This is great for Small Businesses and workers. 30 billion to the Paycheck Protection Fund will be reserved for small financial and to shins him a including those who treat minority and distressed communities. That is 30 billion of the Paycheck Protection Funds. To do withlly having extending vital relief to thousands of africanamerican and hispanic American People and businesses in this country that have been so great that so badly hurt. 10 billion for economic aid. This will provide loans to Small Businesses and farms. Very important farms. Money for rural clinics. Let me once again thank everyone who helped achieve these historic victories. We are really hitting it hard. The task force has been fantastic. The ideas in implementation have been fantastic. We dont get the credit we should. I dont want for myself. I wanted for all the incredible people who are working so hard. You see what we have done with ventilators. I have many countries calling. We are the king of ventilators. Coun
Inspect a face mask production facility. Its a clear signal hes out and about for the first time in weeks. The markets like this. The opening up, that is. Look first at the price of oil. Th 23 a barrel. Thats because production has dropped sharply, limited supply and the likelihood of a pickup in demand as more businesses open up. The president just tweeting on that literally moments ago. Here it is. Oil prices moving up nicely as demand begins again. Thats the backtowork movement evident in the oil market. Stocks, they are going up, too. Reopening is popular with investors. Look at this. Lot of green, lefthand side of the screen. The dow is going to be up about 300. The s p up 36 and better than a 100 point gain for the nasdaq. Yeah, tuesday, may 5th, a positive tone today, if you ignore the everwhining media. Varney company is about to begin. Stuart lets get right at it. We will bring you an update on the reopening of the country. California and new york, both outlining their plans.
He was joined at the white house by members of his cabinet and by white house congressional leaders. Pres. Trump thank you very much. We are joined by Vice President pence, steve scalise, we appreciate you all coming. A very big moment. I want to thank congress for answering my calls to pass this critical funding, and the bill includes, as you probably know, you have been watching it for movedst week, as it has to this week, 320 billion for the paycheck protection program, helping keep millions and millions of workers on the payroll. Great for Small Businesses, great for the workers. 30 billion to the Paycheck Protection Fund will be reserved for small Financial Institutions including those who treat serve minority and distressed communities, extending relief to africanamerican and hispanic american Small Business owners. That is 30 billion of the Paycheck Protection Funds. That is really having to do very much with extending vital relief to thousands of africanamerican and hispanicame
Josh, walk us through what we know. Josh we started the week with the president saying he has absolute authority. This plan gives governors widely way to make wide leeway to make their own choices. You can jump into phase one immediately if you have met certain conditions. The governors will have a lot of leeway to determine if the states have met that. He is recommending that if they do not see outbreaks or meet certain conditions, subject to their interpretation of those conditions, you can get back to normal in about four weeks. This will raise questions about the risk of a second wave. Whether the u. S. Has the Testing Capacity to respond. Call the president had a with senators and governors today. What do we know about that phone call . Josh we have seen this thing brewing for a while. Protests in michigan this week against what they view as stringent orders. The governor of michigan is democrat who could be joe bidens running mate. What he heard what we heard on that call, republ
Bear market. You consider the fact of the last 13 days, nine of them we have seen a move greater than 3 . Today you have a move of close to 5 . 6 at one point. This after the move yesterday. This is clearly not normal and it does feel like we are trading in a bear market whether or not youve actually surpassed that. Certainly not normal. We havent had two backtoback gains in this market going back to february abigail taking a look at whats been happening in the markets right now, she is standing by to give us an update. Truly a brutal day for stock risk assets around the world but especially in the u. S. Coronavirus fears, what that impact could be on the Global Economy and growth estimates. Here in the u. S. We see the declines are greater than they are around the world. The dow down 5. 9 in a bear market. The s p 500 is you were talking about flirting with a bear market. It does feel like a bear market whether we are technically there or not with the relentless selling day after day