management, the chairman of that, stacy cunningham the president were on notice that the floor of thehange was a potential health hazard and a breeding ground for the coronavirus given all the traffic that goes through there. they took some steps but those steps including cleaning and eliminating new contact between traders and the visitors was not enough. as we were first to report, two people contracted that or 1% on the floor and one person on the staff contracted or tested positive for the virus, that led to the closure of the floor this monday we are understanding now that a total of six people associated with the newark stock exchange including an options trader who worked on the floor what is known as the garage, a separate part of the store that is often to decide, that's where some of the training goes, that person tested positive, this is raising -- there's been a lot of talk about kelli loughlin a senator from georgia engaging in stock sales that they occurred before after kelli loeffler was given a briefing on the spread of the virus in january, record stock sales of ice b

. >> i'm here with stacy cunningham, nyse president. >> people should understand that this is by designo slow it down, give investors an opportunity to adjust to information and react to it appropriately. the systems are designed this way and tested this way and evolved over time so we're always making sure we have mechanisms in place and we've learned from prior incidents so people should understand this is working as it's supposed to. >> reporter: the day will be a rough one. there could be another circuit breaker in place at 13% down. >> it's possible the next circuit breaker would be 13%. the reason why we put circuit breakers in place so we can slow the market down and give investors an opportunity to react, absorb information, and recognize the fact that the markets are here for the long-term. >> reporter: market is going to be reopening in a little less than four minutes. what can we expect? >> we'll see in four minutes. what's important is investors are reacting, the markets where they'll reopen. >> reporter: should americans be afraid? >> markets are here for the long-term. we

special guest to bring in right now and that's the president of the new york stock exchange, stacy cunningham we appreciate you joining us on cnbc on an incredible week i'll be direct any plans that the new york stock exchange will shut down? >> we don't have plans to shut down the stock exchange. it is the symbol of the strength and resiliency of our economy and we want to make sure that we continue to give that presence and confidence to the investors and the public more broadly and second, our stocks trade better when we apply human judgment and we've been using that mechanism and a few minutes ago, we had a number of stocks in the oil sector that at the very last seconds of the day had massive buy-in bounce based on the president's announcement and we found a price level where we can offset the imbalance >> there are big trouble, computers aren't workinging or they're slow at home and some of the structured ruks did derivatives. >> know this the market itself -- maybe the market needs to take a pause to make sure that everything is up and running because the thousand and thousand-point mo

here we just heard from the president of the new york stock exchange she just tweeted her name stacy cunningham president york stock exchange declining or are shooting aside any thought of closing she said it's important for the markets to remain open and for them to function in a fair and orderly manner as they have been she went on and to in her tweet to say closing the markets would not change the underlying causes of the market decline it would remove transparency and investor sentiment and reduce investors' access to their money this would only further compound the current market anxiety so as of now the president the new. these new new york stock exchange saying we're going to remain open but buckle up because it's not a not going to probably be good in the coming days or what do you know about whether public spaces over new york or new jersey are being kept open or not because there are reports that the governors from there have announced a closer of bars restaurants and public spaces yeah that just happened within the last couple hours or so governors as you mentioned of new york and ne

we will hear from former secretary treasury larry summers, stacy cunningham, nancy pelosi, and many mores coming up at 6:00 tonight. this is bloomberg. ♪ david: this is "balance of power." i am david westin. the global economy is being tested like seldom before. though it went into the crisis with strength, it went in with record disparities between the rich and poor, particularly in the developed world. we welcome and economist who has studied the history and the politics and etiology underlying those equities. piketty, author of "capital and ideology." great to have you with us. i want to take this thousand page book everyone should read and put together what we are experiencing right now. is there any correlation between inequality and the virus? it looks like the virus does not pay attention to which society has been more equal or less. the book is very readable. i am sorry it is so big. it can be read by anyone. what it shows you is in the context of the virus today, in the times of crisis like we have , the time when the organization of the economy is being reassigned and we change

under represented in finance and it's unfair this morning i got to ring the opening bell with stacy cunninghamirst female president there. nobody does it like my friend, sally cha check. she's the legendary head of merrill lynch. she runs eli veft, which designed for women rather than men. it's a brilliant oncept. most things are optimized for men even though women run the household finances in 60% of the homes. let's take a closer look with sally cha check, the co-founder and ceo. miss sally, welcome back to "mad money. i know sally from real life. >> forever. >> i've good to congratulate you. your business is probably the strongest in the business. you stand for something that isn't just the commission. >> we are incredibly mission driven at elle veft. nothing bad happens when women have more money. we pay so much attention to the gender pay gap which is egregious and it's moving in the right direction slowly we pay very little attention to the gender wealth gap. they have 32 cents to what a man has in growth. we tend to have more debt. elle veft is working here for one of the things we can

