hi, wilfred.for having me >> so give us a peek into what your business looks like right now across the u.s. as far as stores, traffic, and delivery? >> well, look, our business is being impacted across the u.s. and all the other markets that we operate in that are experiencing the challenges of dealing with this virus. but we know we have a very important role to play in the communities we servearound the world. our employees, our franchisees, take tremendous pride in giving our customers safe access to the affordable food they love and given our footprint, over 50,000 restaurants around the world, and big presence in asia, where the virus has already impacted the market, and we've had this great ability to leverage the learnings from that market and take those to the other markets as they start to experience a it l b -- little bit of this crisis. we are open for business around the world. 5% of our stores are operating today. the vast majority of our markets. but our business looks different to y

stay with us >>> welcome to the "closing bell," everyone, i'm wilfred frost on the store of the new york stock exchange. soaring over 10% on the resounding performance friday former vice president joe biden on super tuesday yesterday health care was the top-performing sector, about 3% for the border markets >> welcome, everyone i'm sarah eisen and let's look at what is driving the action right now. the democratic primary moving the market bernie sanders loses his front-runner status and that's propelling stocks, particularly those health care names, higher overnight. rate-sensitive sectors like bank continue to falter as the ten-year yield falls below 10% and the services sector growing, accelerating with private payrolls beating expectations as well huge lineup of guests for you, starting with our closer, the ceo of camp bell soup, mark clouse that stock is up today and scott black, where he's putting his money in the mix of this volatility. and as we get another global interest rate cut today, this time from canada, we will be joined by former fed vice chair donald kohn. joining us for

i notice wilfred opened at occidental 14 or 15%, the -- that's hitting the high-yield debt market jeffrey says 15 billion was taken at a high yield fun. that's disproportionately energy debt i'll leave you just quickly with this gas prices are down, so the consumer will have a little more money in that pocket, sara you'll see jet fuel prices it was at $2 a gallon in january, so to at least airplanes will have a bit of a cost savings i guess in weird way you look at oil prices in general whether it's natural gas or all the plastics we use. there would be a deflationary aspect to this, which might help the consumer a bit i'm struggling to find something there. >> two quick price questions one is how many days in your career do you remember a 10% move in the underlying commodity. secondly, i know we have broken the 2019 and 2018 lows in wti, but where are we relative to that big scare we had in early 2016 >> zero days that i can remember, well friday. there may have been a day in there that that can happened here's what's interesting. i know, you know maybe dan or mike wants to look at the c

wilfr wilfred. >> time for a coronavirus update hi, sue. >> hello, everybody. here's what's happening at this hour new jersey now the nation's second hardest hit state, reports a total of 18,696 cases and 267 fatalities governor murphy trying to reassure residents he fully realizes how frightening this time is is >> we're doing all that we can to ensure the safety of our 9 million member new jersey family we take your worries and your concerns to heart and frankly, they educate our decisions just as much as we rely on the facts and the science, we're in this together we will get through the together and we will move forward together >> and we're trying to look for bright spots and there is a bit of good news for drivers even if we're not going far these days the national average price for gas has dropped below $2 a gallon that's the lowest price in four years. further declines are expected as demand for gas remains low and also a oil as always, you can get more on the coronavirus coverage coming up in an hour on cnbc.com as well anytime back to you. >> sue, tha

ylan muey has the latest wilfred frost is here to tell us what to expect from the meeting with the bank executives of two hours from now ylan, big, big trillion-dollar question today is where do things stand >> reporter: kelly, the short answer is we are not close to a stimulus package here on capitol hill treasury secretary mnuchin acknowledged as much earlier today testifying on the hill saying any type of broad economic stimulus including a payroll tax cut to come as a phase two in a federal response and then the top republican on the finance committee chuck grassley tried to tamp down expectations. >> so let's see down the road a week, two weeks, three weeks, whenever we get a feeling that we got to do something more dramatic then that would be very much on the table. >> reporter: so instead, kelly, house democrats are focused on introducing a targeted bill aimed at workers impacted by the outbreak we are expecting that bill to drop later this afternoon. >> it's amazing to watch the news wire. you have on the one hand reports that the cruise line industry might want the white house

i'm wilfred frost sara eisen will join us after the bell as we do our part to social distance here on cnbc while bring you the most important market moves today we're about 750 points on the dow, 3.8%, a little off the highs, though, which was close to 1200 points higher. let's look at what is driving the action fed launching another massive liquidity, this time designed to help businesses directly as governments around the world pump cash into the financial system the president promised a large stimulus package, including direct payments to every american and boeing and u.s. airlines, a financial aid package for billions of dollars as the treasury secretary called the situation worse than 9/11. >>> steve liesman has the latest from the fed kayla tausche is tracking the fed response from washington much more from her as you just heard. let's start with you, mike, on the key market levels. >> we just bounced off a key market level, wilf s&p 500. we closed yesterday about 1% above that december 2018 closing low about 2351 we spent very little time under the 2500 level now what this is,

