In the United States nears 50,000 the moves comes as the president pushes to reopen the country for business by easter well have more on that in a minute lets get right over to bob for more on what is leading this rally. Hi, bob. This has been a very powerful rally. We are off of our highs. We had some tremendous volume moves early in the morning as we kept hitting new highs thats a good sign were offer the highs. The most beaten up sectors are the leaders. Industries down 27, 28 . We were 80 on the vxxix a short while ago. You keep seeing it going down. That was over 50 a few day ago my favorite quote of the day, joseph walk, those of you trying to figure out what the earnings will be like, he was asked what his earnings would be like he said i know well be 100 precisely wrong. A little bit of welcome humility there. In next two weeks well hear earnings coming in and a lot of companies will decide not to provide guidance a frinend said that dude had some really cool posters he referenced grateful dead poster i said it was probably leissman. Its right over here to my left here. I dont know if you can see it behind me. Thats called the skull and rose, this grateful dead poster behind me. Thats a very famous poster. Thats a rare one. Theres a led zeppelin one is miles davis its from 1971 its a hobby my friend said youre a cool dude and you are thanks thank you yields is what you have been stuck in a tight range rick is here its a very interesting comment. We had a big auction of two years today. It wasnt a particularly great auction but we moved the paper nonetheless. Thats last time were at these levels were really compressing and the whole curve is compressing if you go further down the curve to tens, look at one week of tens last week we delivered 27 plus. Bob calls it a temperature thermometer of the equity markets. Hyg is the same thing for the credit markets e get up tick on the right side after hitting level we hasnt closed at since 2009 back to you. Thank you very much we are getting the first signs of coronavirus shutdown around the world showing up in the data those clouds will get darker and the first indications of whats going on in the economy. The worst will hit in the months ahead. Lets look at what we got. Today we got a bunch of purchasing managers in these are big drops. Thats just what you get what we did is got called up and got forecast from major wall Street Investment banks. Some of numbers are ugly Goldman Sachs looking for a 24 Second Quarter decline jpmorg jpmorgan, 14 . These are declines we have almost never seen in the post war period well have to figure out why they are optimistic than everybody else add it all up, we have a median of the economists there of a 12 decline. They still look for a rebound. You dont get all of it back in the third quarter. The median forecast look fs for 6. 2 rebound its almost certainly not right but it will give us an indication as time goes by and data comes in of how much of a decline this forecast. Are we doing better or worse than we initially thought and is the rebound going to be stronger or weaker. Thats why were keeping track of this. The real debate is how quickly the economy will come back when it does come back or how different its going to be for how long, right. People will act like something will happen like this again. Economist vs a very quick answer to that which is the longer we are down, the longer and weaker we will come back. I think thats probably a good the quicker we come back, the less damages it will be. Steve, thank you very much. Despite todays bounce the majo averages are down. Our next guest says there are signs the bottom may be close. What are some signs . Broken 200 de d 0 day. Fell to almost zero percent. The second is in were seeing this week is the break down of the vix. The vix is backing away down almost 50 from its highs. Its showing that the level of fears is starting to peak and it allows investors to think about what they can buy. Thinking winners versus losers lets talk about the bounce back question. You point out in some of your research that on prior occasions when the market has fallen as precipitously as it has, maybe not as quickly, as deeply as it has but when its fallen to these levels the snap back has been pretty pronounced, pretty quick and really gratifying, explain. Yes, i think most people think that because we fallen so quickly that the stock market is going to be an l shape or maybe a u. A u is Something Like were stuck for 12 months before we can begin to recover and l shape is we just dive. When you look at the ten declines in more than 30 , which includes 1929 and 87, theres quite a lot of symmetry. The speed of your decline, how long it took you to fall to recover half of those losses, its onehalf the time if we fell over six weeks, its sounds strange and impossible today. It means we could recover after of those losses within the three weeks. That would require a real impulsive buying and real lifting of clouds around disease spread or even treatment i think thats why stocks can really rebound strong. As we watch the industrials there, they are softening just a bit here in recent minutes i wonder, i was listening to a conversation, a very interesting one on scotts halftime show an hour or so ago and it really goes to the question of whether when the market begins to turn back, it will be a stock pickers market or an index players market what do you think . I think this is going to be the renaissance for stock picking. Were already seeing it today because lets look at the index is up. Its up 6, 7 . Look at the the companies that got caught in this downturn but are pretty good businesses like whether its tempurpedic or boeing these are up a lot more than that this is something a fundamental investor has an edge when we think about the systematic models they use futures and tendencies as they are reducing their participation in this market thats less people buying at the index level and more people sticking stocks. As you look back