live, there is chris taylor vice president of the exchange, right now the president is a woman, stacy cunningham, that we will look at the numbers and there it is. right off the bat 2200 points in the circuit breakers will kick in, the s&p 500 i am looking at as well and it just did. with the s&p 500 last week when it dropped 7% of the first level of circuit breakers kick in and s&p 500 immediately dropped 10% that is close to the second circuit breaker which is 13%. we will continue to watch that but i believe it is 20% and trading would stop for the entire day for we will keep watching and market closed for 15 minutes now. >> you took us right there and steve paulson is taking us right there with the bay area and the mountains.>> rain and rain and snow and it is about time, we went there to seven days without anything we made a pretty good round over the weekend rainfall totals very good for some and not so much are those, santa rosa 38, santa clara and castro valley with an inch, vallejo and santa clara pretty close, santa cruz mountains way out in front of anyone else. but when san jose gets

we ought to stop for a few days or few weeks stacy cunningham at the nyc says no it's important for the markets to remain open she tweets this afternoon and for them to function in fair and orderly manner as they have been she says closing the markets would not change the upside lining market. finally, here is the new new normal as i walked in this morning. this is what i saw at the nyse people coming up to us and checking our temperature a lot of questionnaire feeling okay got a fever. you've been outside the united states recently. this is what the world looks like now back to you. >>> yields have been dropping sharply again today. rick is all over the action at the cme. hi, rick >> hi. we had four sessions worth both dollar and interest rates were higher looks like we'll break on both of those if you look at ten year note yields you can see we're visiting the low end of today's range as we hover around 73 basis charts minus 54 is the low close from a week ago the low intradate yield was minus 31 you want to keep those two numbers in mind. the yield curve is flattening. we lost almost

joining me is stacy cunningham, thanks for joining us. there has been a course of people saying close the market, give us some time to, you know, help our families prepare and kids are now home from school. what is the case for keeping it open >> i think it's good question, and i understand why people are asking it. they are concerned about the precipitous falloffs and want that to stop i think it's important to understand that the underlying causes of the market sell-off would not change if we stop trading and the market is a good indicator of what investor sentiment is and investors need access to their money. also if we close the equity markets we would see selling occurring so it could have rippling effects so it's important to keep the markets open i want to address why people are asking that question and why we're hearing it more often. i think they're many viewers that are tuning in to cnbc today that might not be regular viewers of cnbc because this pandemic has really raised attention about the overall hit to the market. i think

. >> guys, stacy cunningham, the president of the new york stock exchange was on two days ago i asked her about it she came on right after president trump put out the new cdc recommendation that's people should not gather in groups of ten people or more so with a few hundred traders, i said would you close the floor the most important point she would underscore is cloedzing the floor is not closing the market there have been plenty of calls out there close the market you know, try to stem the bleeding and let people take care no she wanted to make the point that the market stays open people can realize they can access their money and they can trade and kit go down and kit cd it can go up closing the floor is healthy it the can do electronic trading and it will not disrupt the markets. it will not disrupt the message that america's markets are open for business >> right 100% this is, you know, as i said, sort of one aspect of what goes on in terms of, you know, cash equities trading in general in the u.s. market. let's remember, every stock trades everywhere. so clearly it can happen a

don't talk about closing the market, you're going to scare people even more stacy cunningham had had to come out and address it the conversation has been out there, has it not? >> yes and they're not going to close the market, it's not going to happen the big guns have been dragged out in the last three days secretary mnuchin, no, we don't want to. tracy cunningham said to me in an interview no, we had terry duffy from the cme on we hadpeople from nasdaq speaking about this as well. all of them agree, none of this would serve any purpose, it may continue to erode investor confidence overall stacy's right, you want access to your money and we'll get through this, closing the markets will produce a lot more problems there's a practical problem of how do you do this, there are other ways to play u.s. stocks for example. it would effectively not really stop speculating in u.s. market activity >> the markets, even if they thought about it, the markets with 11 different exchanges are to dispersed, they're too interconnected, there's no way to shut it down. >> if you could have an agreement

on that historic sell-off and the big breaking news on the nyse, bob pisani and we just heard stacy cunningham and we just heard that interview. obviously, this is nearly, unprecedented, i think back to 9/11 i'm sure there were a few other times during war what's your take >> the stock market has closed many times over the years, and during world war i and during 9/11, but that was the stock market closing and the nyse floor has not closed before and continued trading electronically independent. i think this was a first and the right decision we did get a positive coronavirus test dunn here so let's just talk about the markets and what's going on here the markets were down 6% and persian square bill akreman did come on cnbc to declare a gradual shutdown was not working and he needs a 30-day spring break and the emotional moment came when he said i'm not going to kill my father. i went into lockdown almost a month ago to save my father's life mr. ackman insisted he was a buyer of stocks and particularly of hilton and that caused a lot of people a big surprise and bill miller also came on our ai

