As a result, there is another divergence. We may have risk stocks higher but we also have haven bonds and the yen higher. The japanese yen now up a fourth day in a row. It tells you not everybody is believing not just the rally today but the rally we have had in recent weeks. David in fairness, you cannot blame investors if they do not know exactly which way this is going. Thing started up a bit and then came down. Some of the stocks that have been beaten down came back. That is a big piece of the rally. One reason some strategists and traders do not like it in terms of the companies that had been january,y the virus in february, and march such as the Leisure Companies and the airlines, there has been a bounceback over last few weeks. Some say the rally off of the lows in march, there are holes. If you look at the s p 500, there is a huge move down from the peak to the trough. Now we are halfway back up. It is hard to know which side and what the greater risk is to the upside. Do not fight the tape, or is it to the downside we do not know how bad the economic repercussions of this virus crisis will be. Some are saying we need to see not the numbers for the first quarter. We know that is horrible and most companies have pulled their guidance. It will be the Second Quarter when it is a full quarter of the economic tolls. Lots of uncertainty. Yeartodate you can see down 12 . Today we can see stocks higher. David thank you so much to Abigail Doolittle for that report. In the meantime, because there is some report the coronavirus is easing a bit, we are starting to think about how to return the economy to full steam. There is a tugofwar in this develop between donald trump on the one hand and some of the governors across the country. Yesterday donald trump got to decide when we started, some of the governors say otherwise. We turned our economic correspondent Josh Wingrove. What is going on between the white house and some of our nations governors . Josh it is a hot potato backandforth. The president is saying he has absolute authority. It is unclear as to what he bases this on. The Vice President seems to think these were Emergency Powers as opposed to blanket authority. The president seems to think it was the later. We have had new york governors pushing back against that saying trump was setting up for a constitutional crisis if he were to order a state like new york to open ahead of when the governor says is the right time to do it. That is the jockeying we are having right now, cuomo saying we do not want a king trump, we want a President Trump. You cover President Trump regularly. I am curious what your take was. Although he did say i have the authority, he said the governors to resist meet will have a political crisis. Is he basically setting them up to blame them if things go wrong . Josh that is true. Yesterdays press conference was a doozy by any measure good i know they are not often boring or brief. Clearly tryings to put himself in the drivers seat of this spirit he has been ,laying nice with the governors that has eased off now where he is turning to them. He referred to them as mutineers in one tree. In one tweet. If a the next few days larry kudlow said the president announces guidelines and it is a voluntary thing, it will not be a huge crisis. If trump gets up to the podium and says everyone should go back to work no matter what the governor says, then we will have a different ballgame. Those remarks, larry kudlow says the president is looking at a rolling reentry. I wonder if there is a big difference . I do not know if the president set National Guidelines for shutting down. I wonder if there should be guidelines for opening it back up . Josh he is interesting he is interested to get things back to work. A few months ago he was running for reelection squarely. He wrote the steps the need to reopen things is tested. We do not have enough testing to test people with symptoms, let ,lone turning contract trades let alone to random testing to catch things before they pop up. We do not have a full Antibody Test or something that is widely available. We do not know who had it or who has recovered or if you have immunity and if we do for how long. Testing will be the key to solving this. Until that ramps up, and we are talking multiple times what we are able to do right now, eight times by one estimate, a full reopening is not in the cards. That is the one thing every one seems to agree on. We need a lot more testing. Now it is time for bloomberg first word news with mark crumpton. Former president has endorsed joe biden for president. Obama haspresident endorsed joe biden for president. He said his former running mate has the character and experience to guide us through one of our darker times and heal us through a recovery. He added choosing joe to be my Vice President was one of the best decisions i ever made. The Trump Administration has eased the ban on exports of personal protective equipment. Bloomberg has learned their exemptions for exports to canada and mexico. The u. S. Medical system is grappling with shortages of masks and downs for health care professionals. The European Union chief brexit negotiator is back at work. Michel barnier had tested positive for coronavirus in march. Barnier said he would hold a videoconference when u. K. Brexit counterpart davids tomorrow. Foss has also been isolating after showing symptoms of coronavirus. Japan is planning to begin cash handouts for those hurt by the pandemic as soon as next month. The country is planning an extra budget of 156 million to try to offset the effects of the virus. The number of cases in japan has climbed to more than 7600. The country was put