definitely using amazon. susan, thank you so much. we are looking at a market right now that is trying its best to go higher. hey, we're now above 1,000 points. i've got to say, intraday we are actually out of bear market territory. more coming up. that is it for "making money". "the claman countdown" starts right now. cheryl: i'm cheryl casone in for liz claman. liz is still at home under self-quarantine but she is working the phones, she is such a journalist, and she is going to be joining us live in just a moment with more on that stunning new use for reynolds hefty trash bags which is being used in the fight against coronavirus. liz will have that for us. take a look at the dow this hour. i always say this, it always matters how we close. forget how you open. it's how you close.

we could slay the bear today as the dow is rallying for the third straight day despite a shocking, shocking record high weekly jobless claims number. take a look at the markets right now. we just went above 1,000 a couple minutes ago. the dow is about 1,006 higher. the high was 1219 points for the dow. we are watching that number. s&p is up 116. nasdaq is up 296. a gain of 4%. again, the dow and s&p could notch three straight days of gains today. we've got an hour to find out. so the dow is trying to break out of that hibernation. the number to watch, 1,109.77. write that down. if we can close above that, we will have rallied 20% from monday's low. that means we technically exit the bear market. our floor show panel will give us more perspective on what that means to all of you. and as the u.s. death toll from the coronavirus tops 1,000, one tech company is working to help john hopkins and astra-zeneca to find a treatment or cure.

he's here in a fox business exclusive. we have been talking about it. businesses are struggling with these shutdown orders across the nation and now they've got a new issue. rent is due next week. first of the month. same for businesses as for you at home. the ceo of the restaurant group that owns fat burger and others is here to tell us how he's helping his franchisees. we've got breaking news right now. texas governor greg abbott expected to hold a news conference at any moment. he will talk about his state's response to the deadly coronavirus pandemic. we are monitoring that news conference out of texas. remember, the president granted the lone star state a major disaster declaration, that was just yesterday. lot of talk down south in texas, the great state, about whether or not they actually lock down communities or it's a case by case basis. of course, we will look for any headlines coming out of texas governor abbott. also, there are reports right now that apple is considering a month-long delay of its 5g iphone launch in

september because of issues related to consumer demand. all of that due to the virus. also micron technology shares are surging. take a look at the stock. up more than 4%. bank of america double upgrade of the stock after its strong earnings report. we are starting to talk about earnings again. signet jewelers is moving higher. they beat earnings estimates but they also announced temporary store closures in north america. maybe not a surprise there. look at the stock. that's a gain of 30%, $2 and change. we are watching this one. goldman sachs downgraded beyond meat to sell. this was interesting. they decided to cut the price target to $39 from $129. that's a big hit to beyond meat. they are saying food service traffic has dropped due to the coronavirus and we know that. the stock, though, is down a little more than 4.25%. we are watching beyond meat. we are also looking at groupon. the ceo and c.o.o. have left their positions at the daily deals provider.

no reason given for why they are leaving. the changes, pretty interesting if you are an investor in the stock. perhaps the stock tells the story. look at that one-year chart. excuse me, three-year chart of groupon. ceos are based on performance and stock performance. you know that. while the dow may be on the verge of coming out of bear market territory, there are now whis tpers of are we in a recession. we heard from fed chairman jerome powell this morning, this as 3.28 americans applied for unemployment benefits. more and more lockdowns are causing more and more businesses to shutter and there are more layoffs. during this interview this morning, fed chair jerome powell did say while we may be in a recession now, there's nothing wrong with our economy. take a listen. >> there's nothing fundamentally wrong with our economy. quite the contrary. this is a situation where people are being asked to step back from economic activity, close their businesses, stay home from work, so in principle, if we get the virus spread under control

