some people wondering if the unemployment benefits are too high in some of these states but you know, havi've got this town hall tomorrow. we will bring in kudlow, we will bring it to him and be really straight with this administration because small businesses are still complaining it's not enough and the duration is not long enough. robert, always appreciate your insight. we will bring you back real soon to talk about war bonds, coronavirus war bonds. meantime, we do have a bit of momentum as i hand it over to my colleague liz claman. liz: you know what, charles? we suddenly in the last about 24 minutes started to see a real move to the upside. we think we know why and it belongs around this question. is russia now ready to roll on crude oil cuts? that plus more fed accommodations and optimism the coronavirus crisis is slowing is sending wall street surging late in the session. the s&p is up 83 points. it has now very clearly broken

out of the bear market cage. can it hold in the final hour? companies right and left, though, are still scrambling for rescue money. you may not know the name, but if you have ever stayed in a hotel, you know the company that is there the second you turn on the television set from listings to express checkout and more. the ceo is hoping the government will send her rescue money soon. the ceo is here on the application experience and why she needs that small business loan now. the computer company first out of the gate to reopen production facilities in china is lenovo. the north american vice president is here to reveal his secret of pulling off that success as millions of americans upgrade their pcs to work from home. has this happened to you? during the coronavirus crisis, you are really hungry, locked down, you place that grub hub order online for your favorite philly cheesesteak or chicken

parm only to find out way past the delivery time because you are looking at your watch, where is it, the restaurant has been closed for days. grub hub ceo matt maloney is here. we will ask him about that and the someti the stimulus plan he's put together for small restaurants. a new etf named after dan ives. what's so special about it? dan ives is here with a brand new perspective on apple. plus what does he think of tesla's big news? less than an hour to the closing bell, let's start "the claman countdown." liz: all right, breaking news. take a look at crude oil. it is surging right now, up 9%. just a second ago it was up 7%. this on a report that's coming out of russia, just a day ahead

of the major opec plus meeting, russia, according to tass news agency, that's in russia, has announced it is ready to cut its oil output by about 1.6 million barrels per day. just to put that in perspective, currently russia's oil output stands at around 11.29 million barrels per day but as you look at crude right now, this is a significant gain. i checked it this morning, glanced at it, it was up 3%. now you see it is up 9% in the aftermarket session. if we can, we should flip it over to dow components exxonmobil and chevron, because looking at these companies, they are up, yeah, 4.5% for exxonmobil, chevron up 5%. that is definitely adding some rocket fuel to the dow jones industrials which is now at session highs, up 748 points. let's talk about two of 2019's ipo all-stars, levi strauss and pinterest, surging on positive earnings news.

levi's topped earnings estimates for the first quarter despite being negatively impacted by unrest in hong kong and of course the coronavirus situation, they are up 11%. flip it over to pinterest, you can see that's up 10.5% because they released preliminary first quarter results. they expect revenue above current consensus estimates. both did withdraw full year guidance, though, because it's not really very transparent right now what's going to happen or when we get through this storm. the furloughs, speaking of storms, just keep coming for some companies. adding to the list, dick's sporting goods and pvh, the parent of tommy hilfiger and calvin klein. then arconic which is one of those companies that makes aluminum steel in sheets. well, all of these stocks are moving higher with arconic jumping 31%. let's look at tesla.

