There are two parts to the story here. The first is the spike in coronavirus cases which the market seems to be shrugging off. But the second part is stimulus, extension of the ppp program. Which is more important right now. At least when it comes to investors. I think the shrugging off part is the most important. Investors saying no matter what happens with the coronavirus well not go back into lockdown and number two, the ppp and other stimulus measures will over the past several months help dampen the blow lets say. Jackie right. Sometimes the markets can be spot on sort of looking forward. You mentioned the fact they think no more shutdowns. Well continue to recover. The economy is going to reopen slowly but surely. Sometimes the markets will get it wrong. What if there is an unforeseen event here . What if the young people that are contracting the virus do potentially spread it to the more vulnerable and older populations . What if the market is miscalculating adam . I dont think
Lead in firsttime claims and we came in second behind florida. Roughly 3. 7 million californians have filed for benefits since the start and more layoffs are expected. The newsgroup reports another 69 thousand workers in the bay area have notified the state labor agency. The huge number of people who are filing for benefits has essentially overwhelmed the state unemployment system. Tom says some people have been waiting for weeks just to file those claims. Peanut butter, our favorite. In Santa Rosa City hall parking lot of Redwood Food Bank drove a drop off food bank. Its multiplied the need. My sister and i are pretty fortunate and we want to get back. We saw people joining us and the number has only continued to grow. And ability to get checks is wild. The rent is here. They are doing what its can with its and that is small consolation for folks who have been waiting and waiting and waiting for weeks. I got off the phone very defeated. I had no words. And then they had the restaurant
You can see traffic is moving on well. Even on fridays that are normal, it would be light on some of these fridays, and today is no different, it looks pretty good at the bay bridge. Lets go back to pam. Most experts agree that more testing is one of the keys to reopening businesses. Christian shows us how obstacles bay area cities are running into as they try to increase that testing. Reporter the Novel Coronavirus has forced the shutdown for most of the city of San Francisco. The Health Department thing one of the key factors when considering whether or not to relax social distancing measures will be able to test on a massive scale that they have the. Testing centers throughout the city, at this. , has the capacity to conduct more than 4000 tests per day. Reality is it that only about 700 or so test are actually being performed daily. Until recently, the department of health said, that was because of a lack of necessary supplies. Until last week we were having real challenges with ou
At new highs. It probably helped that phase one of the u. S. china trade deal has been reached andhat the fed is not likely to touch Interest Rates for the foreseeable future. Today theow rose 100 points for a 28,235, nasdaq up 79. S p added l. Weave more on the markets in just a moment. But we begin tonight with boeg d these reports that the rospace giant will temporarily halt production of the 737 max jetliner starting in january. Its the first halt in its development, something that few sawas coming when the jet grounded last march. That sent the stock lower. Phil lebeau is following the story for us, as always what are the details of the halt and how big of a deal is this for boeing . Its a huge deal, bill. 737 max production starting in january halt, likely lasting5 60 days. I say likely, because boeing is not putting a timeframe in tms of when it planses toe production. That will be determined by whether or not the a lifts the recertifies the plane, lets say, by late january, ear
What are you hearing . Reporter this may be moving the market. A roundtable with American Business leaders, current and former chinese fishessals and American Chamber of commerce. Out of the round table there is big differences with the trade relationship with china. One example from the u. S. Side. They say there was no real huge benefit to have this trade relationship with china, having china within the wto. Chinese officials during that roundtable saying no, that is not the case. In fact china, u. S. And world benefited from china being in the wto. Chinese made the case that china entering it benefited everybody. Roundtable officials according to the global times there may be big differences coming up with a trade deal in terms of tariffs you talked about. Global times says chinas precondition to the trade deal would like the trade tariffs rolled back simultaneously. But the negotiators from the u. S. Have not given a positive sons to that our chinese trade sources said china wants