semanas la par paralizacion de la economia se compara con la de una guerra y millones de latinos dan por pervicio de inmigracion dicen que las emergencias por el kocoronaviru no tendran un impacto negativo e en el estatus de los inmigrantes y dicen que hay suspension de opeirarativos las duras medidasn europa muestran la gravedad del kcoronavirus y senetnctencia t hasta 3 meses de psrision par e el que no cumpla las medidas noticias telemundo con jose diaz >> el kocoronavirus amenaza co d destruir sectores enteros de la economia de eustados unidos y el bolsillo de millones de tb trabajadores para intentar fr frenar el descalabro el gobierno del presidente de estados unidos, donald trump planea e i enviar dinero en efectivo a los estadounidenses para proteger s salud economica cristina que ma incluye el plan de la casa blanca >> jose incluye por ejemplo los planes que esta adelantando el gobierno con gobernadorses es a estatales en caso que haya que construir hospitales moviles y l las cinco millones de mascaras d de respiracion y dos mil res r respiratdores mecanimos cque vaa ceder el pent

[♪] (musica) m( musica ( ( musica ( >> cvoronavirus pmiandemia glob el ptresidente donald trump su ppende los vuelos desde europa por 30 dias ante la propagacion del covid-19 que afecta mas de 100 paises mas de 43 mil persos muertas y 120 mil infectados >> la nba suspende la temporada regular de manera indefinida que va a pasar ahora >> hanktom hanks y su esposa ti cvoronavirus te contamos que vaa pasar >> despues de declartaarse pm pandemia mundial tmenemos cons consejos de xpeexpertos para t r trabajar desde casa y sobre las clases de sus hijos y el transporte pueblblico >> esperar en mexico es la unica alternativa que tienen los migrantes en mexico tras una s resolucion de la csorte suprema >> desde los angeles hablamos o con kate del castillo sobre el c cvoronavirus y suy nueva obra >> llegaron las botas fpara pisr firme esta temporada te mostr mostrammostra mostramos loa moda para el a2020 >> tambien vamos a hablar del microengaÑo son cosas que haces en redes sociales que te llevan por el mal camino >> y tenemos la cita romantica p perfecta de jesse y tambien sv a vamos a saber

que se dio a diosparen las cifras de conta o contagios, no ncecesariamente para que se enfermen mas pgo un claud. >> hablaremos de las medicinas que investigan dos medicinas se utilizan para la malaria y para la artritisla la otra fue desarrollada para el Ébola otra medicina es desarorolada pr el ebola . >> vamos a ver los esfuerzos . >> no esestoyamos de acuerdo c f fd rapidamente co del ponald trump re esnouy poscele que qstos ue es ldios os estudios no funcionaran pero c dice que enfermos terminales e tienen la opcion de jugarse la u ultima carta, en otro titular, l la agencia de cruceros carnioval pone a disposicion las embarc i embarcaciones en caso de usarlas y ser necesarias para usarlas copmo hptospitales >> cristina muchas gracias m mientras tanto el numero de c o casos en todo el pais se dispara de forma astronomica, segun d r datros, edat datos el numero de infectados u supera los 11 mil antes eran 0 1600, un aumento de un 500 por ciento en tan solo 7 dias, el 38 por ciento de los infectados e estan entre los 20 y 54 aÑos, lo peor es que muchos de esta fr j frnaja frna fran

r en metro ya es una t r torutra ptorut tortura para muchos, en los angeles, viajan mas de 600 mil p personas diariamente, por la oqe la autoridad redoblo las medidas de higiene y las escaleras y vagones estan siendo desinfec d desinfectados dia a dia, en las tiendas las mascar desinfectantes se agotan, y hay abuso en los precios, esto es r prohibido por ley. >> si sube el prcecio mas de 10% b sobre lo regular, es un delito, n hoy en kacalifornia el coronavis esta neeln la mente de muchos. >> tambien cierran una escuela p preparatoria al conocerse que un familiar de un estudiante esta s siendo tratado por coronavirus, tambien otra persona habria visitado uinna escuela y tendri el coronavirus, es lao que se v vive aca >> se ve un cambio en la vida o cotidiana de la gente en kal california? >> esto es comun en los angeles, despues de anunciarse en estado de emergencia, cubrebo ccas n desidesi desinfectantes, tambien no se a saluda de mano ni beso, es parte de las precuauciones como en d ciudade cs como los angeles, t n tienen que tomarse. >> el congreso aprueba un fondo de emergnecienc

