most money on the upside, carnival cruise lines of the world. gentlemen, thank you both very much. liz claman, the market is struggling to hold on to monumental gains out the gate. we will see what happens in the last hour of trading. liz: what did you do, charles? we had such a great rally. charles: i pushed the wrong button. liz: fat fingered trades. that's what they call it, right? thank you very much. this morning it sure looked like the bear would retreat but just about four minutes ago, the s&p lost half of the points it needed to climb out of the bear cave. we are still left, there is still green on the screen. however, today's rally is quickly evaporating. the dow at one point was up 937 points at the highs, on hopes the stimulus spigot will open wider. that really hasn't changed when it comes to the news but you can see now the dow is up 155 points. the s&p 500, which needed to be

up more than 21 points to exit the bear cave is now up 15. but what's going on here? could it be oil? in the last couple of minutes, oil suddenly, this is the aftermarket, started to tank. it's now down 7.5% on apparent news that the united states government will start to add strategic petroleum reserves with all of the glut there is of oil. so while i'm looking, i just quickly checked exxonmobil and chevron, they are still up but they are at session lows as well. we are figuring it might have something to do with the oil news. in the meantime, the small business stimulus loans continue to flow as the treasury secretary asks for $250 billion in additional funds. we are expecting president trump any moment now to give us an update on how that small business program lending situation is going. it's known as the paycheck protection program. but the latest tally shows that the small business administration has processed

225,000 loans worth more than $60 billion. that's just since friday. no word on whether they actually distributed the money but they have apparently processed this much. we will take you straight to the roosevelt room as soon as we see the remote cameras firing up. all right. while we await that situation, with the president, let's look at the sector that's taken the worst body slam this time around and is trying to heal today. we have the airlines flying high in this final hour on hopes that a slowdown in coronavirus cases will finally help ease anxiety over travel and boost demand. but make no mistake, the airlines are still desperate for loans. just a few weeks into the crisis, this was a few weeks ago, they were already begging for a $50 billion bailout. but a "washington post" report indicates that over the last five years, the big four airlines, which are all up, although earlier they were up a

lot more, american, delta, southwest and united, were pretty profligate and spent $45 billion buying back their stock other those five years. stock buy-backs, for those of you who don't know, are often a way to financially engineer and improve the share price which then keeps activists at bay. activists like to pounce when share price flounders. at the moment, the airlines are still begging for the money and we are watching that situation. airlines, not the only travel stocks extending gains on signs of flattening coronavirus curves. just take a look at royal caribbean. we have royal caribbean, the big cruise liner, spiking at the moment. we do have it up about 12%. let's flip over to food stocks, specifically talking about meal kit companies. blue apron getting a bump after d.e. shaw reported a 5.2% passive stake in the food delivery company. it's down .75% right now.

it earlier was higher. we should let you know shares of blue apron have surged during the coronavirus pandemic, up 413% between march 13th and yesterday's close. while there may be hopes the coronavirus curve is at least peaking or flattening, there is this very disturbing development. four grocery store workers have now died from the virus. two were employees at walmart and one was a greeter at a giant store. walmart is being sued by the family of one of the deceased employees. they claim a chicago area walmart failed to notify workers after several employees began showing symptoms. the company of course has been very clear that it is working hard to keep its employees safe but in the meantime, we do have walmart down about 2.66%. just want to make a point about the ten-year treasury rally and what we have seen right now is that the treasuries, especially the ten-year, were able to rise about seven basis points earlier to .73%.

so that means that fear was coming out of the market. what you're seeing right now is a live picture of the roosevelt room. we are awaiting president trump and originally this was supposed to be on tape. we just got the word that it will be live. so we need you to stay with us because specifically we expect him to be meeting with the ceos of everyone from visa, mastercard, bank of america, goldman sachs, jpmorgan, citi, wells fargo along with the head of the sba. so we are watching every single piece of this story at the moment. dow jones industrials, we are watching that, too, up 224 points. let's get to our floor show as we wait for the president. guys, we are seeing stocks, well, lose some of the steam they had but it was such an early surge here on the hopes the u.s. has perhaps in certain pockets hit a plateau with coronavirus cases. but what do investors watching right now still need to be cautious about? tim, start with you. >> look, we had a very sharp rally yesterday.