fairly quickly, then economic activity can resume. cheryl: that's a question for all of us, are we in a recession now. with three days of gains for the market, is the worst behind us? tough question. let's bring in mark hamrick and former ubs america chairman and ceo, robert wolf. good to see you guys. >> good to see you. >> hey, cheryl. cheryl: robert, i want to start with you. interesting to see jay powell talking to america this morning and talking about the state of the economy. what did you make of his comments? >> i thought his comments were spot-on. it's a technical recession. we are absolutely in one. we will have one in the first quarter and second quarter. our hope is that it's not an l but we get a u or v shape. i think the amount of easing and liquidity he's providing into the system dwarfs what we went through in '09 when i was running ubs and part of their

recovery advisory group. it's just if you look at the stimulus package out of the senate, which i call more of an aid package, not stimulus, and you look at what the fed's doing, we're in i would say the beginning phase of what we need to do. we have a lot more to do to get our recovery back. cheryl: i want to pick up on the ubs comments you just made but i want to get mark in real quick and ask you about the initial jobless claims today. the estimates are all over the place. we could have seen one million or four million. 3.28, a shocking number. the concern, though, is that next thursday, a lot of folks that are just getting laid off, they didn't get to the office or didn't get on the computer to file a claim, what does it say to you about next week for jobless claims? >> good question. i think we were gritting our teeth coming into this number. let's admit that given the unprecedented nature of this episode we are experiencing right now, we don't have a lot

of models upon which, not a lot of templates upon which to base our expectations. but i do think we have to be observant about the world around us. it has seen an unprecedented stoppage of economic activity broadly. so we should expect these numbers to look as bad as they are, and possibly worse. i absolutely associate myself with the earlier panelist's comments that we have good reason to believe we'll have [ inaudible ] but we are still in the early innings of the lockdown, too. cheryl: we are, we are. robert, before i let you go, i have to cut it short, let me ask you this about. you ran ubs during the financial crisis. you were at the table. if you were running a major bank today, how would you be feeling? >> i think the banks actually are in good position. this is nothing like 2008 and '09 where the leverage in the system was north of 30, 40 times. this is much different. the leverage in the system is

actually below 15 times and at the household and the consumer, it's also lower. so that was a time where we were concerned with financials, housing and the auto market. this is much more broad, much more impactful and that was a true global recession. this is i think, to jerome powell's point, this is a technical recession. the pandemic brought this upon us. therefore, we have a faster way to get out of it. i'm just hopeful that we continue with the stimulus because like i said, this is more like stabilization, what they did today. the one thing i would comment, i know we are in a rush here, i think the next phase has to get the consumer side going. we actually need to think about ridding sales tax and lowering the payroll tax so the consumer can actually get back to doing what they do which is feeling confident about the system. cheryl: that's a really good idea. i'm glad you said that. robert wolf, mark hamrick, guys, thank you very much. great to have you on.

>> thank you for having me. >> thank you. cheryl: well, new york governor andrew cuomo broke the bad news a few hours ago. the number of coronavirus cases now stands at 37,200, up 6500 since last night. desperate and exhausted doctors and nurses at new york city hospitals are treating the sick in makeshift tents. the story that's gone viral is something liz claman is on right now. let's bring in liz, quarantined at home. liz, looking beautiful as always. what did you make of this? this story is crazy. liz: desperate is absolutely the right word. this is the picture they say paints a thousand words. this is the shot, camera shot, heard round the world. these are new york city nurses who have outfitted themselves in a very brave and certainly ingenius way of trying to at least protect themselves as best as they possibly can, wearing hefty trash bags and the

headline in the "new york post" is treated like trash because they are desperate to get this equipment, nurses, orderlies, doctors, they are all resorting to macguyvering. they are trying to cobble together ppes, personal protective equipment, using one mask and then washing it with purell so they can reuse it later. that's really not supposed to be done, but they've got to get out there on the front lines and save lives. the photo of the new york nurses wearing these hefty trash bags really crystallizes the desperation that many in the hospital industry and health care industry are dealing with right now. rj reynolds, the company that makes these hefty trash bags, that they were wearing, they were actually wearing the big large black hefty trash bags, they are publicly traded company, $5.5 billion market

