President trump set to meet with top pharmaceutical executives as the first drug shortages in the United States are starting to be reported. Well have a preview from the white house on that. Just breaking news, moments ago, folks. Amy klobuchar is out. She will endorse joe biden as establishment tries to box out Bernie Sanders. All that and so much more on making money. Charles all right has been a roller coaster session, investor motions, potential Central Bank Involvement all of that is in the cauldron if you will. There is a lot to break down and digest. Lefts bring in the best, Gibbs Wealth Management cio president , erin gibbs and capital Wave Management shah gilani. Erin, youve been calling this on the emotional side amazingly. Even last couple months. Last monday you said it is too early to get into the market just yet. Weve come down a lot since then. Whats changed . So i think, first we have to digest, oh, were really attached to the chinese economy more than we realized. Then once we sort of realized, wait this is an illness. This is sickness. There is going to be recovery. It may not be a very shaped recovery. It may not be one quarter event t might be two or three quarters of a slowdown but it is something recoverable. You eventually will have to go back to work. Part of it was, we came into the market priced not just for perfection but overachievement. 20year highs when it comes to valuations. Friday we hit 17 times forward earnings. Charles that was a perfect buy signal. It was perfect buy signal. Came in dead on the money. We popped up. Seeing 2 1 2 today already. I think investors will push us back up to 17 1 2. Really stablize. Were seeing more stabilization in wall street, being better able to forecast how the profits are going to play out this year. Charles you show, shah, it is interesting this session up almost 800 points on the dow. Viewers would be interested in knowing top three performing sectors in the overall market are defensive. You have consumer staples, real estate and utility stocks are killing it, perhaps, because the dow utilities pay a dividend of over 3 . And 10year is just right above 1 . I think it speaks to Investor Sentiment in terms of the defensive moves. I dont believe, i think investors are a little insecure about this rally, is it a deadcat bounce . Im not sure. May be. Kind of looks like that. I believe well test the lows from last week f you take the lows out we have further 10 to go. So i am concerned in here. Im looking to bottom fish in here. I have a long list of names that i would like to start buying into. We bought some this morning but im buying cautiously, certainly not jumping in with both feet. I will come back and ask you to share a couple of those names but i also want to mings on friday we had a similar conversation and one of things i brought up we should be expecting these kind of sessions. When i mentioned it to our good friend heather zumarriaga, she kind of chuckled at me but take a listen. I guess we dont have that. Erin, let me come back to you then, so this is the first area, you know, where we find some support. Yep. One of the things i sent out to all of our guests is this sort of wheel of emotions, right . And you get down toward capitulation, discouragement, dismay that is bottoming out process mentally. How quickly does it take to get through Something Like that. To shahs point could this be a false alarm . I think were in earlier in the stage of fear. Were stillew news. Charles isnt that part of the process though . I think basically, what it really is about is humans test unknowns, particularly negative unknowns. We dont like risk. We dont like unknown, could it be worse, could it slow down, is there Recession Risk . A lot of things are up in the air. Were still getting new information how easily does it spread. What is the real mortality rate. Who is most at risk, how do you prevent yourself, how do you even identify you have it . And until those unknowns are really better set up, we better communication from the cdc, we get more information that this is really starting to contain and slow down, that is i think were going to see capitulation. As long as we have negative news, also a lot of unknowns, what is this, how do i catch it, how do i protect myself, people are more likely to say home. You will see less productivity that will continue to hurt the economy and growth. Charles although at some point the markets should adjust long before those things are some completely answered is. Absolutely. Charles which is why i said on friday we should expect these kind of big up days. I think we do have the tape now if we listen to it. I think were all probably unanimously feel the longer we go out the more likely it is well recover from this but nearer term the big debate now is ushaped recovery in the market, vshaped recovery . I personally think there are going to be sessions real soon when the dow is up 700 points, 800 points, 900 points. Wow. I dont think it will sustain itself. But go back to 2018, for instance, the sort of volatility that we saw there, the swings were phenomenal even as we were melting down. Even during the great depression, we had many, many bull markets inside of a stretch of the historic period. I needed a little powder there. I was a little sweaty up there. Shah, incident take long for the 700 point session. Who knows before the end of the day we might get more considering g7 ministers and Central Banks are meeting tomorrow to discuss a coordinated effort. Would that feel better about going deeper into your buy list . Yes it would but i dont think that is the beallendall. Look at brief history in time. What happened the markets were rising nicely. As coronavirus fears started to impact markets they went down. As chinese said we have this under control. Infection rate is reversing. Next thing we made new highs, i think, february 12th. The following saturday, chinese came out in one day they discovered 15,000 new cases and had a oneday total of 254 