it was a 90% up volume day, advancers led decliners by two to one. we got to the highest level on the dow, s&p and nasdaq we have been at since march 13th, which was just before the initial 15-day stop the spread -- >> -- being with us. it's been an incredible -- liz: stand by one second, tim. the president is now speaking. here he is. >> -- steve is telling me it's been literally record-setting, the amount of money that's been done, and if you want, i'll start all over again. i guess they didn't have the mic on. i will start all over again. why not. i want to thank everybody for being here. it is a great tribute to the banking business. the money that's been done and the money that's been essentially loaned, these are great loans for the banks and great loans for small business and we appreciate it. we're looking forward to speaking with the top ceos from the banking industry and finance

industry. some of you i know very well, great relationships with. you do an incredible job, respected all over the world. you're the biggest and the best and we're meeting to further deepen our partnership to help american families, workers and small businesses during the pandemic, which is something that nobody ever dreamed of. i say it, i say it a lot, we had the greatest economy in history, the greatest economy that we've ever had, the greatest economy that anybody's ever had and one day they said you got to close it down, close the country, because we have to get rid of the plague and that's exactly what we had, is a plague. and we're seeing light at the end of the tunnel. you see it, i see it and i think we are going to go like a rocket ship once we get back to business. there's a lot of pent-up energy and demand. but i also want to thank secretary mnuchin for the incredible job he's done in con

sooe conceiving many of these ideas. he's worked late into the night. he and his staff have been incredible. larry kudlow, my daughter ivanka trump who just wants to have people working. i gave her lots of options, what do you like and she created over 15 million jobs working with some of you but working with the biggest companies in the world. they were training and training like nobody's ever seen but she started off with a goal of 500,000 jobs and now she's up to over 15 million. as our nation wages a war against the invisible enemy, we are grateful for the many ways in which your companies have answered the call to join our national endeavor. thank you for donating tens of millions of dollars -- maybe it's not good equipment. but thank you very much for donating tens of millions of dollars for vital supplies and for supporting small businesses

across the country. america's small businesses are the backbone of our communities. when you look, we hear all about the big companies that we know so well but the small companies when added together actually are a bigger force. lot of people don't understand that. you do, we do. our nation's 30 million small businesses employ nearly half of our work force. my administration will continue to take the boldest action in history to bring immediate relief to the small businesses so when we open up in a hopefully short, very short period of time, we just, we're back into business. that's what we want. we have lots of stimulus so i think we can actually with the stimulus and with the pent-up demand, i think we can really do numbers that are equivalent and maybe even better than we were doing before within a fairly short period of time. that's what my hope is. that's what the hope of many of you are, too. as you know, on friday we launched the paycheck protection program to help small businesses keep workers on the payroll.

as of today, sba has processed over $70 billion in guaranteed loans which is far greater than we would have ever thought at this time i think, steve. i don't think we ever had any number like that in mind. that will provide much needed relief for the more than quarter million businesses that have applied for these loans and these numbers will continue to rise quickly. again, far greater than anything we could have expected. we thank you and we thank the thousands of employees for responding and by the way, we are going to be going for it looks like a very substantial increase in the number because we'll be running out of money pretty quickly which is a good thing in this case, not a bad thing. and steve will discuss it but we're in talks to supplement the fund and do more money. so that's the way it's moving. but we're going to help those small businesses receive these loans in record time and we look forward to hearing about your incredible progress today,

because many of you and most of you are going to be speaking for a couple of minutes just to say what you're doing and we have a lot of media present. the room is loaded up with media, as much as they can, considering we have social distancing. we are practicing social distancing. i don't even know what i'm looking, i'm not sure they're practicing it as hard as they should be. but they are practicing it and there's a lot of media. our entire society is mobilized to defeat the invisible enemy, save lives and save jobs. your companies are playing a vital role in this fight and i'm very very grateful to you and with that, i'm going to ask ivanka to start and then secretary mnuchin, administrator carranza and larry kudlow, say a few words quickly, then we will get to you if you have any questions or anything, it would be great. as i said, today we just asked congress to pass legislation to fund an additional $250 billion for paycheck protection program so we are going to be raising it up to a new level and the way