cap, and they are kind of saving the day. they make all kinds of things. everything from aluminum pans that are disposable, plastic bags, all kinds of wraps, and everything here, even the oven cups they are -- baking cups they make are being used by hospitals as sort of stopgap measures. in the end, we do have the irony here that rj reynolds products had recently been under question and a lot of people on wall street said that rj reynolds, well, reynolds consumer company had fallen out of favor because they are looking ahead to a world where we certainly at least were aiming to be plastic-free. well, now it's plastic that is sort of saving the day. that is a very important point to make. in just a few minutes, i am putting together the most extraordinary story of the entire 3d global community, 3d printing community. they just had a webinar called the leadership forum, bold action in uncertain times, and

they are triageing everybody, even competitors, are cobbling together to come up with solutions for 3d printing ventilator pieces and face masks. the founder of 3d systems, i have been speaking to him on the phone, i've got his story coming up. stay tuned. it's a fascinating one and it really makes you feel good about how americans and people all around the world are turning what were 3d printed scuba masks into face masks and ventilator parts. it's unbelievable. we will be back in a bit with that. cheryl: see you soon. obviously a huge shout-out to the nurses and doctors on the front lines. that was a heartbreaking picture. i saw that this morning. see you in a little bit. the dow is if rally mode. we have kind of come back a little bit. like i said, a lot happens in the last hour of trading, as liz always says. this is like the craziest hour of the day. well, boeing is leading the charge right now, as you can see. boeing is up more than 12%. the jet maker looking at a potential $17 billion in government loans.

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cheryl: drug maker gilead status asked the government to revoke its rare drug status, caving in to criticism the virus is a global pandemic as drug makers race to find a cure. there is a company that's working with them. talon is a global cloud data integration company. they are helping researchers and drug makers sift through the vast amounts of data that's being collected around the world on the virus. joining us to discuss this, talon ceo crystal biemont. thank you for being here. >> thank you for having me. cheryl: how did this kind of come to pass? how are you working with drug companies in particular to go through all the things that are being collected, the information about the virus? >> well, when you think about the problems that exist quite frankly, i think liz said it

well, there's a number of areas of uncertainty and unpredictability and when you think about how we are going to find vaccinations and how we are going to be able to help more predictability with location and future cases and so forth, really, this is about having data that is a complete set of data, that is quality data that you can make sure is something that you can trust and that it is timely because right now, time is of the essence in terms of helping researchers and drug makers and so forth, so really, it's not just about having a data set but it's about having really trusted and clean data sets and that's what we do and what we have done for many years. so it's about putting in the hands of the right people all of that type of data that quite frankly is going to be important for us to help solve this. cheryl: i'm assuming condensing it is almost like taking a novel and making cliff notes out of it at the end of the day, right?

okay. that would make sense. talk about johns hopkins. i think johns hopkins has become our bible. how are you working with them? because they are really the ones giving us the true information about the cases and where and how fast. >> yeah. well, really, what you are seeing is everyone just trying to come together and this is, you know, something that johns hopkins, for example, is making data available to the public and they are making it available in a way that's full sets of data that right now are very unstructured, meaning that in order to pick it up and do something with the data and have researchers really use it in a way that's going to ultimately tell a story and predict outcomes, that data has to be pulled together in a way that can be used successfully. so this is really the difference between being able to get to good outcomes, that's really important, very quickly, and this is where the ability to cleanse that data, structure it and have it available very

timely. it's a perfect example of actually one of our employees which i think is really important here, all of our employees have been able to have a role in how they can help solve for some of this and be very purpose-driven and one of our employees identified it and said we can help. this is the core mission of talend to help make sure when you are trying to solve for outcomes, we help make sure it's the right outcomes because it's the right data that goes in. cheryl: we are following patients, it's a crisis and certainly, it's all hands on deck. crystal, thank you very much. thank you very much for being here. >> thank you for having me. cheryl: we are watching the big board right now. we will see, we've got 40 minutes to go. we will see how we close out. we are up 920 right now on the dow. could this be three days in a row for the dow and s&p? at this point we are higher, we are tracking it for you. there are your markets. 22,116. also, the movie theater giant

amc entertainment in line for access to emergency funds within that $2 trillion relief package that the senate passed this morning, last night, but those funds are too little, too late for 600amc corporate workers. they had to be furloughed. screens remain dark across the country. no one is going to theaters. the ceo telling liz last week he hopes to keep workers on the payroll as long as possible. from the box office to fantasy sports' worst nightmare. coming up next, jeff flock with a front row seat to the grudge match in the sports betting industry against coronavirus cancellations. that's an interesting argument. "the claman countdown" coming right back. ♪ ♪