at what yourself were saying three weeks ago, six weeks ago, what kind of grade would you give yourself . We were totally blind sided by this decline. This problem, this pandemic not only is it a black swan but it really created tons of problems across Financial Markets and really helps i think it would be kind of we get a d from what we can expect, were watching fundamentals. Stocks will remake with fundamentals i think investorswho have give up on stocks shouldnt be too pessimistic. Is there an individual name that would love to buy right here and are buying. If they want to know how to navigate between october 08 and march 09, the fivemonth preero where the down side did decrease to a lesser extent, if you can stay outside, you can start picking winners and losers and that may be within health care and tech if you can find the Stronger Companies that got caught up in the sell off all right thank you very much. We appreciate your type and as always your insights thanks. Banks have been one of the hardest hit sectors in this sell off second only to energy. Despite a big bounce today, financials are still down more than 25 in march on pace for their worst month since january of 09 lets bring on the mayo, mike fargo. Is the worst over for the banks . As i said on the last time its short term earnings hell. Youre looking at weak earnings in maybe the Second Quarter. The economy is slowing over the next two years you might have a doubling or even a tripling in credit costs. One third lower net interest margins. Onehalf decline in earnings and you have seen some issues with the plumbing of the Financial Markets. Its short term. Its a very tricky environment do you like what youre seeing in the Federal Reserve with specifics how it will affect the banks when you cut rate douns to the bearest of poens that hurts interest margins and there may be other things that are hurting but there may be other things that are helping there are bigger issues think of this as a three legged stool. One leg is the banks the banks right now, its night and day from the financial crisis this is not a banking crisis like last time banks are not part of the problem today. Banks are part of the solution they have capital and liquidity. Theyre throwing the kitchen sink at the Capital Market the third leg would be fiscal policy and if you get this almost two trillion dollars fiscal package, you take the banks plus the fed plus the federal Government Action all together i think thats appropriate and that would be an incredibly strong force fight fire with fire and that doul could turn things around are there banks in certain sections of the country, rej regional banks that are more vulnerable than going on im thinking of the banks that serve the oil patch whether its texas, oklahoma, north dakota, whatever are those banks on firm footing . I said last time short term, anything goes. Anything is possible over the next day, week, month. Its too hard to tell. Im amazed at how far the bank stocks have sold off they are trading at their average level from the Global Financial crisis crazy. We have three out comes for the economy. We have a v shape, a u shape and an l shape that has a deep recession followed by a japan like scenario where you dont grow from years. Right now the entire industry is pricing the banks as if its going to be a recession without a recovery you really are pricing in a bad scenario having said that, we still have kept our rating on comerica. They have more exposure to the oil patch than other banks its not one size fits all for us what are you faves . What are your waves . Take a barbell approach we have upgraded two of the highest quality names. Here is your high quality name if you want to take bit more risk which i dont think its too risky but you have citigroup which is creating at a fraction of its book value. Crazy. I think theres a lot more resilient than people expect and Goldman Sachs trading for fraction of its book value the market treating them as if they cant get things together you know whats remarkable about Goldman Sachs is we estimate over 80 of their employees are working remotely talk about a plan b or plan c. They getting by with the complete revamp process, revamp staffing model and thats the case for goldman thats the case for all the large banks. You talk about resiliency, you have it for the banks with capital. You have it with liquidity but you also have it operationally its not going to go perfect but look at how the industry is Holding Strong and showing they are able to be a strength and stability for the economy in complete contrast to the financial crisis a decade ago. Thank you as always clear and concise. We appreciate it we have breaking news out of d. Dr lets get to kayla for the details. Reporter ive just learn frd two sources familiar with the matter that the white house earlier today convened call with major wall street and Hedge Fund Investors to get their views on whats happening in the markets and the u. S. Economy im told President Trump, Vice President mike pence and well as dan loeb, jeff sprecker and paul jones from just capital. Im told this discussion was less action other yenriented bue for the white house to get whats going on behind the scenes what the Federal Reserve could do to keep areas from seizing up the discussion talked about when the u. S. Economy would be appropriate to be reopened President Trump saying he understood it couldnt happen tomorrow but didnt want to keep the country shut for several months it was after that call President Trump went on a town hall and pro claim he would like to have the economy be back open by april 12th he said were opening up this incredible kun trcountry because have to do that. I would love to have it open by easter i would love to have that happen he continues to say its such an important day for other reasons but id love to make it an important day for this i would love to have the country opened up and raring to go by easter that date coincides when new york governor