than 6,000 new cases, the most in five days, the worldwide total now shy of half a million people wilfred. >> all of the sectors of the s&p higher up 4.7%. all higher, but one to keep an eye on is energy it has been the best performing. it's now towards the bottom. still up by 4% oil prices slipped a lot this afternoon. they're down 7%, so we'll hope that doesn't drag the rest of the market lower we've got a huge lineup of gu guesting coming your way, ceo of general mills, plus peter orszag whether he thinks the stimulus bill is enough to ease the pleading and we'll speak with the ceo of hertz about their program the give free rentals to new york city health care workers and will they need help from the government. let's focus in on the big stories today. mike is tracking the market rally. kayla is covering a new move from the white house to assess the risk of the virus and steve liesman is covering today's h historic jobless numbers, but first, to you on the jobless market >> it's almost an equal and opposite reaction to the sharp plunge we've had almost vertical gain of about 18% in the

predicts dollar tree is one of the few retailers on track to hit its original 2020 earnings target wilfred, over to you >> thanks so much for that now roller coaster day for the dow as tyler just pointed to the index swinging 1200 points our next guest says he still sees opportunities globally let's bring in mark mobius he joins us now by phone mark, great to have you join us as always. i think i'll start if i may with those intraday moves that tyler just referenced. we were up as much as 500 points, close to 3% and we've really slipped when you think of how much central banks and governments are throwing towards the markets in stimulus, does it concern you when these types of rallies fade >> i don't think we can expect that i think we can expect more and more volatility and i think what the central banks are doing are not really effective the spres rates -- [ inaudible money has to go into the hands of people directly so i would suggest that the fed treasury you get $1,000 to every single man -- >> mark, apologieses, the line is breaking up significantly we'll work on that and see if we c

throughout the world >> terry duffey, always a pleasure thanks so much for joining us. >> thanks, wilfred just want to come to you for a market question. if a piece of the puzzle is now in place, are you buying stogs >> yes, we are always trying to buy when others sell and be greedy when others are fearful we have been adding to some of our favorite names the financials have gotten really beaten up there are some ministries, i won't name them, where we're a little less confident. we think the negative effects might last longer but some of our favorite names well because i don't want to add to the negativity. frankly if we were selling, we wouldn't want to tell you. there are i would say the alternative asset manager stocks that we loved so much have been hit hard despite the fact their money is locked for ten years and will have a chance to buy things at great prices today bank of oklahoma, which has some exposure to the energy industry but is going to be fine. even madison square garden is down because of the cancellation of games they're going to be playing. the knicks are going to be p

. >>> kelly and ty, thank you very much for that one hour until the close, i'm wilfred frost we are staying focused on bringing you the most important market moving news and sara eisen will join after 4:00 the stocks are in free fall. we are awaiting a briefing as well from the white house in the next 30 minutes time >>> in the meantime what is driving the action first and foremost of course the heightened fear about the coronavirus. more countries go into lockdown as the steady spread of cases continues. the fed made a dramatic move cutting rates to zero and announcing new assets. and the economic slowdown with weak manufacturing data this morning from both china and the u.s. as we just said we are down about 9% on the dow. the low of the session was down 12% or 2,800 points. the dow is down about 31% from the recent market highs as we stand with just under -- we have every angled covered for you. let's drill down on the sell-off mike santelli at the market dashboard and let's begin with bob on the floor of the exchange. >> trading halt this morning, 15 minutes right after the market opene

it does continue good afternoon i'm wilfred frost along with sara and tyler as we continue to social. we are in the final hour of o another historic week on wall street with stocks giving back some of this week's massive gain still up 12% for the week though let's look at what's driving the action the house of representatives officially passing the $2 trillion coronavirus relief bill which now heads to the prosecutor's desk, e

i'm sara along with wilfred. a new week of trading in the coronavirus era and it is off to a more positive start than lately stocks trying for their fourth gain in the last five sessions an hour left of trade iing to g. let's look at what is driving the action in this final hour of trade. a number of positive medical advances providing some hope of treating the virus johnson & johnson among the leaders in the dowft