p;que las cip; p porque las ciduaudades etstan u cuarentena y muchas presoners a salen de milan antesr a cuarentena >> para esta mujer la medida es extrema >> para otros es una buena in iniciativa del gobierno >> en total 16 millones de r peronsonas de lombariddia no d s salir del territorio a menos que sea necesario y con prueba de su doctor que etsastan bien de sa >> el decreto firmado por el p i primer ministro oboigaliga a ce museos, centros de sky y los restaurantes solo pueden dar s r servicios de 6 am a 6 pm y a garantizado que los clientes estan a 6 pies de distancia, se supespendio actividades turistis y esdco0colares rezo del ange angelus del papa francisco fue transmitido por la pagina web e del vatgicano >> italia es el sgedundoegudnds con mas muertos despues de ch a china. >> la primera victima mortal en america latina fue un argentino de 64 aÑos de edad el hombre e regreso de un viaje a europa y a acudio stesta semana al hospital con fuiebriebre garganta y murio tres dias mas asadelante y son ya 67 f infgin infectados en america latina >> llegaron a republica dominicana

p asx 200 is currently down by about 1.5%. -- s&p. p asx 200 is currently down by about 1.5%. —— s&p. this is after the games yesterday and also those gains on wall street, this follows a particularly beautiful monday. 0n tuesday this is how wall street ended. you can see gains there. the dow closing by more than 1100 points. that is after that awful monday whether markets or some of its worst days the financial crisis. president trump has been trying to reassure investors, saying he would unveil measures to stimulate the economy. notably, he did not appear ata economy. notably, he did not appear at a scheduled press briefing. his economic adviser did, however, announced that the president is asking congress for a large tax cut. samira hussain has more from new york. there is no question the economic impact of the coronavirus is already being felt, even right here in new york city. this is the 9/11 memorial, normally teeming with tourists. it is relatively empty. a clear sign that people are just not coming out. you can see the impact

p p. th they did an elbow. >> i'm fine with that. >> it's so warm today. i woke up this morning and it was lalready getting warm outside. >> we had a few 80s today. are you all over it. >> no! >> the dream weather we've had with the 70s, 80s and sunshine will be fading. so as we take a look right now, it's all about this warm area of high pressure that has been pup ping in that heat from the south and diverted the rain track to the north. when high pressure moves in it displaces the storm track. this has been our problem. that's why we had record heat at 79 in concord. the old record was 73 in 2012. the good news. if you want changes and happen to be sick of the 70s and 80s, we're going to see high p the e. that's going to take some of the heat with it and bring back a little morning fog. i don't think it will be super thick tomorrow, but be aware near the peninsula we will have fog reforming and 49 degrees. over to the south bay, 48. san francisco starting off with areas of fog. temperatu

turistas ahora estan vacias p p;que las cip; p porque las ciduaudades etstan u cuarentena y muchas presoners a salen de milan antes de entrar a cuarentena >> para esta mujer la medida es extrema >> para otros es una buena in iniciativa del gobierno >> en total 16 millones de r peronsonas de lombariddia no d s salir del territorio a menos que sea necesario y con prueba de su doctor que etsastan bien de sa >> el decreto firmado por el p i primer ministro oboigaliga a ce museos, centros de sky y los restaurantes solo pueden dar s r servicios de 6 am a 6 pm y a garantizado que los clientes estan a 6 pies de distancia, se supespendio actividades turistis y esdco0colares rezo del

and, of course, the s&p. there is, there has been a significant drop, but it also isn't historically unique. >> connect the dots between what happened in the yen. >> people tuning in were fast money. we're talking about the stock market here we are talking before the yen seven times in two minutes >> it's a risk off trade, think before the sentiment, when we young graded on the show, we downgraded on january 20th, we have yet to upgrade it because of the issues the folks on the desk have talked about think back then, the sentiment was so potstive, there was noll currency issues, the 10 year note yield was grinding lower, and the s&p was making a new high by about a half a% every day. and sentiment was far too extreme. that's one of the reasons we downgraded think of last week, people were thinking the market was going to correct. they weren't bearish the movement into these issues, suggests that now they're getting bearish. let me give you the data investor intelligence had 41% bulls. which is where it was in

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s&p lower by 135 and the nasdaq off by 393 points. joining me now is bill stone avalon and investments and advisories this is gearing up to be another rough day. most investors probably don't take comfort in seeing these what is your message to an investor waking up to see another sell-off today >> you talked about this earlier. the rapid sell off has probably made it more disturbing than many we have seen and left with the unknowns i think what i try to talk about is these kind of times make you tune in to the short term. you have to think about the long term and how this likely plays out. all of those things likely to get worse in terms of the virus, et cetera. long term, once you get throughthrough, you do see a sharp rebound we look for normalized earnings and opportunities. you do have to think about there will be companies that may not make it through the down turn. we don't know how long that will last that is part of what is going on, you throw in the oil on top of it and also for the energy sector that is part of the picture.

