Relative sense yes yes. Yes, and they are. Theyre at home as they have been all week and focusing on on frankly theyre not symptomatic and there was the need for testing. Bill ackman on our air earlier today suggested the nation should shut down for a month or so, an extended spring break. If that were to happen, and i know you dont think someones voice is coming through to us, and i know you dont think that is the right course of action, if that were to happen, do you think that would be supportive of market levels or not . I dont think so. I think we need to make sure people need to have access to the markets and i dont think we would reduce concern about how events are unfolding in the coming weeks we have a few weeks of uncertainty and we will get through this and well see how quickly it evolves, but every single day we learn more every single day we put in new protections and new measures and people are taking this very seriously and thats an important thing to highlight well get through it and just the next few weeks and we need to be a little bit nimble. One more question, stacy. Why wait until monday, then to implement the decision is there a technical need for everyone to get through that trading transfer its just helpful so we can communicate to all of the Members Around the move. We can do it at any time, but giving them the time to plan for it like i said, we cleaned the building before everyone was here and were cleaning the building tonight and giving them an extra couple of days to make sure theyre with their teams while some of the clients are working on a. B. Shifts themselves it just gives them the ability to plan ahead. Thank you, stacy, for joining us all of a sudden after that decision and please pass our best wishes particularly to those cnbc members like myself regularly at the New York Stock Exchange we are out of time on the closing bell. Brian sullivan, thanks for those extra moments. Will fred, no problem important times and scary times and an incredible day. Cnbc picks up the coverage of what was another incredible day on coverage. Stocks fell hard again today, economic fears and many unknowns rattling investors the dow falling another 1300 points and it closed below 20,000 the dow is now down a mind blowing 10,000 points from its alltime highs hit just last month. Lets put that in context. It took the dow 103 years to first hit the 10,000 mark and now we have lost 10,000 in fewer than 30 days trading was halted again today after we fell 7 in the afternoon, but the pause did not refresh. Selling continued and the average return of an s p 500 stock today was a loss of nearly 8 oil also crushed and falling 24 . Oil now at an 18year low. Shares of chevron, they took it hard, falling 22 today, but there was one potential bright spot in all of the selloff. A name that you know actually hitting a new alltime high in todays market were going to bring you that name ahead, but first, weve got to get more on that historic selloff and the big breaking news on the nyse, bob pisani and we just heard Stacy Cunningham and we just heard that interview. Obviously, this is nearly, unprecedented, i think back to 9 11 im sure there were a few other times during war whats your take the stock market has closed many times over the years, and during world war i and during 9 11, but that was the stock market closing and the nyse floor has not closed before and continued trading electronically independent. I think this was a first and the right decision we did get a positive coronavirus test dunn here so lets just talk about the markets and whats going on here the markets were down 6 and persian square bill akreman did come on cnbc to declare a gradual shutdown was not working and he needs a 30day spring break and the emotional moment came when he said im not going to kill my father. I went into lockdown almost a month ago to save my fathers life mr. Ackman insisted he was a buyer of stocks and particularly of hilton and that caused a lot of people a big surprise and bill miller also came on our air saying there were four great buying opportunities his life. This was the fifth one here. So that moved the s p comments to 7 and that halted trading and hit the Circuit Breakers and unfortunately the halt was 2351 and that was the 2018 low and that was the last technical indicator that was out there we rallied big time into the close and 900 points and the Senate Passed the houses Coronavirus Relief bill and would send it to President Trump and down another 20 and they were seeking access to 60 billion in private and public liquidity and the market cap for boeing about 67 billion right now. Guys, back to you. Thinking about you guys, wilf, be well. Joining us on the cnbc news line is bob grienfeld, former ceo of the nasdaq marketsite. It is not what the nyse is and this is an Office Building with the electronic platform. Do you envision this building closing . No, i do not. I would say with respect to the New York Stock Exchange closing most of the activity, the vast preponderance of it is electronic i dont think theres much significance to this move. Do you think that its smart to wait until snnd monday . Thats for them to know with great detail we wish it was sooner, but certainly if you want to know that all of the plans and all of the customers are in place i can understand the wait. You know, we look at this market here and Charles Schwab reporting theyre having difficulty getting people to work from home not because they cant get them, but because there are all kinds of issues and ive been talking about it for a week just technology, Network Security areyou confident that the markets are working and not just buying and selling equities, but the markets are working at the derivative and structured product and arbitrage and all of those levels effectively enough right now, bob i think what you see is a replay of 2008 where the equity markets and the electronic markets are truly performing very well. Nobody likes the level and a 10,000point