way to get a supply side bump out of it is to cut the upper rates. middle class people don't pay that much in taxes. most of the taxes are paid by the upper 20%, right. so you are essentially going to give a tax cut to the rich. hard to run on that in an election year. so where you have to go to get a lot of people a tax break is payroll taxes. now, whether this flies or not in congress, i can't tell you. they were hesitant to embrace it back then for the reason they didn't think they could get it through congress. liz: what about the hedge funds that are now in protocol? charlie: this is getting interesting and scary all the same. we should point out what i don'ted used to be s.e.c. capital, they had a person test positive. wall street is starting to heighten its preparedness. this is fascinating because my

producer broke this earlier today. millenium capital, big, big hedge fund, offices in new york, greenwich, all over the world. liz: they're huge. charlie: they are having all their employees from new york and greenwich work from home and it started today, tomorrow, thursday. that's 1500 employees are essentially going to be working from home. they have not, as of now, they have not found a case. it's a way to sort of prepare just in case you can't get into the office. because if you look at the way things are rolling now, you know, i'm not saying it's warranted or whatever. governor cuomo put kind of a soft quarantine on new rochelle. liz: we reported that at the top of the hour. charlie: i know but i'm saying when you start doing that, we should point out new rochelle is not far from new york city or greenwich where there's a ton of financial firms and hedge funds.

liz: welcocolumbia university, stanford, princeton, have all moved to online classes. charlie: workers are being encouraged to work from home for containment potential and just to see if your computer works, so business can get done. my guess is -- and all this stuff, just so you know, is going to have an economic impact. i want to make one more point. listen, i'm not saying -- i know we are wrapping. let me just make this point. i don't want people to think we are running around saying sell all your stocks. i'm not. it's a good time to have cash. we could still be in a secular bull market and if you have cash, when this thing settles out, 30% decline in bull markets, you can buy. i'm just saying it's not a bad time to have a chunk of cash. not all cash. a chunk. this doesn't mean it's the end of the bull market. liz: not at all. charlie, thank you very much.

charlie was not over his skis but i don't think he even skis. charles: what is -- liz: get out, get out. we have 27 minutes before the closing bell rings. the horror warning from that movie does not compare to the alarm one of the biggest names on the street sounded about bank stocks. dick bove was the guy. he joins us next.

liz: boy, time flies. it was one week ago today that the federal reserve made its surprise rate cut, a move that sent the banking sector into a tailspin. usually of course, rate cuts are improvements for the markets but a 50 basis point cut just a week ago sent a message to the market that there might be something really wrong with the economy coming up. but way before the fed cut rates, back in early february, february 3rd, to be exact, famed banking analyst dick bove had already sniffed out trouble. he wrote in his note i cannot

think of any reason to buy a bank stock right now, and then proceeded to lower his ratings on goldman, morgan stanley, citigroup and wells fargo. now, year to date, many of those names are down anywhere from 15% to 20% plus. but this last sunday, he added this quote. a sharp decline in oil prices will be a body blow to the industry. all the stocks are up today, but we thought let's bring in dick bove, the writer of that note, here in a fox business exclusive. you still feel that way even though the stocks are making a move to the upside here? >> well, i think this is going to be a terrible year for banks. in other words, if you take a look at the volume of loans sold, that's not going to be particularly good. if you look at the price of every product that they sell, i don't care if it's asset management, investment banking, if it's the movement of cash from one place to the other, if it's loans, the prices are coming down. so the margins are getting

killed while the volume isn't doing well. then you have to put on top of that the fact that their loan losses are definitely going to go up. they are going to go up because of oil, they are going to go up because of leveraged, you know, lending, they are going to go up perhaps because of things ppening in industries like credit cards or retailing. so this year is a year in which banks go down maybe 20%, maybe 30%. so the question is when do you come back in. what you are seeing is, you know, an absolute devastation in the prices of these stocks. in other words, bank of america is down by over a third in price so far this year. you've got companies like jpmorgan which has dropped from mid-130s down to the mid 90s. citigroup is selling at 40% -- well, 35% to 40% discount to book value. the other thing which is making it more perplexing is dividends are going to go up next year. so the prices are coming down -- liz: you don't think they will

