Our apologies to the half. Lets get to the judge messages of hope can bleed into this program any time thats a certainty its good to have all of you with us today as our breaking coverage continues with the market now stocks surging again today after historying actions by the federal reserve. Just about a 500point gain. Just shy of that just shy of 2 for the dow theres the nasdaq shy of 1 and the russell with a gain of 4 . Are we too far from the lows to turn back now or is this a simple bear market bounce that is likely to reverse josh brown, i turn to you first. We have regained 50 of the losses, where does this take us from here . What does all of this tell us now . Well. At first you would say we are now 28 off the low which is is extremely respectable and historically there have not been very many bear market rallies that have been carried this far. That is incredible just extraordinary after an almost 30 bounce, less than a fifth of the market is back in an up trend. Look at the lead stocks this week there are 14 names in the s p 500 that are up 50 on the week. 50. What are those stocks . Gap, kohls, in ordnordstrom, te hardest hit name a rally being led by junk is not sustainable. I think a lot of people are saying that. Im not saying its wrong but it feels too obvious. I think the rational thing to do is say were in extraordinary times. You have all this bank memory of prior bear markets i have it too. Maybe we need to put some of that stuff aside and say unprecedented things happen almost ef minuvery minute of evy right now. History is a tough guide all in really from the fed and these comments of powells no limit to what the fed can do. Thats in part to why were seeing the gains that were witnessing today i dont think were going to retest the lows and its because of what you just said. You cant fight fed nor do i want to. Theres always fiscal stimulus we got 2. 2 trillion two weeks ago. Were adding onto that 250 billion and well add on more and more your question is are we going to retest the lows. I dont think so i think this is a bear market rally which means it can last for a few weeks and there will be buying opportunities in the upcoming future. I think as earning season goes on, were all going to look at the earnings and say we dont know what the heck this tells us stack bu starbucks come out today i cant tell you what starbucks second or Third Quarter will look like. Nor do you need to. This one is it and probably next one too. It just didnt matter. Youre correct. Heres the thing were saying were throwing out 2q, i agree. Maybe even 3q. I dont think you have to someone i totally respect had a conversation with yesterday and said that earnings are irrelevant now 2020 is irrelevant from a earnings stand point at this point. Nothing these Companies Tell Us means squat. Let me give you the context let me go back to the start. Were saying why i think this is a bear market rally. Why i think youll have buying opportunities in the coming weeks. Not retest the lows because the fed got our back but you will have buying opportunity because people will say ive got to be able to model q4 you just cant do it right now you dont have the data to do it jenny, you come down . I agree it will be buying opportunities. I agree with elements of what you both said. Its going to be important to see what the companies have been doing and how they positioning i almost think those are ir relevant too i think those are irrelevant too. What are they going to tell us that we dont already know theyre going to tell us wha they have been up to we know what they have been up to. Theyve been in a bunker i dont think thats true for every company. Some companies are going to be okay some Companies Might in a weird way thrive i do agree theres buying opportunities. I think that there be stuff to do its way to early to think were out of the woods joe we continue to move further and further away from the lows does that make it more difficult to go back to the lows youre not going back to the lows the market has a series of transition well get back to you forgive me were going to come back to you. Your microphone is acting up a bit. Well try to fix that and come back to you. Josh, this issue of earnings if ever there was an irrelevant period of earnings, this has to be it. Why even bother trying to model something that has no model . Theres no basis to go into anything the commentary doesnt matter. Numbers dont matter you guys are going to have to make your decisions based on what you think will happen in 2021 against the backdrop of a fed that is so all in and it still had more things to do. Powell that made that clear too. Good point. Earnings down 50 , oh, my god. Did anyone not think that would be the case. The number is not the important thing. What is important is on the Conference Call these companies detailing what they are doing in terms of liquidity thats what im paying attention to in names im in i was on the phone yesterday with rob that becomes enormously important right now because then youre thinking about smooth earnings over ten years and what do companies typically earn. We were at 33. Now were down to 24 which is not different cheap but were hugely discounted relatively to where we were months ago its not the cheapest market in the world but when you think in those terms it does make short term earnings situation much less important to Pay Attention to thank you for being here. I hope youve been well and safe and healthy. We had a tremendous move coiled