plus right here on foxbusiness every weekday tune in from six to 9:00 a.m. eastern for mornings with maria, on foxbusiness network. i hope you'll join me every day as we set the town for the day. that will differ a gent for us for now. that's it stay safe. ♪ ♪. gerry: hello, and welcome to the wall street journal at large. what a week it was on wall street and indeed everywhere else. this is the week the coronavirus basically took hold of all of our lives. every day the news headlines are virtually nothing more than a play-by-play of the latest on covid-19. the disease caused by the pathogen. efforts by health officials, government leaders, and average citizens to contain it. massive changes to our daily lives have been made. large groupings of people's

been banned to further spread the disease. major sporting events were postponed or canceled. schools and colleges close their doors, concerts were scratched, even traditional st. patrick's day parade were called off. thousands were told to work from home. president trump was seen daily on tv holding high level meetings and giving updates on the federal response. his critics blasted him for not doing enough. that on friday, he declared in a national emergency bringing out more federal money for states and municipalities. meanwhile wall street was reeling. the financial markets have gone into freefall on fears the impact of the disease could cripple economic growth. history was made on wednesday when the longest running bull market came to an end almost exactly 11 years to the day began with the dow falling more than 20% from its high-end month ago. the next day, stocks drop the most in one day since the 1987 financial crash. however on friday, there is some hope that the federal stimulus program might help the crisis.

with all these rapidly changing events related to the coronavirus, what if anything do we know about the outlook for the financial markets and economy? it would be refacing threat of recession? what can and should the economic do to ease concerns customer joining us to join us as alisha. so tell us first about what happened this week? a week ago the markets were down, but they were down a little bit and people were not necessarily predicting a bear market recession. telstra wrong this week. >> what happened this week is the market went from pricing and a v-shaped recovery in the real economy so therefore you hit in the first part of the year in recovering the second half. pricing is maybe a worst-case scenario so you shaper recovery where you take a big hit in the beginning and then you have a period of anemic growth, may be some credit distortion to start growing against it last longer. or even an l shape recovery

where you have a permanent loss of demand as a result of a hit to the service sector. and never quite gets going again. so once you start running earnings off of that, you get a quite dire scenario. that's what the markets are pricing in on thursday. gerry: this is all an unnecessary panic in the market is overreacting to the overreaction. what he think? >> i think what you are dealing with are markets that started, let's go back to the high on february 19. the market was trading at 19 times earnings, that is historically very, very high. and, there is justification for it because yield and rates were so low. gerry: they were very low you're getting get a better yield on the rate of expensive price. >> almost by definition we have rate and yield so low you can justify higher multiple. zero coming into markets that were frothy, and especially had gone straight up since october 1. there is hardly a down day

over the past four months. you came into vulnerable markets and what you had was this exaggeration. it was a nobody's model. when we predict risks for 2020, the pathogen that's going to make the world ill was not one of those shocks. so that's really what happened. the china example is very interesting because china shows you can actually stop the contagion, but the price is at deep hit to the economy. china has art experience that. so as long is the story with the china censored story and is china censored stock market looks through it as a one quarter supply shock that then the u.s. would move beyond that. it would essentially focus on china. gerry: 's are trying already seems to be on top of it and they say but we can always trust the numbers there. but they kept the new cases to

allow deaths are dropping significantly. some people looks like it's a bad flu season in china. they took some drastic measures. why should we expect any words here? >> things are good happen the u.s. that's different is the government is trying not to make it look like italy. italy let the contagion spread before it shut down the country. what we have seen is the healthcare system actually cannot handle all the cases coming into the hospitals. so the idea is, if you can contain, you can flatten the curve. we talk about the curve in the treasury market but we also have a curve in terms of number of infections. you put some probability that some will need to use the hospital system you need to flatten that out and extended out as long as possible. what happened this week was the understanding that the contagion was coming here because there is a lack of tests and information, you can't put a number on it. so what we lack a lot of numbers on this, a lot. gerry: for the real economy, does this mean recession a?