tesla has this announcement. it will be furloughing hourly employees starting next monday. the company tried to hold on as long as it could but the electric vehicle giant will also cut pay for those who hold director and vice president level roles. we do have the stock up about .33% to $547.37. tesla of course had been a more than $700 a share stock. as the lockdowns continue and fewer and fewer people are on the road, geico which is under the berkshire hathaway umbrella is offering about $2.5 billion worth of credits to its 19 million auto and motorcycle policy holders. on average, each auto policy holder will receive $150 while each motorcycle policy holder will receive $30. berkshire hathaway up 3.25%. that is not a typo. that stock is $285,580 per share. novovax surging after announcing it has identified a

covid-19 vaccine candidate. candidate, let's stress that. the company plans to begin phase one clinical trials in mid-may which will include about 130 healthy volunteers. that's good for a 15% gain. and pharma giant perigo on the rise after seeing a surge in demand for generic over the counter drugs which the company says will help push first quarter revenue up 14% from a year ago. they make all kinds of things like generic aacetaminophen. they are up about 4%. to the hospitality industry. the shutdown of the economy has stunned the hotel business and everything related to it. did you know 7 of 10 hotel rooms in the united states now stay empty. the lodging industry directly employs 2.3 million people in the u.s. but also by extension, supports more than eight million jobs. that's 1 in 25 american jobs

overall, accounts for $97 billion in wages and salary, and together, contributes nearly $660 billion to u.s. gdp. by the way, it also includes about 33,000 small businesses and hotels. if you have ever stayed in a hotel room and turned on the tv there, you have encountered enseo, the hospitality technology company that offers everything from touchless and remote tech to controlling everything from the blinds to your room to your tv screen. enseo applied through jpmorgan chase for a paycheck protection program loan from the small business administration and is waiting on confirmation from jpmorgan chase that the money has been funded. let's bring in vanessa ogle, the ceo of enseo. according to the sba, $90 billion in loans have been paid out to 340,000 businesses since friday. are you one of them? did you get the money you have applied for? >> we are still waiting to find out, liz. liz: okay.

so you don't have it right now. tell us about the experience you had applying at jpmorgan chase, how long you waited, just describe it all to us so we have a sense of what you have been through. >> well, the first thing we had to do was find a bank who was willing to take our application which turned out to be much more difficult than i had anticipated. jpmorgan chase stood up, we had a direct deposit account with them, so they allowed us to work with them even though they are not our primary bank. so they were fantastic to work with. they came together and as of this weekend we had updates every couple of hours and over the weekend, on sunday they opened the portal for us to be able to do our application with them online. so we submitted our online applications. they confirmed to us they had received our online application and that we were in line and now we are waiting for sba confirmation. liz: okay. how much money did you think is coming to you and what will you do with the money?

>> so we applied like most people for the ppp program for two and a half times our payroll. so we took an average of our payroll in 2019 and took that times 2.5 and that was the amount we applied for. that amount will be used to, we have a lot of employees that we had to put on furlough so we could survive through this crisis, so that will be used to bring those employees back from furlough and put them back to work. it will be used to pay our utility bills, literally to keep the lights on, to pay for internet ability to be able to be active and communicate with one another and to manage all of these hotel rooms we are managing remotely, and the critical infrastructure enseo does for these hotel rooms, the network and wifi to those hotel rooms, as much as being able to control lights and those kind of

things. liz: that's part of as we look forward to the benefit of enseo, your company, because after this, people won't soon forget how nervewracking it is to touch everything. i'm sitting here, i've got the hand sanitizer for the microphone and everything else. a lot of your technology is touchless, correct? so as you look beyond this crisis, tell me how you see the need for your company changing. >> well, we do see the need changing. critical infrastructure as far as driving wifi into hotel rooms, driving huge programming like this into hotel rooms, that will continue to be critical infrastructure. but we are looking to add other things into solution. for example, the ability to use your own phone as a remote control to control not only the television but your entire guest room so that you can maintain your own sanitizing things. also, being able to look on the screen, on the television, and

have a readout on the television of has my room been sanitized, when did that happen. the ability for the hotel to keep track of the things that are happening in the room but even as important as that, for the guests to know that this room is a safe room for them to reside in so we can build confidence and really accelerate people back traveling again. liz: okay. vanessa, let us know when you get the money. we are very interested in following your story over at enseo. thank you very much. vanessa ogle, ceo of a small business you guys see but don't hear of, and you know how tough it is for the hotel industry. so as we continue, look at this rally. the closing bell is 49 minutes away. the dow is up 758 points at the moment. it is a big move for oil. now up about nearly 9%. but there is still a dire prediction casting storm clouds over the mouse house at this hour. raymond james forecasting it could now take up to two years

