0. 769 a little lower than weve seen in weeks leading up to this. Joe, the most important thing youve said is it is friday. Is it friday . The days are all it has been months. And then again, it feels like one whole long day for the week. In this new bull market we are in we will see, hopefully. Three days im not saying that we are they make no sense anymore. I guess it is possible we could look back a year or two now and say, wow or as Paul Tudor Jones said. Are we opening he said we could probably see some new lows. We are still on the front edge of this horrible thing that will play out in new york and other cities hopefully not as bad as people thought. The coronavirus cases surging to nearly 86,000 passing italy and china and making america the site of the largiest outbreak. The death toll is nearing 1,300 in the u. S. So far those number doubling somewhere around every three days right about now, a little less. Lots of questions about other areas too now how this is playing out in new york and seattle but chicago, boston, los angeles, washington, d. C leaders of both parties in the house of representatives were scrambling to try to get enough members back to washington, d. C. To override a proceedal block by one kentucky congressman every time we think theyve cleared the last hurdle, another pops up. No question this is going to pass the house the question is now when they thought they would be able to do it today if any member objects that could throw a wrinkle. Thomas massy of kentucky has been suggesting, or there is speculation around that he would be the one to object that means they have to have a quorum of 216 members actually on the floor they are rushing back. The issues with flight cancellations, a number diagnosed with covid already one congressman driving back from michigan now. In any case, they are going to vote on this might be today, tomorrow, over the weekend. It is now a proceedal hurdle here there is a fight over the cruise lines and how this bailout money might impact remember, a lot of those are registered offshore. Here is what the president said about them yesterday i do like the concept of perhaps coming in and registering here, coming it in to the United States it is tough 20 make a loan to a Company Based in a different country. They have thousands and thousands of people that work there and maybe almost as importantly on shore filling the ships with goods and products. The cruise line business is very important. So that is one of a number of different problems monday is the 15th day of the 15day shutdown. Now the question of whether theyll reopen the country they are working on a countyby county update of which countries would be safe and how they would go back restarting the business. Not clear where this will land advice from the medical team are very, very different on this issue. Just talking to a friend who lives in minneapolis they are not even getting to a point of the lockdown until tomorrow night, i think. Right this has rolled out very unevenly across the United States and some are calling for a massive nationwide lockdown if you declare one county is virus free and the county next door is not, how will you keep others from getting in their car. That is very tricky to lock the country down the president doesnt like that. He wants to do it stay by state and start opening rather than closing even more. Can you speak to especially the Small Business owners. I keep getting notes from people saying, i am hearing that the president might try to reopen parts of the country i think i live in a part of the country not very affected. Given the advice of dr. Fauci and others, is it realistic to believe well reopen any part of this country in the next two or three weeks . I dont see it from where i stand. Im hunkered down in my house outside of washington, d. C. Now. I think the real ziedeciders of this will be the School Boards looking at medical advice and decide whether students can go back to school and then parents can decide they can go back to businesses the child care issue is enormous, the commute issue is enormous the other question there was a piece overnight about the haggling over the price of ventilators and there was a comment the president made suggesting that new york city was going to need 30,000 ventilators. That causing quite a commotion in the state of new york that he would be making those comments since theyve been saying that is the number that they need look, the New York Times is reporting that new york spent a billion on new ventilators new york governor has been adamant that he needs 30,000 ventilators immediately. Hes saying the federal effort isnt nearly enough to send 4,000 ventilators. The president dismissed the claim of the need. Hes just skeptical of that. Pld that a number are complaining to him. The president wants to follow here he does not want to lead he wants the states to be in charge of the response hes said that again and again hes skeptical of the worst Case Scenario planning we have seen since day one of this. Hes at odds of what some of the governors are saying well see how that resolves. Thank you in the meantime, a programming note for you spri Vice President mike pence will be speaking with will frost at 10 15 eastern time thats good well be carrying that the dow gaining 20 over the past three sessions. Futures are giving back some of those gains. You saw it yesterday mike santoli joins us with more. Now im looking at things that have been through a week or one long day now im back to thinking if we go back down to 500 to 600 a day, we are sort of where we were at 1 00 or 2 00 yesterday when we had given back 600 points with all of that said, crazy that is the violent, perhaps bare market values well