>> we have a 60% chance of a recession sometime this year. jack: you mean to contact a course of negative. >> we took call that a technical recession we are probably headed towards one of the monch of marth, certain by the second quarter. some people think we are here already. that ultimately the question is you have an entire year which is a recession parade we think that's less of a chance because we see a bounce back starting in the third or fourth quarter this year. but there will be a recession sometime within this year. gerry: is the right way to think about that, you talk about your v shape in u-shaped talk at the beginning, that we are just going to take a short-term hit and there might be a technical recession as you call it. but the economy has been in pretty good shape for a long time. the interest rates are low, they can't go much lower their most as low as they can go. but does that mean this is just going to be a very short term hit to the economy and we will be back onto the path of growth very quickly? >> that is the big question

weighing on markets right now. as of wednesday's close when we have bear territory, essentially telling you lack growth year. what happened on thursday was really pricing and that u-shaped scenario. you're going to get credit involvement, but you can't easily replace this demand so quickly. it's not just about manufacturing, rebooting the second half. but how are you going to replace all this flights not taken, although cindy gains not seen you can replace that so easily. you're going to bump along at a much lower rate for a while. that's what thursday was about. i don't think it is actually done yet. the conversations not done. gerry: this is gonna pass at some point, one month, two month, through vince's focus on china, evil traveling again. they're probably in her travel more than they did in the past because the need to catch up on some of those things they miss, vacations, business travel, people are going to meet again, be out in the stores in the gonna come back with a vengeance are they?

>> they should, except it's very hard to replace lot services. you're not going to go to starbucks 20 times in july because you did not go in february. you just can't replace that demand so easily on the services side. but there will be some that takes a while to recover. but most likely there will be some recovery. i think the greatest analogy is what happened in 911. it was a sudden shock when all the sudden and suppresses growth, suppresses demand, and recovers at some point. and the issues here, set a bounce back but something or take longest? gerry: so what's your view? will be a bounce back? >> our view will be longer and deeper but ultimately by the third or fourth quarter you will see growth returning again. the big risk of course is the credit markets. gerry: got to quick break they're coming up next i want to get your thoughts on how

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edward jones. it's time for investing to feel individual. gerry: i am with alicia levine, bny mellon chief strategist. when you look at what happen this week's it creates its own problems in the financial system. companies have trouble getting credit, banks get a little more reluctant to lend to each other and others. are we seeing any signs of stress the financial market? >> yes and the action started seeing that on wednesday. what you saw was express the treasury market. the treasury market is the most liquid market globally. and when accounts need to sell, they tend to sell treasury first because it is an easy exit. always on wednesday as he saw the stockmarket crash in, but we also saw yields moving

out. gerry: when yields move up and prices go down. >> so bonds and equities work to help buffer each other. they help each other and upper the downside for this is the opposite on wednesday which really made it and suggested there was a running cash, and an issue in the treasury market. so what were hearing is corporate's are having credit lines, so they can have cash to get through the air pocket that is going to happen for the next three or four months, particularly in leisure, hospitality airlines, and doing so chose banks may not be so willing to lend. i'm so what you see, is the fed has to come in and supported the banks and the liquidity of the market so there's enough cash in the system. gerry: is that working? is that calming some of the concerns?

>> is $1.5 trillion into the market that should help that funding issue. but when you see yields move in the same direction, opposite direction of equity, you get suspicious there's something that happening. the other thing happening is the yield on triple b is widening. why does that matter quote? because that's the index prayed the total capitalization of that is $2.8 trillion. the young higher high-yield index is only $1.8 trillion. so some of those are going to be fallen angels into the high-yield index on you have forced sellers. they cannot hold anything less than investment-grade. going to have a ripple effect in the credit market perhaps. gerry: that's gonna push up any higher those yields in the low-grade investments do we have to worry -- one of the features of last ten years with this expansion we've had a set of massive in corporate debt. leveraging is got up a lot.