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now, we also want to focus on what's happening out in california. the department store has canceled all merchandise orders through june 18th, saying it's the first time ever it's unable to deliver merchandise to its customers. the stock is moving to the upside, ross stores. $84.61, last read on that stock. no balls, no strikes, no peanuts, no crackerjacks. today was supposed to be opening day for major league baseball. just like virtually every other pro sport, the season is on hold thanks to the coronavirus. the hardest hit, stadium workers and other businesses that rely on their fans. the bars, memoribilia shops, parking lot owners. what does this mean for the fledgeling sports betting industry? jeff flock is live at, this is so sad, an empty wrigley field in chicago.

hey, jeff. reporter: i tell you, i have been to so many opening days at wrigley field in chicago and again, it's raining, so if it wasn't coronavirus'ed out, it might be rained out today. wrigley field, great wrigley field. maybe some day again, you mentioned all the businesses. yeah, the cubby bear lounge, that's a legend in chicago. that's shut down except for takeout. sports world, jerseys, hats and all the rest, can't get that either. yes, big money when it comes to sports betting. you know, 18 states now have legalized sports betting either online or in casino and this was supposed to be the breakout year for sports betting, march madness was coming, now baseball and then football. but you can still bet, at least on some things like take a look at these. if you want to bet on an actual

game, the belarus premier league, that's soccer, is still playing. yes, minsk still hassocke socce. who is cam newton going to sign with or who will win the world series. that's not going to win a ton of money for folks who are counting on all this and sports betting to bring in a lot of dough. the folks at draftkings have a public offering scheduled for next month and they say they are going to go ahead with it. the folks in the sports betting industry say things will recover. take a listen. >> the online gaming companies are going to, you know, a, be able to weather the storm in terms of a lack of live sporting events to wager on and some of them, you know, have good balance sheets. the ones that don't are, you know, have a lot of debt and obviously no income right now, they are going to struggle. and they are going to have a hard time.

reporter: there are a lot of these companies, cheryl. as we said, 18 states now. washington state became the latest one. the governor signing a bill just yesterday. i tell you, when the scene looks like this, this is the inside of wrigley field right now, this is the gate. can we get it open? nope. got a padlock on it, actually. until those come off, i think it's fair to say sports betting is not going to make a whole lot of money. cheryl: eerie times. very eerie. thank you very much, jeff flock at wrigley field. hopefully it will open soon. thanks, jeff. let's take a look at the markets right now. the dow is up 969 right now. the s&p is up almost 5%. as you can see, the composite, the actual composite, 5%, always interesting the look at that number. the big number, the dow up 960. just want to say if the s&p and dow close in the green today, that means three straight days in a row, we keep talking about it. we have 30 minutes to go until

the markets close. we are on your markets. see if we get out of bear market territory for the dow. it's possible. also, the coronavirus has been forcing a lot of restaurants to get back to basics. mcdonald's pulled all day breakfast from its u.s. menus to help lessen the load for its kitchen crews. burger giant also considering deferring rent and service fees for franchisees. that stock up more than 1.25% right now. coming up next, how fat brands is looking to keep from going hungry amid the outbreak. "the claman countdown" coming right back. sure, principal is a financial company. but think of us as a "protect your family as it grows" company. a "put enough away for college" company. and a "take care of your employees" company. we're a "help you ride the ups and downs of the market" company. and when it's time to retire, we're a "we've been guiding you toward this all along" company. think of us as all these companies, and more.