under a state of emergency last week, but many of people are still seeing crowded shopping areas in parts of tokyo. Global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. I am mark crumpton. This is bloomberg. David thanks so much. Coming up next, france extends its lockdown even as the economy struggles. We go to paris and take a look at the Atlantic Council for a full report. This is balance of power on Bloomberg Television and radio. David this is balance of power on Bloomberg Television and radio. The french president announced he would be extending the lockdown in france until at least may 11, even though they have revised down where economic estimates. We welcome nicholas dungan, visiting fellow for the Atlantic Council and resident in paris. We turned to nicholas when we need to know what is going on in france. Start there. What is it like on the streets of paris today . Nicholas empty. There is nobody outside and there has not been anybody outside since this started on march 17. And we havetraffic seen all these pictures of empty streets, empty monuments. That is the way it is. Clearly this is taking a toll on the french economy. We have had two revisions down. 8 down for the gdp. Our people understanding why mr. Micron needs to do this. Does he have the support of the french people . Nicholas i think he does. They are understanding this is a health crisis. U. S. , in the u. K. And the people have put off the Economic Issues until after the lockdown is over and everybody can go back to work. We have a strong unitary state in france and everybody will expect the state to pick up the tap. How they redistribute that in times of borrowing and raising taxes is another issue. That is not the central issue. The central issue is the health crisis. That is what he was addressing last night. He had almost 90 of french adults watching his address on television. The Largest Television audience in history for a french president. Time, some ofsame your neighbors are not taking the same approach. We hearing some places are starting to back off on restrictions. We are seeing it in austria and denmark, now even talking parts of italy and spain. Does that make the situation more difficult for the french and for Emmanuel Macron . Nicholas interestingly enough, all of the confusion and uncertainty Josh Wingrove was just talking to you about a few minutes ago about the United States applies in europe as well. The reason is, this is not just a global crisis. It is also a crisis that affects everybody in different ways. A competency of the European Union. It is not surprising to find different European Union countries taking different actions based on their culture and Health Systems, their own economy, their own politics. Europe as is the case it ishere else, financial, economic, social and political. It is not surprising we are getting different assessments in Different Countries and different political decisions in Different Countries, even though they are right next to each other. It does demonstrate the supernatural institutions, the multilateral institutions were not built to deal with the sort of thing, and only the National Government and in some cases the local and state governments can actually make sense of this. Sense, since it is driven by the virus itself and its affect on people, what is the effect in terms of increased number of cases, deaths, and also the pressure on the French NationalHealth System . Nicholas the Health System has held up pretty well. It was very close to being in the greater paris lorren. Nd alsace that has held up pretty well. There are transfers of six people to neighboring countries. Emmanuel macron thanked them last night in his address. Switzerland, germany. They also transferred people from the northeast to the southwest on military airplanes. That has been managed well. Like we are coming to the top of the curve. We have seen other countries, we have seen more cases in italy. You cannot be sure. The problem is there are virtually no masks, not many gloves, no tests available. Withyou are talking about your correspondent, with Josh Wingrove, the lack of tests will be the problem. Unlike germany, france does not have enough test to test that widely. They are only testing people who are symptomatic. That will continue to be the case. Emmanuel macron promised that as of may 11, there will be enough masks for every member of the population. That is something which the government will have to pull out. , quiteer problem is frankly, in this goes back to your question about his leadership, he was very humble. He said i have made mistakes. I need to rethink myself. We were not as ready as we should be. Date,from the may 11 there were not many specifics and what he had to say. That is when things will start to unlock and the government will be publishing the directives and the instructions in the next few weeks. Clear whattotally will happen. We know there will not be a summer music festivals. We know restaurants and cinemas will not open right away. What we do not know is when people can get back to work and when people can begin to lead what life used to look like. David what we have seen thus far and what has been said about austria, denmark, places like that, spain and italy, it is differentiated according to geography and also certain businesses and classes. Is there a differential effect in france between the large cities in the rural countryside on the other . Sure. As there is also a difference within the large cities. Some people are predicting there will be class conflicts afterwards or class pressures because who is at work . The guys who clean the streets are at work. The police are at