for the magic to return to full capacity at the magic kingdom theme park. although disney's shanghai outpost did partially reopen two of its hotel resort areas in early march, all theme parks remain shuttered globally due to the outbreak of the coronavirus. disney stock right now is adding to a 30% loss year to date. ticker symbol dis, a lot of you own this stock, is actually down about half a percent on a day where the dow is charging higher. at some see glim mers of hoe the covid curve is flattening, is now the right time to invest in non-essentials like nike over grocery stores or packaged food giants we have all been using? our floor show traders are ready to tackle that, the breaking news on oil that's charging the market higher and more.

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liz: all right. the markets are feeding off headlines in this final hour of trade. look at all the green on the screen. dow jones industrials very close to session highs, up about 728 points. but it has definitely been an ugly year for major consumer sectors. we wanted to show you this. there's a consumer discretionary

sector, these are the items that consumers want to buy but they're not exactly essential. think luxury goods or impulse purchases. that's down about 20% year to date. now take a look at the move so far when you compare it to consumer staples. these are things that you actually need or have to buy. the, i-shares s&p global consumer staples are down but not as much as the consumer discretionary sector. it looks like people, when you look at the dow, nasdaq and s&p, are feeling more confident in the midst of the pandemic, so is now the time to rebalance the portfolio? let's bring in our traders. scott bauer, what do you think? i picked those two consumer discretionary and then of course, the staples just to give people a sense of how everything has been pretty much hit, but there are winners out of the least worst, if you know what i mean. is now the time? >> no doubt about it. hope you're staying safe and healthy, liz.

you look at it, there are so many monday morning quarterbacks out there, should have, would have, could have, 20% ago when some of these like you are talking about, nike and some of the other big retailers have rallied off of that bottom. obviously in hindsight, you want to pick and choose a little bit, you know, 10%, 15%, 20% ago. i don't think this is the time to do that. okay? the news that's coming out today, yesterday, fantastic news. the curve is flattening, people are feeling more confident and that is the best absolute news that we can get. however, however, we still have some very tough times ahead of us here. i do believe personally, i'm not trying to be a pessimist here, that there will be another down move, in some of those big retail stocks that we have seen massive rallies over the last week, and there would be my time. listen, if i miss a rally from here up another 10%, i'm okay with that.

but what i don't want to do is just get in here and then have that what i feel to be another selloff ahead of me. i would wait for the next leg down, then again, start piecemealing it back in. liz: scott, yesterday 2,000 people died in the united states due to the coronavirus. so the best possible news would be to see that go away and of course, the best possible news would to see confidence in the markets but the new york city death toll now exceeds that from 9/11 in 2001. i just think it's important to stress that we're not out of the woods just yet but that said, when you look at some of the names that have been hammered the most, you talked about nike and some of the other don't need to buy, just kind of want to buy stocks, capri holdings. it's one of these luxury conglomerates, used to be michael kors and has everything from jimmy choo in there to versace and michael kors.

these are names that will come back. so do you start to rebalance just a bit in some of the worst hit names? >> again, i'm still under the premise here that these are going to go down a little bit lower from the rally that we have seen. maybe you start a little bit here, but i don't think like you said, we are out of the woods. what you just said, i have read all the headlines, but what you just said, that more people have died now in new york city than from 9/11, that literally sent chills through my body, as it does probably with many investors in the marketplace. i think people have to realize we are not out of the woods. we may be recovering which is the best thing. we're not out of the woods. i do think it's a little bit too early to start rebalancing. liz: and we would be remiss if we did not bring up what is juicing the major indices right now, and that is crude oil. russia is apparently ready to cut its oil output by 1.6