cut dividends? >> no, no, definitely not. these companies are loaded with excess liquidity. jpmorgan is sitting on half a trillion dollars in what i would call cash like holdings. bank of america has over $400 billion in cash like holdings. the did you have denvidends are. dividends are go up, book earnings will go up but all the news coming out on the industry is going to be negative. so do you sell them or buy them? my view up to this point is you sell them. you get away from them. but now the prices have dropped so low, one has to look for a signal as to when to step in. liz: what is that exact signal? can you just be clear to our viewers on that? >> i think the exact signal is an increase in loan volume in the commercial area. that's where they make the most money. liz: are you worried about liquidity? we had mohammed el-erian of allianz last week saying watch

out, not only are you going to start seeing possible liquidity issues, but i have been hearing that banks are becoming way more conservative in their lending, they are really scrutinizing the people and the organizations and the businesses to whom they are lending. is this going to freeze up? >> well, it's not going to freeze up 'tin the banking industry because as i said, if you have over 22% of the assets of this $13 trillion industry in cash or treasury securities, there is no liquidity problem. obviously, there's a fear on the part of bank managers that we don't want to make loans to people who aren't going to work. we don't want to make loans to oil companies which are losing money. we don't want to make loans in a variety of sectors that are being challenged by, you know, the inability of people to buy things. so they are pulling back. but they are just overwhelmed with liquidity.

i'm preeting a irepeating but y a trillion dollars. that's a lot of money sitting in just one bank. if you take bank of america and put it with jpmorgan and with citigroup and even with wells fargo, you are getting close to $1.5 to $2 trillion. liz: you have been so prescient with this note. i'm holding it up because you wrote it february 3rd and cited china and said this mystery virus has people walking around with face masks and that the rate it's spreading, that was back when we didn't have a single case, i believe, but what about as we look at the banks and how you translated that to saying be careful, the banks that have lent to the oil industry, talking specifically the fracking and natural gas industry, lng terminals are building up, we see lng prices, natural gas prices dropping precipitously, maybe not today, but you know, crude is $30 a

barrel. i'm wondering which banks are most exposed. >> well, all of them. if you take a look at the oil industry, banks, that is the biggest industry, commodity industry in which the banks lend money. you can take specific companies. if you go to regions financial along the gulf coast, there's a lot of loans out there that are going to go bad. if you look at comerica -- liz: they are higher today, but. >> yeah, well, i know. but they are down so much. if you take a look at key corp, which has loaned money into the fracking area. but you also have to look at jpmorgan and citigroup, bank of america. liz: dick, thank you. thank you so much for joining us. dick bove. delta making some major coronavirus headlines right now. we will give you the details when we come back. cut. liberty biberty- cut. we'll dub it.

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liz: we can punch up delta's stock for the moment. this breaking news, delta has just announced it will be suspending its new york jfk service to rome starting tomorrow. so you basically have got just a few hours left to hop on a flight to rome if you absolutely have to. this will last through april 30th. it is not, by the way, the only service the airline is suspending. delta also halting its jfk service to tel aviv starting march 14th through the 24th. air canada is also halting its flights to italy as the european destination remains in lockdown. the entire country, over the coronavirus. delta's actually moving higher and the whole stock market is hitting session highs right now. folks, we are looking to go up, 1,000 points. there it goes, up 1,003.