the s&p ending up about half a percent above 2,400. similar for the dow, which closed back about 20,000 barring any historic move, the dow does remain on pace for the worst weekly performance since the financial crisis when it fell more than 18% in a single week s&p and nasdaq tracking for the worse week since february. all three still trading well below 20% from recent 52-week highs we reached just last month. taking a look at the bond market we are seeing investors buy back into treasuries, the 10-year note 1.042%. the dollar is on track for the best week since the '08 financial crisis down a little bit. strong week in general this is coming off of crude -- i should say is coming off the best session ever but on pace for the worse month it has seen. wti is up 7.7% back up to 27.17 after trading as low as $20 and change earlier this week. we saw similar move for brent. let's check asia japan is closed for holiday but the rest of the region, open for business we have seen, as you can see on that map a lot of green today green for major

that's disastrous for e and p companies. that creates credit problems and financials will follow i do believe some stocks are actually overdone. when the vix starts approaching 50 when you start seeing rsis getting down to where they are, when you see the big volumes and you see a sudden bounce back, what that suggests to me is at least maybe in the near term it might be over done. >> 1950 is interesting i think when this is all written in the history books, it will not be missed that as more and more people got bullish, we went higher and higher, transportation was never concerned. epx index was never confirming materials were never confirming. we had great divergence. the nasdaq 100 was trading higher above the 150 every time. the ford pe and s&p at an 18 year high and no one cared. >> do you believe it was a semifalse rally that had to correct at some point and coronavirus is the -- >> black swan. >> was the spark, was the fuse. >> that's right. i think there's a lot. also, think about it the bond market and the fact that

our p-51s go out after them. they are tangling with experts. the p-51s is to protect the b-29s. some of those jet fires meet the blast of bomber guns. a tale gonna pleads with the fighter to come in a little closer from the turn an initial point the tight bomber waves move steadily on and get ready for business. flag and fighters fall off. but those clouds are beginning to close in and it looks worse ahead. and just east of hatch yield she, the tokyo area breaks clear. the bombardier's begin to drop five seven four. the planes sit tight for the bombing round. here's where we pay off. to daft air craft planes in an air interim 12,000 feet below are about to receive 4000 tons of destruction. the first waves of b-29s have already found their objective. succeeding bomber groups of devastation to the smoking targets. tactical plan five seven four is now an accomplished fact. the bombers turn and go downwind across the burnt eight acres of tokyo. close-up cameras show the skies of the spectacular fire strikes last march. 51 square miles of the main treatment across the bay, and a tail

s&p down 8% or 234 points. biggest point losses in history and so where we close is anybody's guess, whether it's above or below, but we know we are in bear markets for dow, nasdaq and s&p. let's talk about some names that list on several of these exchanges. google, microsoft, netflix, facebook, they are taking major hits right now. you could argue that it is netflix that's taken the biggest smackdown, down about 10% which is odd considering people are going to be staying home and probably dialing up their subscriptions to stay home and stream some videos. apple, which yesterday announced the closure of all 17 retail stores on the ground in italy, is a big tech name bearing the brunt at this hour. and the suppliers, too. kristina is on the floor of the nyse here. tell us about what's happening there. kristina: a lot of analysts are weighing in right now, putting out reports. one from keybank believes the supply chain for apple is actually going to continue to get hit. more specifically, because the parts, a lot

>> we cut our s&p 500 forecast to 4%. when you look at prior eps recessions, e po s usually falls by about 20% that's sort of the bear kales. if we're not going into a recession, we do think given how much the market as fallen, 13%, 14%, that obviously a lot of that is being reflected, you know, there are spots in the market where we see more earnings risk, but again a lot of areas are increasing thatsh. >> where has the market taken down earnings expectations >> the form's consensus has come down that much we're still looking at projected gains, the southbound i think is still formally speak, we're looking for up side. i don't think we've enough information in terms of how business is proceeding from here you have to a lot of change in the formal estimates if i look at the cyclical parts of the market, the market hasn't weighed in they've taken them down in advance of that. >> does the rally we saw change your perspective as to whethersh about i buying or selling? >> actually pretty bearish the most important things, tha