million barrels per day. that is giving crude a real bump. scott, great to see you. please stay well. you are a good friend of the broadcast. i always appreciate you being here. thank you. closing bell ringing in 40 minutes and yes, we not only have a huge rally in the dow, but the s&p and nasdaq and look at the russell, up 4.75%. nice move for the small and midcaps. two of the biggest names in dining out gobbling up hopes for at least a return to normalcy. darden restaurants on its way to its fourth consecutive session of gains. it's up 7.5% after wedbush upgraded shares to outperform on its hefty $1 billion cash pile. competitor brinker up 15% now. they own olive garden competitor maggiano's as well as chili's. up next, we have the man behind the business who of

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liz: welcome back. all right. yes, we have a big rally here and guess who's getting part of the rally and catching that air, grub hub, up 3.66%. how many of you have turned to grub hub or seamless since the stay-at-home edict was kicked into play? try 22 million of you. yeah, the stock is definitely having a great day today. the delivery app just created its own version, though, of a small business rescue plan for its 100,000 small restaurant partners. grub hub of course has launched an aid package of $30 million in

cash grants to support independent restaurants and delivery drivers, but 30 million is nowhere near enough to support the six million restaurant jobs in peril due to the virus crisis so grub hub wrote this letter to president trump and speaker nancy pelosi, senate majority leader mitch mcconnell, urging them to do way more. $325 billion, to be exact. grub hub ceo matt maloney joins us now live. matt, you also on this letter cc'ed a bunch of other people. treasury secretary steven mnuchin, other senate and house leadership. tell us whether anyone's gotten back to you. >> no. they are very busy and you know what, i want them to stay busy and stay helping our small businesses across the country. but i wanted to make sure they knew that the need out there is so dramatic that everything they can do really helps and i did cast an extremely wide net on that letter, as you noted.

liz: yeah, but you know, part of it is they represent us, and when a constituent like you writes on behalf of so many people who are hurting right now, i would have hoped somebody might have responded. but look, you are also supporting the national restaurant association's proposal and that's the package to help restaurants survive. tell us from where you sit how dire is the situation on the ground? what are you hearing from your 100,000 restaurant partners? okay. we are going to reestablish -- okay. we got you back. sorry. can you start that again? we caught a little bit of it but not all of it. go ahead. >> it's a dire situation. we see in some of the worst-hit markets almost 30% of our restaurants are closing and these are independent restaurants. they don't have a month of cash on hand. if they close, they are closing

and they are probably not coming back. so we are seeing a lot of new restaurants that have never leaned into delivery before, accessing our platform but we are seeing a lot of old neighborhood favorites that are just going to close. we are doing whatever we can. we are petitioning the government, we are working with local authorities. we made sure delivery kitchens would be able to stay hope even while the dine-in capacity had to be shut because of covid concerns and as you noted, we are putting $30 million of our own up. our $30 million is going toward an incentive to diners if they purchase $30 worth of food. so we give $10 if they purchase $30 so we are looking at really $100 million of small business sales as a result of this $30 million investment. we are really excited about how much growth we can drive to our restaurants. liz: all right. well, everybody is cheering on the restaurant people because the servers, the dishwashers, you know, i don't want to know

but i do want to know how many of your partners have basically gone belly up? some have not been able to survive this. >> many will not make it. absolutely. many restaurants are in dire situations and we are doing everything we can to drive as much business as possible. part of the demand generation we are executing is this supper for support, every night from 5:00 to 9:00 we have extra discounts and extra promotions, many of which we are paying for to try to drive interest and excitement around suppertime and it's really to help the local independent restaurants just weather this cash crunch for as long as possible. liz: yeah. everybody's working through glitches, i know that. what about customers who say they are ordering food off your apps only to find that when they kept waiting for their order, that the restaurant had actually been closed for days but was still listed on the app? i'm sure you have heard some of those complaints. for our viewers who have been