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doprevagen is the number oneild mempharmacist-recommendeding? memory support brand. you can find it in the vitamin aisle in stores everywhere. prevagen. healthier brain. better life. cheryl: we promised you we would be monitoring this news conference out of texas. governor abbott just announcing an executive order that anyone that flies into texas from new york, new jersey, connecticut or new orleans from any airport in any of those states has to self-quarantine for 14 days. that executive order just announced by the governor of texas, governor abbott.

cheesecake factory, let's take a look at that right now. this stock has been a big story today. cake is the particulticker. it's up 4.5%. they are telling landlords they won't be able to pay the rent on the first part of the month, at least. the coronavirus outbreak has caused the company to shut down about 27 locations around the country. they are moving others to a takeout delivery only model. restaurants around the country are facing a major cash squeeze. the industry is looking for help, obviously, from washington. i want to bring in andy weiderhorn, ceo of fat brands. they own several popular restaurants including fat burger, ponderosa, elevation burger. good to have you here. how are your restaurants, your employees, how are you holding up? >> all of our restaurants and franchises across our system, every franchisee needs a lot of tlc right now. it's a little bit different regionally appear nd by asset c meaning the fast casual restaurants, burger restaurants,

are at about 50% doing a lot of delivery and takeout. that's an increase from what they normally do but obviously the dining rooms are closed for the most part. then on the casual dining side, like in florida or texas, where some of the restaurants are still able to operate at 50% capacity, also state of georgia, they are also doing about 50% of their business but less takeout, more dine-in. cheryl: so your franchisees, what kind of relief can you offer to them? obviously a franchise business is what it sounds, they are independent operators under the umbrella of you. how can you help them and how are you helping them? >> we have done things like roll back marketing in certain areas because we're not spending money on advertising right now other than for delivery so we are giving them relief in that way. in some markets we have helped them with royalties where we can. but the real thing we have done is we have been coaching them, suggesting to them that they take advantage of the sba disaster recovery loan or stimulus loan that's just been approved yesterday in the senate. we have coached them on how to

deal with landlords and ask for rent deferrals, also the payroll tax assistance that's coming i think will help them. but really, the stimulus is something that's important. we have written to the national restaurant association asking them to lobby congress for a bigger refund of payroll taxes that have already been paid so they get cash in their pockets today. finally, we have helped negotiate with the supply chain vendors like cisco, u.s. foods, the big distributors, to give better terms, longer terms to fra franchisees right now. usually they are paying bills on a 30-day basis. money that comes in today are paying bills from 30 days ago. obviously that's been cut in half. cheryl: one of the things we talked about is kind of a struggle for messaging. what you can do as a ceo, can you reach out and say here's what you need to do, here's the next step to get the help you need. if i was a small busy would say go to the bank. if i was a franchisee i would

still say go to the bank? >> every day or every other day we are communicating with all 400 restaurants giving them advice and coaching them on here's what's going on, here's what you can look for, get your sba disaster recovery loan application in because those will take awhile. the stimulus program, we have worked with our bankers at corporate to be ready to help our franchisees with the stimulus plan once the details of the so-called playbook is out so bankers know what to do to get money in their hands. same with vendors. that communication's important. these are all small business operators owning one or two restaurants each, nobody owns a whole bunch, and they need help. they don't know where to go. the communication gap is large at small business. it's not like the ceo of boeing is sitting down with the president. this is small business in the true sense. cheryl: they are struggling. they are all struggling, confused, don't know where to go. it's that message that's gotten lost and there's just a lot of confusion.

anyway, fat burger is great. if all your franchisees are watching right now, to all of you, good luck. we are thinking of you. you make a great burger. hopefully we will be able to visit those restaurants across the country. andy, thank you very much. >> thank you. cheryl: all right. well, now to what has to be the most pressing issue when it comes to saving lives. hospitals around the nation do not have enough ventilators. the most crucial medical device that is needed to treat coronavirus patients, in a fox business exclusive, liz claman has a story of 3d printing companies banding together to help save the day. liz? liz: i have to tell you, i just got the story of what has to be an army of 3d printing companies, both partners and competitors, they just completed a webinar that had apparently hundreds of these people on it. they were coordinating, and t triageing to create a whole group of people who around the