it's going, we are going to need that because it's really -- people are loving it. they are really loving it. i will start with ivanka. thank you. >> thank you, mr. president, for convening this incredible group of leaders in a socially very responsible way, via teleconference. we appreciate everything that he's been doing. anyone who knows you, knows the heart you have for america's small businesses. over 30 million amazing innovators and entrepreneurs that employ over 60 million people. so just absolutely incredible. and you all have been so instrumental, those that are joining us today, in helping us not only execute an enormously swift action, the paycheck protection program, but also answer the president's call. when we began making phone calls a couple of weeks ago to each of you, some of the largest lenders in the country, bankers, credit card companies, we asked you to provide additional relief, private sector driven relief, to

our incredible small businesses and you have answered that call. among the things we have discussed and that you will announce today include policies that will offer debt relief to your clients and your customers, payment deferrals, loan modification and outright hardship relief. we are incredibly excited to have you share these initiatives today and with that, i will turn it over to secretary mnuchin and administrator carranza and larry kudlow to share a little bit about the paycheck protection program and the unbelievable lift that your teams have undertaken in just the past week to make it as successful as it is today. >> thank you, mr. president. thank you, ivanka. first i want to thank the broad number of banks, we have over 3,000 banks that have been participating since last friday. that's a combination of community banks, regional banks and large banks. i just want to thank the sba and treasury. this is a brand new program, got up and running in less than a

week, and last friday, we saw the incredible response. i spoke to the president over the weekend, i told the president you know, it was so successful that we were concerned we would run out of money. the president made very clear that we should go back immediately and ask for more money to make sure we can support small business. every single one of these people that's employed by a small business is one less person that's out of work and on unemployment insurance, and it's one more person that's part of business so that when we are ready to reopen, 50% of america's work force is in small business. i had the opportunity this morning to speak to mitch mcconnell, chuck schumer, nancy pelosi and kevin mccarthy. i urged them at the president's request that they get us another $250 billion approved and we look forward to the senate passing that on thursday and the house passing that on friday. this is much-needed support and we want to make sure that every single small business can

participate and we want to assure the workers that if you don't get the loan this week, there will be plenty of money for you next week. this isn't just small businesses. it's charities, it is independent contractors, sole proprietio proprietiors. i want to thank everybody for their broad participation. >> thank you very much. please. >> very quickly, small business administration has a mission of strengthening the economy by assisting small businesses. ivanka, you mentioned we have 30 million. absolutely, i think they are all approaching our phone lines as we speak. but we are also committed to sustaining their resiliency as well as increasing the number of employees they keep on payroll, so that's been our mission and we have not been shy of accelerating and incorporating and also partnering with not only the lenders that are on

this telecon but many of them. we have over 3,000, 3200 banks as the secretary mentioned previously, and we have about 300 new lenders so i'm very proud of the lending community and their partnership. thank you. >> thank you. it's true. the community banks have been incredible. it's really amazing the way they stepped up. i'm very happy. i know many of the people so it's really true. larry kudlow, please. >> thanks. i'll just be brief. i would say that as our mitigation policies have taken hold successfully, in dealing with the virus, and as we move to what we believe can be a reopening of the economy in the weeks ahead, we started with a strong foundation as the president mentioned and there will be some transitions but i see no reason why the second half of the year cannot resume

as strong, solid growth rate. i think that's an important point. i think i want to stay as optimistic as possible on that possibility. we are coming down i think the home stretch. that's what the health professionals are telling us. i want to add one more thing. the president's whole program, it's the largest assistance program in u.s. history by far and his program has been based on a government public/private partnership every step of the way. we've had everybody here who are on these teleconference calls, video calls, whether it's retailers, biotech, bankers, transportation, you name it. that's characteristic of president trump's own philosophy that has given us a strong economic foundation. once we can reopen this thing, i think it's going to be very successful, sir. >> thank you very much. as you know, our currency has remained very very strong. other currencies are not doing well at all but our currency has

done incredibly well. very very strong. lot of adds to that. sometimes it makes life more difficult going outside the four walls but it means that everybody wants to be in and we find any time we go out they just want to jump into our currency. there's nothing like it. i don't think it's ever been any stronger or better or more powerful, especially relative to other currencies and other nations. i think that's a great thing. it's great for all of you. that i know. ivanka, please. >> absolutely. i think the foundation of our economy was so incredibly strong until this virus hit and this is something you recognized, this is something we are hearing from small businesses across the country, this was no fault of their own and we are going to carry this through. liz: all right. breaking news. the president has just given brand new numbers on the small business loan extension, the rescue plan for so many small businesses who have really been stuck and had a terrible

