First time since 2017. They are warning the us economy could shrink a 14 in the Second Quarter. Thats coming as the Federal Reserve and global Central Banks across the world announce measures to offset the injured Economic Impact of coronavirus. Join me right now to talk about all of that hank smith. Hanks thanks much for weighing in today we appreciate you joining us, what are you doing in your portfolio in the face of all this . Well, first of all, we are not panicking. We constantly communicate with our clients regarding their asset allocation, we also, for a number of years have always recommend to have enough cash to meet spending needs one year even up to two years out. So, in an environment where you own both stocks and bonds, now is the time to start looking to your adding to your equity positions because that allocation has come down due to the obviously to this bear market. It is a pain trade for sure, but over the past six years, the opposite was equally true where we were t
Dow hit its alltime high of 29,568, just 16 trading days later its down 3,400 points. Keep a little perspective here. Yeah, thats a big and rapid drop, but were not at this point in a bear market. We are going to open down 700 for the dow, 80 odd for the s p, 270 for the nasdaq. Its a friday. Remember that. Its important. There will be some reluctance to hold stocks over the weekend because you simply dont know what virus headlines will greet you come monday morning. Now, heres some positive news on the economy, which is having no effect on the market. 273,000 new jobs added last month. A blockbuster report. But that report looks backward. The stock market looks forward. Larry kudlow will be addressing this coming up on the show today. And we expect to hear from President Trump shortly. Last night at his town hall on fox, he had a calm demeanor and on the virus he said we have plans for every single possibility. The campaign trail. Elizabeth warren has not yet thrown her support behind
In the last hour mike pence landed in washingtontate, very he is meeting with governor jay ensley to talk about the pandemic and to be brought up to date on the crisis in the state of washington. And earlier today the Vice President was in minnesota where he visited the 3m plant in january, 3m pledged to ramp up its production of protective facemasks to prevent a shortage because of the viruss spread. During his visit the Vice President spoke plainly, candidly just what the American People expect a leaders. The Vice President saying that while there are enough tests for those believed to have been exposed, there arent enough tests available for all americans yet. We dont have enough tests today to meet what we anticipate will be the demand going forward. For those who we believe have been exposed, those were showing symptoms we have been able to provide the testing. As more americans take an interest in this or have concerns we want to make sure they have access to a coronavirus test a
Thought. Minorities, blacks, hispanics, asianamericans, women all near record unemployment levels. Employment levels. Does anyone in the media outside say me and us here at fox business, do they even care . I think you know the answer. But just in case you have any doubt, here you go. Is this president trying to impersonate hugo chavez. Hes not of sound man. Thats somebody you clinically look at and say theres something wrong there. Needs to be medicated and hospitalized. Donald trump again being a. Shmuck. His words have absolutely emboldened white supremacists. He has given oxygen to racists. Trish and then there are, of course, the hollywood dictators. Listen to them carrying on. This unbelievable narcissist who could change the face of our world. Im not as nasty as a man who looks like he bathes in cheetoh dust. I have thought an awful lot about blowing up the white house. Of course i want to punch him in the face. [cheers and applause] the guy is a [bleep] too many trish you see,
By thursday we were down better than 20 from the february highs. That is definition of a bear market. The dow alone, down 10 on thursday that was the worst day since the 1986 crash and black monday. That left traders unsure how to handle the virus impact and questions abound about how slow the economy will become . Are we in a recession right now right now is a boston group chief officer david monson is here, joining us this weekend with 2 billion in Asset Management and eve got the ceo of van ecks, 51 billion in assets under management 80 of funds great to see both. Thank you so much for joining us. What a week, david lets kick it off with you. What did you do, were you caught flatfooted with that 2000point selloff on thursday quest mark. Thereto answers on that, i feel we are caught flatfooted in their sense of theres absolutely no time to react not just this week but over the last weeks. It is the unlike 20,072,008 and surly not like the 2002 bear market. This came so quickly and so