>> really don't have to worry about it by the way they are still low from where they were a few weeks ago. but should we be worried now if we do have a recession and we do have the stresses in the market, about the amount of debt out there? especially corporate debt. >> the crisis is when the gorging on corporate on the balance sheets come home to roost. what's happened is the funding markets are really close meaning you can't sell bond out see or force a drunk cash in your credit line if you can't do that, really is going to be an issue coming to you have enough cash to pay off your debt to get through the air pocket in your business? that's a big if. there are certain companies that have severe cash flow issues very quickly. others not so. that's really the job of the analysts to see which companies are mcrib spike cash flow and. gerry: surly when the tide goes out you can see assuming

naked, are we going to see metaphorically speaking that some companies have been swimming naked last couple of years customer. >> think will definitely see that here they are definitely going to see fundamental issues in the energy sector, and the hospitality sector, and the leisure industry, hotels you just know that is going to be hit. spieth eight that's for the broader economy to your point about making it harder for the company to bounce back you get real problems disseminates corporate and that's going to have a larger effect on things like wages and anything else that affects all of us. >> the easiest things to do is cut fixed cost is to cut headcount. in the really interesting thing here, i was thinking about this in writing about this week, we actually don't have a number on any macro data yet. that shows the impact of coronavirus on the u.s. economy. it happened so quickly, and

the sudden stop is happening so quickly we don't have a number on it. you're going to start seeing jobless claims next week and you're going to start seeing manufacturing and service sector numbers. that's how fast this is been. gerry: rent check will mark quick break but up next is what can be done, what's the government doing? what more can be ♪ ♪ you work hard for your money. stretched days for it. ♪ ♪ juggled life for it. ♪ ♪ took charge for it. ♪ ♪ so care for it. look after it. invest with the expertise of j.p. morgan, either with an advisor or online, through chase. after all, it's yours. chase. make more of what's yours.

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i'll pass. gerry: i am back with bny mellon chief strategist alicia levine. most people seem to think that to help the market get through these short-term challenges that's not really going to be enough to lift the economist and give it the boost it needs to grapple with this most evil

think a physical response is needed. >> you need both. you need to support the liquidity and you need to support the credit and the functioning of marketing. we expect the fed to cut another 50 or 60 basis points the next two months, but that is not really for now. that's really for later when you get the bounce back to the economy and you're going 20 grow again. you'll have so much liquidity and support to do that. the real issue is the funding market and the credit market. they are very aware of it and i think his background in financial market is very useful here. gerry: so what's been on the fiscal side cut taxes, increase spending cosmic so looks like all that is on the table. part of the message from thursday's 10% selloff, was telling washington that is time to get its act together and do something. it reminded me very much of the sell off after tarp failed the first time in 2008. so we expect to see something between the house and the administration from a tax-cut

deferred april 15 tax. gerry: what about the payroll tax of the president once customer. >> that support for individual small businesses, support on the healthcare xi, no copayments, getting the test for free. it really has to be a multi functional approach to dealing with this issue. i think the administration very clearly knows that. gerry: one of the things people worry about is everybody takes the opportunity to load up these bills with their own favorite programs which not necessarily beneficial the situation at all. you get lack of fiscal restraint was seen in the past? is that a risk? >> i think it will happen. you're going to get one large log roll here you're going get the social spending side are also going to get the business support side, but there's no way out of it. in fact, you need it right now to get the u.s. through the air pocket is to confront it altogether. truth is, the messages in order to stop this virus from spreading, you have to shut down the economy. gerry: a payroll tax cut do you that would be

significantly beneficial? twelve and half% employer employee, the of the holiday parade the year would that be abuse in people's pocket customer. >> you put money in people's pocket but it may not help your quarantine, it may not help when the countries undergoing this sort of social distancing and trying to manage it. but it will help on the other side once demand comes back. gerry: what about those who don't have a job, students, retired people they need help too. >> i am hearing discussions on the student debt side as well. to give a holiday and having to pay some of that back. think all of this is on the table now and as these numbers keep coming and showing the severity of this, i think all of it is open for discussion. gerry: just in conclusion, again as a start out the beginning, is there a danger here that we are overreacting, we're going to end up doing things here both in the private and public sector and pass a big fiscal stimulus ring to cut interest rates aggressively.