situation. well, they have now written 225,000 loans worth $70 billion. the last number we had was $60 billion. treasury secretary steven mnuchin assured those who are still waiting that the money will not run out. let's get to edward lawrence right now. he has been listening in and i thought there were some significant moments here, one of which was when the president said there is light at the end of the tunnel. reporter: also that they are running out of money or at least they will run out of money, they are saying in the future with this small business program. treasury secretary steven mnuchin saying they do want to have more money in this with the president's blessing, they will ask for $250 billion more to go into this fund. as you mentioned, the numbers there, staggering. $70 billion in loans that have already been paid out to small businesses, 225,000 loans made, that's 225,000 businesses that will be able to get this type of

loan and this type of help. now, not all of them have lost their jobs within those businesses and that's the goal here, to try and keep employees on the payroll. we are told from a small business administration official that this means 5.7 million jobs have been saved related to this. not all of them, again, have been laid off. this is the total number of jobs that are within the companies that are applying for these loans here. the white house adviser larry kudlow saying banks may have been slow to begin with, the big banks, but they will eventually come around. listen to what he says here. >> those banks know that their loans will be guaranteed, okay, and the borrower knows as long as you keep payroll and a certain amount of expenses with the use of this money, they will be forgiven. reporter: there's one other issue that we have been hearing from small businesses. the owner of jack rose dining saloon, we introduced you to him

last week, one of our producers talked with him today and he's saying he's looking at getting small business loan. however, he says his employees are on unemployment for the district of columbia in washington, d.c. and they are making more money on unemployment than they would be by getting the loan. so he's concerned if he gets this loan through the program, his employees won't come back because they are making more money now not working, and then he won't be able to meet the standards they need to make the loan a grant. so it would be forgivable. there is some concern there. again, it seems a bunch of businesses, 225,000 businesses, are taking advantage of this program so far. liz? liz: i know congress is still asking the treasury to clarify some parts of all of this, specifically that issue about which businesses can still actually comply and actually fill, check the boxes of those who can get it.

right now, 70 billion is what we heard. i need to push you on this. there's a difference between loans authorized and loans distributed. are we talking about 70 billion written and authorized, or 70 billion actually out there in the hands of these businesses? reporter: exactly, liz. i'm actually being told by a small business administration official that yes, the number you are giving there, $70 billion, is how much money has actually been paid out going through the small business administration into the banks, then the banks will distribute those monies. that is money that's actually been paid out. we are hearing stories that bank of america may have somewhere upwards of $40 billion in applications that they have not yet submitted so people are submitting to the bigger banks like bank of america, wells fargo and jp chase but those loans have not been processed through. right now, it's just 70 billion. but you heard the treasury secretary, there will be a vote on thursday about more money into this program.

that's because they are looking out and seeing these big banks coming with a lot of loan money and it's going to, you know, fill up that $350 billion they already have very quickly. liz: yeah. all right. edward lawrence, thank you. charlie gasparino telegraphed that yesterday with his report that there would be more money in all of this. let's get to charlie right now. i know you heard treasury secretary mnuchin say don't worry, don't worry, the president has said he will give more money if necessary. of course, it's just a printing machine but what are you looking at right now, charlie? charlie: you know, if you follow "the claman countdown" from last week, we have been saying that they are going to increase the small business portion of the loan by billions. i think i mentioned on your show sometime last week, that was our sources on wall street who were dealing directly with the administration and congress. yesterday, it was interesting, we moved the market 500 points at the close up because we said there would be another trillion dollars in stimulus money coming sometime in mid-may.