i'm sara along with wilfred. a new week of trading in the coronavirus era and it is off to a more positive start than lately stocks trying for their fourth gain in the last five sessions an hour left of trade iing to g. let's look at what is driving the action in this final hour of trade. a number of positive medical advances providing some hope of treating the virus johnson & johnson among the leaders in the dow after identifying a vaccine candidate. oil though falling off a cliff trade iing at levels we haven't seen in nearly two decades amid falling demand and an expected jump in production and the virus itself remains front and center. president trump e iine ining gus until the end of april as the u.s. cases top 150,000 >> we've got great guests join ing us, the ceo of medical supply company henry schein and the head of -- amid this turbulent market with 59 minutes left, we are up 2.8% led by helhealth care, tech and consumer staples let's focus in on the big stories. meg is going to join us with the latest o

index down some 38% from the january high >> wilfred, thank you very much. >> i think you can be cynical and look at meeting, say what the heck is going on or say to yourself, yes, banks in much better place than 12 years ago in throes of the financial crisis and whatever mnuchin or the treasury puts in place to help businesses right now, it's going to be a private/public partnership that gets it done. i think will instill confidence in investors once we get plans on that, maybe stop seeing extreme volatility in stock market. and it's encouraging it found a floor. not much above zero but a floor. i think everybody would be happy stabilized around 1% bring in the ceos, have them be confident, make commitments to help out and stem the tide before it becomes a financial crisis. >> this is what he does here, find a bright spot with the ten-year yield good to find any glimmer in the market more out of d.c. kela >> spoke with people familiar with the conversation that took place after the cameras left the room and whether the president gave any indications about the economic and health measure

i'm wilfred frost. i'm here at the jpmorgan post. leading the dow bouncing a healthy 7%, but of course off the back of massive declines yesterday. about 15% of declines for the banking sector the broader market has seen large and volatile moves but with 59 minutes left, we are up 2.9% >> welcome, everyone let's look at what's driving the action sharp fluctuations in the market today as stocks bounce higher following the sell off, but did briefly fall into the red earlier today.

it does continue good afternoon i'm wilfred frost along with sara and tyler as we continue to social distance here at cnbc. we are in the final hour of o another historic week on wall street with stocks giving back some of this week's massive gain still up 12% for the week though let's look at what's driving the action the house of representatives officially passing the $2 trillion coronavirus relief bill which now heads to the prosecutor's desk, expected to be signed around 4:00 p.m. the united states now has more coronavirus cases than any other country in the world quickly approachi inin ining 10 boeing said that -- coming up in the show, we'll speak to slack ceo about the surge in working remotely how his company may integrate with a major competitor to make working from home easier it has been one of the rare winners in this overall market sell off let's focus in on the big stories we are watching at this hour kayla has the latest on the rescue package mike tracking today's pullback in the markets phil lebeau is covering the automakers for us as president trump slams -- phil, fi

i'm wilfred frost. i'm here at the jpmorgan post. that is leading the dow bouncing a healthy 7%, but of course off the back of massive declines yesterday. about 15% of declines for the banking sector the broader market has seen large and volatile moves but with 59 minutes left, we are up 2.9% >> welcome, everyone let's look at what's driving the action sharp fluctuations in the market today as stocks bounce higher following the sell off, but did briefly fall into the red earlier today. the president floats the idea of a payroll tax cut to provide short-term stimulus, pu sources telling cnbc the white house is far from ready to roll out the proposals and a number of companies cutting their dividends and spending plans guests this afternoon, the ceo of jet blue as the company pulls its guidance due coronavirus jim o'neill joins us to discuss the economic impact and government responses around the globe and what to do with your money now. david herro will join us as we count you down into the close. 59 minutes left of trade joining us f

the special begins now ♪ >>> good evening i'm wilfred frost. day of the global health crisis, today a major record-breaking stock market rally on the eve of what may be the first global coordinated economic response to the havoc caused by the coronavirus. >>> the stock market i think had a record day today. >> record breaker, stock rebound. >> we are seeing a significant

. >>> kelly and ty, thank you very much for that one hour until the close, i'm wilfred frost we are staying focused on bringing you the most important market moving news and sara eisen will join after 4:00 the stocks are in free fall. we are awaiting a briefing as well from the white house in the next 30 minutes time >>> in the

i'm wilfred frost sara eisen will join us after the bell as we do our part to social distance here on cnbc while bring you the most important market moves today we're about 750 points on the dow, 3.8%, a little off the highs, though, which was close to 1200 points higher. let's look at what is driving the action fed launching another massive liqu