world will begin to print much-needed ventilators and specifically ventilator valves. what they are doing is retooling their printers and the printers which were obviously printing out a whole bunch of other things, what they are doing is going for the ventilator issue because there just simply aren't enough of them. and i would say that they are looking specifically at, i got this from the former ceo and founder of 3d systems, one of the biggest companies, and he ran the whole event. i just got off the phone with him. here are a couple things he's been telling me. specifically, he said that he's getting a lot of these companies together to not only print the valves but the big effort here is to retool these companies and retool the actual printer so this is a mass effort on an industrial scale to pull out these ventilators and the parts and they are making protective gear, the face masks that go over some of the hospital workers that they are desperate

to get ahold of. they just don't simply have enough. so much equipment there. he told me that 3d systems, which is a publicly traded company, in fact, hbq, we have a whole bunch of these we can cycle through here that are part of at least 3d printing community. he told me that now he, he is now the head of a company called xponential, are retooling their printers to make among other things, 3d system has a plant in italy that was making scuba diving masks. they have already retooled the scuba diving mask company to create ventilator masks. this is just unbelievable. i mean, to be able to do that, because that is the problem. everybody is so concerned we don't have enough ventilator masks. he's got a second company that he helped found and that company is in india. they have created what he termed a very clever valve of sorts that is a splitter.

this will enable one ventilator to work on two different people. so that's happening right now. and i just think it's important for our viewers to understand that the industrial world at the moment is working incredibly hard to try and be problem solvers. problem solvers. and i want to give you this quote, what he said to me on the phone just a minute ago. he's in silicon valley, also under quarantine but he told me we are in a storm, liz, but the ultimate goal is to bring the ship safely to harbor and without the right navigational equipment or the instruments or the right fuel, we know that this is what hospitals are facing, they don't have the right equipment. he said if ever there was a time to collaborate in the 3d printing community, it is now. an uncommon partnerships, as he put it, must be formed. those are competitors who are viciously fighting each other to get market share in what is

still in its incipient stages although it's been around 12, 13 years. can you imagine if they are able to use this 3d printed splitter to work on ventilators and to make one ventilator work for two people, if you've got it scaled up, you could effectively double the number of ventilators in the united states certainly and that is something that these companies are doing right now. a whole bunch of 3d printing giants and pioneers, banding together to make an army. cheryl: that was my reaction when i saw the picture. i thought that could be amazing. that could save lives. i hope that it hits scale as you just said. liz claman, thank you very much. see you tomorrow. liz claman from her home. let's take a look at the big board right now. the dow is up 889. we are trying to enter bear

market territory. we will see how things go. but we might have three days of gains for the dow and s&p. we are on track. we have 17 minutes to go. coming up next, one of the biggest banks on the street now in damage control mode after a major outage yesterday. charlie breaks it, next on "the claman countdown." apps are used everywhere... except work. why is that? is it because people love filling out forms? maybe they like checking with their supervisor to see how much vacation time they have.

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cheryl: fox business has just made the decision to go commercial-free until that bell rings. right now, we've got a dow that's up 847 but i got to tell you, 1109, if we can get to that

point of the dow and anything is possible, as we have seen with all this volatility, the bear would actually be out of the dow. we would be out of the bear market for the dow jones industrials. if you were watching your markets right now, we are also watching one stock that's really been taking off. television audiences have jumped to 12-month highs right now, of course as everyone is locked down, social distancing, people are staying at home. data analytics company nielsen reports that americans are expected to watch as much as 60% more television on all platforms in the next few weeks. now, the home viewing surge is being felt big-time by netflix. they have streaming outages experienced across the country. that's been happening this week. the stock is up more than 4%. there have been reports of a nearly 50% jump in traffic to netflix as well as movie theaters and restaurants and bars and live entertainment venues, if they're closed, you will watch netflix. we have had analysts talk about this stock the last few days. there's that stock right now, up