so you know, this is what sources are telling us close to the administration. these are wall street sources that are dealing with congress and the administration. but here's what's really interesting from the banks' standpoint. what they are telling me runs counter to what the small business administration fellow or spokesman told edward lawrence. what banks are saying is that there's a huge bottleneck at the small business administration, that the money is not being allocated, that the $70 billion is more or less a number that's about to be allocated, that the small business strigs doadminis does not have the infrastructure to make this thing work, that they can't process the loans that quickly. it's interesting here, there wasn't supposed to be at least the way this thing was first rolled out, that type of bureaucracy in approving these thin things. it was supposed to be the treasury department has some rules, small business administration has some rules,

you follow the rules and you can start lending out the money. i will be honest with you, i get called every day by small business people. not one person has called me to say their check is in their hands. so i wonder about that 70 billion. what the banks are clearly saying right now is that it is some sort of bureaucratic bottleneck at the small business administration to get this money out. a couple more points here which i find fascinating. you know, last week the big culprit was bank of america, that they were not handling the process right, that they were turning away customers, long-time customers for various reasons. the name i hear in the spotlight, not for a good reason now, is wells fargo. i have spoken to several wells fargo customers and these are people that run the small businesses that you want to stay in business right now and keep their work force going. one gentleman, i'm going to feature him in a piece on foxbusiness.com, has 300

employees, has 300 million in revenue each year, he is a manufacturer of children's furniture, he was told point-blank by wells fargo he cannot get a business loan to keep his people employed and he wants to keep them employed, by the way, because wells fargo is hampered or there is some sort of conditions put on the bank from its fraudulent account scandal, that because of that scandal, and apparently maybe some capital requirement, i'm not sure what, but this is what the bank is telling him, it cannot make that loan. so that guy is in a real catch 22 because he can't go to any other bank. jpmorgan chase won't take him because guess what? he's not a client of jpmorgan chase. bank of america obviously won't take him. they are not even taking some of their own clients. this is the type of confusion that's out there. it's a mess. listen, again, on one hand, you got to expect problems on something that was done pretty

quickly. on the other hand, you got to ask yourself you know, didn't they have any clue that the small business administration is just not equipped to do this. shouldn't they have just figured out a way to get the money faster because this is not just money that's given to like merrill lynch or excuse me, bank of america, jpmorgan, to a big company with big cash reserves. this is money given to small businesses that don't have any money, that are basically going out of business. so there's really a problem here with this. again, as we reported last week, there's going to be another round of small business loans coming. and the other thing to look forward -- liz: can i just jump in? charlie, charlie, charlie. charlie: let me just make this point. look for the second tranche of a bigger stimulus package coming in mudid-may. i'm sorry. what did you have to say, liz? liz: goldman sachs ceo david solomon is saying that according to reuters, his company is doubling its commitment to sba

loans, the program, to now $500 million. that's not helping the markets. we have lost nearly all of the gains here. charlie: but let's be real clear. goldman sachs is not a big lender to small businesses. it's goldman sachs. the big lender to small businesses are the banks, chase, b of a, citi. citigroup doesn't even have its loan program operational just yet. this is a big mess. listen, if there's any sector of the economy that needs money, it's this. get it fixed, get it fixed now. liz: well, i would say, thanks, charlie, very much, to our viewers that it is a work in progress. they wanted to get it up and running. it's not perfect but at least some people are getting this money and we are watching everybody, all of you out there are feeling your way through what is a very unusual and very difficult time. so as we look at all of the

companies that are trying so hard to help you work at home, we've got one we are talking about and it's slack. slack is raising the stakes. we have about 32 minutes left before the closing bell rings. the dow is up 90 points, had been up 937. the workplace messaging app is boosting its convertible debt offering by $150 million to $750 million. the offering is the first capital raised since going public last june. the work from home communication company reports its user numbers have risen from 10 million to 12.5 million from just march 10 through march 25th. shares were up ahead of the open today but then you see them sliding by about 4.75% right now as we enter the final half hour of trade. from slack user surge to newfound fears over zoom bombing, we told you about those, coming up, the company that's looking to help protect you and all your work apps and

information no matter whether you are on your couch or at the office. okta is the company and the ceo is here next. boston light, america's oldest lighthouse, has stood strong through every dark hour and bright dawn our country has endured. it has seen the break in the clouds before anyone else. for the past 168 years, we've also stood by you, helping you weather storms like this one, to protect your loved ones. and we'll do it for 168 more.