arbor get into all this in response to something is going to pass me to it get there? >> i think not, the message from the public health official that you have to contain this thing early before it takes over the entire population. and containment means a hit to the economy. we actually don't have a proper number of people affected in the u.s. so in the absence of information is best to prevent the spread. as we get more information, we can start thinking about other strategies. right now, china's being looked at is how to stop this thing. take the hit and move on. >> we are not china we can't just shut down but it does look like were trying this week. >> we are going to have rolling containment. seeing different areas of the country and specific northwest of the new york suburbs, it's going to be rolling containment as the number of cases grow. that's what we think it's actually going to last a little longer what you see in

other countries. alicia levine thank you indeed for joining us. just ahead in stead of assigning blame we should thank those who are doing the job of protecting us. i will explain next. at fidelity, online u.s. stocks and etfs are commission-free. and when you open a new brokerage account, your cash is automatically invested at a great rate. that's why fidelity leads the industry in value while our competition continues to talk. ♪ talk, talk while our competition continues to talk. adds to the legendary capability of the strongest, most advanced silverados ever. with best in class camera technology and larger, more functional beds than any competitor. the only truck that can compare to a silverado

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we do things differently and aother money managers, don't understand why. because our way works great for us! but not for your clients. that's why we're a fiduciary, obligated to put clients first. so, what do you provide? cookie cutter portfolios? nope. we tailor portfolios to our client's needs. but you do sell investments that earn you high commissions, right? we don't have those. so, what's in it for you? our fees are structured so we do better when our clients do better. at fisher investments we're clearly different. gerry: its unfortunate reality of modern life that when anything goes wrong, our first

instinct is not to fix the problem is to find someone to blame. as we continue to try to digest the implications of the coronavirus we are at it again. democrats and the media are blaming the president for acting too slowly, miss communication and complacency. the president is blaming foreigners for the virus, media for hyping it and the obama menstruation for not helping us prepare for pandemics. let me say this, i am not a doctor any kind of medical expert. i can barely apply a band-aid without hurting myself some not going to join those experts to know exactly what's happening and who to blame paid all i do want to say though is a huge thank you to the doctors, nurses, and other medical professionals who are right now helping, healing and comforting. however bad this may get, these men and women are on the front line risking their own life and health to save us and our loved ones. if you are looking for something this weekend after pretty glum week, if you're looking for something to be positive about, some help and

inspiration, there's nothing better than right there pray that's it for us this week, for the luggage show updates be sure to follow me on twitter, facebook an instagram part i will be back here next week with more in-depth news with large. thank you for joining us. ♪ ♪. jack: i am jack otter. coming up the panel tells you what our sources have been buying during the wall street selloff. that we begin with what we think are the most important things investors should be thinking about right now. as corona virus rolls the market put stress on the financial system. what to expect next. airlines and energy companies are really feeling the pain, which companies can weather the storm and how to determine what stocks can stand up to the coronavirus crisis on the barron's roundtable tonight my colleagues have been levinson,

jack how common carleton english. the dow is down on the week despite a furious 1000-point rally. dow jones market group shared a wonderful statistic, the last time we had a back to back 9% move two days in a row was october 1, 9209. >> this is a wacky market. finding comparisons for is almost impossible. when you put together a virus like this, you put the oil crisis we have the oil prices drop like this ship but the facts were in a presidential year this is all just wacky. and it almost feels like a big relief we got this 2000-point rally out of the dow on friday. because coming and said friday was just awful. some of the worst trading we've seen since 2008 and yesterday, thursday, the drop was the biggest since 1987. these are crazy moves.