4.25%. netflix not the only company that's plagued by outages. one of the street's biggest names now in damage control mode after they got knocked offline yesterday. joining us now, charlie gasparino with exclusive details. charlie? charlie: yeah, that's morgan stanley. i tell you, the initial reports from what i'm gathering from brokers who work there, the initial reports were kind of downplaying the severity of this. this was a massive outage. it affected all 15,000 brokers in different ways. morgan stanley initially tried to spin it as if it just affected the online brokerage system which it did. took that out. but every single broker was affected by this. essentially, if you called your broker at morgan stanley yesterday, and said trade out of this, it was essentially impossible to trade out. they couldn't tell you if there was -- if they called the trading desk and said you know, sell x, whether the trade was commenced, whether it cleared, they couldn't see the brokerage accounts of the various clients. so they were essentially flying

blind yesterday. now, still, a lot of morgan stanley brokers did call in trades, it was a wild day, from what i understand. and morgan stanley to their credit made good on every trade today. apparently what they did was they went back, they looked at the prices that occurred yesterday when the calls were made by the clients to the brokers and when the brokers put it in, and they gave the client those prices. so it looks like that the clients were not out of any money but this was really a scary situation. through the day, morgan stanley brokers thought they were the victim of terrorists. they weren't. apparently this was a software glitch, kind of inopportune time to have a software glitch when markets are going crazy over the virus spread and market impact of that. but it was, according to morgan stanley, it's a software glitch. again, all the clients were made whole but this was a pretty big outage, particularly at a very critical time in the markets. it did affect all 15,000 brokers. again, morgan stanley did make

good on those trades and that means at least according to brokers i'm talking to, there's going to be a price here. i mean, morgan stanley is going to have to pay something. it's going to hit their bottom line in some ways because they had to go back and make up those trad trades. i can't tell you if it's going to be material or not, the company is not commenting on that aspect of the story. but it is an issue where they did go back and it's going to cost them some money. again, this was yesterday. not today. system apparently worked well this morning. brokers are taking orders again. cheryl: i need to interrupt you. i want to let our viewers know we briefly are above, with the dow, we briefly went out of bear market territory. that 20% jump from the low. we right now are at 1148. again, the key number, 1109. i wanted to bring that in but also ask you about these comments from stacy cunningham from the new york stock exchange. she says electronic trading has been going pretty smooth. that is what you're hearing? charlie: yeah. and it raises the question why

they kept the stock market open for so long and put some people in harm's way. clearly, up until the day they closed, they closed it monday, correct, that was the first day of its closure, there were a lot of calls that the new york stock exchange did not need the floor. the floor, let's be real clear here, is in many ways a marketing arm of the new york stock exchange. the notion of liquidity by these floor traders that they are integral is contradicted by people who work at the new york stock exchange, who are partners in the new york stock exchange, including doug sifu of virtu, a designated market maker who said it's not a place that provides a lot of liquidity. he's down there mainly for advertising. if it's going to be an advertising issue for the new york stock exchange, and that's a business issue, they want to bring in as many people to come and list their stocks on the stock exchange because it looks good, there's a big fanfare to it, you have to ask yourself why did you stay open so long if it's merely, if it's not an integral part. we should point out that as we

reported yesterday, six people associated with the exchange have come down with the coronavirus. that was my producer's story yesterday. we do know one of those is a very famous floor broker, peter tugman, i believe his name is. he went on social media to say he's been infected. so the real question is why did they do it? why did they keep it open? a lot of people believe it's a business issue. they believe the business issue was, i believe it's this friday is when there's what's known as triple witching hour, when the options expire and there's a lot of activity for the floor, that they wanted to keep it open maybe to hit that. that's been out there. i have asked for a clear explanation from the new york stock exchange on this. really haven't gotten one. but again, it's -- cheryl: come back with that, then. charlie: we will keep looking at it. cheryl: charlie, thank you so much for commenting on that. i really appreciate it, for all your reporting today. we will see you tomorrow, obviously. we want to look once again at the markets. guys, this is -- remember i told