we are going commercial free with 11 minutes left to trade here. appears we have a major bull run at least for the moment. remember, though, we meaneed to scratch back a full 2,000 points to erase what happened yesterday on the dow. big name in retail is the latest to join the lengthy list of new coronavirus cancel cultures. let's get to deirdre live on the floor of the new york stock exchange. before you get to that, what's going on on the floor as we see this market move higher? deirdre: yeah. well, you mentioned this idea of stimulus, obviously not confirmed yet, but it does seem that president trump has suggested this and that certainly is pushing markets higher, as you mentioned, as we head towards the close. what a crazy volatile day we have had. i mean, we are showing kohlthe e but we have seen a 1,000 point swing today alone. i want to focus on kohl's and that is turning its annual investor day into a webcast so

it planned to hold this big event in new york city march 16th. kohl's as you well know certainly not alone. numerous companies have advised their employees to work from home, especially from tech companies, where you can make the argument that it's just easier to work from home. but events have been canceled. we talked about that tech and music festival, south by southwest. we talked about coachella. or retailers we are watching, walmart, trading slightly higher. you will see that. it did announce one of its kentucky employees tested for to the coronavirus. the employee is on walmart's emergency leave program and the infected employee does say she is improving with medical care. some good news there. back to you. liz: we will take it. good news there. nine minutes, nine minutes left of trade. we just hit a session high of 1,042. we have now endured a call it 1186 point swing, connell. we are watching all of this as it appears that government assistance coming into multiple

sectors may be what's pushing this higher. i guess you could call that a bailout, handout, assistance, help. that's what president trump called it, help. connell? connell: we always see snap-back rallies in environments like this, to the extent we see environments like this, but when we go through periods of ridiculous volatility which is obviously what we are in now, we will see the snap-back rallies. we are seeing it today. we will see at the top of the hour how it closes on "after the bell." we will put that in perspective and speaking of perspective on the virus itself, we will try to put a human face on things. we will speak to carl goldman, who had, actually still has coronavirus and had it for 30 plus days. he caught it on the "diamond princess" cruise ship in japan. he's in nebraska in quarantine. we will talk to him just to get an idea, it may be only one story but sometimes hearing from someone personally who is being treated, going through it and is very very close to coming out the other end might be helpful for people. we will have that and see if this thousand point gain holds at the top of the hour. liz: i want to hear that. and ask him, because we had a

debate just about 20 minutes ago about whether to take cruises for anybody, forget elderly. i want to know if he would take another one. connell: i know. people are cruise people and you can't get them away from it. boy, i don't know these days. liz: connell, thank you. see you at the top of the hour. let's bring in for the floor show, again, no more commercial breaks, folks, as we hit a new session high of 1,050. nolan bowerly along with our traders at the new york stock exchange and cme group. nolan, we wanted to bring you in because usually in times of volatility and trouble, lately we have seen that bitcoin has moved higher. bitcoin dropped rather precipitously yesterday and it was not a flight to quality. today it is moving higher along with the rest of the market by about 74 bucks, just under 8,000. what are we to glean from its status as a place to go when times of volatility? >> so i would say that that

wasn't burned. what did happen is bitcoin got caught up in the energy change, the price of energy, the oil war that russia has launched here. what ends up happening is miners who are creating the new bitcoin, generating the new bitcoin, often work with otc desks and sell those bitcoin on to the market directly. we saw a lot of that being kept last week. we were already anticipating a selloff because we can see the wallets and see what percentage they are keeping. they mined about 50,000 total bitcoins in february and we saw they had not liquidated the normal amount. when prices shifted, the yield, the ability to generate bitcoin, the price went down. so it didn't really matter what the stock market price was, they knew they would be getting a profit from it. looks like they unloaded. i wouldn't say we can draw the conclusion that that safe risk asset thing is not in play. gold traded liz: oddly gold is down today.