drop which you highlight is truly breathtaking, but the infrastructure has worked and the clearing houses and the exchanges and the brokerdealers have done a phenomenal job when you move down the automation curve where the markets are more face to face contract required and will it be on the telephone or direct in front of each other and those have not done as well and you can broadly characterize that as the credit markets and they always have difficulties of performing these kind of times and i would have to give credit to the fed and it was developed in the playbook and theyre compressing the timeframe in terms of how theyre implementing it and how they have the paper facility as soon as they did is quite impressive as someone who lived in 2008 and waited quite a long time for that to happen. Any indication, bob, im sure youre talking to people all day long of where this incredible volume is coming from . We know there was a lot of leverage out there, theres a lot of these collateralized products and passive investing and etfs, why have we seen such insane volatility and volume well, the selfevident answer is the best answer, right . Had were facing our first Global Pandemic in 100 years and people do not have any real way how to respond to it and the same investors or class investors can have a point of view one day and have an entirely different point of view two days later so i think were seeing that so you cant pinpoint any particular class oinvestors. Its the marketplace and its the world and the global economy. We have a Global Pandemic and people have to process that and we dont have the tool kit in our mental capacity right now to really kind of get our head around it. Where do you see this whole thing going . Well, i think when you look at what the fed is doing and what the administration and congress is trying to do, you to applaud them and theyre moving at rapid speed, but thats not directly addressing the problem, right . So were going to be in this period of time until such time we get a therapeutic vaccine and that is the underlying problem and we have many, many symptoms out there, but we have to hope that our Sciences Come forward and certainly regeneron announced yesterday and they have great credibility with their work with ebola, we will be heartened by that and you will not get past this until the science delivers very strong therapeutics or vaccine. Bob riefeld, thank you. My pleasure, thank you. We have breaking news out of washington, d. C. For that lets get to kayla tausche. Brian, house, senate and treasury trying to turn that 1 trillion economic stimulus proposal into legislation that could see a vote as soon as friday according to aides on capitol hill earlier today Senate Majority leader Mitch Mcconnell said this is time sensitive and urgent issue. I would recommend senators stay around, close, just how long it will take to get through these steps is unclear, but as everyone knows, we are moving rapidly because the situation demands it after a paid leave package passed today this would be the third and biggest wave of money unlocked to combat the coronavirus. As it stands now it would include 500 billion in direct Cash Payments to americans beginning april 6th. About 100 billion in injections for hardhit industries and about 300 billion in loan programs for small business. The size and the urgency of this is evocative of the bank rescue package from the financial crisis when the first vote on that t. A. R. P. Package fail, the markets fell 7 and that is a move that pales in comparison to the moves that weve seen in the market this week yesterday, treasury secretary Steven Mnuchin told lawmakers if they did not pass this trillion dollar stimulus bill that unemployment in this country could hit 20 . Earlier today, President Trump was asked whether he saw that as a possibility. I dont agree that is an absolute, total worstCase Scenario, but no. We dont look at that at all were nowhere near it. Aides on capitol hill say that while the expectation was after the stimulus package passes later in the week or early next week, that lawmakers would be able to head home to their district, but people i talked to this afternoon said theyre leaving the option open and this is nowhere near the amount of money they need to unlock. Kayla, we appreciate it, thank you very much. Lets get back to the markets and your money and bring in two guys you know guy adamy and tim seymour and were glad you are here with us. I tweeted out half jokingly that this was the end of the day, the best feeling 6 drop that id ever seen. Of course, you dont see many 6 drops, but there was anything about the price 30 minutes to an hour giving you any reason to be a little bit more optimistic well, its better than dropping an additional 6 of where we are so, yes. Given the choice, its better and i am somewhat optimistic i mean, not that levels matter at all and people talked about that 2350 or so level. I think i heard bob pisani mention it, so the fact that we closed above it is encouraging what i would be more encouraged by and im sure tim has thoughts on this, as well, again, if we can somehow, if the volatility in the treasury bond market would somehow start to wane and whatever the level of instability is, and if we can sort of g sort of get there. If you remember back in february of 2016, i want to say its february 8th and i dont remember the exact day and it was a day the s p traded down to 1810 that day after the market closed, we got three pieces of news and we got news that jamie dimon himself was buying j. P. Morgan the stock was 54 a share. I think i got news from opec about the oil market cratering and we had the bond market with deutsch banks and those in confluence had the bond market and short of mr. Buffett announcing coming some of the ceos and not the corporations buying back stock, but some of these ceos putting their money where their mouth is i think that would give people a lot of i think it would give them some encouragement. Yeah. Some encouragement, tim. Would you agree with that . Step up, get out there and buy your own equity . Certainly, its a place where equities are looking attractive relative to just multiples that theyve traded at for obvious reasons. The things that we need to see though are the liquidation thats going on in the market is a function of where investors came into this with bigger Balance Sheets and i mean the professionals and the Retail Investors and the gross in the market was massive from the fed on down theres encouragement to take liquidity and what were seeing now is markets need to simplify investors need to simplify and more importantly, the gross is coming down and some of this is forced liquidation every single asset class was down massively today and that tells you and the dollars moved 7. 