asking. >> sure. we are doing everything we can to keep our data up-to-date. part of the problem is a restaurant won't tell us when they close. maybe they weathered the first week of shutdown and then decided to throw up their hands and be done with it. they don't exactly tell us. we are doing robocalls to our partners to make sure we understand who's active but we have to ultimately rely on our drivers when they get there to see if it's closed or not. liz: one final question. you are talking about the coupons and all the help you are trying to give. who will ultimately bear the financial load of that, matt? because there's some question as to whether you guys get the better end of the deal and i just want you to be able to speak to that issue. okay. you know what? once again, we have lost his audio. we want to thank matt maloney.

he's been very up front with us about a lot and i'm sure he will answer that question and we will get the answer to you. it's just part of the new reality here when people are using skype, it's certainly a little less secure when it comes to it. i hope you guys understand. our thanks to matt maloney of grub hub, who has basically said a lot of restaurants won't make it through this very difficult time. at least right now, investors are seeing two very strong sessions in a row. dow jones industrials up 771 points at this moment. we really only have 28 minutes left of trade so the s&p looks to close out of the bear market. a gain of 92, it only needed a gain of 25. computer equipment flying off the shelves as many of you upgrade to work and learn at home. one company that's ready to provide that equipment to workers and students and yes, even gamers, lenovo. the north american president matt zelensky here next to share his company's secret recipe on

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liz: closing bell, 23 minutes away. the new high to beat for the dow jones industrials, a gain of 792 points. we are up 649 right now. but again, keep your eye on that s&p. as long as we're up more than 25 points and we are up 78 right now, we are out of the bear

market. i want to show you something. we are going to show you a picture of wuhan awakening once again. china's virus pandemic epicenter, wuhan, ending its 76-day lockdown by lighting up its skyline. as the original epicenter of the coronavirus works very hard to return back to normal life, here in the u.s., we still wait. so do companies and so do all of us trying to work from home via our computers. multinational computer giant lenovo temporarily had to shutter its chinese manufacturing plants, but has since reopened in shenzhen. now did it do that? well, it credits its strong manufacturing presence elsewhere. yeah, its global supply chain. brazil, india, japan, mexico and the u.s., to meet their global supply chain demands. they were able to eliminate the need to rely solely on china. other laptop makers like dell and apple also are doing well this month but you see lenovo is

up 2.25%, beating out dell which is up 1.5%. let's bring in lenovo north american president matt zielinski. your story is really interesting because what you were able to do was almost shut off valves, manufacturing valves, and ship them around. explain how that worked and give us some examples of what you had to do when your shenzhen operation had to shutter. >> sure. look, lenovo has for a very long time had a reputation of having one of the most advanced supply chains in the entire industry, and the fact is we do business in 180 markets around the world and have manufacturing sites around the world in about 18 different countries so when something like this occurs first in china, we can immediately pivot to places like brazil, like india, like mexico, to allow for time for the supply chain to get back to a steady state environment in places like china. and we are extraordinarily proud to say that all of our wholly owned factories are back up and running in china and as you

know, we own more of our own supply chain than anybody else which is also a nice advantage in this case. and the beauty of being back up and running is really less about business than the fact it really gives us a chance to run to service so much of this demand that for the first time i think in our lives, it's really a matter of life and death so as a result of this ability of ours to get back to market as quickly as possible, we are moving mountains to service demand that is on the front lines of all the health care workers fighting the virus around the world. we are servicing this demand that is explosive specifically as people start to look the adistance learning and services k through 12 in markets like ours and around the world. if you look at this new work from home environment, it truly is astounding. we recently have done some research that shows that about 36% of employees feel that their companies are ready to handle work from home environment. in fact, 18% of employees feel their employers have done nothing to accommodate a work from home environment. and that is a major problem. so we are really trying to focus