jack: so clearly the oil is a problem here. but i think it's mainly coronavirus. think there's this old cliché that insert is what the market hates. i think you put a finer point on it does make sense. the market hates known unknowns. we know this a problem but we have no input improbability on it because that will have 13000 people tested in this country in south korea's during 20000 a day. >> when you kick the probability go to the worst-case scenario and the worst case scenario as everything stops. and we become italy. literally. >> we know sports leagues are down, everything stops, and everyone loses their job without government stepping in and helping us get through the. >> and there's a problem we were not treating it as a health crisis for a while. the policy workers were talked about testing need to get done in hospitals are rated to be equipped. were hearing a lot about financial statements but happy plan for financial stimulus

money done with the health crisis is going to be. we are finally starting to get some signs of that coming. that's part of the rally was on friday. >> i trading has been nuts, but i would not characterizes as any kind of panic. we are not sitting at depressed levels right now the stock market. we started the year to elevated evaluation spread when you have that you get a lot of volatility. i think the scramble by investors saying were not going to get not nearly the growth we hope for this year, or probably can get a downturn to price that in. reluctantly let's get rid of the bull market and price it in. jack: bensman saying it's going to happen but what's the callous to me got the catalyst. two this was the fastest drop from an all-time high of a bear market in history for the s&p 500. it has never happen this fast. and yes, we knew was overvalued, but we did not know what it was going to be. it has forced a massive repricing and not just in stocks and bonds as well and even treasury what usually

gain in value when the stock market drops. their days this week were treasury also lost value when stocks were down that was crazy. jack: what was going on their customer. >> people are having to go to cash their selling what they had. >> if you assume zero grosser this year from last year i think we go back to serving a square deal. we might get a recession, if you get a recession there hasn't been one since world war ii you saw a decline of 13% because he shares go down another ten to 15%. think we're in a situation now where fourth-quarter numbers come out every company gets a pass. as long as we can see the light at the end of the tunnel. >> second quarter could be ugly too. >> it could be ugly but were waiting to see when the virus turns. >> we also have to worry about that weak links in the country, the companies that have a lot of debt under going to have to pay that debt and not able to. or the restaurants that are not going to be able to open and not be able to pay their

workers. those are some the things that are going be side effects of this. jack: there's talk of washington try to solve that problem. >> doing a little bit with student loans, federal student loans are not have to pay interest on. >> and sick pay is important is we don't those people in that officer serving food in that restaurant. we talk about a deep dive barron's did in the balance sheet as of the worst hit companies. airlines and energy countries would refine customer. >> we want to stress test these companies. look how they perform under weak conditions and how their balance sheets are protected now. no question, still a ton of uncertainty going ahead around the airline sign with the delta and southwest. jack: jack, you and broughton look to the entire market and said when you're shopping for bargains in that crazy market, what should we take customer. >> were always looking for earnings growth, with the price relative to the

earnings. i think right now, even if you're buying stocks change and think about a bond buyer or lender. salmon to look at the balance sheet i would look at the cash flow statement, i want to know this is a company is going to be able to endure a sharp collapse in commerce if we haven't for a quarter to. time by cash companies like apple, amazon, brookshire recently did some financing or they had a billion euros at a 0% coupon. cc people waving free money that the company that can hang around. and maybe buy some things on the cheap if we have a sharp downturn. jack: what is that look like, by that bond and nothing happens in tears later get my money back. >> your five years old here's your money. >> it's like a whole the story. kennedy: coming up is whether or not the financial systems ready to take on the coronavirus, we'll be right

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whoof! whoof! so get allstate where good drivers save 40% for avoiding mayhem, like me. sorry! he's a baby! jack: coronavirus reeking have it not only sparking a brutal self in stocks but also creating behind-the-scenes problem in the market. stocks in particular been battered and federal reserve promising a massive $1.5 trillion injection into the system. here to explain how they can help or not is whalen global advisors at chris whalen. to this $1.5 trillion injection that's not going to cure coronavirus? it's knocking to make mark madness happen to get importantly. what will happen customer. >> they're adding back liquidity they had taken out. remember call back but 2018 we thought we are raising

interest rates and their shrinking the balance sheet. this cause a problem and it continued to happen. in fact in september you remember we had a lot of problems the short-term money markets. the repo is basically when they have paper they want to finance overnight or 30 days just a short-term money market to make the economy go, it's very important. when that stops functioning and what it spreads, he put the bid widen, you have a problem. much like high-yield debt today when you look at the spread on 70800 over the curve, tells of a problem. jack: 's or just to translate that over the bull market, the distance and interest rates on high-yield junk debt to treasury bonds got smaller and smaller and smaller. and in the past few weeks is blown out. >> it's like 2008 with 1500 basis points above the curve but it's bad. what's really happening here is you have a structural problem. if certain number of banks in