. 2708 for the s&p. we are at 2715 right now. that's about seven points away. so the level to watch, i will write this down, is 2708 because we had a wiggly number before. that would mean it has entered bear market. we will be watching this very closely and really keep an eye on that. i don't know if we can maybe check the box, the window on the right, if we can switch that to the s&p, because just to make this clear, we cannot say that the bull market of the past 11 years is over until the s&p enters the bear market. all right. let's get to the leaders of the nation's biggest banks. they are gathering right now at the white house, right there with president trump, to discuss the impact of the coronavirus on the financial system. the ceos of bank of america, citibank, jpmorgan, goldman sachs, wells fargo, u.s. bank and trust, no doubt discussing how stable the credit markets are and will be, or if and when the virus begins to stress the system. let us bring in right now the head of american securities as

the s&p 500 also off 9.5%. the nasdaq ends the day down 9.5% the russell 2000 ends the day down 11.2% coming up, the new york fed announces a massive liquidity injecti injection. we have an interview with jack liu. later, one jet blue passenger testing positive for krohn coronavirus. we talk to the ceo about the airline industry and if it is doing enough to stop the spread. >> joining us to talk about the sell off, director of global macro, to you first. down 10% or so at the session lows. lowest point for the dow since june 2017. we've gone through that level. >> the dow has has ha much more pronounced move to the downside in terms of giving up gains. the s&p is still a few percent above where it closed in late 2018 but none the less, you basically given up a couple of years, year and a half of two years of premium in the u.s. market and nowhere to hide within the stock market today or without the stock market bonds were down in price gold was down. so that tells you that it was a mass liquidation and a move t

erasing that bounce on the ism manufacturing 0.25% for the s&p 500. twitter is better on the les stake. colgate-palmolive doing pretty well. surprised, but we got down as far as 1.02%. we see that the twos-tens curve is at 28 basis points, wider than recently, because the front end of the curve is moving even more than the 10 year. we are seeing a little bounce for oil as well, but it is telling that even with the 2.5% bounce, we are just below $46 a barrel. guy: here in europe, the german two-year currently trading at -83. another six basis points to the good. the bid at the front end, as you mentioned, absolutely being maintained at the moment. the bond market continuing to send scary signals about the appetite for risk. the dollar continues to suffer as well at the hands of the euro , now trading $1.1132. the story last week was that this is the short story being removed, that this is the carry trade being removed. the market with the volatility we are seeing at the moment does not want to take that risk. european stocks down by 0.7 printed -- by 0

s on the s&p.: when using about what is happening here big picture, in terms of the long-term nature of how financial markets are going to operate, if interest rates are going to stay where they are now and stay close to zero, what does that mean long-term in terms of what i can expect for the rate of return off my portfolio? it seems like seismic shifts are taking place here. inflation is very low, and probably going to be, according to the bond market, for a really long time. i am just wondering what that means for long-term asset managers. 7%, 5%,enchmark rate 3%, 2%? when do we pay the bill for this? tobias: there are two elements to that. if the bond markets are right about the next five or 10 years in terms of very low inflation and economic growth, then some of the tensions we are seeing in the economy are just going to get worse, and governments are going to have to respond in the form of more aggressive physical activity, may more trade workers, that would be inflationary down the road. ye

, banks a lot worse, but technology, which is the core of the s&p, 25% of tweighting on te s&p has heldin line with the markets. they're not dismantling the technology sector as you know or the momentum or emotional leaders of the market, i think that's encouraging right now. >> bob, what do you think investors should read into this market behavior? i mean we had that huge drop yesterday more than 2,000 points on the dow, big percentages on all the major indices, everybody was saying well, you know, futures look like they're going to bounce. you would expect that. if they weren't bounce would be a problem. we're losing quite a bit of that bounce right now as you mentioned, the vix at 50 i'm going to ask you again what that means percentage wise and what the market expects, but does that mean that there could be further downside from here because we're not ready to embrace optimism >> i think of the markets in a very simple fundamental way. prices of stocks are a play on a future stream of earnings. it's not clear how the market prices six months to a yer out what the market is telling u

and s&p broke with did.own to 285 which is about 50% of the entire move up since 2018 we have tried to stable ieds it's been a tentative rally. s&p down almost a a hundred. but yet we didn't get under yesterday's lows put that in perspective. the bottom line is my thinking we get to 3180 at a maximum but any rally into april is likely something to sell into given momentum starting to really roll over if you look at longer term chars charts put if perspective. here is the rally since '09 we haven't done damage yet in the longer term trend but the line that held four or pfeifer times since 2009 this area is down near 2,500 that's a long way away initially what investors want to look at do we get under the lows last week. 2855 if so, then yes interests fear right now we have oversold conditions on a short-term basis but we can't rule out a move down there over the next couple months particularly if coronvirus accelerates and our country and others let's look at one group i think is important that's important te