see early on the expression of these moves is amazing it didnt hold i want to say that that was a little bull market there. Early this week, we are at a point we are so stretched for the down side. That could be a reflex balance. The market has made the case for a fairly steady bid. Decent demand for stocks that perhaps it was saying was an overturn to the down side. That stuff has been taken care of right now, if we go up 4 from this moment we get back to where we closed on march 11. That would be the floor. I also think there is legitimate money has rotated back earlier there was a spread in total bond market. People were telling me at the close, we got that ramp. It seemed like reallocation money. That wasnt just the pin ballplayers that got the tip people were deciding it was overdone to the down side. We are still held hostage not by what happened in the house and the senate that is partly what is responsible for this then there is what is happening in new york city we are all watching on a daily basis. We dont know, is it because we are doing a lot of testing we were warned to expect this in terms of the cases exploding but then it is more than we were expecting and well see this in other cities it is a very tenuous position. Ive seen Governor Cuomo say that the hospitals were ramping up quite as quickly. I went out yesterday to pick up some food at curbside delivery. There is a huge hospital in new jersey, the parking lot is empty. It is almost as if they are waiting. I may be totally wrong it looks like they are not doing any elective things. People are avoiding the place. Ive never seen this parking lot so empty joe, ill tell you, the hospitals here in Bergen County are not allowing any visitors. A friend of mine is pregnant and due to give birth. Shes now been told she cant even bring her husband into the delivery room. They are trying to product everybody there. The number of visitors way down, you are right. Even if you are giving birth, you have got to go in by yourself and do it i wanted to ask mike a question more on the fundamentals what are you hearing from invoei investors that forecast for 20 21 at this point . I have heard such a wide variance from 170 down to 140. You can be in very different places of where the market should be. That would be leading to the up trends i dont think there is any depth of conviction. You would think next year, fine, you would get back up towards trend. Then it would look like 15, 16 times trailing they are talking about growth rates near 120 we are in this duration of the cycle at this point. Companies right now are not in a mode to deliver earnings i think it is very difficult to pin a number right now it is easier longer term to say, fine, it is annual return for earnings maybe markets got cheap enough to say that it looks okay from here mike, thank you. Well sea a little later this morning. When we come back, bill 5 0man speak out about a hedging trade after he warned here on cnbc last week that hell is coming. And later, well teak to Lee Cooperman. First well look at the biggest gainers in the s p 500 today announcer todays big number, 19. 99 thats how much the s p has gained since mondayinads tray low. Logged the first straight positive day in more than a month. We see harnessing natural gas unleashing the promise of clean energy. At emerson, when issues become inspiration, creating a better world isnt just a result, its a responsibility. Emerson. Consider it solved. Bewere bringing the theater home to you with xfinity movie premiere. Such news. I know what this is. This is a real thing. Our Brand New Service that lets you watch movies at home, while theyre still in the theater. Oh, mister elton. Ahh he has figured out a way to be invisible. They picked the wrong woman. Just say xfinity movie premiere into your voice remote to bring the theater to you. Hell is coming. Okay i never had this experience before in my life. The last time was the financial crisis but this is a feeling like ive never had. Like a tsunami is coming and you feel it in the air that was bill ackman back on march 18 that comment stoked a lot of controversy after it was revealed that the percenting square netted a 2 billion gain. Yesterday, i took a swipe after reading a lot that came out, in a letter released he describes what happened. I spent a lot of time on the phone with him yesterday back in february, he bought credit default swaps because he was convinced bad things wither coming he had been watching things in china. He was convinced that there would be some sort of economic shutdown in the europe and the United States. He put out a press release on march 3 saying he was making the bet to protect the positions at that point, he said the bet he made was worth 0 disclosing on march 9, disclosing it was worth a lot of money at that point. On march 12, that was the day the market was down about 10 . He said on that day, he started unwinding that and taking it off. It took him about 10 days to gut out of that. Then he tweeted to the president to shut down the country he agreed to go on half time at that point the call was stunning. People heard how panicked he sounded. He did say in the call, he was buying stocks and was feeling better about how things were coming he didnt finish winding that trade. He said he had already sold half of the position. In reading through it and talking, it was not a profit on what was happening as much as it was on covering positions where he was long. He took the profits and hut tpum back in. He was hedging incase a selloff would come a lot of controversy out there i was one of the critics yesterday but in talking to him, i understand more what happened and went on with all of that the bigger issue, he was genuinely was