up for a bounce you surprised that we are now where we are not really because i think that psychologically what we had gone through in that moment was basically coming to a reckoning around the amount of risk that people had and the lack of preparedness that they had for this kind of volatility. We had basically seen no ball up into this period really all we did when we tested the lows was allow people to unwind a bunch of leverage and be generally better positioned to be clear from my perspective, what he had not done was trade the news we traded the risk this rally is effectively our desire to not listen to what i think is relatively evident and hope for the future but the problem is that hope isnt the strategy much of this rally, i think, is a set up for what happens next what the fed did was dumbfou dumbfounded. Why dumbfounded if you look at what one tale tells you, we saw six million jobless claims we think well have somewhere between 15 to 25 unemployment in the absence of an artificial supply side decision in oil we could see an entire industry of the United States evisceeviscer. The damage is much greater than we thought before it was isolated to tourism. Yesterday, for example, new york presbyterian said they could lose up to 750 million. Ucsf said they could lose a quarter to a billion dollars were now touching industries that were responsible for fighting this disease and helping us to make sure we could get back to normal who are the first to be affected that wave of damage has to really get unwound and that 100 billion in the stimulus bill looks like its woefully insufficient for that. Dont you think there will be more the fed put it all out on table. They still have more to do and they will do more. The government will do more. As someone who owns tens of kpae companies now going through this ppp process, i think the result will be sloppy the amount of money thats given the requirement they wants taken to give you an estimate on the ground the tale of two panpandemics if youre company, you save more by furloughing people, cutting salaries and letting people go than you would by getting ppe. The difficult decision that many ceos are being forced to make is how much runway do they want do they want to get a few months of payroll leaf but then be forced to carry folks on longer in the absence of unknowingness o of the revenue side of the business youre seeing Big Companies deciding to furlough people and let them go. The other side is what the fed is doing is the decision to obscure price. I dont think its a bad thing in the short term to create some amount of confidence when theres massive volatility at some point what we need to realize is that unless we want a state sponsored economy where the government owns most of everything, were going to have to have a period when private Market Participants or public Market Participants like myself or josh have the right to set the price. If you look at ford bonds today, i dont know whether ford is a Good Business or a bad business. What i do know is when the fed sad im going to prop this company up and make sure this leave or this debt does not fall into place where its tricky for them obscures what the real price is that i would pay. They will have to decide what the true fair market price is. I think thats when theres this next wave of damage. You have a reality in main street and they are noting with reflected. Josh, you want to comment on what chamath is saying yeah, i appreciate that point of view about the fwogovernment obscuring price. From bpa research we heard that 80 of layoffs are considered temporary by the employer or the employee or both thats new research as of the last couple of days. Were in a war in a war, the government directs the war effort and finances it and so part of fighting that war, this time, is not jet fighters and battleships and aircraft carriers, its financial liquidity and medical, medicine were fighting war on that front. Its still war we still have a citizenary thats at risk of death and losses when you think about it as a war the idea of the fed and the treasury stepping in is no different than a taxpayer funded material sending soldiers and material off to where the battle front is itsless offensive i agree we did not lose money in the last round of corporate bail outs the government made money on the bank investment, the auto industry, aig. Not that we wanted to do it. We were left with no choice. Theres no choice. Im not disagreeing with what the fed has to do. What im saying is its creating a land mine and its creating a bill that will have to come due. I think the point is that in 2008, we had a surface area that was relatively limited we could contain what the problem was to a specific sector or a specific companies or to specific holders of specific instruments. This, as you say, is everything and the kitchen sink its everybody its everywhere. Its all industries, its all companies. Its all sizes unlike 2008, this is the totality of the United States economy and its large percentage of the world economy. In that, theres a very simple binary thing that the government has to do, which i agree with right now. Eventually, those prices just like in 2008 got priced to market in that turn, the United States government and the United States citizens who put up the money, we got a decent deal and made a bit of cash. My point is when you look at how broad based the pieing is here, it just wont be the case because theres some Zombie Companies that will get propped