s&p 500 less than that, but round up, got a 4% loss. it was a brutal week s&p 500 off 15%. dow off 17.3% and nasdaq off 12%. >> thank you so much for that. now our next guest is a former top economic adviser to president trump and former president and chief operating officer at goldman sachs gary cohn now on the phone good afternoon thanks for joining us. >> thanks for having me. wilfred. >> i wanted to start with you you think the administration is doing handing this there was some criticism do you feel that was warranted and do you feel like they've now got things under control and taking the right actions >> i think the administration is very concerned about helping out workers and helping out the environment and the economy. and i do think that is important right now. they understand that in shut tig down the economy and having people stay home, we're really asking people to sacrifice and we're asking people to give up their occupation and give up their wages and they do understand the impact of that and they're trying to understand how to mitigate that that is really i

the p-51's job is to protect the b-29's.e of those jap fighters, they will meet the blast of bomber guns. [gunfire] a tailgunner pleads with a nip fighter to come in a little closer. [plane sounds] from the turn at initial point the tight bomber weight has moved steadily on and gets ready for business. flack and fighters fall off. but those clouds are beginning to close in, and it looks worse ahead. then just east of hachioji, the tokyo area breaks clear. the bombardiers begin to draw a beat on 574. their planes sit tight for the bombing run. here's where we pay off. ♪ ♪ two jap aircraft plants and an air drone 12,000 feet below are prepared to receive 4000 tons of destruction. the first waves of b-29's have already found their objective. ♪ succeeding bomber groups add their devastation to the smoking targets. ♪ tactical plan 574 is now an accomplished fact. the bombers turned and go downwind across the burnt acres of tokyo. close-up cameras show the scars of those spectacular fire strikes last march. 51 square miles of lema

s&p up 86 and-a-half, nasdaq up 280 and three quarters.irus pandemic, china is trying to shift the blame for its early reaction to the outbreak. will china be held accountable for what they're doing now? keep it here on "fbn: a.m." ♪ because you're mine. ♪ i walk the line. ♪ voya gives us confidence. yeah, they help us with achievable steps along the way... ...so we can spend a bit now, knowing we're prepared for the future. surprise! we renovated the guest room, so you can live with us. oooh, well... i'm good at my condo. oh. i love her condo. nana throws the best parties. well planned, well invested, well protected. voya. be confident to and through retirement. can we go get some ice cream? alright, we gotta stop here first. ♪ ♪ from smarter atms, to after hours video tellers ♪ ♪ comcast business is connecting thousands of banks to technology that turns everyday transactions into extraordinary experiences. hi there. how are you? do you have any lollipops in there? (laughing) no, sorry. we're helping all kinds of businesses go beyond cust

p3 3ö 3 -% 3%- 3 - - - p3 3 - % 3%% - %33 3% 3 - 3 3 p ö 3%- ö%p 3 3 ---3 %-% %-3%p % - %p _ % - p%-3 _% % pp - - % --% p-% ö%-% 3% % %- %%-% %-%-% 3 -% % 33 - - 3% - 3 - %- %% --%p- -% _ --% p3% --%- % - --%-% _ p oser to the middle perform a little better, but biden does have some liabilities. i think some of the stories that have come out about biden's son are things republicans will use against him, and whether you think that is fair or unfair, that is how the campaigns will unfold. host: from missouri, independent line, tony. caller: yes, also, as far as concerned, he is will never be able to fulfill these promises as long as the sun is held by the republicans. great point. if you go through what sanders talks about, it is a laundry list of ambitious public policy proposals. if the filibuster still exists in the senate, even if the democrats win the senate majority, are narrowly favored to hold the senate, you are not going to be able to get any of these things done if the senate competition remains republican. this is what a lot of democrats are using as a way to attack sanders.

you are seeing 3500 in the s&p 500. david constant of goldman sachs says we could bottom at 2000 but then we end the year at 2500. what we might see his devastation in financial markets and that can sometimes lead to a renewed bull market. how much more devastation are we likely to see in equity markets before the rebound that you forecast? sophie: there's two things. investorsthing is continue to price in with no havingy in 2021, meaning the 2021 eps growth by 50%, it means that the fair value of the s&p could be running 300. but on the other side, what investors learned from last year in january 2019 is no one really wants to -- because there is where a risk at the point the recent performance of markets has not done a lot of good on global portfolios. if you look at the performance of gold and treasuries over the past week, it really means investors -- to leave itill have there for the moment. sophie huynh from societe generale, you are staying with us. we have a lot to talk about. meanwhile, as the outbreak continue