work. I was talking, this is just personal anecdote, i was talking to the cashier in the supermarket and he said he is driving 40 minutes each way to go to work and sit behind a plastic shield in the supermarket. Everybody who can work from home , who is computerized, doing what the french call teleworking, has it much easier. It may be difficult to be confined in your apartment or your house. To of the paris population go to their country houses. In fact, what you have is a situation where it is not only different from country to country, but it is different for lots of people within the country. The people who are frontline workers are not only the medical frontline workers, but the people keeping the place ticking. There are still bus drivers working, there are still people driving the metro. There are still taxi drivers. They need to make a living. Thatthink everybody else can need to work from home has it a lot easier. We will see whether those tensions rise to the surface later. For the moment, you cannot see them because everybody is locked down. Is it too soon for a country like france or the United States to Start Talking about the supernatural bodies the Super National bodies. We have to deal with the pandemic globally. Every country is at war with itself. Nicholas that is right. If you think about it, as i said before, there are two problems. One is this affects everybody differently, even though it affects everybody. We have never seen anything like this before. The second thing is it is all five crises at once, health, social, economic, financial, and political. These different responses, france has a different feeling about africa than the United States. Some of the changes we will see will be slow. Clearly we are too dependent on with and we will end up people pulling their supply chains back. For the moment, the Super National institutions are not providing answers and that will be a big strain on the International SystemGoing Forward. David no question about it. Really appreciate you joining us from paris. Stay safe. Nicholas dungan, visiting fellow with the Atlantic Council. Coming up on balance of power we will talk about banks. We have earnings from j. P. Morgan and wells fargo in the market did not like what they had to say. We will talk with sonali basak about that, next. Ons is balance of power Bloomberg Television and radio. David this is balance of power on Bloomberg Television and radio. The bank started the earnings season. We had reports out of j. P. Morgan and wells fargo and we will get the rest of the big one in the next few days. Here to give us an initial report is in alibaba. Initially them is sonali basak. Initially the market seemed to like what j. P. Morgan had to say, than they change their minds. Sonali even though we saw massive Loan Loss Provisions from j. P. Morgan and wells fargo, the reality is we do not know how much worse it will get in the Second Quarter. We also do not know how long it will be until most of the customers are able to pay back a lot of their loans. The forbearance measures have taken effect to a lot of their clients. A lot of people have been drawing down credit lines. The reality is right now it is not so bad, but we do not know how bad it will get. The uncertainty is starting to burn at people. David how much should we read into the next earnings we have coming up, bank of america and Goldman Sachs. Is there a divergence about their exposure . Sonali there will be a significant dispersion in their exposure. Citigroup has an enormous International Business we have to consider. Those International Clients will be reporting a different set of issues. We also have Goldman Sachs, which has a Merchant Bank to consider in terms of their private investment and how that will fare as they build a 10 billion warchest to deploy into private deals. At bank of america, which is the more immediate concern, debt Interest Income we know will be lower at j. P. Morgan and wells fargo will also be of interest tomorrow morning when we see bank of americas figure. Well be looking at the loan losses more. On the trading desk side, we saw great numbers from j. P. Morgan we do not know whether the figures will hold up as strongly as the next that of banks that are yet to report this week. David i did see the trading numbers were quite good for j. P. Morgan, especially. Does that Say Something for Morgan Stanley or Goldman Sachs in the past. Sonali both of the banks you have named, goldman and Morgan Stanley, a lot more of the revenue does come from trading and investment banking, where deals have been muted. Debt underwriting has been great, but we have not had that much luck in the advisory businesses. That fell lower than expected at j. P. Morgan. With fixed income shining so brightly and Morgan Stanley being the leader in equities and trading volumes being where they are, the hope is trading will hold up for this quarter. That is in hindsight. We do not know what the next two quarters will look like. David one of the things everyone will be looking at will be controlling the cost. We note will be a rocky road for the banks. Thank you very much for sonali basak. Power,p on balance of we will talk to Massachusetts Attorney general maura healey, who is using her office to try to protect those most vulnerable to the coronavirus. That is coming up next on balance of power on Bloomberg Television and radio. Nowadays you do more from home than ever before. The xfinity my account app puts you in control with Digital Tools to give you the help you need when you need it. Get fast and easy answers with personalized help 24 hours a day, 7 days a week. Change your wifi password to a phrase thats