let's bring in forbes top wealth adviser in new york state, ubs's jason katz along with phil flynn of the price futures group. jason, give me a sense of what you see as an opportunity here when we had such a furious and amazing rally last week and it has been a very rough start. >> today is april fool day's liz, this is furthest thing from a joke what is happening in this country and this market. the sobering comments out of our president last night are ringing home for everybody. i think we're in trading range now, we had so-called good news with respect to the fiscal and monetary stimulus. we're waiting for the third leg. that is obviously what happens on the health front a month, month 1/2 from now we're looking for a binary outcome for the market which i think will be to the upside. i think we have tough weeks ahead of us. liz: yeah, that is absolutely true. phil flynn, a couple of stocks have been halted, restarted trading, due to volatility. we don't know the names or much of the reasoning behind it, what is going on the floor, i know you're not there, if there were a floor that

back to jason katz. ponding positively and i think it is responding fairly positively, to the idea that the president will start today to detail how we are going to reopen this economy? >> i think that's one of the many factors contributing to it. so if the president is unclear, you have to look to the future and it's prompting business leaders and business people to think about how they turn the light switch back on. so look, we are in earnings season, we know the news is bad. we are all about balance sheets this earnings season and can they access credit. so between the discussion of turning the economy back on slowly, the fact we have the shock and awe of $2.3 trillion of support to stem the tide to buy us time to be thoughtful about how we get back on track. stuart: very interesting, jason. we always appreciate you being on the show. the voice of reason and calm. we kind of like that in these times. jason katz. thank you, sir. appreciate it. >>> i've got to get to that fox news exclusive from bret bai

jason katz, phil flynn, there is the closing bell. markets kicking off the second quarter. let's call it a gut punch to investors. dow jones losing 975 points. until tomorrow that will do it for the claman "countdown." melissa: kicking off the second quarter with huge losses. stocks in the red following the worst quarter since the financial crisis. i'm melissa francis. connell: i'm connell mcshane. welcome back to "after the bell," everybody. these major averages closing not far off the session lows. 4% down across the board or more than that we'll talk about everything that went on in the markets today, as well as all the big headlines of the day. our reporters are set up with fox business team coverage this afternoon. blake burman could covering thet from the white house, lauren simonetti on markets and. lauren with, dow down 1000 points we start with you. lauren: good news t was off the lows of the session. this is ugly. what a way to start off the new month and new quarter. the dow down 973 points. broad selloff. president said it would be tough new weeks. number of cor

jason katz is with us, ubs managing director. i'm surprised that the markets are taking -- not exactly taking it in stride, but the news is so bad, i would have thought we would have a bit more of a downside move. what say you? >> i think what we have to remember, stuart, is by design, this is self-induced. so as far as the employment numbers are concerned, how the markets reacted, if you take the bats out of the hands of the new york yankees, they can't score. that's precisely what's happened here. as dire as it seems right now, in the fog of war, it's hard to see from the big picture perspective. there's light at the end of this tunnel. we just don't know how long the tunnel is. in the meantime, we are stuck in this vortex of sobering news and the markets to some extent have discounted that, at least looking out a quarter, maybe a quarter and a half, what the markets haven't discounted is what the world looks like if the economy hasn't been turned on say late spring or early summer. stuart: can you give us a rough idea of how y

come in, jason katz, ubs managing director. good to see you again. just an opinion, the market and its nice rebound from the low of a month ago is because america is getting back to work. do you think that that is the main factor of getting this market up? >> it's certainly a huge contributing factor. as breathtaking as that four million job number is and the fact we are at 26 million some odd people unemployed, that's transitory and we will get a lot of those jobs back predicated on getting back to work, but it has to be done, as you have been talking about all morning, in a thoughtful manner. each state has to have an articulated plan. each industry has to have a well-articulated plan. stuart: we've got to get there soon, one certainly hopes. jason, there's a lot of talk about another relief package. i think it will be number five. there's a lot of talk also that they are going to pause on that, don't go out there and chuck another trillion dollars in, at least not yet. do you think the market wants a fifth stimulus, a fifth relief package, or woul