Economy. More than two trillion more in programs today to support business and the bond market amid the covid19 out break. Fed chair powell saying the economy and the recovery can be robust this after another 6. 6 million americans file for jobless claims that brings the total over the past three weeks to nearly 17 million. Take a look at oil it was surging earlier today but pairing those gains now, its now negative on conflicting reports on whether or not opec has reached a deal thanks. We have all the big stories covered today. Crude being one of them. Its down 5 well have more in a moment. Bob on the markets and kayla tracking the moves in congress, which didnt happen today. Bob, we kick it off with you we are just off the highs the banks are lagging. Banks, retailers, just off the highs for the Dow Jones Industrial average bank, retailers and real estate doing well energy has been lagging a little bit. Were awaiting for details on opec and the deal or no deal we dont know yet. There isnt much demand in the world. Thats whats moving thing theres only so far you can go on the stocks. Conoco phillips went down into the 20s a little while ago theres only so far you can push them we have been talking about the high yield movers. The fed will be buying high yield etfs thats good news for the high yield efts macys gap, delta, ford are in the junk bond category you see what the news is doing for them the s p 500 moved 1,000 points from the lie its now moved almost exactly 500 points in the other direction. A 50 retracement of the big move we had. Its a good way to look at the markets. Sec gave major help to corporations saying we will encourage you to tell us what you know about whats going on with your Forward Guidance and dont worry if it changes in a few weeks. Were not going to come after you. They have given you a pass saying tell us whats going on dont worry. Were not going to come back and say youre messing around with heads. This will make the corporations a lot more willing to be forts coming on their guidance in the next several weeks thank you very much the Federal Reserve announcing another multitrillion dollar effort to help out lets go to steve. Another set of jaw dropping actions by the Federal Reserve going where its really never gone before out the credit spectrum setting up facilities provide loans directly to companies through the Banking System totaling 2. 3 trillion of potential lending from the federal preserve it will have a 600 billion loan program called the main street ending it will expand corporate programs and asset loaned back facilities to support 850 billion in credit. They will include high yield and the fallen angels. Those Investment Grade fed chair, jay powell, in a web cast at brookings saying theres more the fed can do and really no limit on what it can do our abilities to do that is limited by the law we have to find unusual circumstances. The treasury secretary has to agree. We are using this fiscal backstop theres no limit on how much of that question do other than it must meet the tests under the law as a mended by dodd frank. Lets take a look at the main Street Lending program im sure a lot of viewers are interesting in the federal offer of the banks will offer four year loans and the banks put those to the fed its opening to companies with 10,000 or fewer workers. Revenues less than 10 per company but really the fed seems to suggest that the smallest business should work through the sbas ppp program. Assignments more aimed at mid size companies the program and interest will defer for one year not to be out done, the Municipal Bond facility. Something the fed had never wanted to do it will buy short term notes from states and large counties and cities its going to take some time for the fed to stand some of these program. Thats the bad news. The good news is once it gets the programs up aunnd running, t can will lengthened. Its only using about 40 of the beco backstop for the treasury. Steve, put it in context for us how much bigger in terms of tonnage and heft is what the fed has done over the past month compared with what it ditd over many, many months in the financial crisis of 08, 09 you just said it. It took months and months to roll out some of these programs back in the 08, 09 crisis. They were rolled out tentatively. The fed was scared it was going into areas it never got into before. It was a big to do about the Federal Reserve buying Mortgage Backed securities. It was involved in cramped allocation buying Mortgage Backed securities is old half for the fed. The new hat is buying corporate credit, buying high yield corporate credit, providing loans. One is its much, much bigger, much, much faster and much wierd when it comes to credit markets. All right thanks very much, stooefeve. Its ban historic week for stocks the s p 500 on track to have its best week since back in october of 1974. The dow set to close out its best week since 1938 lets bring in Sameer Samana ron, lets talk about the stock market that people seem to be, i guess, modestly excited about. Are you or do you think that were in the midst of sort of a bouncing along here, sort of soft tooth recovery in markets and the potentially, ult maimat the economy . I think soft tooth is way to describe it. Not only have we seen or heard the worst economic numbers likely to hear through the course of this economy im worried about the bilogic side i would hate fout the cato put before the horse we are lining up assistance fwheewith need rushing back to work by may offers the possibility, the danger, really that we have another slide in the economy if people are reinfected. Were seeing soc ining some of china. We have crested in the u. S there are concerns this could come bang in the fall if its seasonal i prefer to see us stay on the sidelines from a physical perspective until were sure that its safe to go back in let me turn the question a bit differently. I dont mean to be a skeptic here the amount of fiscal rescue thats pumped in, the amount fed has done is truly monumental my question is, is the market over reacting to the rescue capital thats being pumped into the system and maybe undervaluing the possibility that this economic recovery is going to be slower and more tepid and more tentative than anybody could have imagined. Im saying depression but im saying maybe prolonged demand construction, particularly in the consumer economy that makes the recovery weaker than some expect we think so whats interesting is we put a number out there for earnings peryear end around 115 which has a wide band around it. Might come in lower than that. Youve got have fairly heroic next year to justify anything in there. We did have a year end target of right around 27. 