thank you very much to both of you. make sure real quick, start your day with me and lauren simonetti weekdays, 5:00 a.m. eastern time on fox business. we will be with you tomorrow morning. right now, liz claman takes things from here. liz: thank you, cheryl, very much. can we see the bulls build on this rally? we are in the final hour of trade. couple big issues here. we warned you two weeks ago that companies would begin cutting or outright suspending shareholder dividends. well, everyone from jpmorgan to hilton has but now word comes that boeing is sharpening the knife to its much-coveted dividend. we will get you the story on that. american airlines breaking out the hatchet to its business. in just the last hour, the carrier announcing it is scrapping flight attendant training classes, reducing international flying by 75%, and cutting its domestic schedule by 30%. that's just for april. the company has plans to reduce it even further in may.

as the stock plummets 11% and is now at just $10.35, american is also offering voluntary buyouts to employees. that leads to this question. are we looking at a global travel depression? the ceos of hilton, united airlines and royal caribbean cruise lines all sit on the board of one organization called the world travel and tourism council. the ceo of that council is live in a fox business exclusive from london, where the famed tube, london's underground subway, is now closing down stations. will london lock down and what does the future hold for travel? despite america's troubles, the markets are bouncing back from yesterday's selloff. we've got another volatile session. at one point, down 721 points at the low, the dow has now swung more than 1200 points, currently we see gains of 237 points. the s&p climbing higher by 30. the nasdaq is up 254.

plus we are going to speak to the nation's largest medical transport company about how it is preparing to move coronavirus patients from one place to another and what kinds of injuries now have to go to the back of the line. the medical director of global medical response is here on prioritizing grave illnesses. and shifting the electric vehicle assembly line into a ventilator line. elon musk says he's ready to turn over the keys to his tesla kingdom to become a corporate soldier in the fight against the fast escalating coronavirus. tomorrow is quadruple witching. the expiration of all kinds of futures and options. it's also the last session before the floor of the nyse temporarily closes. we've got that story and more with less than an hour to the closing bell so let's start "the claman countdown."

liz: we wanted to alert you to the fact, you may have seen it in the 2:00 p.m. hour, president trump is still holding a video conference with the nation's governors at fema headquarters in washington, d.c. moments ago, he said he will consider block grants to states for dealing with the coronavirus. we are monitoring this. we will take you straight to the white house for all the headlines out of it in just one moment. meantime, let's flip it over to uber shares. uber shares are actually doing very nicely right now, spiking as much as 44% earlier today after ceo dara khosrowshahi told investors the company has plenty of cash on hand to survive the coronavirus crisis. that's why the stock is up 38% right now. while uber is dramatically seeing reduced business as millions of americans work from home, the ceo also did say that hong kong is at least one area in asia that is starting to recover and start using uber

rides once again. boeing, let's get to that story about the dividend. boeing is considering cutting its dividend and possibly laying off workers at its jetliner plants. people familiar with the matter say. as america's largest manufacturer grapples with an unprecedented disruption to the global airline industry. why does cutting the dividend matter? as of today, the dividend yield for boeing works out to 8.7% annually. that is a chunky significant dividend and i believe it's the fourth highest in all of the dow 30 names. if they start to cut -- i'm surprised they hadn't cut that by december considering they had grounded all of their 737 max jets but this has certainly pushed them to the brink although boeing is back touching at least $100 per share. as the links in apparel chain stocks have broken since the virus, one retailer is soldering some back together.

the stock is skyrocketing 129% after the company beat estimates for quarterly profits driven by strength in europe although of course, you know the next quarter may change considering all we are seeing in italy, france and germany and elsewhere in europe. adding to the list of store closures due to the coronavirus, ethan allen is shuttering its home design stores from today until the end of the month. that stock, while up 17%, is just $11.71. not really that far from where it was more than 20 years ago. tiffany is closing several stores. that came to be announced today. i don't know who is buying jewelry in this situation. maybe online, right? tiffany is up 6.9%. best buy is up about 2.7%. best buy will allow 10 to 15 people in its stores at a time. it is reducing hours, limiting staffing, of course, to keep the virus from spreading. then there are the companies who