liz: all right. we've got about 26 minutes before the closing bell rings, and we are very close to session lows. in fact, the dow briefly turned negative during the commercial break so the new low of the session is a loss of six points. but that would be a near, you know, 940, 945 point swing, because we had been up 937. i want you to train your eyes on the s&p. it's up 11 points. it needs to be up 21 points. it was far above that earlier, to extricate itself from the bear market which of course, it entered in early march. we are watching this very closely. but both the s&p and nasdaq had

briefly turned negative. they are now slightly positive at the moment. so while the white house continues to hold its briefing on the small business relief program, businesses both large and small are grappling with how to respond to the coronavirus pandemic and a big pain point is ensuring remote work forces stay connected, productive but also secure. suddenly okta has emerged as one of the must-have work from home companies desperate employees are clinging to during the covid-19 crisis. the founder and ceo todd mckinnon joins us live from san francisco. did you ever imagine when you co-founded okta11 years ago that this scenario of a pandemic would arise where so many would be forced to work at home? >> we have always believed in the potential technology and how it could make people more productive and more productive from anywhere, but have to be honest with you, a pandemic was not in our plans. liz: yeah. i get it.

i think it wasn't in many people's plans although epidemiologists have been warning for so long but it is actually in a kind of crazy way been very much a silver lining for you. while intraday your stock is down, you are up more than 46% year over year. it's been a winner because people are rushing to you. i would like to know what kind of uptick you are seeing with your subscribers or people who are buying your software. >> okta is the connection between people that are working anywhere right now, often it's in their homes, home offices, and the technology they need to be productive. so we are seeing massive increase in all of the key technologies across our network, things like video conferences with zoom or skype. things like collaboration apps like slack. we are seeing the use of that to skyrocket. then the use of okta itself, we are seeing 80% increase in the amount of strong authentications. that means people are logging in

more often and they are logging in in strong, secure ways which i think is good for their productivity and for their security. liz: absolutely. what's your runway, though, as you look beyond this crisis? as we don't have a very clear picture, president trump just said there's light at the end of the tunnel but anybody who has been watching knows that we haven't seen the health care part of this crisis fixed or eliminated so until we see that, you know, as you model, what do you expect to see for your company in the adoption of making sure that people i don't a use all the work apps they need securely through okta? >> taking a long-term view, we know the trend of more technology and people needing flexible access and having that be secure is really important long-term. short-term, we are trying to be flexible and agile and adapt to the situation like everyone else is, whether that means making

sure employees are healthy and safe or that means making sure whatever we need to do to make customers successful and secure and do whatever it takes, go the extra mile to make sure they are successful. we have over 8,000 customers really relying on us and we have to come through for them. then as we get back to normal over the months and quarters ahead, we are going to make sure we keep building the product, and keep marching toward the long-term trends. liz: i think it is significant, i mean, that's a head line that you have seen an 80% increase in people who are trying to get that authentication and you have seen a spike in the user base. you know, zoom, just referenced them, zoom has definitely seen a spike in user base. the ceo has been on the show. but they stumbled a bit because it appears there are privacy issues and some gaps in what people had expected to be a very secure operation. now he even said, this was his quote, i really messed up on

security and they are kind of scrambling to restore their reputation. tell me about how secure you believe your servers are and everything, because you know, we use okta as well here. it's been wonderful but how do you ensure you don't end up with an apology like zoom has had to? >> security is the foundation that we have built in from the very beginning. from the very beginning of okta11 years ago, we knew we were building a secure, scaleable service. it's really wrapped up in everything we do. the one thing about the situation now is that, you know, it is different, it is evolving and as customers' needs evolve, we are making sure that our product evolves and that any kind of additional capabilities customers need, whether it's easier to use, whether it's more flexibility, whether it's any kind of capability they need, we are going to be responsive and i think you are seeing one thing about zoom is that they are very responsive and they are listening and adapting and they are going to come through for their customers, i'm very

confident. liz: yep, yep. i wonder, have you seen almost an operational shift, because you used to run the engineering at salesforce and it's been fascinating to watch your career. i find it so interesting because, you know, as somebody who basically co-founded this company, it's been 11 years and suddenly, you guys are up to speed and are dependable in this case, and you are dependable investment. we are looking at your stock and it's been so unbelievable as far as great performance, when many other companies are not doing well. what is the priority beyond the health part of this? you are working hard to keep your employees healthy but tell me what your hopes and dreams are for the future of okta. >> well, i mean, we are about enabling technology so today, we are talking about video conferences and collaboration, but the reality is that technology has vast potential positive impacts beyond what it is today.