said the state would be an apex in cases and a time line where the is thinking wh enhe wants to open the economy up very interesting. Kayla following it all from her backyard, im told way to go. Well get the latest numbers on the coronavirus after the break. Well be right back. Yes. Its the first word of any new discovery. But when allergies attack, 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. Live your life, not your allergies. sensei beautiful. But support the leg when i started cobra kai, the lack of control over my business made me a little intense. But now i practice a different philosophy. Quickbooks helps me get paid, manage cash flow, and run payroll. And now im back on top. With koala kai. Hey more mercy. vo save over 40 hours a month with intuit quickbooks. The easy way to a happier business. And sometimes, you can find yourself heading in a new direction. But when youre with fidelity, a partner who makes sure every step is clear, theres nothing to stop you from moving forward. Lets get to sue for the latest on the coronavirus pandemic thanks very much. Here is whats happening at this hour in italy the de toath toll is on the rise after falling for two days officials are reporting 747 new deaths since yesterday thats up from 601 on monday ita italys Prime Minister has announced new fines. Fines will start at 430 and go as high as 3200 mayors across italy are not mincing words when it comes to demanding people stap at home to comply with lockdown rules several furious officials mayors and governors have posted videos on social media. Many using harsh language and even profanity some even suggested that people are excessively walking their dogs just to get out of the house. One of britains Largest Convention centers is being repurposed into a temporary hospital the excel center will have two wards each caring for 2,000 pashtss. They are expected to open next week russian president putting on a hazmat suit to visit a hospital the chief doctor warned him to prepare for a surge in new cases. So far russia has registered 495 cases. No deaths from the outbreak. They think that may be from under testing. Well watch those numbers for you. As always, more on the coronavirus coverage, you can head to cnbc. Com ty thank you very much with the number of cases in the u. S. Soaring to nearly 50,000, lets get an update on testing efforts as the white house weighs lessening social restrictions as easter and maybe sooner thats april 12th. Welcome. Its great to see you again. Its good to be with you. Thank you very much. How is testing going . I gather stanford was among the first to have developed its own kind of in house test for this we were we developed so called rtpr test that when the fda announced it had opened up additional criteria for approving these tests, we were one o ever the first to submit for approval and receive approval and brought it into general clinical use immediately after. We are testing about 1,000 patients day from our delivery suspect and from Delivery Systems in hospital and clinics around the bay area. What percentage are turning out positive thats correct. Those criteria do involve the presence of symptoms, fever, cough and other related symptoms the percentage is fluctuating. All the positive cases are being reported to the appropriate Public Health authority and publications like the San Francisco chronicle are giving an update every day on the number of positive cases in the bay area youre also involved in Clinical Trials of the antivirals drug. Id like to get an update on that or on your view of any of these other drug cocktails that are being talked about as having evidence of some clinical private school validated effectiveness against the illness. I think its good theres broad participation among medical centers that are taking care of patients with covid19 infections theyre going to be a lot of different medications deployed in attempts to treat covid19 infections i think its very important they be done under appropriately supervised conditions so that we get information about what works, what doesnt work, what combinations may be more effective in some patients than in others. Were all playing catch up here because we hasnt experienced this particular virus in the past we dont have a lot of knowledge and information that we can bring directly to know whats best in treatment. I have two final quick questions. Ill ask, how stressed are your people and how over taxed, if at all, are your facilities i think our people are concerned. I think were all concerned across the country we have an maiamazing group of people working from physicians to nurse and staff im pleased and honored to work with each and every one of them. Were here to surerve our community and each other our facile till, we opened a wonderful new hospital in november we didnt close our tear down our add jay sent connected hospital were able to bring bads back that we temporarily closed its a great news let me close with this i used the metaphor yesterday that the economy is the patient, we have induced a coma in this patient. The debate is raging when its safe to bring the patient out of the coma are we there yet are we close and how do you do it safely . We know that social distancing is currently the most effective measure we have to slow the rate of growth in a number of case, number of patients infected with the virus. We need to keep slowing that growth rate so we can take care of people who do have the infection. Its a flulds situation. You have a lot of Public Health experts watching that every day in realtime. I think their recommendations will be very informative to us to know when we can start liberalizing some of the guidelines that have been put in place. Thank you very much always great to see you. Next, the push and pull of getting people back to work versus social distancing to kill the virus. Were going to save our Great American companies both small and large. This was a medical problem were not going to let it turn into a long lasting