up i agree with that youre going to see a lot of financial carnage that maps to the actual carnage thats happening on main street jenny i agree with some that chamath said is were creating a land mine and the bill will come due at some point. This is something we have been talking about here too we have been asking the question when does the tldollar weaken. To us at gilman hill, the way out is incumbent upon voters to be super conscience that were voting for fiscally sound lead who are can understand and start to dig us out of this hole that might be pollyanna to think its possible. It is on us to be fiscally responsible for the next five to ten years, maybe 20 to 30 years to get out of it one of the issues, why should we even been worried about quote, unquote, land mines at this point jenny is totally right. We are headed towards all the worst parts of europe without the best parts its all bad teeth its no good food in architecture europe, for years, have decided they will prop every random company up they will never allow a business to fail. The ecb will come in and buy credit youve seen wast happhats happ the euro zone which is a slow, slow decay we have to decide what we want to see some form of us may be required. After this period of flagrant spending just to build your point, we have just started to figure out the damage to state municipalities we know thats not going to be enough if you go state by state, city by city, county by county, what you will have is a very, very difficult political problem that these mayors and governors have which is the following this is the one chance for them to get a massive bail out. If youre running a city and you have unbelievably large, unfunded pension liabilities, your revenue has fallen off of a cliff. You have no idea how youll provide essential services this is the moment in time to they your ability to go back to work, to they the way that you end the shelter in place solely because the damage will be incrementally worse which means you probably have a better chance of being a little bit further in line, ahead of the line to get bail out that is an entire issue we havent started to touch we talked about delta or Carnival Cruise ships but what about the city of houston, the city of pittsburg, the state of arkansas i hear you on all of that an those are going to be issues that need to be dealt with im fairly confident there will be more money regardless of the land mines that it creates down the road that the right people are in place thinking about the very issues that youre talk about and there is going to be money funneling to where ever it has to go. Tlp there is no alternative. Theres a basic principle of capitalism at some point you and i have to agree what the market clearing price is for risk and for an asset. What we have decided to do is pause that process all im saying is we will have to restart that process if we intend to have some form of capitalism in the United States. Well have a better idea once the economy opens but once you get further down the line. The level of the engagement of the government and the fed, it has obscured price on a lot of things but thats sdp it its not obscuring the damage the damage is still happening. It will be one thing if what we were doing slliterally cutting checks to humans, and thats all we did bha we wou what we would see is probably inflation. What we have done is divorced ourselves from reality the more we continue to do it, were going to exacerbate the hangover that we have because its not going to happen as many individual people as you think its going to help all its doing is propping up asset prices it would be better for the fed to have given another half a trillion dollars to every man, woman and child in the United States somehow this crisis changing the way you invest, if at all. The first thing it made me realize is as bad as the equity markets are and what i mean is people have just said, i throw up my hands in the air im going be net long. I decided to basically step out of the equity market more reality is in the credit market and in private markets. Ill give you an example two days ago there was a transaction where flap, where i led the series a and we took it public last year we did a convertible bond issue in the Public Market 750 million,. 5 coupon, 24 premium. Air bnb did it also you have a price maker and a price taker. What you would say is that the public equity and Capital Market essentially allows it to raise as much money on whatever terms they wanted. Air bnb had to two to a loan shark. Theres a massive di lohslocatin private markets. Josh mentioned this very early on but theres been this amazing phantom rally in junk high yield. If you go through the high yield index, there are an enormous and growing number of Zombie Companies that will not exist in five or ten years. Again, at some point the bill comes due and somebody has to price these saassets and all the unsecured debt that has not gone to fund it but has gone fo fund pay backs, those unsecured debts have to get paid back. The cash flows dont exist which mean these companies will go to zero in the credit market, i think theres an enormous body of opportunity. It can be price makers in the public equity market if you have any reasonable way of saying this is one or two quarter abberration youll be given a hall pass. If youre really honest with yourself and really honest with all of ourselves for a minute, what do we know now . We dont know much more today than we knew