have just plain given up on forecasting. william sonoma suspending its 2020 guidance. a lot of companies are doing this because they just don't know. it is trading higher at the moment by 24% on better than expected earnings for the fourth quarter. darden restaurants withdrew its 2020 forecast but posted third quarter revenue above estimates. darden up 25%. of course, that of red lobster and the olive garden. trip adviser withdrew its full year outlook. we know the travel companies have been certainly travel booking companies have been down for the count. trip adviser scratching back about 9%. let's look at all the green. exciting, right? the markets are seeing a welcome rally after just a neck-snapping record eight days in a row of up or down moves greater than 4%. right now, the s&p is up, we will take it, it is tame at the moment, up about 32 points. but we need to flag you on some economic data points that are out today that portend perhaps

darker market days to come. we are just trying to keep you ahead of the game here. first, the philly fed index, a gauge of manufacturing for the atlantic region, it saw its biggest plunge ever in march, dropping to negative 12.7% from 36.7% in february. this is not only the lowest rating since june of 2012 but anything below zero indicates worsening economic conditions. that's manufacturing, again, a regional index. we haven't seen this in three years. weekly jobless claims, first-time jobless claims that come out every thursday, spiked by 70,000 to a seasonally adjusted 281,000 last week. still below 300,000 but it is the highest level for initial claims since september 2nd of 2017. what can we extrapolate from that to open the window to the near future? next tuesday, we are going to get the first reading of the

health of manufacturing and services in america for the month. that's when the purchasing managers index is released. then the first week of april, among other indicators, the ism, institute for supply management, will release its rating for march manufacturing. april 3rd, the labor department releases its march jobs report. what will we see? let's bring in our floor show traders and our investors. cfra chief investment strategist steve stovall along with phil flynn at our chicago bureau and circle squared alternative investment ceo jeff sica who owns several hotels that he is opening up to health care workers on the front lines. sam, i will begin with you. put your economist hat on, if you can. we know in the best of times the ism and pmi, these manufacturing indicators, are among the most important data we get every month. knowing that the energy, hotel, restaurant industries have begun mass layoffs, what do you expect to see and how could these numbers affect the markets? >> well, i think we are going to see weakness in these numbers just as we saw with the philly

fed, because they are sentiment surveys. they are questions asked of executives, what are they going to be doing going forward, and i think what they are going to be indicating is that they are hunkering down. they themselves are going to be going through some sort of self-quarantining event and as a result, probably not going to look too good. liz: phil, we know the energy sector has -- was among the first really to have layoffs. we know the jobs picture is going to be ugly. but what about manufacturing? i am very happy for the bulls and people who are long this stock market, people who have 401(k)s, 529s, that were seeing gains. right now the dow is losing about 200 points of gains we saw just at the top of the show nine minutes ago. we are still up about 111 points. why should our viewers be looking ahead and not just to the closing bell which is 51 minutes away? >> because we are going to see the biggest amount of stimulus known to mankind probably over the next couple of months.

unlike the financial crisis or september 11th where we really didn't have an end date, it's very possible looking at this coronavirus we are going to have an end date, that this isn't going to go on forever. i think the government's been very quick to react. listen, these numbers are going to be terrible. you think they're bad now, wait awhile. they are going to get worse. liz: that is my absolute point. >> they are going to get worse. liz: then they will get better. >> they had getwill get a lot b. i think you will see pent-up demand down the road at some point. people will want to get back to work. economies are going to get back to work when we get through this. you know, the nice thing about this or the bad -- i mean, obviously i see a lot of economic pain here. but i see the government responding to that and hopefully it will be short-lived and there will be better days ahead. sometimes the market's already priced in a lot of this bad news. liz: we are losing our gains here, jeff. s&p is now up 12. we've got the dow up 52.

high of the session, though, had been a gain of 543 for the dow and 68 for the s&p. we are scouring these headlines as we speak, but you among the three have had to actually lay off people. that's tough, because you own a couple of hotels. but you are also turning a little bit of a silver lining by offering these hotel rooms. talk about the markets, then your workers, then what you are doing with your hotels. >> i mean, i have been negative on the market for quite awhile and one of the reasons i have been negative is i felt the consumer was vulnerable. i felt that the consumer was overleveraged going into this. one thing i will say is i don't think there's anybody that predicted we would have anything quite like this. the reality of it is that we're dealing with so much uncertainty. sam said it, i think it's realistic to think that the uncertainty is going to produce