concerned and panicked only time will tell. I ask a lot of people about the idea that we could have millions of deaths in the u. S. Because i think that day the global number of deaths where they would seem to have a grip on it the idea of trying to connect the dots and millions of deaths, he did acknowledge he was buying stocks to be that panicked and Getting Better prices for all of his positions that day, still rubbed me the wrong way what he told me was that his position didnt improve at all he was still unwinding his position did not improve after that the defaults on the credit defaults he said that didnt change. I dont know. It wasnt on stocks. It was on a position on the index. The high yield one i got to take his word on it he was redeploying some cash into the stocks if he would have been on fire in a crowded theater. He was yelling fire in a crowded theater because there was a fire in the crowded theater. People havent been screaming fire enough. I want to make a point there is a difference between a couple Million Deaths and acknowledging a problem. It hopefully will not be the dire thing you described, 30 unemployment joe, at every point throughout this process, this country has gotten it wrong so far, period, full stop, impericly. I would argue with you i looked at an email from bill mentioning it to me even casually back in the middle of february the idea of somehow his concern is not genuine this wasnt about the stock market this is about what was happening with the world and how screwed up our plans had been and how terrible the planning about getting ahead of this would have been the entire time you can knock him and claim that this guy is either doing some kind of Insider Trading with the stock market just based on looking at old he mails, this guy was there before any of us and clearly you and i have been on opposite ends on this one can i just say it upsets me on a personal basis. Every day, joe, it appears you are trying to talk down the numbers. I would love the numbers to be wrong andrew, we are back so far we have a problem when this is going to be looked at whether we overreacted or didnt the markets at this point have rebounded to a level that im sure you think is absolutely unwarranted given what we are still facing you can still stay bearish obviously from 3,300 to 2,300 all the way up, you were right this isnt about the market, joe. Yes, it is. Thats what we are talking about. We have a rolling Health Crisis across the country and that we are not trying to stop it the way that way should i dont know any Health Expert that said the opposite about that andrew. The only people saying the opposite are in the economic world, period. We have not had a medical expert the scientists that you are come on the air and say we are doing a bangup job except the president of the United States and a number of business people. Im sorry to get so upset but it is true. We dont know right now i dont know what grandizement any of this means. I know you are on top of the last financial crisis and you are on top of this we all see that. Well know in hind sight whether this worse Case Scenario comes about or if we are like china or south korea. I was hartened by what paul tudor said we can look through this we are going to come out of the other side of this without millions of deaths there are people out there with with 401 ks and you hear millions of deaths you find out the guy has hedged his position and buying stocks at the lows, that creates a lot of problems. Face the facts some worse Case Scenarios are 60 to 70,000 and that is horrible but a far cry from millions of people i think the tens of thousands of people that need ventilators is happening that is trumpeds fault too no one had a chance to prepare a lot of countries are trying to their best we are trying our best with what we are trying to do here when we come back, well talk about the surge of the coronavirus cases in the United States dr. Scott gottlieb will give us an update of concerns and positive surprises lets get some of the images from the pandemic outbreak from yesterday across america tomorrow. Its a day filled with promise and new beginnings, challenges and opportunities. At Ameriprise Financial we cant predict what tomorrow will bring. But our comprehensive approach to Financial Planning can help make sure youre prepared for whats expected and even whats not. And that kind of Financial Confidence can help you sleep better at night. 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In nearly 100 years serving the military community, weve seen you go through tough times and every time, youve shown us, youre much tougher your heart, courage and commitment has always inspired us and now its no different so, were here with financial strength, stability and experience you can depend on and the online tools you need because you have always set the highest standard and reaching that standard is what were made for the northbound of coronavirus cases in the United States has risen to nearly 86,000 passing italy and china the death toll in america is nearly 1,300 joining us now dr. Scott gottlieb a cnbc contributor you are looking through this to maybe a second wave or if this becomes something we need to deal with again, we need to get more prepared next time. Ive seen conflicting things stated as fact, then i heard it walked back. Do you know if people are being denied ventilators in the United States at this point not at this point the data in new york still shows they have some open beds but they will likely overflow this weekend and head into the Javits Center that theyve got set up the numbers show theyll run out of ventilators in the next week, week and a half. Hopefully there will be additional suppli