60 we think at some point these levels make sense. Again, we saw that from october to january when they started to step into repo and expanding their Balance Sheets we have seen this movie before we know how it ends. It ends with the markets coming in the fundamentals. We want to take the opportunity to sell the areas you didnt get a chance to. Energy and materials and industrial, we would take this opportunity to shy away from those. Even small caps. Maybe you can start to step into sochl these other areas where maybe fed earning to give them a nice warm embrace around high yield. Youre getting paid to wait. We rolled something out today that took money out of small caps and put it into high yield. Fweel li we feel like thats a better way until you get to the other side of volatility. How about that . Selling pieces where you have losses in your portfolio taking out soft me of the positn you might not like or either moving to cash or moving into some other high quality areas of the market what do you think . Particularly the credit market i believe thats probably the way to go. Thats something we have been discussing off for a year and a half which made sense all the way along. I do think the bigger question with respect to just market behavior is whether or not we find the bilogic solution whether its therapeutic in the short run or a vaccine in the long run that will determine the arc of Economic Growth and the behavioral aspect of this shock were suffering to some people think it will step right back into action others believe it may change our behavior for some time to come as much as the fed is preventing liquidity crisis or financial crisis, i think the ultimate might be bilogic and behavioral. The behavioral part is a key part i think the change will be profound and lasting ron and sameer, thanks kelly. Lets look at crude oil now. Its down over 6 after being up as much as 12 thats an 18 percentage point swing. The opec plus meeting today started out with optimism but seeing a number of reports that opec has reached a deal on production cuts but awaiting more information on the details. Well bring you the headlines as soon as we can nail them down. Congress is hammering out details on a 250 billion virus aid package. Kayla has the latest for us. Reporter the senate today failed to advance a 250 billion expansion of the so called Paycheck Protection Program that the white house had proposed it was an all or nothing vote that Senate Majority leader Mitch Mcconnell put forward and some Senate Democrats rejected they support expanding aid pack angs but they want it to include democratic priorities as well and isnt a clean expansion of the program that already exists. Nancy pelosi echoed that concern as well. She said eventually we will need more money for ppp they havent even spent a third. They have twothirds of it left so we have time to negotiate to see if we have more time and money there. Democrats have proposed a different break down of the 250 billion. They are proposing 125 billion goes to the program as it stands right now but the second 125 billion is divided specifically among Community Based banks and disaster assurance that is administered by the sba. Thats not something that has been negotiated between both parties or negotiated between the house and the senate aides earlier said if any of these packages will go forward t it will require the white house to get on the phone with democrats and figure out what both sides can support and what the white house can can give political cover to republicans to support as well guys this is first time ive seen you indoors. How bad was the storm . Well, there was a thunderstorm in the middle of the afternoon. The winds are still whipping outside. I wanted to give the viewers my home office shot i was going to ask for a kid appearance as well but i dont know if we have that kind of time it is nap time. Thank goodness your safe for now thanks have a great weekend bye nancy pelosi will join jim kramer tonight on mad money. Dont miss it. I will not. We have breaking news now. Walmart hiring more and more employees amid the coronavirus outbreak lets go to Courtney Reagan for those details and numbers. Good afternoon. Cnbc has learned that walmart has hired just around 100,000 workers, temporary workers in its store, full ifillment centes and Distribution Centers they set out to hire 150,000 temporary workers. This is one of the measures walmart is taking as it an essential retailer its limiting the number of shoppers its checking employees temperature and providing masks and gloves well talk about all of this and more well talk about this late ner the hour with dan bartlett thank you coming up, hospitals are under pressure as the u. S. Now has more than 400,000 cases of coronavirus trumping the rest of the world. The ceo of Holy Name Hospital group in the center of the new jersey outbreak tells us what he is seeing on the ground. Pfizer identifying a new drug to work against the disease. Its a challenging market. Edward jones is well aware of that. Which is why were ready to listen. And ready to help you find opportunity. So. Lets talk. Edward jones. Its time for investing to feel individual. We have an update on Boris Johnson condition. We were expecting a statement from number ten downing street the Prime