new dealers that face the fed they are primary dealers. jack: gives a couple of examples. >> j.p. morgan, wells fargo, all the big universal banks. they have a couple for nays bmp, it's an interesting group. they get access to the fed so when the fed provides liquidity there only doing it with these banks. eight well, everybody else, includes banks, finance companies, the rest of the economy friday man freddie. >> , we all function outside of the special marketplace and the execution is often inferior. twenty to 30 basis points inferior. that's a problem because both the price that makes sense and all the sudden there is no volume of liquidity available. you could not get an offer. that's a problem. so the fed responded with a big bucket and they are talking trillions of dollars, not just of short-term addition to liquidity, but they are going to start buying longer dated treasury again. jack: that's a big change. >> that as deposits of the

system. when deposits were growing in 15, 16, 17 it was because of easement they were adding massive amounts of cash. when they stopped though, and people redeem to those treasury, the treasury immediately had to go out and offer another t-bill that took cash out of the system. that's all we have a problem. jack: 's with all this intervention and some people, including yourself up in critics of the fed getting deeper and deeper involved in the market. the market is not allowed to find its true place. so explain the potential problem with financial repression. >> what's happened is is the fed has gradually manipulated the cost of funds. first to help banks after the crisis, back in 2012 i think it was, the whole financing costs for $15 trillion of bank assets was $11 billion. that's how far they pushed her down. all of the net interest income inside these banks is going to equity.

>> it wasn't going to depositors or debtholders it's the opposite of where was 30 or 40 years ago. in the old days, the interest holders if you will got most of the income. and the equity did not get much at all. totally reversed now because the only way to keep these banks illini was to force a downplayed that's financial repression of the banking sector. it was worth hundreds of billions of dollars a quarter. jack: a couple quick points is bank make a lot of money and the difference in what they're getting at income when they lend money versus what they're paying on it. that is tough right now the very low rates. >> banks are an increasingly problematic investment. i own them, i own the income producing firms particularly. jack: they preferred have a higher interest rate cement guested like bonds in most respects for the yield bond earning assets for banks is trending down. it's hard for them to make money on loans. and then they have to buy securities every time a fannie

mae four or three prepays they buy it too. they're making less money on that as well. so across-the-board, most of the assets don't really have much upside in returns. jack: that expands or the stocks have been bad. >> there at the fed has to realize that targeting fed funds and using that as the instrument of policy, is kind of run its course. we can't do this anymore. they really need to think about how to manage monetary policy without manipulating this very important rate. we are getting rid so fed funds is going to be the defective rates for all consumer finance, all wholesale finance the united states. it would be nice if it was a market rate instead of a manipulated rate. jack: chris thank you so much for your insights are really appreciated. up next our panel tells us what our sources are buying during this period and sonal

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make the world you want. jack: stocks are one of the few things that people want to pay higher prices for. the real pros plunging market is a great opportunity to buy cheap. so now the cheap investment officer of franklin templeton joins us now. so this week we decided at barron's we are going to take sort of an emergency run to all of you guys who are members of the long running roundtable and see what you are doing as the market sell. lets talk with your macro view. you have a fairly optimistic view about what the u.s.

market and economy can do this year. >> actually let's separate out the market and the economy. i started the year thinking that markets were actually pretty fragile because we were looking at a situation where essentially we had a turbocharged market on the back of fed action. the issue of having a lot of fed liquidity being bumped into the system especially since the last quarter of last year end the fed rate cuts. and we come to today and we see an unwinding of most of last year's gains, over 22% of the equity market depending which market you're looking at, against the background of zero earnings growth. so i have a differentiated view of what the outlook is this year for the real economy and for markets at the end of the year.