in january. We dont know whether you express antibodies we dont know whether its reliable we dont know how long they last if you really write this down on a piece of paper, the reality is we have the same open questions we had in january. Im sorry so interrupt you. Lets listen to what bill gates told becky this morning on squawk box and react on the other side it play sbos into what were tan about now. No one should think the government can wave a wand and all of a sudden the economy is anything like it was before this happened that waits a miracle, a therapeutic that has over a 95 cure rate or broad usage of the vaccine. Same point youre making. Hes completely right what were seeing is we really dont know much more than we knew back then were still waiting. We have a lot more hope. Were seeing the effects of courageous actions by our front line workers when you think about that, the reality of an economic restart to me is much murkier than people think its going to be difficult for large sbawaths of people to congregate and doing tasks until we know that cured, get an injection that will project you or if you get sick theres way that 95 efficacy, dwrour besi guarantee youre safe. If you hear about your elderly father or his immune system is compromised, maybe your wok at home there may be a therapeutic which works but i cant guarantee that either an economic restart will not address any of those core structural issues. Were in a point right now where Capital Markets are still very much divorced from mainstream. At some point we do need the tie these two things back together this is how the United States is the most important vibrant economy in the world the Capital Markets should reflect what happens on the ground at companies by people. Right now it does not. Sure. I think its important to repeatedly say, with an aster k asteris asterisks, with a caveat this time this is what has to happen. I think you can make the argument this time it would be immoral not to do what the government and the fed are doing to help make people in jay powells words, whole, because of a situation they were forced into were not lets be clear were not making people whole. You get the point i dont get the point because its not accurate. Its not fair. Its treating the American People as if they are stupid were not stupid if you wanted to make us whole, you would take last years w2 and say im going to give you the monthly wages you got last year until this thing is over. Thats how you can make us whole. By plugging the whohole of the pla balance sheet, you dont make us whole. Thats not doing anything for the average person the average person got about two weeks. They need more. Sdp they need a lot more. Theres no disagreement at all. Thats less than ten cents on the dollar of whats being spent now. All im telling you is there is good intentions. Typical, informed, we are misallocating vast swaths of money. In it, what were doing is creating a bigger problem that has nothing to do with how people will recover. It has everything to do with how Balance Sheets are calculated and lps get k1 this is nothing to do with the firefighter, the policeman, the doctor, the nurse. I do not disagree with you on that were going to have to have the painful and unfortunately too long lasting conversation of income inequality. In many ways of what is happening now may accentuate i say too long of a conversation because it seems to continually expand without getting dealt with and the unintended consequence of this entire situation that was the fault of nobody is going to be i understand. I understand being the fault of nobody is not an excuse for doing the right thing and being compassionate now. All im saying is if jay powell is listening, i would tell him this everything you have done, i applauds thank you for doing this from here on out look out for individual people above all others if the fed is literally willing to do everything, do things first and foremost for american citizens, one by one every man, woman and child get money in the hands of individuals. Replace their lost incomes dont prop up assets youll having money wash around the Financial System which is all about hedge fund, bank, large Family Offices guys like me, we dont need the help joe, do you have something for chamath . I think thats great point what he just said. I do think individuals need the assistance you are painting a narrative thats rather ominous for rasing risk saassets where is it that you see the largest richness and are you taking a position in that capacity thinking its over priced thank you for asking. This is why i think the entire focus has been where are opportunities where i can loan to own or where can i buy, where i can step into the companies and save them. My thought is there are some incredible businesses right now that are going to get in very precarious trouble the odds that the fed shows up with a bazooka for every Single Company is low guys like me can step in and help preserve some really Good Companies that, frankly, make products in the United States that keep Good American men and women employed thats where im spending my time because thats what i can do i cant build a vaccine. I cant find a therapeutic i can shore up a business, make them be more efficient, figure out,0 how to be more resilient. Im spending a lot of time many the credit market trying to figure out where i can be a lender of record i can participate in the pandemic and help these guys its not lot but im going to try my best. Josh. I would say to chamath on the issue of the right way to get stimulus to people, i agree with him its very indirect to be giving it to Small Business owners, to keep employee, to give it to mid size enterprises for today. Or to do like airline bail out with half a trillion i completely agree it takes a long time for that impact tok be felt thats the only transmission mechanism we only used and had mail in checks to cash is the most european thing ive heard i dont like its this way, but it is. Thats the only engine of Economic Growth we have meaning theres 5. 