on the business aspects of course are one of our fiduciary responsibilities but it's really about getting the technology back into the hands of people that so definitely need it the most. liz: well, we were looking at some stats. it's unbelievable. everything from laptop sales to keyboard sales are skyrocketing and anything in between, whether they are the cords or connectors. just tell us what your hottest product is right now. i would imagine it's the laptops. you guys have really been winners in that area. but gaming as well. i know a lot of kids who are stuck at home and boy, they sure find in between classes online, they are gaming. >> sure. obviously it's tough to find a product that isn't under intense demand. even before this thing broke out, we were in a situation where supply wasn't keeping up with demand based on some chip shortages. then this virus hit and of course, factories really shut down for a couple weeks. now it really is everything from laptops to desktops to displays.

one interesting thing is as a person that is now working from home significantly, we have always been looking for the last two years at collaboration type devices. so even things out of the normal wheelhouse of a laptop or notebook, one thing we are releasing on the 30th of april is the think smart hub. you see me looking down at the right it's because i have been living with this thing for the last several weeks. it's a microsoft teams device, it has an eight inch display, integrated camera, speaker and basically it shows you your microsoft outlook calendar. you hit join, you are on your microsoft teams meeting, you have a companion device almost like a video speaker phone that frees up your ability to use your laptop as a productivity device. there is really going to be a full suite of solutions devices and software that is going to explode as a result of this new dynamic that i think will continue, regardless, that has the ability to work and collaborate from home versus having to jump an airplane and travel around. liz: one last question. you have i believe the last number i had remembered was

2,000 workers in north carolina that you employ at the plant. are they still working? what's the status of that? >> so glad you asked. all of us are working from home. we do have one manufacturing fulfillment facility in north carolina. that is mandatory masks, mandatory social distancing. we are taking temperatures on the way in and on the way out. and from a community standpoint, we are extraordinarily engaged in doing all we can to give back. around the world, we are at about $10.5 million this week in aid we provided back into hospitals and schools. in the state of north carolina alone, we have given, out of lenovo north america, about $3 million in aid, $1 million going to north carolina k through 12 schools, another $400,000 going to local hospitals to buy n95 masks for duke university and others. so really, from a community aspect, thanks so much for asking, we are all doing just great. but we are really focused on doing something, whatever we can. it's such a drop in the bucket compared to the front line workers out there to make sure we are doing everything we can to support fighting this virus.

liz: matt, great to see you. the last i saw you, things were so different. we were at ces and you were showing me that foldable laptop. listen, good luck to you and the whole team. thank you so much. by the way, you drop it and nothing happens. incredible. you just fold it up. good to see you, matt. take good care. when we come back, much more. yes, we are holding on to most of the gains here. the dow at 677. it's a challenging market. edward jones is well aware of that. which is why we're ready to listen. and ready to help you find opportunity. so. let's talk. edward jones. it's time for investing to feel individual.

and now for their service to the community, we present limu emu & doug with this key to the city. [ applause ] it's an honor to tell you that liberty mutual customizes your car insurance so you only pay for what you need. and now we need to get back to work. [ applause and band playing ] only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪ liz: right around noon eastern time, when bernie sanders announced he was suspending his presidential campaign, the stock market actually hiccupped a little bit higher. let's get to charlie gasparino

now on how democrats in the past couple of hours have begun strategizing to lock in a win for the presidency. they are going to need the big wall street money, aren't they, charlie? charlie: and they have it. guys like jim chenos, mark lazzery are lining up and will be giving money to joe biden. i don't think joe biden will have a problem raising money. mike bloomberg i'm sure will help him out a little bit. he said he would. donald trump will have a huge war chest, from what i understand. at least that was all before the pandemic hit. will it change the calculus of fund-raising, because you have to hold as you know these virtual fund-raisers now. but the big story today is something that i hit on earlier in the week and obviously, you know, the dynamic has changed now that bernie sanders is out and biden is, you know, the democratic nominee. the big story today is who his vp will be. he's obviously, he's said it in the past, it's going to be a woman. from what sources tell the fox business network, there are about nine women on a short l t