you we were going commercial free at fox business? yeah, this is why we just did that. because we are now up 1286. again, closing above 1109. if the dow can be up 1109 and now we are up more than 1300 points. we are pushing into the last five minutes of the trading day. guys, this is again, we are watching this happen every day but again, right now, the dow jones industrials has left bear market territory. that is a 20% gain from a recent low and again, as you can see, it's happening on your screen, you are watching it with me, this is after 3.2 million initial jobless claims were filed this morning. this is after a stimulus bill was approved by the senate, tomorrow the house has to vote. if things go smoothly in the house tomorrow, nancy pelosi and team get this through, get the yeas on this one, you might see another market day that's looking like today but incredible what we are seeing in these last minutes. 1363. 1361. again, the dow is on track right now to be out of bear market territory and the s&p and the dow, third straight

two retailers are popping ahead of the fourth quarter earning after the bell today, bringing out their fourth quarter earnings. lauren simonetti has got that. she is working from home. lauren, what do you have in. lauren: hey, cheryl. we're looking lululemon and gamestop, how has coronavirus impacted them? we'll see two interesting takes. for gamestop they had a horrible holiday quarter. they decided to stay hope while other stores were closing and they kept other stores were open, to fulfill online orders and pick them up curbside deliveries. we'll see if it helped sales. lululemon, people are staying at home wearing yoga pants that could be good for the company. stores are open in china even though closed in north america and europe. we'll see what lululemon says. cheryl.

cheryl: lauren, thank you very much. lauren: could be next shoe to drop after jobless claims. earnings. cheryl: thank you very much. the dow up for the third day in a row. investors cheering the stimulus plan. today's countdown closer says if the covid-19 cure is out there for your portfolio, he has ideas. we call him the $2.6 billion man, ernesto ramos. good to have you when you have all the volatility, ernesto. what do you make of the volatility? >> markets are happy about both the monetary and fiscal stimulus in place. they are looking for the rest of the year to the rebound and we just want to be cautious about things here and that is why we recommend that you want to take some exposure, you do so in defensive way through our low bmo low volatility fund as opposed to gangbusters here. cheryl: volatility has been painful for a lot of people.

that is why the markets have been swinging so much but we had chairman jerome powell on "the today show" this morning and fact we're in a recession. what did you make of those comments from him? >> i think we are in recession and market is seeing through it. we'll see the recovery which will take place in q3, q4, depending how long the virus lasts. we don't know how long it will last t could last couple months or six months, nobody knows. that is why the defensive nature of our portfolio is good here. if it lasts six months, the market is likely to revisit the lows as opposed to if it revolves itself in couple months which i think would be very, very quick. cheryl: i want to give our viewers some examples and these are things that you provided to us. costco, costcos lines are packed with lines out the door. kroger, grocers are having the moment right now because of a

very bad situation happening in the country. what else do you have in your mind, defensive as you say? >> utilities like american electro power, eli lilly, newmont is interesting example. it is a gold miner. you don't think of gold miners low volatility. they are not in themselves but this one it is exposed to gold in such a big way it acts as really good counter weight to other stocks because it moves contrary with stocks. when gold is going down, stocks are egg go up. when stocks go down it golds up. even though some stocks might look to be a little more aggressive in and of themselves. cheryl: i have 10 seconds. consumer spending 70% of the economy. a consumer stock you like right now, ernesto? >> defensive oriented. maybe on the consumer side something like netflix, for example. i mean, clearly we have been watching a lot of netflix, my wife and i after hours here.

that is all we can do. cheryl: all anybody is doing. [closing bell rings] er knows toe ramos, 2 billion-dollar man. thank you. the rally taken the dow out of bear market territory in record fashion. that is it for "the claman countdown." "after the bell" is now. melissa: three-peat on wall street. stocks surging for the third time as the house is expected to vote on a relief bill for millions of americans tomorrow. i'm melissa francis. connell: i'm connell mcshane. welcome, everybody, to "after the bell." with this gain of 1300 points, the dow as cheryl alluded to a moment ago was able to exit bear market territory which is ridiculous when you think about it. we hit the bear market low not six weeks ago or three weeks ago. we hit the bear market low on monday. it is now thursday. with fox business team coverage, we have lauren simonetti following volatile markets this