7 trillion that American People have saved in the stock market usually 401 k and ira. That money becomes hedge fund money or mutual fund money its pension money on top of that which is firefighters and nurses and teachers. Its not too different money its peoples money thats managed by institutions thats in these corporate stocks and bonds. I think its very hard to say that theres a faster, more effective way. I do think we should be doing more on Unemployment Insurance but other than that, i dont think we can wrap dollar bills in brown paper bags and drop into peoples laps miley cyrus most of the economy requires stock prices and asset prices to rise that fuels more spending im not saying its good im saying thats what it is chamath im not sure i agree. The most european thing were doing noun is propping up Zombie Companies. Its not giving money away because europe doesnt do that they have good Subsidized Services but they dont just hand out money to people in terms ho s of how the economy works, its true but theres an intermediary that steps which are the eps and large bulky organizations. These people arent thinking about which businesses they need to own these people are running low load or no load funds. They own 80, 90, 100 companies. They dont understand company a from company b theyre not trying to help a company by getting them incremental capital. They are running a simple business and getting paid for it the people that pay the price are the pension fund and individual owners who own products through this level of indirection. This is a moment in time where when you have grave consequences, you have to have strong, powerful, courageous action we had more technological ak because of world war ii. We had great social reform because of the depression not despite the depression americans have this great ability in moment in crisis to step up. Were trickling around today, its probably something we need to realize is much more important because we have always been a consumer driven gdp driven economy until that changes and i would say it shouldnt change, consumers are voters they are voting for products that win we need to make sure these consumers have more and more capital at their disposal and they will lead us out. I think what fwhewe need is a political body who is willing to embrace the capability of People Like Us that are watching and the individual people capable of electing people, who are capable of going to war and dying for our country that we are capable of spending our way out and figuring out a solution. All this indirect capitalism does is lines money in the pockets of the established masses and id indirectly, five, ten cents on the dollar gets to people who really need it. It was wildly wasteful and unnecessary. I want to get into another story. I think we all agree that more money for main street is needed. Maybe not in spite of the money to all of these companies or whatever that make up the economy as well. That more money is needed everywhere, perhaps. Are you keep saying propping up Zombie Companies are you arguing to let airlines fail yes why how does that make sense in the broader scheme of the economy . This is a lie thats been o purported by wall street when a company fails, it does not fire employees it goes through a packaged bans rupt si. The people who have the pensions inside the companies, the employees end up owning more of the company. The people that get wiped out are the speck laulators or the s that own the equity. Those are the rules of the game. Thats right these are the people that purport to be the most sophisticated investors in the world. They deserve to get whieped o w. I dont understand why does anybody deserve to get wiped out from a crisis created like this . How does anybody deserve to get wiped out . Just be clear bhop awho are e talking about. A hedge fund that serves a bun bunc of billion airs. They dont get the summer in the h ha hamptons who cares they own their stock, own the Company Stocks you can look on bloomberg and see what percentage these companies are typically owned by they are owned by black rock, these huge, amorphous organizations downstream is the employee owns a few hundred tlatla dollars. Why does anybody deserve to get wiped out . Wouldnt that be immoral in and of itself . No. On main street today, people are getting wiped out. Right now, rich ceos are not boards that had horrible governance are not people are six Million People saying i dont know how im going to make my own expenses for the next few d week, days, months its happening today to individual americans what we have done is prop up and protect poor performing Ceo Companies and boards you have to wash these people out. Were going to continue the debate another day chamath, you always give us something provocative to chew on you did it again thank you for coming on today. Thank you talk to you soon well take a quick break up next its a story getting a