easy to remember. Even troubleshoot your services on your own. Were working to make things a little easier for everyone. Download the xfinity my account app today. Yeah. This moving thing never gets any easier. Well, xfinity makes moving super easy. I can transfer my internet and tv service in about a minute. Wow, that is easy. Almost as easy as having those guys help you move. We are those guys. Thats you . The truck adds 10 pounds. In the arms. Okay. Transfer your Service Online in a few easy steps. Now thats simple, easy, awesome. Transfer your service in minutes, making moving with xfinity a breeze. Visit xfinity. Com moving today. David this is balance of power on Bloomberg Television and radio. Im david westin. Thanks all around the world are doing their best to help their this extremely difficult time globally, and that includes rbs. We spoke with the chairman earlier today, talking in particular about what his bank is doing for small and mediumsized enterprises. Because very important they create a huge amount of employment in the country. For many of them, there has been a complete stop on their business. The most obvious ones being restaurants and hotels, but a in more in the supply chain the leisure industry. The key thing is we need to ensure there is productive capacity in the economy for when the opening and the upturn eventually comes. If we have lost Production Capacity because firms have given up during the crisis, then me will have a constrained uptick. It is both important on the downside but also important to position the economy better in the upturn. How difficult will it be for these businesses . You mentioned restaurants, merchants, Service Businesses that are collecting zero revenue right now but are getting loaded highth debt, somewhat highest rates some with interest rates. How hard will it be on them on the other side of this pandemic when they come out of this loaded with debt . First of all, the furloughs gain means that they can recover most of their employment cost, and many of them are. Loaonavirus lois cain not e does in the long run, those will be viable with a larger amount of debt on their balance sheet. Some will be, some will not be. Which is why the government and , inrs are now looking at some ways, the need for an equity instrument. A governmentbacked entity takes a stake in governmentbacked. That is more of a problem with the reopening than the close down. At the moment, the loans available are at zero interest under the first year. Do you expect some kind of Debt Forgiveness . There has been talk about jubilee as a banker im not sure if that rubs you the wrong way. Is there a possibility of that on the other side of this . It is a possibility, would not be at all easy for the banks to do. Our money is somebody elses money. To am forgiving a debt borrower, im also spending your deposit, which is not something that you would appreciate. If that is going to happen, there has to be Public Sector involvement in it somewhere. I dont think the banks would be sensibly advised to do that. A bank creates a big hole in its balance sheet, credit will be constrained when we eventually reopen the economy, and that is exactly what we dont need. In the last financial crisis, the problem was why the recovery was so weak for so long. Banks who had holes in their Balance Sheets could not extend credit with that they could before. Not is a crisis of health, the economy, but we must avoid turning this into a financial crisis, where the economy cannot turn up because of a credit crunch. That is the calculation the government has to think hard about. David that was the rbs chairman. Sometimes crises can bring out the best in us, and unfortunately, sometimes the worst. Legalmes we need the authorities to make sure it is the former, rather than the latter. With us now is the Massachusetts Attorney general maura healey. Give us a sense of what you are finding in massachusetts. What actions have you needed to take to protect the most vulnerable among us in this crisis . Maura [indiscernible] david im so sorry, we are having some technical difficulties trying to get the attorney general from massachusetts. We will try to get her back shortly. This is balance of power on Bloomberg Television and radio. David this is balance of power on Bloomberg Television and radio. Im david westin. This coronavirus pandemic is applying individuals all around the world. We welcome someone with a specific Vantage Point of that, joe andrew, global chairman of dentons, the largest law number of attorneys in the world. Thank you for joining us. You are talking to a lot of clients around the world. How badly our people are hurting, who is benefiting . Joe thank you for having me on. People around the world are hurting, some are benefiting. I was supposed to be in africa today, athens tomorrow, germany over the weekend, but instead im speaking to you from my home office in washington, d. C. There is this great old welsh word that means homesickness for a place that you cannot return to. People who are more International Travelers like im are seeing that right now. All theak to clients globe, what i hear is not just a lamentation for what they wish they could do, but they are trying to figure out how to manage this next new normal, depending on whether or not they can bring their business into virtual as they hope it can be. David whenever you have a crisis like this, a certain ning and grieving, changes to our lives. Artistsbankruptcy growing as a practical matter practice growing as a practical matter . Are you having to deploy lawyers to figure out how they can take advantage of what is being provided by the government in order