list. this selection will be made probably not before june. the convention is still up in the air. we don't know, it might be a virtual convention with the pandemic shutdowns. the list includes interesting, very competent names. amy klobuchar, the senator from minnesota, who did very well during the presidential primaries. pretty tough campaigner. she's on that list. kamala harris, the senator from california, well-known name in democratic circles. gretchen whitmer, the governor of michigan, considered a rising star in the democratic party and val demings, congresswoman from florida. she's got very good credentials because she was in law enforcement before she went into politics. and she's from florida which is a key state. the democrats need it. from what i understand, interestingly enough, despite all the vitriol early on at the conventions between kamala harris and joe biden, kamala harris is kind of, she's at the

top of that list with amy klobuchar. here's the dieynamic. i hear as of today, obviously things could change, those are the two at the top of the list. what does amy klobuchar bring? she's tough, she's from the midwest, she can give you states that hillary lost that essentially make president trump the president. michigan, pennsylvania, as you know she's from minnesota, obviously that's a purple state these days, wisconsin. she can do very well there and help in winning the midwest. and she appeals to many blue collar people that have voted for trump. so that's the thinking there. the thinking of kamala harris, again, smart, tough, ambitious. one of the problems that hillary clinton had in 2016 was a lack of turnout among african-americans. kamala harris is african-american. particularly in big cities. that also helped -- hurt her in those midwestern states.

for example, the black vote in detroit just wasn't there compared to what it was in previous years. same with philadelphia. so the thinking is she can help biden there. again, this list is subject to change. it's early on, but that's what i'm hearing. those are the names that i'm hearing that are at the top of the list. those are the reasons why they are at the top of the list. you know, whitmer was considered a major favorite last week. lot of people say she took herself out of it. a lot of biden people think she just doesn't have the experience. she's a rising star. she's not quite there yet. klobuchar or harris, just based on experience, they can step into the job as president day one. again, lot of stuff between now and november but this is where we are right now. you know, our job is to report what's happening now. but you know, again, i can't predict the future.

i can just tell you what's on that short list. that's what i understand. it is from senior democrats close to joe biden. back to you. liz: charlie, thank you. charlie gasparino. take a look, we want to thank the bulls on this market day. we just hit new session highs, up more than 820 points. take a look here. we've got the major markets, a lot of momentum at the moment, optimism, perhaps. but again, we cannot stress enough that it's the news that russia is ready to cut oil production by about 1.6 million barrels. it's truly helping two names in the dow, exxonmobil, chevron, to power this higher. we are up 818 points. s&p up 96. so it has, i will go out on a limb here with seven minutes left to trade, we have exited the bear market for the s&p 500 and the nasdaq, up 215 points. we should look at the home builders, too. they are helping build a foundation for investors. better than expected preliminary second quarter results helping

to restore investor confidence. let's get to cheryl in the fox business newsroom on this. cheryl: how about some good news. there you go. this group overall is getting a nice build today, pun intended. d.r. horton reported better than expected preliminary earnings for fiscal second quarter. that was the quarter that ended end of march. orders up 20% which is pretty good since they did see a 48% rise amid their cancellations, but it's helping the whole sector, as you can see, all the major players that we just put up. all of them have rebounded sharply on this. there's a lot of question marks as with everything when it comes to the home builders. the group has been hit hard this year, there's no, you know, can't sugar-coat that whatsoever. but u.s. home construction etf is up for the day. broader picture here, right, it's on track for its third straight day of gains, up more than 20% for the week, possibly this could be for this etf the best march since 2009. but again, there's pulte, there's toll and a little bit of