notedly, down 28 bucks because stocks are up, matt. so give me a sense what you expect? we're up 1084 and climbing. what spiked markets in last 15 minutes? >> bond market yield had a strong rally. that gained momentum. we saw the market really follow suit. there is not a whole lot of selling. a lot of the stocks down here are sell short restricted. which means they can't be sold short on a minus tick or hitting big. so with that, the buyers are a little bit of in control here as sells have to put their prices out beforehand. so if they want to sell it, they have to be long, they have to get taken on the way up. so that's, seems to be what we're getting here. any kind of buy momentum, there is not much out there for sale. liz: phil, i can't believe it. yesterday we had circuit breakers tripping because we were dropping so dramatically. overnight the s&p, call it limit

up, futures 5% to the upside. we're seeing that play out right now because it seems like a very positive final hour. the oil picture is still murky though. that is it what caused a lot of the fear yesterday, right? >> it really is. tell you what, limit down, limit up, remind me of the day we used to trade pork bellies down here, a long time ago this is stock market different world. yeah, absolutely. i do think one of the big reasons for the big selloff yesterday was energy. the price of crude, the plummet inning price of crude. but i think the trump administration is really standing up against opec and russia saying, guys, what you did was irresponsible. it is bad for the global market t doesn't make you look like a reliable supplier. looks like russia is listening to that. they're talking to their energy companies. whether saudi arabia will or not i don't know but we'll find out. liz: herron wealth president david in the chair. he will join the conversation.

what are you buying right now? >> david, good morning, how are you doing. six weeks ago i was not buying anything. not u.s., international, not emerging even corporate bond. now that we're neck deep in freezing cold water we've been buying everything for the last week. a lot of money putting into clients accounts. liz: like what? >> everything. straight index funds. mutual funds. stocks. but if the market gives awe 20% discount in three weeks, tough take it. liz: 20% discount in three weeks. we're scratching back 4.7% for the s&p right now. we do have leaders on the screen. cme group, which announced we have record number of trades. they broke the record for oil trades when it comes to all of the derivatives and futures trading they do. what about the airlines? there are still so many question marks right now. >> we don't buy airline stocks

in general. liz: anytime. >> in general. good times, it is just bad times. liz: phil, bring you back here. dick bove said be careful to the bank stocks. they may be exposed to volatility. potential for lower rates? >> i do think some banks, especially if they have a lot of exposure to energy, could be a problem. but one of the things we heard from the trump administration that is being reported right now is that they were looking for some type of a bailout for the u.s. shale producers. that is the biggest risk to banks. there is a lot of banks in the texas area shale producers have exposure to that. there are concerns if they start to go, other high yield problems not affected with energy could go. if they calm that down i think the banks would look a lot better. liz: is matt chess lock still there? matt, i'm looking at the apple. this is widely-held stock. up 6.6%.

has been very volatile. normally isn't. where do you see a name like this? where do you see the big tech names going? it has been a great day for them. >> reversal like we're getting big caps got money flow. russell didn't rally until late in the day. people focusing on the risk-on trade in the near term. they were buying some big tech names on sale over the last two weeks. liz: david, we're looking at second highest point gain in history for the dow. we're up 1109 at the moment. what are your staple stocks you like? >> we were gaming the situation months ago. we expect there will be a tough period going forward. we expect a short recession coming up. we're focusing on companies with reliable earnings, good times and bad. liz: quest diagnostics, cintas, pool corporation. >> exactly. pool corporation, people staying home this summer investing in their pools. liz: investing in their pools. don't go anywhere.

maybe this will be in the rear-view mirror. [closing bell rings] for the health of america's sake and rest of the world. markets rallying into the close. hitting session highs. 1151 point gain for the dow. s&p up 132. connell: that is what we call a snapback rally. melissa: wow. connell: stocks surging on wall street especially five minutes of trade. all averages ending firmly in the green. we snap a three-day losing streak. on hopes of stimulus to combat the coronavirus which we'll talk plenty about. the dow up 1100 points. 1164 to the upside, nearly 5% after yesterday, the worst day for stocks since '08. it is only tuesday. melissa: is it really? connell: i believe so. melissa: i'm exhausted. connell: i'm connell mcshane. melissa: i'm melissa francis. this is "after the bell." the nasdaq and s&p 500 also