s&p 500, nasdaq, also up big time, up 6% there on the s&p.rst day for the markets since the crash or the dow at least since the crash of 87. we get the snap-back rally. as we get into the fox business team

the s&p rose more than 4%.tocks thumping today after democrats are realizing they might actually have joe biden as their nominee. to decipher what's next for stocks i'm joking i'm joking i'm joking i mean, but yesterday all the news flashes it's up 1,000 today it's like, wait a second, really now the market is like, uh-oh. >> i don't think that's -- >> okay. all right. i get that just to show both sides of the coin. both sides of the coin just trying to stay fair and balanced. >> fair and balanced >> kate stockton is here arguing with me or arguing a point that technicals still matter even with an outlier a black swan, whatever you want to refer to. >> now more than ever. >> if you're a managing partner, now more than ever. >> yeah. >> to some people it's like if there's something so unexpected that all bets are off. but you're saying that poor resistance already factors in the sentiment of what people are responding to. >> it is all about sentiment, right? corrective phase cannot be explained using fundamental

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this comes as s&p has cut boeing's credit rating from a plus to b.nificant drop in travel due to the coronavirus we get these headlines on boeing as airbus also confirms overnight, it will temporarily pause production at both french and spanish sites for the next four days in the midst of this coronavirus pandemic back to the outbreak and latest developments in the tri-state area frances rivera is in new york with the latest. >>> good morning it is st. patrick's day but there are no celebrations. new york has banned crowds over 50 peoples and closed schools starting today in new york, new jersey and connecticut have agreed to close bars and other businesses and impose curfews that begin at 8:00 p.m. daily. raising alarms about other actions that need to be taken. >> we are going to have to set up emergency icus in hospitals all over new york city and america. >> we have a surge and demand is going up i'm losing nurses by the day that is a priority for testing for me the testing capacity is going up it is dangerous. >> we have to flatten the curve of

the s&p 500 down more than 151 points with those limit down in place. now we'll see what happens at the open. the coronavirus outbreak here in the u.s. continues to intensify, that's part of the issue here with equities. the number of cases globally now over 100,000 this is serious stuff. >> it is the number of virus cases here in the u.s. has now topped 500 the death toll stands at at least 21 oregon joined a growing number of states to declare emergencies after the state confirmed its cases doubled to 14. new york also declaring a state of emergency over the weekend. over seas italy announced several provinces are put in lockdown as the virus spreads there. the measures affect about a quarter of the population and go to april the death toll there is 233 at least. back here in the states. the u.s. state department has issued a stern warning telling americans not to go on cruises amid the coronavirus outbreak. they said passengers who have purchased tickets should contact the cruise lines directly. it says the citizens cannot rely on u.s. government to

we could have massive p/e exintention. >> what are you carrying for your s&p earnings this year. >> by the end of this year we need to look at 2021 earnings. >> we are the beginning of march. >> markets look six months ahead. i think earnings revisions are -- there is per quarter at least $3 of risk if it isthree krrts it is $9 a least off the top of the s&p this year. i am adding that back to next year, custom is why earnings aren't permanently disabled. >> what would change your mind, make you say my original target is way out of line with reality? like what would be the thing that would tip you over to reducing it? >> i think last week we saw stocks get annihilated s&p looked like a boip chart. >> i think so, too we agree. >> but investment grade bonds were rock solid, and the yield surf steepened it looked like a liquidation, especially into the end of the month. if this week had followthrough and investment grade and high yield were falling apart and the vix went beyond. credit leads equity. >> do you think a valuable signal given how much liquidity there is in the market and how

s&p, and they are now down between 5% and 6%. we want to update you on the global exchange. we will bring you all of today's market moving news from all over the world from hong kong to london to rome. all bloomberg voices are on the ground with top stories. we will begin with market action, particularly in oil, brent crude plunging 31%, the biggest drop since the gulf war in 1991. joining us now is annmarie hordern. annmarie: we are seeing a massive selloff, unprecedented in the oil market. we have between shots. at the same time we have demand destruction across asia, in europe and the united states, we have producers deciding to put ample amounts of oil in the market. this weekend with aramco slashing the most in 20 years. -- which signals the world is flush with cheap crude. in terms ofly awful where the price action is, and of course during european trading sessions we saw the tradersf the major oil peered bp down 17%, total down 11%, royal dutch shell down 7%. the biggest oil majors in europe getting crushed. we see price a