good news in the building sector. preliminary news nonetheless but we'll take it. liz, back to you. liz: all right. i will take it. thanks so much, cheryl casone. check it. dow is up 847 points right now. apple is part of this. look at it. it's up about 3% at the moment. it's on the rise. even as it sees opposing calls from jpmorgan and piper jaffery. jpmorgan is trimming its price target from 350 to 335. we are not even there yet. we are at 266 right now. jpmorgan says that's due to limited customer engagement during the pandemic, yet piper is upping its price target from 260 to 300 after the firm released its biannual team consumer survey. teams found the iphone and apple watch are the most popular smartphone and smart watches among the teens. let's bring in the most prominent analyst in the game, wedbush's dan ives who not only has a new apple note out today

but also has begun seeing brand new trading of -- i want my own etf named after me. congratulations. >> thank you. thanks. super excited to be on and, yeah, look, in terms of apple, obviously going to be some dark days next quarter or two. you have to look at the other side of the trend in terms of the five g cycle, holiday season. investors looking at 2021 numbers. you see stocks starting to get some legs here. that continues to be sort of the focus. on other side of the dark valley apple is name you want to continue to own even though we obviously have a tough quarter or two ahead of us. liz: okay. are you concerned at all or are you discounting? sounds like you, basically say investors should discount the next couple of months. john chambers of cisco told market watch it will probably take three to five quarters for

the united states to actually recover. you put that out there, people start looking beyond to 2021. >> i can tell you conversations with institutional investors, the next quarter, given the tragic pandemic, but on the other side of it what does the cycle look like? what do normalized numbers look like. that is putting valuation of apple. just to put numbers around it, we're assuming no one upgraded their phone the last three years buy as new phone the next two years in our numbers. so when you look at scorched earth numbers, you're still getting what i view as 300-dollar plus stock. liz: oh, okay, i like that. we're at 266 right now. let me broaden the discussion to brand new etf, ives. tell us why you did this, what is in it what makes it special from all the other tech etfs

out there? >> sure. i look colab tiffly with wedbush and etmd. i thought there would be a void in trillion dollar spend cloud next decade. i put a vehicle that focuses on mid-cap global way to play cloud. it is a trend in my 20 years, i think the most transformational trend with cloud computing. seeing more enterprises move to the cloud. putting a vehicle for investor to play that theme we're so bullish on. liz: okay. i want to just pull apart some of the things within it, aside from everything else. give me some of the names that investors could get in this basket? >> sure this is really the cloud stack. it is looking at infrastructure, the storage, the software names. there are names like data dog, cooper is another one. you look on the storage side, you have companies like dropbox and box. then there is even call center

software names, cloud names like nice systems that play in this. this is really mid-cap. also global, with a big asia exposure in terms of ways to play the cloud trend, instead of just the traditional large cap names, microsoftp, amazon, google that many play. liz: need to quickly ask you about tesla news. tesla is now going to start furloughing employees starting monday. what do you think about the stock at the moment? >> look, i think right now, i mean obviously it will be a tough two or three month shutdown. i think that is where investors, similar to apple, you're looking on the other side to play the ev trend. i think long-term this continues to be a bullish trend. near term i think numbers will come down 400,000 units. it combs down to the bolder looking on the other side of the dark valley to where tesla continues to be the core ev play out there.

liz: look beyond the dark valley. [closing bell rings] definitely cuts a nerve for all of us. thank you, dan ives of wedbush. good to see you. we close not at session highs but a gain of 763 for the dow. we're out of bear market territory for the s&p. connell: surging into the close. first stocks extended their gains earlier in the day after the headline came that bernie sanders was dropping out of the presidential race, officially paving the way for joe biden to be the democratic nominee. then again we had a really big surge into the closing bell. strong session on wall street. good to be with you. i'm connell mcshane. melissa: i'm melissa francis this is "after the bell." the major averages closing near session highs. the s&p officially exiting bear market territory, at least for today. fox business team coverage. blake burman with the latest from the