talk circulating that perhaps the new york stock exchange just needed to close in fact as stacy cunningham the president of the york stock exchange actually had to put out a tweet saying it's important for the markets to stay open she said closing the markets would not change the underlying causes of the market decline this would only further compound the current market anxiety so listen there's a lots of problems here but the bottom line is here on wall street they do not see any light at the end of the tunnel on this getting better and that's why with all this uncertainty you're seeing these historic drops thank you very much indeed canada has just announced that it's closed its borders to all foreign travelers as it works to contain the virus prime minister just introduces any citizens showing symptoms of the illness will not be allowed to board a flight. we will be denying entry to canada to people who are not canadian citizens or permanent residents this measure will carve out some designated exceptions including for aircrews diplomats immediate family members of canadian citizens and

for the most part, they're not nyse employees i asked stacy cunningham what would happen to the floormeone tested positive for coronavirus here let's listen in. >> if there is an outbreak wecht clean the floor and reopen pretty quickly as well that's something we're not planning to close the floor at this time, but as you mentioned, we could and we could trade fully electronically >> now the nyse has had a business continuity plan bcp in place for decades in the event the floor needs to close for a flood, snowstorm or any disaster this plan would allow the nyse to trade electronically without the floor open if it needs to. the market makers and the floor brokers who are here can continue to participate in that electronic trading, though there may be limitations around the closing auctions, for example. the nyse has closed many times over the year, notably four months of the outbreak of world war i in 1914 for the death of john f. kennedy in 1963, four days after 9/11 and for two days after hurricane sandy in october 2012 with these cases the markets were closed in the situation now un

i wanted to bring that in but also ask you about these comments from stacy cunningham from the new yorke. she says electronic trading has been going pretty smooth. that is what you're hearing? charlie: yeah. and it raises the question why they kept the stock market open for so long and put some people in harm's way. clearly, up until the day they closed, they closed it monday, correct, that was the first day of its closure, there were a lot of calls that the new york stock exchange did not need the floor. the floor, let's be real clear here, is in many ways a marketing arm of the new york stock exchange. the notion of liquidity by these floor traders that they are integral is contradicted by people who work at the new york stock exchange, who are partners in the new york stock exchange, including doug sifu of virtu, a designated market maker who said it's not a place that provides a lot of liquidity. he's down there mainly for advertising. if it's going to be an advertising issue for the new york stock exchange, and that's a business issue, they want to bring in as many people to come a

stacy cunningham, thanks for joining us. appreciate it. andy puzder is with us. andy, this thing about closing the market for two or three days, stacy cunningham says no, we don't have a plan to do that. we don't have a plan to do it. what do you say? >> actually, i think it would be a good idea. i think people need to calm down. i think the market needs to calm down. it goes against everything i believe as a free marketer but i think in a critical situation like this, it's an alternative we should seriously consider. stuart: interesting. i think of you as a free market kind of guy. >> that's me. this is a crisis. stuart: that's really an extreme situation. sitting next to me is susan li, five feet apart, i might add. susan: six. stuart: i'm very sorry. we rearranged the studio so you are way away from me. you don't think -- susan: of course not. this is an economy based on free market capitalism. if you shut down the markets, that is intervention, that is not the american way. this is like price discovery. if this is the indication of where the economy is headed

new york stock exchange president stacy cunningham says they are not planning on closing the floor.here are a lot of traders. we'll head to the floor so you can see it. there are over 100 traders here. overall we're still continuing to see a selloff, despite the fact you had monetary stimulus from the federal reserve yesterday. it seems overwhelmingly, that investors are pricing in major economic slow down and possible recession. i used the word recession, one note came out from rbc markets, used averages from most recent peak to bottom, usually 24% to 32% drop. right now we're seeing 28% drop on s&p 500 from the most recent highs. so the concern is that the economic uncertainty, the economic impact is going to continue, hence we're seeing a sell off despite the fact that federal reserve put forward monetary policies. i would like to point out the mood here. everybody is really, really calm. i've never seen it this quiet in all the 2 1/2 years i've been working for fox business. the traders are not as many here, but still crowded and they said they're not planning on closing anytime