day of gains something we haven't seen for the dow and s&p in more than a ho month and a half to wilfred frost who has breaking news. >> hi, morgan. yes, james gorman the chairman and ceo of morgan stanley sent a note out to colleagues that were seen by myself and the content confirmed by a spokesperson at morgan stanley, in it he said, quote, 90% of our employees are working from home. as a result the normal bonds created by every day interactions with colleagues have been impacted and i'm hoping my perspective on the firm and crisis will be helpful and you have all seen the federal reserve actions are extraordinary but given the circumstances necessary markets cannot function without liquidity and they have taken real steps to address this critical issue he went on to say, slowly, governments across the world are putting aside their politics to arrive at blockbuster support and stimulus packages. way too many people have lost their jobs overnight and it is central for government to act as aggressive as they can on the point of jobs as it relates to morgan stanley, he finished the note

stay with us >>> welcome to the "closing bell," everyone, i'm wilfred frost on the store of the new yorkhange. soaring over 10% on the resounding performance friday former vice president joe biden on super tuesday yesterday health care was the top-performing sector, about 3% for the border markets >> welcome, everyone i'm sarah eisen and let's look at what is driving the action right now. the democratic primary moving the market bernie sanders loses his front-runner status and that's propelling stocks, particularly those health care names, higher overnight. rate-sensiti

. >> i'm wilfred frost, and we'll have a look at what's driving the action the fed announcing a 50-basis cut. that sent stocks

clearly all of the ceos of those eight banks that we mentioned were in touch with each other. >> wilfred frost, thanks >> my pleasure >> let's get to eamon javers in the meantime, get more on the d.c. response to the virus and what we might hear at this presser now at 3:30. >> good morning. that's right the 10:30 a.m. press conference is not happening it's 10:45 now they are saying at the white house that will be at 3:30 this afternoon, no reason given here for the delay in the presser, but we do expect it to happen while market traitiding is stil happening. meanwhile on capitol hill, treasury secretary mnuchin said yesterday that they do expect to have to do a technical correction bill later on today so we will watch for that. meanwhile, in the senate, we're hearing from leadership that they're going to be in at about 5:30 this afternoon, the senate republican leadership is suggesting they're going to focus on a fisa bill later today and then also they're looking ahead to the next large piece of legislation here, which is going to, they say, be an economic stimulus package of some sort.

wilfred frost covers the sector. wilf, good morning what are you seeing with the banks?timulus bill helps the bank to keep people in work and corporate america healthier. anything good for the economy is good for the banks, too. there are also provisions that directly relate to the banks the biggest piece of that is the option for banks to delay an expected change in loan loss provision accounting that was supposed to go into effect this quarter. it's called cecl regulators will temporarily reduce the community bank leverage ratio from community banks from 9% to 8%. now along with other measures, these are designed to prevent the banks from having to hold more capital against loans that may be rising in terms of risk as would have typically been the case which would have led to lower lending and lower liquidity. the added positive for banks' investors is outright fresh lending or bailouts addressed in the bill is done outside of the bankingsystem for the most part for example, by the treasury's exchange stabilization fund or the small business administration so the banks

. >> i'm wilfred frost, and we'll have a look at what's driving the action the fed announcing a 50-basis cut. that sent stocks soaring, but for only 15 minutes. since then stocks have moved sharply lower. the g7 proposed policies, but -- the ten-year breaking below 1% for the first time ever. darius adamczyk will join us in a bit. >>> we have rick santelli here, steve liesman is covering the emergency fed cut. and meg tirrell has the latest on the coronavirus outbreak. i'll be watching the fallout for the banks. pete is joining us yesterday, today two very different days have you chanced what you've been doing >> have not. this is a classic buy the rumor/sell the news type of trade. it was tell graphed friday and over the weekend we're trading higher eventually. >> you still think we go long you do think the panic is overblown. i am in the life sciences. i know some of the things going on that are not well publicized, but they're out there. it's moore pernicious, and now it's on our shores, and that's the big concern. it is a virus that i do believe that at the end of this quarter, a few

. >> hi, wilfred let me break it down $4 trillion. that's the total size of the tax increases in biden's plan according to a new analysis from the tax policy center. 1.3 trillion comes from raising the corporate tax rate on the individual side, the tax hikes would mainly hilt the wealthy. capital gains would be taxed as ordinary income. the payroll, to the top 1%, it relates to an increase the $300,000 guys >> i'm not sure that's going to prevent him from getting wealthy donors, ylan. >> thanks. if the alternative they're looking at is boyce boss, i think joe biden is still preferable, but it's important to remember he still wants to raise taxes on the wealthy it doesn't mean the wealthy would get a free pass. it just means some of the more aggressive proposals from boyce boyce wouldn't see the light of day. >> traditionally there's always a bit of tacking to the center are tax plans when you've been so specific and given such clear numbers are them, are they usually included as well in terms of things that get warted down or not >> i