right now, we seem to be pricing in a fairly catastrophic scenario if i'm lucky and bond markets. as i look at bond markets today we have interest rates and leave touch 30 to 40 basis points. it's pretty correct catastrophic view. that hasn't happened. jack: 's i'm going to ask about your growth projections around 2% which is high above consensus right now. >> it is, i'm saying about 2% and i admit, as i go forward, depending on how long this last is it going to be a couple of months or are we looking at a couple of quarters? right now i stand to believe the experts i am listening to which is especially in light of all the place today that we might be looking at a month or a couple months. in that case we will see quite dramatic decline in growth,

undoubtedly over these couple of months. all the social distancing there's no doubt about it. the lack of meeting it's all going to have an impact. some sectors are going to be massively negatively impacted. i would say if we look at a baseline of one to two months of a sharp decline that's going to massive level decline. but then i do see the possibility of a very sharp reversion. i don't think it has to last for the rest of the year. jack: how short would you have to be talking met with the last couple quarters of the year if we are getting to 2%. if we expect a sharp downturn in the spring, how fast with that growth have to be by the end of the year to get the 2% and were to separate us on bond yields? >> on bond yields, i would say again out of consensus but i have been for a while on that, i would see them as potentially being higher. we are going to be looking, how high does growth have to be? let's stop and think for a

moment we have a fed that's part intentionally going to have interest rates to zero. they are going to see probably real q. week coming along. they're going to have, from the fiscal perspective a lot of fiscal easing. if the baseline of having a couple of months of very sharp drawdown and then a gradual pickup i'm sorry not a pickup but a sharp reversion, you're not going to get back in level terms of where you were. but in growth terms, you are actually not going to look at a bad look. i think oil prices will be under pressure for longer periods of time. as far as consumers are stern, you have very accommodative monetary policy very accommodative fiscal policy and then you put it together with a low oil price, the consumer is not in terrible place. >> . jack: we need to quickly lightning round it went into real off some of their pics and i will start with you ben. >> versus schwab that is a

pick because robin hood had issues and people need good advice and schwab can provide that this is from scott black is going to d all these people stuck at home there get a shop on amazon and amazon's are to deliver. >> henry allen bogan likes west pharmaceutical. they may containers for liquid drugs, strong balance sheet visibility and have about 70% of the market. >> all the stocks of been sold off. jack what you have first question for. >> biotech, they are older drugs that are in decline but newer ones taking over for folks at applied materials, that's in equipment company for chipmakers. she want to make more powerful chips that usable (you to have more equipment to make them. kennedy: thanks very much and sonal desai thank you. coming up on what you can do

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jack: subject, funny thing about managing investments as you always have to do what feels worse. >> yep, weak like this whether you shift money to shocks, i did, it was not especially brave of me. i did kind of an asset allocation calculator online it said i had a great mix for 70-year-old. my driver's license tells man 47, so something's not right. in the bull market i started tinkering with my mix.

it's getting a low skittish. i think i've turned into a financial benjamin button. i seem to prematurely aging. i'm trying to get back to age-appropriate investing i moved more money into stocks this past week. you try to keep doing that. jack: when times are really good you got to go the other way. >> i've got at least 15 years of hard work and front of me in five years of lazy work. kennedy: you want one actionable idea from each year. student let's look at apple here. it fell into a bear market tons of cash in the balance sheet, they're going to use products throughout this whole thing. >> you're going the other that way? >> i'm saying cash is king. a lot of parts are moving away, why would join to over allocate the situation that can turn on a dime? hold on to your cash nibble but don't go big into anyone. >> cash is queen carlton. and, crazy buddy think we may have opportunity to put some cash to work in the coming

weeks. ben, jack, carlton thank you very much check out this week's edition of barron's.com, don't forget to wash her hands, stay healthy, follow us on twitter barron's online, that's all for us. see you next week on b lou where good evening. president trump today in the white house rose garden where he declared a national emergency over the wuhan virus pandemic. the president's announcement sparked a blockbuster rally on wall street. all three major indexes reaching their highest single day point gain in history. at the beginning of the president's address the dow had been up 900 points. during his news conference the dow began climbing steadily. by the time the