the stock exchange boss stacy cunningham says they believe the markets should remain open and accessiblean central bank is wheeling out the heavy artillery after an emergency conference call on the coronavirus. they are launching a purchase program worth 700 50 billion euros with christine lagarde saying she's committed to the euro. the euro -- europe has passed china and the number of infections. weighing aals are bailout fund -- euro officials are weighing a bailout fund for europeans. schools will be closed through friday in the u.k. and prime minister boris johnson declined to rule out locking down london itself. the infection is blamed for more than 100 deaths in the u.k. and the government has announced loans, grants, and tax cuts to help businesses. those are the first word headlines. to one ofwe speak asia's most successful alternative investors and get his views on the market. this is bloomberg. ♪ yvonne: haslinda: nifty futures extending losses down about 5%. do you get invested or get out? region's most successful alternative investors, danny yong, cio and partner of dymon asi

i have with me stacy cunningham, nyse president. stacy we're told there is a problem with electronic trading on the new york stock exchange because you have now gone away from floor traders. you've gone electronic. we're told electronic trading may be having a couple problems is that accurate. >> trading is operating normally here at the new york stock exchange today. so each much our market makers on the trading floor have the ability to open and close stocks remotely and they're doing that today here at the new york stock exchange. stuart: was there any hiccup to get things going? >> not that i'm aware of, no. everything continued to operate. stocks opened shortly after 9:30. we continue to operate electronically. most trade something done electronically each day. each of the market makers on the floor as well as our traders have the ability to use algorithms to monitor their trading throughout the day and the human being is applying judgment to at just the algorithms as necessary. that is what is happening here at the new york sto

kristina has with her nyse president stacy cunningham. tell me about the workings of the market please? >> get into it. traders with their handhelds. can you describe what to expect right now? >> sure. market systems are designed to give a little bit of a pause, a major breather. this morning we expected we might trigger levels at 7%. we did. paused for 15 minutes. stocks reopened, that gives investors an opportunity to absorb information in the market, put their interest back in. important for investor to keep in mind, markets are here long term and shouldn't react to momentary disruptions. >> what about fact handhelds frozen for some traders. have you heard that? >> i haven't heard that? >> you have experience on the floor late '90s, how many years? >> mid '90s to 2005. >> the fact times have changed, triggers are different, 13%, 20%, what is different between then and now? >> one of the things we do, every time there is a market event, we look back is there anything we should change. actually trigger ad market circuit breaker when i wa

here i'm talking about a level that is perfectly realistic >> bob pisani is on the floor with stacy cunningham of the nyse help the viewers understand. >> i'm grabbing stacy here the head of the new york stock exchange we had a halt here for 15 minutes. you want to explain what the market is doing right now? the market circuit breakers are designed to slow trading down for a few minutes to give investors the ability to understand what's happening in the market, consume the information, make decisions based on market conditions it's a plan that's put in place for situations like this it's been tested we test it every quarter >> the important thing is that this is not meant to change the fundamental facts we're dealing with, this virus, the purpose is to allow the trading community to seek liquidity? >> yes and to give investors a time to absorb information and respond so that is really what it's designed to do it's operating as planned. it is really a precautionary measure we put in place so that the market can slow down for a minute >> we like to say earlier, these trading halts and circuit br

i interviewed stacy cunningham who is the new york stock exchange president just earlier today. they have been preparing for situations like this, these circuit breakers of 13, 20%. so they are well-prepared. traders here seem somewhat confident. one standing next to me receipt now. if we look at the vix that measures 30-day volatility t really skyrocketed up to 62 which is a low or high we haven't seen since 2018. this is pretty much the fear index. now at 5291. there is fear an volatility. will end on retailers, a lot of viewers commenting on financial media that we're fueling this panic. we're really commenting, reporting how companies are reacting and letting people know what is going on in the market. you have several retailers showcasing people buying up all the cleaning wipes. purell being sold off. target is limiting clean wipes, disinfectertant that you can buy because they're facing a shortage. walgreens is expecting new shipments from purell. they haven't received any days and days. many viewers are commenting. bring up the four stocks, costco last week told us they d

the people here on the floor, they're not nyse employees yesterday i asked nyse president stacy cunningham what would happen to the floor if someone tested positive for the coronavirus here >> if there's an outbreak, we can clean the floor and reopen quickly. that's something -- we're not planning to close the floor at this time. as you mentioned, we could we could trade fully electronically >> the nyse had a business continuity plan in place for decades on the floor in the event it needs to close for flood, snowstorm or any other disaster this plan would allow the nyse to trade electronically without the floor if it needs to the brokers here can continue to participate in that electronic trading, though there may be some limitations around the closing auctions the nyse closed many times over the years, for four months at the start of world war ii, the death of john f. kennedy, four days after the 9/11 attack and two days after hurricane sandy in these cases the markets were closed now there's the possibility of closing the floor and keeping the markets open electronically. in the event th