a lot of volatility. i think volatility in the case of a trader might work, but in the case of an investor, it might set them off. so the way that i see this is that i would not be chasing these rallies. i think there's a lot of short sellers out there that cover their positions when they get an uptick. i would not be chasing them. i would look to some of the economic news but i would especially look to the way the consumer is handling this. right now, the consumer, even if the consumer wanted to spend money, they really can't. liz: tell us about your hotels, if you could. you own a couple, right? >> yeah. we own three hotels. it's heartbreaking. two weeks ago we were doing quite well and all of a sudden, we get hit with this and our occupancy drops below 20%. we had to lay off a tremendous percentage of employees. i mean, the one thing that is

very very heartbreaking to me is that the type of employee that works in the hotel industry, you're talking about an industry that employs millions of people. our employees, letting them go has completely broken my heart. i have committed to them to work as hard as we could possibly work. we always like to see the light at the end of the tunnel. i'm not a gloom and doom guy. i try to be realistic. there is a light at the end of the tunnel but for now, we need short-term solutions. so we're offering the hotels, i think right now the heroes out there are the medical workers, the first responders. the fact that these health care workers are out there, putting themselves in jeopardy, we are working with four hospitals, local hospitals in new jersey, offering our hotel through working with a foundation, offering our hotel for them and strengthening them, caring for

the people who care for us. liz: we've got to run. this is so, so much appreciated. phil, jeff, sam, we will see you in just a few minutes. breaking news. president trump's video conferencing with governors as we mentioned around the country, while visiting fema headquarters in d.c. at the moment, he is expected to depart for the white house at any moment. blake burman is standing by following all the threads of this rapidly evolving coronavirus pandemic. we are seeing the markets fluctuating just a bit, getting close to the flat line. we are now back up about 149 points. what's going on in that room? reporter: it's been a pretty fascinating look and listen, really, as the president and vice president right now are at fema here in washington, d.c. at the national response coordination center. if we have a live look, let's dip in right now. what the president has been doing is going on a conference call with governors from all across the country and listening to what sort of needs they have and as we have been watching this, the president has been saying okay, good, consider it

done, we will take care of it, et cetera. for example, the governor of louisiana, john bel edwards, told president trump just a little while ago that his state needs help with surge capacity at hospitals. so just one look from one state as the president is hearing needs from all across the country right now at fema. meantime, here in washington, earlier today, we also heard from the treasury secretary steve mnuchin when he told maria bartiromo this morning about the $500 billion worth of direct payments that could be going to americans as part of this trillion dollar stimulus package. the treasury secretary saying at this point what they want to see is $1,000 checks going directly to americans, $500 checks directly to children. the vice president's chief of staff, mark short, told us a little while ago that they believe that the phase three, essentially the stimulus package, could potentially be on the president's desk for signature by next week. still a lot to work through, though, on that end.

but earlier today, when the president held what is at this point almost like a daily press briefing here at the white house, the president was asked whether or not he feels that trillion dollar package is big enough. this was his response. >> we'll know about that later on. we'll see what happens. it depends how long -- so much depends on what's going on in this room in terms of the medical. if we can stop it in its tracks, the virus, it's mrenplenty. if we can't, we'll have to go back and talk. reporter: i also asked the president whether or not this economic setting we are sort of in right now, this stalemate, how much longer business owners, workers, people all across the country, should expect this to take place. he said to me quote, you'll be able to tell a lot in a week or so. liz: blake, thank you very much. when we come back, there is news out of israel breaking right now about a shutdown of the country. stay tuned. i like liberty mutual.

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go beyond the expected. to do the extraordinary. take your business beyond. liz: let us get you this. little bit of good news here. china today reporting no new domestic coronavirus cases for the first time since the outbreak began there. it does appear, if you believe those numbers out of china, which hasn't exactly been transparent during the crisis, if you believe those numbers,

the country has successfully flattened the curve by reducing the number of new cases but here in the u.s., here's our curve. the curve is moving upward, has not even begun to plateau. cases rapidly spiking. global medical response team is the nation's largest medical transport company. it uses thousands of ground vehicles, fixed wing aircraft, hovercraft, helicopters, everything to transport the critically ill. they work with local hospitals, emts and 911 centers. as the curve is still vertical in the u.s., how is the front line of health care dealing with what are now very difficult decisions? chief medical officer with 30 years of emergency medical experience, dr. rack joins us now. thank you to all your team members who have been working tirelessly. >> thank you. we appreciate that. liz: what challenges are you and your 38,000 paramedics, nurses and emts beginning to see in the last three days, let's say?