5 in seven days and at one point it was the dollar trailing off at the sign of this showing a price to quality and the imkagszs for this, unfortunately are devastating for anyone Holding Foreign currency debt. Weve seen currencies around the world blowing out and as guy talked about, the treasury markets off four, almost five points in two days and thats extraordinary. Copper down 7 oil you talked about, so this is clearly, you know, people being forced to delever and those knowing that cash is probably the best place to be. You know, guy adami, we had bill miller on the exchange today and he was talking about this is a buying opportunity bills a longterm investor and one of, if not the most successful active managers ever outside of business warren buffett. He came on and said he thought it was a buying opportunity. I want you to listen and respond, sir here you go. There have been four great buying opportunities my adult lifetime the first was in 1973 and 74 and the third was in 82 and the fourth was in 2008 and 2009 and this is the fifth one. I think this is an exceptional buying opportunity i dont mean to put all of the money in it at once, but i do think layering it in right now is the way to go. Do you agree with that . We lost do you think that this youre not calling a bottom no ones asking guy adam ti to y this is the bottom and can you who is he calling it a bottom for . A lot of people at home are not necessarily whether or not if its a buying opportunity for stocks and theyre trying to figure out, quite frankly, what is my job going to look like in a month from now so i think there is a very good chance that within however many percent hes making a lot of sense, but i think the real issue for folks is we need some stability and we need the powers to assuage a lot of the concerns, but are not just necessary he going apples to 323 to 240 a share im trying to keep it real can i commented i appreciate what hes saying, but i think right now there are bigger fish to try. Yeah, you know, tim, and you look at his comments and what he said is people are being forced to liquidate and you said it as well, its that means things that have more value, maybe down the road are being dumped out and right now nobody has any idea what that is because everybodys running down the same street. Yeah, and again, bill miller who has a track record to prove it, and a friend of our shows, but managers, sometimes theres an opportunity to be buying weakness and there are a lot of folks that dont have the ability to buy weakness here and i think thats part of where the fear is. Look, as weve seen in the market today there were individual names of companies they think ultimately the market made assessments either of where their Business Model will be now and right after the end of the nearterm part of the pandemic and also, you have to be looking at every Company Based upon a leveraged profile that you think you can understand now, but again, were talking about companies that may not have revenues coming in in any meaningful way and the Airline Industry is of an extreme, but there are a number of Different Industries where if you look at theyve done some great work on this as it relates to some of the Airline Industry, youre not going to see them get back to 2019 actual revenues until you get into 22, 23. So the leverage profile is critical the credit markets are talking right now and the leverage loan market was down ten points day over day and this is the part that should be, i think, where a lot of investors should not be weighing in to companies where they cant know the profile even though theyre down dramatically our cisco ended their fiscal quarter with 13 billion in cash and trade and a 13 or 14 times Free Cash Flow yield has a Balance Sheet they think is pretty interesting apple has a Balance Sheet thats pretty interesting and those are names that are more resilient. If you look at the chinese internet names and going down just look at alibaba and how that stock has been. I think thats how you have to be navigating the environment. Guy and tim, we always appreciate your insight. Valuable insight and experience. Thank you very much. Be sure to catch our special report tonight, markets in turmoil. They are in turmoil, 7 00 eastern time today all right coming up youre going to hear from hayman capitals kyle bass. He will join us exclusively and well get his take on the selloff and maybe some reasons to be optimistic yes, optimism from the man who called the subprime crisis crude in a freefall and chevron losing a fifth of its value today and the Industry Needs to shut it down and shut it down now. Were back after this. Ere first. Ere first. From smarter atms, to after hours video tellers comcast business is connecting thousands of banks to technology that turns everyday transactions into extraordinary experiences. Hi there. How are you . Do you have any lollipops in there . laughing no, sorry. Were helping all kinds of businesses go beyond customer expectations. How can we help you . But when allergies attack,f any the excitement fades. Allegra helps you say yes with the fastest nondrowsy allergy relief and turning a half hearted yes, into an all in yes. Allegra.