lot of buzz on wall street audio recordings of a Top Executive at bank of america revealing pressure on employees. Americas oldest lighthouse has weathered many storms. Seeing the break in the clouds before anyone else. Together, well weather this storm. Our Retirement Plan with voya gives us confidence. So we can spend a bit today, knowing were prepared for tomorrow. Wow, do you think you overdid it maybe . Overdid what . Well planned, well invested, well protected. Voya. Be confident to and through retirement. But right now, the world needs all the good that we can do. To everyone working to keep america strong, thank you. Welcome back lets get the headlines now. Hello here is whats happening the senate adjourning until monday after failing to unanimously pass a 250 billion relief package to aid shawl businesses democrats want a much Larger Program that would expand aid to include hospital, Food Assistance programs and local governments. 7,099 people died yesterday in new york state from the coronavirus. That is the highest daily surge since the crisis began governor andrew coumo comparing the loss of life to the 9 11 terrorist attacks. 9 11 was supposed to be the darkest day in new york for a generation we have done everything we can since 9 11 to make sure 9 11 didnt happen again. We lose 2,753 lives on 9 11. We have lost over 7,000 lives through this crisis. Morgan stanley says its ceo has recovered from covid19 after falling ill three weeks ago. The company did not disclose his diagnosis to shareholders saying it was not quote material since he continued to lead the company. As always, for more coronavirus coverage go to cnbc. Com. Back to you. Thank you. Now to a cnbc exclusive. A recording obtained by us of a call between several executives in bank of americas Equity Division it shows trying to perform and the caution needed to protect the workers from getting sick. In one piece of the recording in the march 25th Conference Call, the head of Global Equities laid out the stakes for those considering staying at home especially if the crisis lasts for an extended period of time at some point in time, one has to make a decision and the reason why its called critical function is we have a critical requirement by finra to provide proper and orderly market. We cannot provide proper and orderly market if 99 of the population decides they dont feel comfortable in another piece of the call, he said staying at home to avoid getting ill wasnt ideal people have to understand that too you cannot on one hand say you dont trust the famine, on the other hand get the money if the firm critical function now, if people decide that they dont want to be in the critical function, we can have that conversation, too. Every Single Person within this office right now has a family. Every Single Person in this office right now has children. Every Single Person in this office right now has elderly parents, although some are very far away, some are here. Every Single Person in this office is worried about it though gallo said there would be, quote, special circumstances for those with underlying illnesses, mentioning a staffer with a compromised immune system due to a battle with cancer, he also made it clear that everyone wouldnt get the same treatment. Of course, were going to entertain special cases, but not the i dont feel comfortable, sorry doesnt work that way over the longterm its important to note, as the virus has spread, bank of america has continued to underscore its commitment to the safety of its workers. On april 1st, Brian Moynihan along with the World Economic forum wrote a letter to corporations saying that companies needed to focus heavily on stakeholders employees coming first then on cnbc a couple of days later, mr. Moynihan said only 5 of the firms trading workforce was in the office and pledged to do everything the firm could to take care of the firms workers, including making sure those who needed it were getting the best medical help in fact, just one day before the march 21st call, bank of america put into place the ability for its traders to work from home. Even so, mr. Gallo appeared to send those considering an option a message about how connected theyd be allowed to be. Theres a balance there between Critical Mass in the office and not Critical Mass in the office or alternative, over time, if maybe not the critical critical, is if youre deemed critical and you decide to stay at home, well just take your access away its no problem. After a certain period of time i assume people, when theyre staying at home, theyre selfquarantining or theyre going out for a walk they going to the super market so you can catch it at the super market you can catch it at the cvs. You can catch it by walking next to a person. Bank of america did send us the following statement. Ill quote now the premise of this conversation is that after a period of time and the government and Health Officials have said that it is safe, people will need to come back to work and we know people will have personal challenges and we will need to help them plan for that this conversation took place two weeks ago when we were establishing new protocols about employees executing trades from home we we have 95 of our people working from home in the trading businesses, including some of our most senior traders. It is also worth noting that other firms have grappled with similar issues it reveals the immense challenge of the new environment, josh, that we are dealing with there was a story in