>> so i think as this particular illness evolves we are seeing obviously larger numbers of patients, significantly larger. we are seeing more patients identified and the unique part of this particular evolution is the science behind managing these patients is evolving at the same time. so keeping up with the science, keeping up with the practice as the number of patients increases. liz: what is your mandate? who are you putting so-called at the front of the line because right now, we know that the priority are people who are having trouble breathing and are exhibiting these symptoms, but when it comes to patients of all kinds, whether it's somebody who's gotten in a car crash or broken leg or suffering some non-specific problem, what decisions are you having to make? >> so one of the very important principles of emergency medical services is to make a decision based on presumptive information, and the highest

potential acuity when the patient presents. that's no different. if patients call with significant shortness of breath, whether it's related to coindividual or nocovi coindividucovid or not, it's no different. the differentials change. liz: let me ask you then because you as a medical doctor have been watching this and you just talked about how we are trying to develop therapies and vaccines in realtime and even test kits. yesterday, we had a doctor, dr. jacob glanville of distributed bio. he's come up with a therapy that involves six different types of antibodies and he is ready, april 13th, it's going to be tested with two arms of the military. here's how he describes that it will work. >> the way it works, you take a patient who is sick and inject or infuse the antibody. within 20 minutes, that would be in their body and that would help neutralize the virus so

they don't get sick. liz: you are hearing about a lot of different vaccines and therapies. how does that one sound? how does everything out there sound? >> yeah, so all of my colleagues in infectious disease and epidemiology are working, obviously everyone knows aggressively. there will be a lot of iterations of the science that have to be proven in patients, in human beings. what will be the eventual best approach will pan out as this effort continues. but things like what you have just shown, the vaccine, all those efforts are going to come together to produce what the most effective vehicle is. liz: we heard today from the surgeon general there's a shortage of blood right now. they need blood. what is your thought of that really quickly as we finish up? >> so in the midst of all this regular emergencies still occur, bad car crashes, significant things. we have to focus on the fact that the overwhelming majority of our patients are the same kinds we've had. so still giving blood, still

paying attention to your own medical care and doing the things we do all the time is critically important through all this. liz: dr. ed racht, thank you so much to you and your 38,000 nurses, emts, paramedics and all the pilots and drivers of the ambulances. we will be right back. on the outside. but inside every etf... there are untold hours of careful construction... infinite "what ifs?" and contingency plans. creating funds that help target gaps in client portfolios. tap untapped potential. and strengthen confidence in you. flexshares. powered by over a century of investment expertise before investing consider the fund's investment objectives, risks, charges and expenses. go to flexshares.com for a prospectus containing this information. read it carefully.

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liz: breaking news. cvs health is announcing just moments ago it has just now opened a covid-19 testing site in a parking lot of a cvs pharmacy in shrewsbury, massachusetts. this is for limited population but pretty much this is a great piece of news. the wheels are starting to turn. we do expect to see more of these announcements as the crisis progresses. for now, cvs which is down about 25% quarter to date is at the moment down another 2.6% but the good news is they are opening at least one coronavirus testing site at a shrewsbury pharmacy.

the cdc says hospitals are at capacity across the country and as supplies run low, desperate times for desperate measures. the organization saying nurses can use scarves and bandannas as last resort measures to cover their mouths and noses if they run out of masks. help could be on the way from an unlikely source. billionaire tesla founder elon musk says he is willing to convert tesla and spacex factories into emergency mask-making facilities, and new york city mayor bill de blasio responded, tweeting back at musk saying new york city is buying and they can use his help. elon musk is not the only automaker looking to lend a hand. ford and general motors also looking into shifting their factories into mask-making facilities according to barron's. to mike tobin in chicago. how soon could these auto makers help this crisis? >> they are looking into the feasibility of that.