p 500 talk about intel that is trading up 11% in the last five days while the s&p is down 6%. you have xpi all higher. the divide between stocks that are going to work moving forward in the s&p versus the one that won't will be as wide as can be. >> it hasn't felt very good. what i'm focusing on is upgradesing the portfolio. that's what i've been doing in terms of buying high quality companies. blue chip, best in show, great balance sheets proven management teams with a good bench. why won't i pick a bit after that company mcdonald's, the same drill, down 27% that month a great balance sheet. the stock is down 27% in a month. already discounting a whole bunch. i would say you have to barbell it a bit i don't want to own just kind of defensive quality compoundsercc. they should ben fits i don't think 6.1% dividend yield is safe. if they cut it, i think people would applaud that to approve their cash and balance sheet i was been cleaning up in energy i soulld out of diamond back i already owned chevron. on technology, we're asking before, i bought twitter i think that's precash

s&p futures down by 3%. we have seen a 2% plus move in the s&p every this week.dollar story. euro-dollar gaining 0.7%. some say that is the unwind of the carry trade. when you reverse that, you have to buy back these euro. the story of the week end of the morning is what is happening to 10 year. were talking about breaking 1%, and no we are at 74 basis points , down 17 basis points today as the buying will not stop and the curve continues to flatten. no surprise, banks are getting really washed out here. european banks are at the lowest valuation since the financial fallingand crude also as opec+ can't get it together either. we spoke to saint louis fed president jim bullard, and he said that market volatility is not surprising. obviously, there's a lot of volatility in markets. everyone is trying to get a handle on how to price billions of dollars around the world, and i think we are all struggling to understand what the effects of the coronavirus are, and i'm not surprised by volatility in markets in that situation. alix: joining me now is lara rhame, fs invest

s&p futures moving up. any higher than 5%, but we are seeing a monster rally in europe. you have a stallion stocks -- you have italian stocks up to a record here, the most since 2008. it's the to why, biggest move we have seen in the btp market. the finance minister says germany will spend billions to cushion the economy, and they are putting all weapons on the table to help sentiment in europe. this is bloomberg. ♪ w?w?uhió'ñó ♪ welcome to "bloomberg daybreak" on this friday, march 13. i'm alix steel. let's take it right from the top. frommestic travel to and manila shall be suspended. >> the philippines locks down 12 million people for one month to look -- to lockdown the virus. japan policymakers inject funds into the market. >> the boj actions reflect their growing concern about dollar shortage and illiquidity in the financial system. that is why we saw other central bank around the region, including australia, pump a lot of money in. alix: meanwhile, apple is able to open its stores in china is the num

40, p-47, and p-51 combat missions in the pacific with the 78th fighter squadron.participated in the first land-based fighter mission over japan on 7 april, 1945, and has the unique distinction of having flown the final combat mission of world war ii on 14 august, 1945, the day combat ended. on that mission, his wing man was the last man killed in a combat mission in world war ii. his experiences as a fighter pilot in the pacific theater are captured in his book "the last fighter pilot," published earlier this year. ladies and gentlemen, please welcome to our platform, recipient of the air medal with three clusters, world war ii veteran and fighter pilot, captain jerry yellin. [applause] >> thank you, sir. >> i have to begin by saying this is an unbelievable honor. for me. throughout my air force career, i was constantly reminded that the air force that i served in stood on the shoulders of giants. and those giants were the men, and no apologies to the women present, but in world war ii, there were no women in combat. ot that none served. but you and your generatio

the broader s&p 500 down 6.2%. it's off the lows. we were down u more than 8%. the dow is on pace for its biggest point decline in history. joining us for more -- very good afternoon to you jj, how fearful have clients kind of been over the last couple of weeks and today? >> well, you know what's interesting, our trading has picked up significantly as we head into march. but i think our clients have been, if you look at our imxs, they've taken less exposure, but not panic mode they're down about 9% in terms of overall exposure to the market they started to buy fixed income toward the end of last month as krocoronavirus picked up more i asia but talking to the folks on the phones, it has not been a sense of panic and ik the market overall, the first sense of panic i saw was last night in the overnight futures session. over that, it's been an orderly sell off >> what kind of names? >> amazon, netflix, which both hit 52-week highs. twitter, square. those names obviously with mr. dorsey being involved in a lot of things i know the news came out. activision those are

the s&p 500 up about 4%. we have seen a little bit of a ,ebound following the presser and the fed's moves. the dollar index at that three-year high. falling, euro has been we have seen some weakness in bonds. the canadian to dollar, hitting a four-year high. those commodity-exposed currencies, like the loonie, taking a hit. we are seeing the japanese yen also being bid as a haven asset. plenty more coming up. this is bloomberg. ♪ shery: this is bloomberg markets. i'm shery ahn in new york jon: i'm jon erlichman in toronto. pressureil sales under , falling in february by the most in a year, even before the coronavirus starting to weigh on consumer spending. this amid growing concerns about the economy. president trump fielding questions yesterday about whether the u.s. is heading for a recession. we are not thinking in terms of recession, we are thinking about the virus. this is a bad one, record-setting type of contagion. once this virus is gone, you'll have a stock market like nobody has ever seen before. in