the wall street journal last week about jpmorgan and issues that it dealt with but what do you make of this story and the recording, the words from this global head of equities yeah, its a wild story and, you know, we had sent our people home. First, we made it optional, then we said, no, no, no, we insist but that was a gradual process and i think you have to balance like, obviously, that guy is not a medical doctor and should not be leading a meeting about how you can get sick, and this is safer than going to cvs. Thats obviously absurd. But then part of you, scott, has to be like, look, this has never happened before in any of our lifetimes and, you know, people made mistakes, as they were trying to figure out the right response, the right rapidity of the response, the right the right tone so i think, kind of, you get a pass a little bit. But, yeah, it threatens Peoples Health so its a tough story. Im glad you told it yeah, jim sorry. Look, ive been on plenty of institutional trading floors in my lifetime. The year is 2020 and there is just absolutely no reason to be elbow to elbow with people or even within 6 feet of people the technology exists to do this remotely i just i cant fathom why this fellow felt like he had to have everybody on a trading floor. I just dont get it. Janney . So, when i was at goldman sachs, i would hear hank paulison speak and then went to newburgher and that was dick fold and when i heard this call, there was a part of me that just felt sad and sorry about it, because i think that finesse, you know, could have changed the way it came across and maybe the message could have been the same from two different people and with a different level of finesse, this might have been softer and a kinder feeling koucoming out of it joe terranova, just lastly to you. Ill quickly echo what everyone else said hopefully this gentlemen realized the mistake that he made with his comments and i applaud you for pointing it out. I think the environment looking forward because of your reporting Something Like this will focus on the health for workers on wall street and i think rushing people back into the office is obviously not something we want to be doing. All right, guys well take a quick break, come back and have final thoughts and some moves that you are making that we didnt have a chance to get to, but we will before we go usieght, jim cramer intervws hoe Speaker Nancy Pelosi do not want to miss that, 6 00 eastern tonight. I know that every single time that i suit up, there is a chance that thats the last time. 300 miles an hour, thats where i feel normal. I might be crazy but im not stupid. Having an annuity tells me that im protected. During turbulent times, consider protected Lifetime Income from an annuity as part of your Retirement Plan. This can help you cover your essential monthly expenses. Learn more at protectedincome. Org. Its a voice on the other end of the phone. A note to say youre on our mind. A willingness to come to you. The world and how we interact with each other is changing. But that will never change who we are at lexus. Now, more than ever, you and your needs come first. Find out what Service Options are available in your area at lexus. Com people first our breaking news coverages tonight on cnbc with a special report, markets in turmoil. Ill see you at 7 00 eastern again this evening we have some moves our traders are making and i want to get to those. Josh, you have doubled down on store, on store capital . I did i doubled my position. Store is a stock that i was happy owning in the 30s, so i had the opportunity at 16 yesterday to double up and i listened to the chairman and ceo, christopher volcano, give a talk, hosted by Raymond James and they had done a share sell of 150 million in january, drew down their whole Credit Facility in early march so, from a liquidity standpoint, i feel comfortable i dont expect all of their tenants to rebound so quickly, but i think theyre already pricing in a dividend cut and its down 54 since the crisis started. So i think im going to be very happy three years from now you sold nike, though i did up 25 in two weeks. I dont have a lot of High Conviction about people returning to malls or caring what they looked like anytime soon if it gets back down into the 60s, maybe ill buy it again, but thanks for the ride. Jenny, you sold caterpillar . Sold cat and bought fisher. One, we think that construction spend willing probably remain depressed and tough for a while. On the other hand, medical equipment spending will probably go up. Thats the trade we made joe, quickly, you bought hyg and junk my buying is a little different than what it was, which used to be amazon and apple. Its wing stop, its small caps, its reits, its financials and its the highyield etfs all right nasdaq is up 1. 25 thats a gain of 1 there. Dow is about 30 up from its march 23rd low that does it for us. Thanks so much for watching. Ill see you at 7 00 kelly picks it up now. Thank you, scott. Well see you then hi, everybody. It has been a wild day for investors with stocks in rally mode for a second day. The dow is now on pace for its best week since 1938 we have nearly 13 gains on the week and its a shortened week, were going to achieve in four days what previously took five lets check on the markets right now. Were up 524 points, 2. 25 for the dow and s p. The nasdaq lagging today, its up about 1. 25 but these gains despite terrible weekly jobless claims, jumping another. 6 million it means in just three weeks,