We will receive testimony from the secretary of the check treasury as required under title iv of the cares act congress has appropriated 3 trillion to protect to fight the pandemic and to stabilize the infrastructure of our economic system. A large portion of this funding is from the title iv of the cares act which has significant resources for loans and loan guarantees and other investments from the Federal Reserve with the emergency lending facilities in the states and municipalities and tribes. The title iv provided 454 billion as the infusion into the Stabilization Fund to support the emergency lending facilities that facilitated the qualities to support eligible businesses, states, local governments and tribes. And to be authorized under section 13 and to stabilize those markets but the Federal Reserve announced the establishment of the intent to establish to support the Financial Markets and businesses including some that are supported by the cares act. Last week other members of
Take some time for public to regain confidence and adapt to the new world and start traveling, taking vacation, going to restaurants and things like that. Im glad you brought that up. Thats one thing we havent talked about was this notion that when we looked to open our businesses and i think we all in a bipartisan way, thats what we want. We have to find this balance, opening our businesses in general. Theres only going to be as successful as the Customer Confidence that is there to patronize those businesses thats not just true for the Hospitality Industry thats true for all businesses i do know that the service and retail has been hardest hit business and my understanding that some of the data ive seen over 2 of those businesses have closed permanently already how are we to address this Consumer Confidence issue . I know thats something you thought about and talked about publicly what should we be doing . One thing ill say is it affects different sectors of the economy. The one we t
Decades. The economy there slowing by almost 7 . And two dow components moving higher boeing that is restarting some production in Washington State and proctor and gamble reporting strong sales growth. Ill hit that later in the hour. Yes, indeed, hooking forward to that. Markets up 1. 5 59 minutes left of course. Lots of big guests coming up including we will discuss the broad market rally with bank of america and blackrock and chamber of commerce ceo, tom donohue will discuss the call for congress to provide more emergency funding to Small Businesses bob pisani is tracking todays rally. Adam from staten news is with us to talk about the market moving report he cowrote on gileads drug bob, lets kick things off with you. Well, we are up today and have been all day, but were at essentially just off the lows for the day. So the markets kind of running out of steam here. The good news here is is all the beaten up sectors are rallying today on the somewhat hopeful news on coronavirus treatm
Expected to move to trial, the phase one china trade deal expected to be signed at the white house this morning top trump economic adviser larry kudlow joins us first cnbc this hour. And financials are in focus, bank of america beats for the quarter, goldman hampered by litigation charges target shares are plunging. Holiday sales miss on estimates on weakness and toys and electronics. The u. S. china phase one trade deal said to be signed this morning this is what secretary mnuchin said about the agreement earlier this morning on squawk. We need to put together very significant laws to change rules and regulations and made strong commitments to our companies there will not be forced Technology Going forward thats a big win for our technology companies, businesses and American Workers we look forward to learning more in the wake of this signing. Jim, mnuchins appearance this morning brought us something new, the notion of phase 2a, phase 2b, phase 2c, so stories evolving rapidly i think
Worldwide exchange begins right now. Good morning and welcome to Worldwide Exchange on cnbc. Im sara eisen reporting live from the imf meeting in washington, d. C. We are here at the Imf World Bank headquarters, wilfred. Its going to be an exciting day. Everybody who matters in finance and central banking is here, and so are we. Well, sara, im looking forward to it immensely, though im sad youre not here. What it really underlines is you care more about people like jack lew and Christine Lagarde than me. Which i get it, theyre important interviews. But ive taken note of that today. Just this day. Well get more on what sara has coming up on this great lineup. A busy morning ahead. Lets start by getting you up to speed on the markets. U. S. Equity futures at this hour are called lower. The dow down by 25 points. The nasdaq by about seven points. Yesterday we had strong levels of oil prices. That helped markets. We also had strong earnings from jpmorgan. Four days of gains for the Financi