Minister has been moved this evening from intense ifr ca ive care back to the ward he will receive close monitoring. He is in extremely good spirits. Thats from the Prime Ministers press officer. This comes an hour after dominic rob who was deputized to run the government said we were going to get statement. This is very good news the Prime Minister is out of intensive care, back on the ward and in very good spirits a bit of good news back to you. All right thank you. This is good news. Really appreciate it bill gates spoke with becky quick of cnbc about the pandemic gripping countries around the world. Here is what he had to say about coronavirus. Here with coronavirus, its quite fatal and quite transmittable. Its the nightmare that we have been talking about for a long time and sadly, although a few things like this coalition for vaccine, cepi were done after 2015, a very small percentage what we should have done where we would have diagnostics very quickly, drugs very quickly and a vaccine far more rapidly hospitals in the United States are on the front line offense the fight tirelessly treating the unprecedented number of patients that they are seeing many of whom need intense iive care welcome, michael its good to have you here you, yourself, contracted coronavirus. What were you symptoms how sick were you and what did you do to get well thank you for having me on. Yes, i contracted the virus. I foolishly transmitted it to my wife and two of my sons. We all tested positive my symptoms early on were not the typical ones i never really spiked a temperature. My fever, never had a high fever, no real low fever a bit of congestion in my throat i did have some gi issues. What really struck me the most was extreme fatigue and a lot of people are saying, loss of smell and taste. I had that there was probably three or four days there where i was just sleeping the majority of the day and night. My wife as well. That was probably the lowest point. You hear over and over exactly wa yexact ly what you describe that is extraordinary levels of fatigue. You were never hospitalized, i take it. You were able the fight it out at home . Correct one of things that holy name has done since the onset is we rolled out a very robust, home Telemonitoring Program we dont just send people home and say here is your test results. We have nurse practictioners calling you and they did that with me and my family. Twice a day we would have to report our temps we would have to report our oxygen levels, our blood oxygen levels and if we got worse, they were going to bring us in. If we got better or stabilized, they would keep us home. Were doing that at the high point with over 1500 people at home otherwise, those people would end up in the hospital being extreme drain on the already very limited resources take us through some of the numbers that you have seen and are seeing now at holy name, which is a very prominent hospital and finally, as you take us through numbers, tell us whether youre beginning to see or sense a cresting of the wave in terms of hospital admissions or icu requirements . Great questions we now have seen close to 3,000 people that we have tested over 1500 of them are positive over 1,000 of them are being treated at home. We had too increase our Critical Care icu beds by a multiple of six. We typically would only have 20 icu beds here. I now have 120 we would normally only have ten negative pressure rooms within the hospital i now have 250 my facility crew has done an incredible job they are turning around 40bed icus in 45 days, new construction absolutely amazing it proves it can be done they are designed to deal with this virus and keep staff, iv pump, ventilators, monitors on the other side were allowing one nurse to care much for efficiently and their team to care for a larger number of patients in a much more efficient and effective way. Thats helped us a lot we were seeing 150 to 200 people a day in our emergency room, coming to our out door tent for testing. Thats starting so slow. Were only seeing about 70 a day. With have snot seen the wave of seniors. We know the virus is present there. Its spread quickly. Im very concerned well see that next wave we have absolutely, all our predictive models we have a robust Data Science Team the curve has plat flattened the social distancing absolutely seems to be working and we need to stay aggress iive with that. We still have a few more weeks to go but it is absolutely starting to work you have just given us the best news we have had all day and second best news is youre healthy and your family is recoverying and the third best news is your staff are bearing up well under incredible pressure michael, thank you very much we appreciate it thank you as hospitals are overwhelmed, pharma giants are stepping up dcombat the virus pfizer says it has identified a new drop to help with this disease. Thanks for joining us on the phone. You came out with a ton of news today. Lets start with the piece about you identifying a new potential drug that may have activity against this Novel Coronavirus how does it look like it works and when could we see it in people in first results from the trial . Thank you, meg. Its great to be back with you today to share some positive news in this difficult time. We are monitoring the battle against covid19 its common on the dates that we have released on our treatment we have now been able to confirm activity against the virus causing covid19 in precancer screenings were pleased to say the last time i spoke to you, we anticipated it clinical studies before end of the year. Can you tell us what you see the time line looking like for a vaccine . We hear 18 months. How will it play out thats a great question as we finalize our work and agreement thats announced today, on the technology for vaccine, we remain on track to start clinical studies at the end of this month. If successful to clinical studies and by regulatory authorities we are now in our timeline able to predict we could supply millions