ford has confirmed they have had discussions with the administration. they are looking into the feasibility of producing ventilators. gm says they are looking, that all of the contributions they could make in terms of producing medical equipment. you mentioned elon musk. he tweeted a short time ago that if there's a shortage, tesla will step up and start making ventilators. those ventilators really seem to be a key item here. there are 170,000 ventilators operating across the nation. there's another 13,000 in the strategic reserve. but one estimate says before this is all over, about 900,000 people will need some kind of breathing assistance. ven-tech manufactures a multi-purpose ventilator. their ceo says they are ramping up production dramatically to reach demand and when they reach out to other manufacturers like the auto manufacturers, medical or otherwise, he's greeted with the spirit of cooperation that tells him despite this challenge, the nation will rise to the occasion. everything from the n-95 mask to hospital gowns are in demand.

those items in particular need to be changed out frequently. the society for critical care medicine tells us there's a role the general public can play in this fight. simply by taking the warnings seriously. self-quarantine, social distance, wash your hands. if you blunt that demand curve, you blunt the demand or blunt the infection curve, i should say, you blunt the demand for all this medical equipment. back to you. liz: yeah. you know, it's the ppes, personal protection equipment, that is starting to run very thin for the people who need it most. >> that stuff needs to be changed out rapidly. in part because it's hot, but you also don't want to transfer the infection in those hospital gowns, the gloves, the masks, things like that. liz: mike tobin, thank you very much for that news. all right. we do see the ventilator makers in a mixed picture. travel facing a mountain of troubles. right now, with the dow jones industrials up about 213 points, the s&p moving higher by 30 and the nasdaq better by 262, with

the closing bell 28 minutes away, the plunge for travel is far from over. for some of the biggest names in airlines, as the industry faces its worst and most daunting hurdle since 9/11. the coronavirus outbreak locking down borders across the globe. up next, the woman who works with most well-known names in the entire travel industry. world travel and tourism council ceo on what these titans of industry from hilton to royal caribbean and united airlines are really saying about the coronavirus travel depression. we'll be right back. driverless cars, or trips to mars. no commission. delivery drones, or the latest phones. no commission. no matter what you trade, at fidelity you'll pay no commission for online u.s. equity trades. i'm part of a community of problem solvers.

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liz: we have this alert for you. israel's benjamin netanyahu has just announced that starting later tonight, his government will approve orders forcing, the word is forcing, forcing israelis to stay at home to stem the spread of the coronavirus.

the order which will go into effect in a few hours, israel is about six hours ahead of us, will be instituted for seven days. people will be allowed to leave their homes to go to the store, go to the pharmacy, but for now, israel telling people they must now stay in their homes. we have just gotten this breaking news. the state department has now raised its global travel advisory to level 4. that is the most severe warning on the scale. it is usually reserved for countries in conflict like libya, syria and yemen and essentially, this order now warns americans not to travel at all, anywhere, outside of the united states. check the dow right here. we are up about 209 points. meanwhile, over in the uk, london is facing what could be a very similar lockdown to those seen in other european cities. uk prime minister boris johnson warning he is quote, prepared to take further and faster measures to tackle the coronavirus and we

now hear that the london tube, the underground train, is now shutting down stations. our next guest is in london, representing more than 200 ceos and presidents of the world's leading travel and tourism companies. names like united airlines, uber, carnival cruise lines, airbnb and mgm resorts. president and ceo gloria guevara joins us in a fox business exclusive. thank you for being here. you are in london right now. what are you hearing, what are you seeing, is london not entirely sealing itself off but shutting down in most parts? what are you hearing? >> thank you for having me. unfortunately, we are moving to that direction and of course, the priority is to stop the spread so we are entering into a semi-lockdown tomorrow. there are no more schools for like a month and then as you mention, no underground or tube and people are requested to stay home like in the rest of the world. the uk entered this phase based

on announcements from the prime minister and their approach has been a little bit different than other countries in europe. however, we are reaching a point that now we need to move to the lockdown as the rest of europe as well. liz: certainly the travel industry is very much locked down or at a complete standstill, almost, you know, asleep at the moment. it had to be put into this bizarre coma because everybody is stopping, particularly the cruise ships, as we know, but you have big ceos from royal caribbean to, for example, hilton, hilton's ceo sits on your board. let's talk about nthat. he is on your company's board. yesterday, i'm sure you heard, a hedge fund manager bill ackman said hilton is going to go bankrupt if the united states does not shut down for 30 days. he said it wouldn't survive. i find that almost impossible to believe but what are you hearing