we want to make sure that those impacts are positive and that it's accessed uniformly and securely and people, businesses all around the world can use technology to maximize their own potential and to take their strategic issues to the next level, whether it's going to be features in the short term or capabilities in the long term, that's what we're focused on. liz: todd, thank you. todd mckinnon of okta. we appreciate what you guys are doing to help so many people work from home. we will be talking to you in the future. i really hope you come back. thank you so much. all right. despite a 60% plus drop in sales at the olive garden, darden shares are whetting some investors' appetites. we have the dow up about 227 points, trying to stabilize here. we are now at 22,900 at the moment. with the closing bell ringing in 19 minutes, the parent company of italian chain longhorn steak house and of course, a slew of

other popular eateries, seeing a three-day win streak as it says more than 99% of its restaurants remain open. how about that. look at this stock, on a tear. darden up 13%. the ceo gene lee says he will not be taking a salary and senior executives are taking a 50% pay cut until the coronavirus crisis fades. darden down about 52% year to date. you know we like to give you the perspective always. it stands right now at $59.27. and fox business is holding a virtual town hall called america works together. this will be thursday, 2:00 p.m. eastern. my buddy charles payne will be hosting. if you have a question you are dying to have charles and his guests address, e-mail it to investedinyou@foxbusiness.com. don't miss it thursday at 2:00 p.m. eastern. "the claman countdown" will be right back.

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liz: all right. welcome back. did you guys see that the mortgage bankers association reported that requests by homeowners to delay their mortgage payments are now up 1900%? if you take that piece and broaden it to businesses, a new poll by a small business social networking company finds that about half of u.s. small businesses have not paid their full rent or mortgage yet this month. the survey of companies with up to 50 employees includes retailers, auto repair companies and restaurants. speaking of restaurants, cheryl casone is in the fox business newsroom with a stock of one company whose product many a

restaurant rushed to add to the menu last year. cheryl: big changes here. hello to you. it's been one of the darling stocks on the street, beyond meat, maker of, well, not meat. the company taking a hit today from jpmorgan. the bank lowered its estimates and maintained its neutral rating. jpm said the company going to get a boost from higher retail grocery sales but that's not going to offset lower food service sales. the stock still up 2%, as you can see. the 52-week high on this one was $239.71. here's what they said in the note. quote, we remain favorable in general to the beyond fundamentals over the long run but we see too much near term uncertainty to be constructive at this time. target price has been dropped to $77 from $108. beyond does, though, have relationships with mcdonald's and dunkin brands. stock to watch today. back to you. liz: cheryl casone, thank you very much. dow is picking up just a bit

here, up 327 points. they say that this, too, shall pass. we know it will. but with 12 minutes left before the closing bell rings, coming up next, the essential picks our "countdown" closers say can lead the way even after the outbreak and lockdowns end. "the claman countdown" is coming right back. essential picks. got to stay tuned for that. ♪ ♪

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♪. liz: seven and a third minutes left before the closing bell rings. yes it is green on the screen. we have two back-to-back sessions to the upside but at the highs of the session all three major indices were up so much more. the dow had been up about 937 points. we've kind of vaporize ad majority of those gains just ahead of the close, up about 98. the s&p -- there goes the nasdaq down 2.7 points. not bad. we'll call it gnat. we've got the s&p 500 up 7 points. we needed it to be up 21.02 point to exit the bear market. can we get there? bring in the "countdown" closers because we have roaring start to the quarter, with the markets up two to 3% since april first, the best first five days to start a month since all of 1984 but is this race to green here to stay? let's bring in three buddies of

the program. pacer etf president, sean o'hare remarks phil flynn, joining us on the phone, ameriprise financial chief market strategist david joy. all right, sean, give me your perspective what is going on here. we're about to, i dent want to say turn negative even for the dow, but it is a tough moment we're seeing in the markets where we had been up 900 points? >> thanks liz, for having me, good to see you in the chair. i'm not a big believer in the rally because i think we're flying blind still. if you're driving down the highway 70 miles an hour in a dense fog you don't speed up and we don't have any information. that being said, there are stocks we gave you for the hit today. qualcomm is a name we like. it is an essential business. they have a patent on chips going into the cell phones. as we roll toward 5g they will continue to be positioned very well. they a very high free cash flow yield. they pay a nice dividend yield