if you're just joining us, i'm sara along with wilfred along with mike, senior markets commentator on big rebound day for the market take a look at how we finished up the day dow back over 2,000. biggest point gain ever for the dow jones industrial average a daily gain of 11.26% best percentage gain since 2008. s&p 500 broad rally here as well every sector finishing in the green. it was up 9.3% energy, the biggest gainer up 16%. financials up more than 12%. so are industrials and materials as well. all the sectors again in the green. there's the nasdaq up 8% and the russell 2000 index of small caps also closing out the session with 9.p%. a lot of losers in the recent market volatility and sell offs, they were on top of the market definitely signs of bargain hunting. coming up, we'll hear from the campbell's soup ceo. we'll get his take on the concerns amid the coronavirus and later, mike pence's chief of staff will join us his view of president trump's statement that he hopes to have the u.s. reopened by easter. >> joining us to talk about the market day, steven wieting from city priv

wilfred rejoining me along with mike take a look at this ugly, ugly day on wall street the dow closing down 7.8%. worst day for the dow since december 2008 and as i mentioned, the s&p 500 losing 7.6% worst day for that index since december 1st, 2008 as well the tech heavy nasdaq getting crushed. this was a broad selling day down 7. 3% worst day for the nasdaq since 2011. the russell 2000 index of small caps getting smoked. a lot of banks make up that index as well. among the hardest hit, russell 2000, down 9.44% on the close. energy got hit the hardest after crude oil declined almost 25%. as saudi launches a price r war in the middle of what is perceived to be b a big shock and demand from the coronavirus fears. oil by far the worst performing group in the market. coming up, jim cramer joins us with his thoughts on this massive market sell off. he'll tell us what he thinks you should be doing now with your money. joining us to talk about the market today, eric, he is multiasset cio at new berger bermen which manages $365 billion in assets. still with us, peter lindsey bell first though

sara, i mean, every day makes the closing bell a must watch, not just to see you and wilfred, but the playing a role in that as well. >> it's incredible we often have closed at the highs of the lows of the session. yesterday, the highs, one step forward, two steps back. we'll see what happens today also we'll figure out what this coronavirus impact will have on retail matthew shea will join us to talk about what he's sieg aeein how vulnerable mall stores are if people won't go out and shop. and an update on the supply chain with 60% with china, how difficult is it to get apparel and shoes. >> speaking of staying home and going out, look at fang this morning. netflix the only component in the green and by about a percent or so. dow down 633 taxes? sales tax, real estate credits, solar incentives... and we have no way to integrate all that? no...but bdo does. (announcer) people who know, know bdo. wewithout the planet cooler getting warmer. at emerson, when issues become inspiration, creating a better world isn't just a result, it's a responsibility. emerson. consider it solved. >>> goo

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 important >> when it comes to the potential for bailouts, gary, boeing has been talked about a lot this week. it's quite a good one to focus on some of the predicament that the company is facing has been its own doing and its own wrong doing. does that, should that be factored in when considering whether these types of companies should receive a bailout >> i think we need to talk about it in the

wilfred frost joins us >> reporter: top executives as you said from most of the nation's top banks willing at the white house 3:00 p.m. eastern time hosted by the president. in attendance is ceo of bank of america, citi bank, but jpmorgan will be present and ceo gore don't smith in place of the recovering jamie dimon morgan stanley decided not to attend the main focus of the middle east is medium and small company lending. the president need to work with bang executives to encourage them to help struggling companies through a coronavirus short term struggling pressures. banks have done that before in the face of other challenges for their clients like hurricanes. we can expect the topic of functioning of markets and levels of liquidity to be discussed. ceos might be asked if there's tweaks in regulation that could enhance liquidity in the short term bank stocks rebounded yesterday but still down sharply year-to-date and aside from policy discussion with the president today, investors will also be interested to hear directly from the bank ceos but pretty much for the first time during th

wilfred frost joins us now >> the eight u.s.y systemic important banks, jpmorgan, bank of america, wells fargo, citi, goldman sachs, state treat and bny melon took the steps for suspending buybacks for q1 and q2 together. it was announced via the financial services forum of which they are the eight members. u.s. bancorp also took the same action others may now follow the main reason for this is the banks want to make clear they aim to be part of the solution, not the problem. continuing buybacks risks painting the rock wrong image. they also said they did not need to take this action, they had plenty of liquid and the fed action has made that more certain. this did not stem from the white house meeting with bank ceos last week but rather the last 48 hours it became clear to the banks that the fed was going to act in a large way last night. this was their show of good faith, if you will, to the fed, rather than the fed demanding they take this action. bearish bank investors may ask why this collective approach why via the financi