Bid. The dollar was a little stronger but now we are into that risk on field. You have a bid into gold, a bid into the 10 year yield. Old futures almost hitting a record high. Coming up, we are going to break all of this down with southwest ceo. He will be joining us later on in the hour as well as the founder of robin track. Looks atg he everything robinhood traders are doing. U. S. Initial jobless claims arising for the First Time Since march last week. Joining us now Narayana University of rochester professor of economics and former minneapolis fed president. He recently wrote a bloomberg piece that talked about what the fed can do in times like now, in particular when it comes to inequality. What should they be doing and what help should they be getting from washington . Narayana thanks for having me on. I think the fed should be doing all that it can to stimulate the economy in the current setting. That will further their current mandates in terms of trying to get inflation back u
May including everything from Student Loans to car payments to mortgages, the number more than triple that of april its the latest sign Unemployment Benefits and stimulus checks arent enough to fully cover the expenses what happens to the consumer and the economy and the stock market its not good its something weve alluded to for a while. Go and look at wells fargos First Quarter they reported in the middle of april. They took a 14 billion loan loss provision which was up 413 year over year by the way, when they report i think in the middle of july, that number is probably going to go up again and further anecd e anecdotal proof that wells fargo is trading below tangible book value. The banks have been trying to tell the story, but the Broader Market has sort of been impervious to it until recently. Well see. Again, ill say i am not all that optimistic about where the consumer is 69 months from now. Clearly i hope im wrong but behind closed doors, a lot of companies are saying weve lea
Activity as Economic Activity grinds to a halt here in the u. S. , the white house calling for half a trillion dollars in direct payments to taxpayers and says we could see bailouts for airlines, hotels, and cruise industries, all the sectors getting crushed in todays market and crude oil down a staggering 23 . Now trading just above 20 a barrel we have every angle covered for you. Bob pisani is on the floor of the New York Stock Exchange. Kayla is in washington with the response to lawmakers. And were covering the latest on the virus itself bob, first to you on another roller coaster ride today here at the Stock Exchange. We have a quiet morning i say relatively quiet, it was down 6 tach take a look at the s p i urge you to watch it emotionally. He said we need a 30spring break. This slow rollout of a shutdown is not working market dropped quickly to the lows of the day. We hit the Circuit Breaker at 12 50 eastern time, 15minute pause. We reopened. We have not dropped to the he second
Time zones, 2027488001. A special line for medical professionals this morning. That number, 2027488002. You can send us a text. That number, 2027488003. If you do, please include your name and where you are from. Otherwise, catch up with us on social media. On twitter it is cspanwj. On facebook it is facebook. Com cspan. You can start calling now. Here is the headline from late last night from the hill, pelosi house close to striking a deal with trump on Coronavirus Response package. We will be delving in more, but the house will come in early today, expected at 9 00 a. M. Eastern. If the deal doesnt fact come together when it comes to how much that potential package could cost, here is a story from the washington times. President trumps wish list includes a payroll tax cut. He says he wants to see it disappear for the rest of this year, which the committee for responsible federal government says could cost 840 billion. Add another 50 billion of emergency lending power and the chance f
Check out your 401 k s because the rally is back on dow up nearly 200 points and were closing in on 29,000 lets check out boeing heres a stock up as much as 3 on reports that iran may have been responsible for the downed plane this week. Initially, the reports were that it was a Technical Glitch or engine failure those reports have been a bonus to boeing. Well have more on that in a minute contessa, thank you very much earnings season is the next hurdle this market has jump and it starts soon lots of hopes being rested on the you are quarterly reports. It starts flooding in next week led by jpmorgan, wells fargo, citigroup, obviously the big banks leading the way. Bob pisani joins us with more. The good news is that we are continuing to rally even today because the markets are starting to believe this magical combination of a strong u. S. Consumer, a trade truce, a friendly fed and bottom line Global Growth will produce an expansion of earnings in 2020 after a flat 2019. The bad news i