which is kind of funny for a tech stock. the two names we like, prolodge prolodge -- prologis. i don't think we'll go to the stores. we need more. commerce and distribution centers. i think you talked to the guy from micron yesterday about the show on this we are short computing power, if we deal with -- zoom made a deal with eqinex to help them out. long-term trend, aside from what we're going through now. those are the three best names i have for you now. liz: feels good to talk to you. we've been waiting for opportunities to say look, what you do like here? and playing in david joy, to exactly what we, partly think is going to happen in the future. that is at some point a recovery. david what do you like now and what are essential stocks even after the clouds clear?

>> i'm same mind set, namely just what the economy and being second quarter looks like, what will that say for earnings and of course you know, is the virus really, is the curve flattening out, but having said that i agree with sean on chip stocks. so one we like is intel. it is up quite a bit in the last two days but a very strong balance sheet, great cash flow and a good dividend yield. nice center play there as well. another one kind of a play on the virus and the recovery from it, ecolab which has a primary business of keeping food, water, facilities clean with san tuesdayers, soaps and the like. i think that will be a big theme when we start to recover around the third quarter. lastly one may not be in favor quite right now but i think it is a very strong story in the recovery and that is bank of america. very strong franchise of course, well-managed company. it's very cheap now.

so those are three that i think will do well once the recovery gets underway. liz: yep, i got it. and phil flynn, i know you're watching every tick of these markets, as we have especially in the last seven minutes, we have been as close as flat and then suddenly we popped back up just a bit. what do you think going on with psychology of the greater markets here? i know it is a big voting machine and hard to really anthropomorphize what anybody is doing at any given point of time? >> we're starting to see positive signs in the economy. not only what we hear about the virus but hear possibility it is topping out but in the credit markets, there is great piece in the "wall street journal" how the credit markets seemed to be broken a few weeks ago because of action by the federal reserve they seem to be fixed. we're hearing good things about small business loans are starting to ramp up. a lot of people taking advantage of that, and general hope.

we look at the oil market, one of the worst beaten down sectors because of this coronavirus and even there there is hope right now. we're talking about the opec plus meeting that will go on this week, the g20, even the united states will take part in this. i think from a stock viewpoint take a look at some of the refiners. refiners have been beaten up because nobody is driving. refiners are probably not going out of business until you look at things like marathon and phillips 66, some of those refineries because you may fine they're about as cheap as they are going to get. liz, once they lift the quarantine, people will drive like crazy. they cannot wait to get out of their houses. you can be social distancing with your car a little bit. you will be fine, believe me. liz: i'm dying to got out there to enjoy the coming sunshine of spring. sean, quickly give me your sense where we go from here? will it be continued rocky road? the volatility index finally

came off 12 year peaks? >> i think we'll continue to see volatility. i think the good news bad news on the virus, number of deaths, the growth rate of the deaths, new cases, those are all challenging things. liz: yeah. >> the big challenge will be once we start to roll out earnings. once we really get a sense for what really is happening in the economy. we're sort of flying blind for the moment and that is going to add to the volatility. liz: david, your thought on that, 20 seconds. are you expecting a rockier ride ahead? >> yeah i think so and i think it is related to earnings. the market is discounting overly 5% reduction this year compared to last and we think that is a little bit optimistic but i think there is light at the end of the tunnel with the economy starting to recover in the third quarter and then picking up a little bit of momentum from there. liz: all right, which is what the president said, light at the end of the tunnel and we continue to hunt for that. sean o'hara, david joy,

phil flynn, i miss you guys. there is the dow industrials just turned negative. [closing bell rings] it is more than 950 point swing. that will do it for "the claman countdown." what started as all green on the screen, now red. ♪. melissa: connell, you will have to take it away here, i'm looking at a market just turned negative, down 34 points. connell: yep. melissa: this is "after the bell." i'm melissa francis. connell: i'm connell mcshane. welcome, everybody. we lost a lot of momentum in the last few minutes of trading. what looked like a big day to the upside turned into quite the opposite with the dow down 30 some points. nasdaq also moved lower. one of the big things we were watching was the s&p 500, broader measure of the market whether it would exit bear market territory and be up 20 some points t would