s&p, which was widely expected.s&p earlier that gm's general ratings were being placed on ratings watch. ford now being cut to junk. you are back here in the new york studio with me. only a few minute left in our show. scarlet fu broadcasting from her keep doing her place to the show going from her ergonomic chair. joe weisenthal out on his desert island somewhere in austin. we tease you about your desert island economic indicator. i think we are going to get that tomorrow. joe: i really wish we were going to get it in a happier scenario, because i have always said if there is one data point that i would like to get while living on a desert island, it would beat weekly initial jobless claims. they are frequent, they are about the labor market, they are a clean set of data. unfortunately what i think we are going to see tomorrow is going to be one of the most devastating economic numbers that any of us have seen in our lives. these weekly about initial claims, following for unemployment, 220,000. estimates for tomorr

. >> there you can see s&p 500 closed hir closed higher 9.3% and an extraordinary rally and it was still down 9% for the week as a whole. what a crazy week. don't miss cnbc's special "markets in turmoil" at 7:00 p.m. eastern time. we're out of time. have a great weekend nap does it for "closing bell. "fast money" starts now. >>> an incredible record breaking rally capping off what was an incredible record breaking week. stocks surging into the close on the back of the president's news conference the s&p 500 gaining more than 9% today, its best day in nearly 12 years. the dow all it did was post its biggest point gain ever and this follows what was a brutal week of selling so the question now is how do you position yourself given this crazy week that we had today joining us to break it all down is tim, brian and guy. i'm also brian sullivan. welcome. what a week this was and guy adami, i am not going to take anything away from a dow that rose nearly 2,000 points and it's better for most people's portfolios than it falling 2,000 points. >> but -- i believe we're going to eamon are we going

>> for the dow. >> on the s&p? >> i don't see it yet for the s&p but we'll watch closely., six and one-half dozen of the other. this is a really ugly morning for the stock market and tells you that investors want to be out of stocks and assets like bonds and goal and they know they'll get their money back eventually. stocks off their february 19th highs. a correction of this day 11 years ago we were sick it our stomachs watching the market fall apart. that was the day where the green chutes of the bull market were to come. >> perspective for people, there is a difference between now and 2008, when the fundamentals were not there, the consumer had lost all confidence, lehman was collapsing, the world economy changed. this is different and also there are mechanisms in place that stop things when there is a panic. can you explain for people at home not knowing what sense to make of this? >> this is a virus problem, and now an oil problem and interest rates around the world that are very low. the fed has been propping up, central banks propping up or nursing the economy along

crazy week ending down 15% or thereabouts on the s&p >> i think the big question that policymakers are going to have to grapple with next week, will fred, and as we go through this crisis is how to balance the health concerns and health policies with now our economic health concerns and policies as the nation shuts down. we'll be waiting for any word and so will investors next week. >> we certainly will, sara, and from everyone here on "the closing bell" team, have a healthy weekend. brian sullivan picks things up now. ♪ ♪ >>. >> it was a week like no other on wall street the coronavirus crisis sending shock waves through the economy. the dow saw its biggest point gain and its biggest point loss ever this week all told, the dow dropped 17%. the worst week since 2008 and perhaps this is the saddest and most incredible market stat that you will hear today. the dow now on pace for its worst month since 1931 on that note, welcome, everybody. i am brian sullivan. the market meltdown comes as congress scrambles to launch a massive aid package to help millions of americans who are likely to e

puts and s&p futures and that's the link between the bond market and the junk bond market and the s&p 500 so if you can't hedge out your junk bond exposure you go out and sell s&p futures and that adds selling pressure to the market so besides the credit qualities and the concerns about oil companies going out of business, there is this kind of mechanical selling that goes on that investors need to be aware of. >> and you nailed it we're all on the phones on. >> as you do >> and everybody i talked to that's deep in the market and listen, we're a tv program so we have to sort of speak in a more general way and they're going into these things about what's happening in the market and first off, i'm not sure i understand it. i can explain it on the air. what you said between the credit markets and equity for selling on the s&p because you have to raise cash any way you can >> raise cash or hedge a position that you can't sell short. so let's just say, example, it was ibm, and you couldn't sell that short, but you needed to hedge it for some reason you can sell short s&p and the spy, the e