from your ceos? >> well, hilton is, chris is our chairman, hilton and the rest of the hotels and cruises and airlines, we're suffering. as i say, the priority is to stop the spread but we also need to understand that travel and tourism contributes 10% of the gdp, one in ten jobs in the world depend on our sector. we are estimating that 50 million jobs are at risk. that's why we are engaging with more than 75 governments around the world and asking for help, because this is the time to help us. it's a domino effect. for whatever reason the room of a hotel is not occupied, it's not only the issue of the hotel. you have issues with the coffee shop next door, you have issues with taxi drivers, no one is shopping, no one is buying. so the domino effect is significant. that's something that we have to consider. there are no cruises, for instance. more than 1,000 destinations

around the world are impacted. if there are no planes, it's the same situation. when you look at the last eight years, one in five jobs in the world that were created was because of travel and tourism, so travel is the backbone of the world economy. if we don't have travel, we have significant impact so we are asking the governments to help us with three different measures. the first measure is to help us to protect the workers, the salaries of those employees, and we have seen already some initiatives like italy paying 80% of the compensation for the workers so that we can survive in the next couple of months. then the second one is we need cash. all of our ceos and also they need to survive, they need cash. we need loans with zero interest. we have seen already some countries stepping up like germany offering unlimited loans

with zero interest with big companies. third one is we need some help because we either pay taxes or we pay the employees. so we would like to defer taxes for one year or reduce or waive some sort of taxes or dues from governments so that they can help us to weather this storm, because if we don't weather this storm, as i say, at least 50 million jobs will be impacted just in the u.s. alone, 4.6 million -- it's significant. liz: very significant. gloria guevara, hang tough in there. it's going to be a long road. hopefully we will all get through this. thank you. good luck in london. keep us posted if there are any more directives to shut down that city. thank you. we are getting this breaking news. according to sources, airbnb has received inquiries from potential investors about purchasing a stake in the company. this comes after airbnb put its ipo plans on hold after

initially planning to go public sometime this year. this was supposed to be the big year for that best in class ipo. that would have been airbnb. they have put that on ice. now maybe they need some outside investors to come in. that is at least what we are hearing. dow jones industrials up 350 points. tomorrow, quadruple witching. expiration of options and futures and it will be the last day of trade on the floor of the new york stock exchange before it shuts down due to the virus at least for now. charlie gasparino, more on that when we come back. customizes your insurance, so you only pay for what you need! [squawks] only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪

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tested positive for the coronavirus. intercontinental exchange or ice, parent company of the nyse, announced late yesterday that it will temporarily close the floor beginning monday. some 500 traders pass through this heavily trafficked area each day along with daily visitors. that's a live picture right now. you can see how thin the action is. if you have seen my article on fox business.com sunday night, where i reported that the exchange would be forced to close as early as this week due to the coronavirus, well, the trading floor, i had asked the question when will safety supersede symbolism. i was talking to traders all weekend who thought that it eventually may have to close. one of them telling fox business there's an 80% chance that tuesday or wednesday, it will be mandatory that the floor shuts down. well, it was announced yesterday, wednesday. again, it will be after the bell tomorrow, but the new york stock exchange issued the statement saying for now, the floor is

open but only to essential workers, that includes floor traders. our fox business nyse team also there and this is what they were greeted with today, which is markedly different from what they saw on friday. upon arrival, everyone was not only tested for the temperature, but they were required to fill out a health form that asked if they are sick or even been in contact with anyone who is ill. then the temperature checked, then they were given a stamp on their hand to show that they're clear. but i did confirm with the new york stock exchange that 500 floor traders do work there on a daily basis, which of course would not be adhering to the new york state requirement now that only gatherings of 50 people or less will be allowed. let's bring in charlie gasparino. charlie, you have more to lead up on this historic move. charlie: that was -- i remember you writing about it. we have been covering this for weeks. the real question for all this time and as you and i have been reporting is what took them so long.