to keep going . Joe absolutely right. Lawyers are back, to the extent that we were received as a commodity before this crisis. Whenever you had to make a big change, whether considering bankruptcy or just contracts you need to find new ways to negotiate, or litigation threatening you because of the changes, you need your lawyer in the room. While many lawyers across the globe were seen as a bit of a evil,ity, a necessary with the first time in a long time, they are having strategic conversations with their clients about their clients future. David it is too early to think about that longer term changes we may see. Flying,often on a plane do you think we will not have as much of that Going Forward . We see clients talking rcing, bringing parts of their employment back. Unfortunately, there is some nationalism and fingerpointing that who is responsible. But parts of our business have become virtual. Uganda, before the crisis began, i met a young woman who was receiving a scholarship. She was awarded a genius grant. Shege 14, i asked her how did this, and she held up her mobile phone. I have the same access to the libraries and research in the world. I can do whatever i want with my phone connected to a solar panel. That type of democratization of ideas, where we have people all across the globe who can turn that creativity and intelligence onto the worlds problems, challenges, that part of globalization will be furthered. People will perceive themselves as a citizen, and at the same time, they will find that more things will need to be manufactured in that small village. Politics, because you were the chair of the dnc at one point. We now have president obama endorsing joe biden yesterday. How different is this election going to be given what is going on with coronavirus . It is impossible to exaggerate how different this will be. We had never seen an election like this. We have obviously never seen an election that started so early. You could argue that the election never ended from 2016 but we clearly have a nominee of both parties much earlier than we have had in decades. Time, neither of them can go out and meet people. They both have to rely on a virtual campaign, will have a different dynamic with conventions. Access to federal money will be smaller. One candidate, in Vice President sidelined by not being immediately involved in the solution to the crisis. The reality is, this was always vote to be essentially a on the qualities and the character of the incumbent, it almost did not matter who the nominee of the democrats was, because of the polarization there is in the incumbent president. Whether that changes the outcome is a different question, but it will certainly be a different campaign. David thank you so much, joe. We hope that you can come back and bring us a report. Dentonsew, chairman for. Now we want to go back to the question of massachusetts and the attorney general. We have seen some of the less they are among us, prone to more of the problems and have fewer resources. One of the questions is how we can do our best to protect them from people who could take advantage of them, or just the system that does not treat them as well as they otherwise might. Joining us now is maura healey. So delighted that you are patient with us, we got your back. Give us a sense of what is going on in massachusetts, when you are seeing and what you are doing. Maura a few things that we are seeing. You see people on the internet, they are marketing coronavirus vaccines, treatments. All of these are scams. In response, we go after them and try to shut them down. We also see people setting of these charities where they pretend to be asking for support , to support coronavirus the atoms. Again, they are scams. We are encouraging the public to do your homework before you give your money to what you think is a charity. We have seen, lately, a lot of people reaching out via phone call or the internet promising Small Business disaster relief, pretending to help them with their applications for the federal money, which people are so desperate for. We have been clear with the public, only go through the public sites to apply for and obtain that relief. But it really runs the gamut. Suzanne, a woman named was calling around, offering to help people with their student fee. For a we are monitoring this, encouraging people to report these to our office, and we are taking action as we see it. David do you have Something Like a hotline . Up. A we have a hotline set we also have a way for people to file directly online, or through social media with our office. We have those lines fully staffed up. Price collection started a few weeks ago, and similarly, for these types of scams. David if you discover these, what can you do about them . Your court system is closed down, right . Ranges. T really some of these are coming from overseas, so it is harder to chase. Sometimes it is just tracking down who owns the site, sending cease and desist letters. We also make sure that we warn the public immediately so that they are on the lookout on these kinds of unlawful solicitations. David look forward to a more hopeful time where we get a treatment or vaccine. How do we make sure people can afford it . Unfortunately, the wealthy have the first access, but a lot of people who have been most than the affected are not the wealthy at all in most communities. Maura that is so true. Not only are they having trouble accessing health care our Health Care System is so strained right now, and you see the holes and the failings there. A lot of these folks are frontline workers, but a lot of these folks, too, have lost their jobs. We will need a whole safety net, a