we know the new york stock exchange has a bunch of floor traders, designated market makers, about 500 of them. it also has a fully operational electronic exchange and people were saying why is this taking so long for them to at least curtail and to close the floor, because it's an obvious place that people might get sick. here's why. it brings -- until very recently, we broke this story, it was bringing in visitors, people ringing the closing bell, they're there, it's a potential place for infection and the stock exchange was adamant that it needed its people there, needed -- in order for markets to remain orderly, it needed the floor to be there. now, what's interesting, right now, passing around and we have obtained this recording at fox business, are some remarks made by a guy named doug sifu, head of virtu financial, one of those floor trading designated market makers.

several years ago during a conference, in no uncertain terms, he said the floor could be shut down tomorrow. he said it's unnecessary, he called it a tv studio, he said it means nothing. we are going to have a full report on this at foxbusiness.com, we can read all his quotes. it means nothing from a market liquidity standpoint, that it's there mainly for show. it's there to help advertise the new york stock exchange. liz: symbolism. charles: -- and that it's there, this is basically a marketing ploy to keep it open by the new york stock exchange. now, this is not a critic of the new york stock exchange. we are talking about not someone from nasdaq. we are talking about a major partner of the new york stock exchange who had a securities conference four years ago, said the market is essentially a show. he called it a tv studio. he said that traders should be paid as actors.

that when they are on the floor, because they do very little other than show up and look like they're making liquidity when the real liquidity is done through the electronic system. so when this thing gets out there, my view is the new york stock exchange is going to have to explain why they think they should have kept the stock exchange open when they could have easily, particularly in this time, basically gone to a fully electronic system unless they were just looking for marketing themselves and to get listings, right, you get listings when you market yourself as a primary place for trading. that's going to be the critique. this is coming at them very fast. by the way, our story will be published i would say in the next 15, 20 minutes. back to you. liz: thank you very much. listen, thank you very much, charlie. i was told over the weekend it was optics, it was symbolism, that the argo online worked very very well. tomorrow is a very volatile day. that would be quadruple witching. we will get more on that as we

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♪. liz: let us fire up crude oil which has had a great day today, but we do have the breaking news. according to sources the u.s.'s largest oil producing state, texas, looking to reduce oil production the first time in decades. shale producers lobbied the texas railroad commission of relief for falling prices. they reduced out pit in the 20th century and a model for opec. crude is holding on to gains of 25%. let's bring in rob who has a oil fund and hennessey neil hennessey and craig callahan.

rob what does the news mean? we have less supply or crimped supply the the price is supposeo go up but does it last if there is no demand. >> we have a demand shortage in the near term but what it means low energy prices will be good for the consumers especially in the environment as we try to recover demand from the coronavirus that will be beneficial f we keep supply down and help stablize prices allow not just producers in the u.s. but also around the world, improve their profits. liz: neil, give me your sense when this turns around and what would turn it around? you made analogies to 1987. what did we see this week? the worst week since 1987. of course the big crash, tell me what do you think would be that moment in time that we turn around and say, okay, we're ready to move forward. >> okay talking about the overall stock market, liz, i

mean, i think this is very, it is just going back in time to 2008 and if you look at 2008 and look at today, they're pretty much the same from the standpoint that it was a double-whammy. your investment portfolio was half. housing value came down. nobody thought that would happen. you look at same thing, lost 30, 40% of your investment account and you're worried about getting coronavirus and dying. the bottom line, the difference between 2008 recession and what is happening today the underlying fundamentals of the economy were really weak in 2008 and they're very, very strong today. liz: got to get craig in here. got a couple seconds left. jailing what are you doing with your money? >> fully invested, expect market to move higher from here. based on valuation ratings, these are the best bargains our system has ever seen. liz: we have a little bit of a rally. we'll take it, rob, neil, craig,

we'll have you all back. it has been a very busy day. [closing bell rings] there is the closing bell. we see a rare rally, dow closes up 184 points. be sure to tune on twitter @lizclaman 6:00 p.m. eastern. i will give you the breaking futures numbers. melissa: look at that. a little bit of a relief on wall street. major averages reversing earlier losses, moving into the green as the federal reserve reveals new measures to protect the economy from the coronavirus pandemic. the dow closing up 191 points led by shares of mcdonald's, disney, goldman sachs. i'm melissa francis. connell: i'm connell mcshane. welcome, everybody, to aft the become. the s&p and nasdaq ending positive. 11 point gauge for the s&p. 160 or 2.3% for the nasdaq. the first day in eight trading days for any of major averages o