whole lot of funding to support them, to help them through this time. This is not a weeks or months long endeavor. This will really take us, i think, years to recover from. My hope is that we rebuild in ways that are more equitable to deal with the underlying disparities that result today in black and latino populations disproportionately being affected, second, and killed by the coronavirus. Do, buta lot of work to there is a lot of opportunity to rebuild in a more positive direction. David that is very hopeful on your part and i hope you are right. You mentioned the health care workers. Some reports that perhaps people have been hoarding some of the personal protective equipment. Is there a way for you to discover that and go after that, in Legal Recourse . Maura some states have issued orders that prohibit that kind of stockpiling. We, through our office, have encouraged the public to turn that ist they have, ppe so needed in the hospitals, on the front lines. We are also encouraging the public to donate. A lot of companies also happened to have ppe. Not necessarily health care companies, donating that. We have also seen in massachusetts a wonderful effort by many of our Manufacturing Companies who may have been making Athletic Apparel and are now turning around to make masks , gowns. Bit helps at this time. David turn to a different issue. In massachusetts, your Governor Charlie Baker announced this tracking and tracing pattern to isolate and identify the people who have the virus and may spread the virus. Does that raise issues for you in terms of privacy . Amazon and google say they will that will tell us who we have been in contact with. Is this a bad enough crisis savinge will worry about peoples lives and then worry about privacy later on . Maura Public Health is the priority. That said, there is a way to do it to account for peoples privacy. Sos has to be governmentled that the right protections are in place. Certainly, whatever we can harness from the private sector or, we should be looking to harness. We will not see the economy open, as many are clamoring for, until and unless we have measures in place to do that contract tracing, test to see who has the antibodies and may able to return to work, to see who has had the virus and come out of it. Ultimately, we need to get to a vaccine. People need to be patient, it is a terrible situation. The fact of the matter is, until and unless we have these measures in place, we will not be able to open things back up. We have to get that right. We have to put Public Health as the priority ahead of everything. I may, ifinal area, if mentioned the court systems. Im not sure what is happening in massachusetts. Of business, a lot of work to do without coronavirus. What happens to all of that work . Can you do both at the same time or do you have to suspend a lot of what was going on to focus on this crisis . Maura its a good point, but fortunately we have been doing both. Our officeour office went virtus ago, so everyone has been able to work from home, preparing and filing briefs. The court, while not operating in the way that they used to, letting people in and out, are nonetheless taking electronic filings, having videoconference hearings. Ahave set up in the office Covid Response team, and we had many people working on this. We have our health care folks marketing, consumer folks working. In the early days, the issued regulations to end debt collection, price gouging. We have worked on other issues like working with the utilities to stop shutoffs of utilities. Making sure workers are protected. Our Fair Labor Division is leave,g for paid sick the things that they need for themselves and families, but re workinghey a at a Grocery Store or amazon, that they have the correct ppe to protect themselves. Breadth of scope and our Attorney Generals Office and what its capable of, but we have also kept all of our hotlines open, the work continues, just in a different way. We have learned a lot about the fact that we are able to accomplish a lot through videoconferencing, telephone conferencing, but we found a way to continue. David we are all learning an awful lot. Delighted that we got you back. That is the attorney general of massachusetts, maura healey. Thank you for being with us. This is bloomberg. Balanceelcome back to of power on Bloomberg Television and radio. President trump has been meeting at the white house with some survivors of the covid19 virus. Among the headlines coming out of that, he says he plans to announce a deadline to reopen the economy very quickly. This is part of this tugofwar that he is having with state governors about when to reopen the economy. Maybe part of the reason he is optimistic is ug that is a gilead dr having some good results. He says that he continues to be the cheerleader of the nation. This is balance of power on Bloomberg Television and radio. Im david westin. Vonnie and his 1 00 in new york, 6 00 in london, 1 00 a. M. In hong kong. Im vonnie quinn. Welcome to bloomberg markets. U. S. Stocks rebounding after an ugly start to the week. The s p 500 regaining all of yesterdays losses and then some. The index now on track or its third positive session in four. Gains coming despite difficulties in earnings season. Wells fargo reported an 89 drop in net income. Both banks are setting aside billions in loanloss provisions as the coronavirus pandemic brings the u. S. Economy to a virtual standstill. Jamie dimon says the road to recovery will be a long one. He tells investors the u. S. Economy will not only reopen until at least the summer. More highlights from the banks earnings calls coming up. Lets get a quick check on the markets. The s p 5