deaths. That was a saturday. Monday, market started to sell. They were in denile. They recognized anxiety and fear took over. The denial was perhaps fake news, markets were on. Were back here with a bounce here. We dont have positive good news. We hope there will be virus vaccine but we know that months or a year off. I dont see any good news that justifies the move. This simply is bounce back from hard selling last week. It is all good. If we base here it will be great. I dont think we can. Charles erin, shah, were out of time, if you want to tweet a couple ideas i will retweet it. Thanks to both of you. Joining us by phone, chief Market Strategist jeff saut. Jeff, to the point shah was making, headlines drive this market, today we also had headlines i thought were a little bit, i dont know, they bothered me a little bit. Phase of coronavirus outbreak a boom in u. S. Cases. Then this was from usa today. New york times says, u. S. Cases skyrocket over 35 . I think numbers will get higher as we test more people. If this is the way youre going to describe 80 cases what are you going to describe 800 . Is there a point at some point jeff, we become not immune but we understand that were bracing for this kind of news and market doesnt negatively react to it . The question, charles, is, has the market already discounted that, the fact that the coronavirus is surging and bernie is surging in the polls . Now, as you will recall, our shortterm proprietary model flash ad sell signal in midjanuary. We told people to sell trading positions and raise cash into investment accounts. Quite frankly i didnt think the downside was going to be as severe. We came in last week with monday, tuesday, were 90 downside days. Meaning 90 of the up to down volume came in on the downside. That is pretty rare event t tend to indicate sellers are worn out. By the end of last week the market was more oversold than it has been since 1998. So a throwback rally was certainly due. I actually thought selling would come in a little more this morning which it did initially. Charles sure. Then it faded out. So the question now becomes, were getting this throwback rally. The question becomes if we come back down to test the lows. I werent know that until i run the models. Charles so there is a chance though, that we can retest, i think it is last thursday, last fridays intraday low . Yeah. I actually think the lows are in. Charles okay. That is right brain opinion on my part. We put a little bit of the money back to work that we raised in midjanuary last week but not much. Charles okay. Jeff saut, thank you very much. Always appreciate your wisdom. Thank you very much. Thank you. Charles by the way, folks, remembering a true business icon, jack welch. Transformed General Electric into highly profitable, multinational conglomerate. It was juggernaut. At one point ge was most valuable company in the world. On personal note i had serious personal issue and jack called me up, said he believed in me to lend me support. We had great conversations in the past i can tell you that i still dont know to this day how he got my number that day. This is, only thing is, this is what he meant to me but he also meant so much more to the entire world. Welch was a ceo but he was truly resultsdriven. Many people know him for his six sigma approach that almost over other Major Business adopted. Bottom line he changed businesses around the world forever and he will be missed. Were watching markets throughout the hour. Stocks hitting the session high moments ago. We want to talk about coronavirus and how it is affecting goods coming into the country and anything from Prescription Drugs to wedding dresses. Is it time to rethink our relationship with china . Former trump trade advisor curtis ellis will weigh in to tell us what we can do with the supply chain. Months after very crowded democratic field, finally looking like it is maybe a twocandidate race. Well be right back. As a struggling actor, i need all the breaks that i can get. At liberty butchumal cut. Liberty biberty cut. Well dub it. Liberty mutual customizes your Car Insurance so you only pay for what you need. Only pay for what you need. Liberty. Liberty. Liberty. Liberty. Can you help keep these iguys protected online . . Easy, connect to the xfi gateway. What about internet speeds that keep up with my gaming . Lets hook you up with the Fastest Internet from xfinity. What about wireless data options for the family . Of course, you can customize and save. 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Their official pmi plunging to a record low read of 35. 7 in february a full 10 points lower than what wall street was expecting, even lower than when we had the financial crisis. Although the u. S. Manufacturing is expanding here, there is no doubt that shutting down china and south korea means a very rocky period for our very own manufacturing supply chain. As we struggle, folks, many are wondering if this is the perfect time to rethink offshoring . Maybe businesses think there is a better way . This man has the answers. Trump trade advisor curtis ellis. You were warning about this relationship for a long time. Thats right. Charles always against the or the do, sy of big business, particularly conservatives. If china wants to subsidize the steel industry, sell it at such a cheap price we should take it. No one counted americans who lost their jobs, kids who lost hope, became opioid addicts, no one put that into the equation t was nice and cheap. Here we are with the idea we may not get drugs that we need because it is all made in china. Thats right. Do you think now is the time that theyre thinking nabe there is an epiphany in the csuite maybe we should pay a little extra for the security of having some of that here at home . Thats right. Exactly right. President trump campaigned on the promise of bringing American Manufacturing back, bringing those jobs back here. Border security and lets be aware of whats going on in china. It is not scandinavia. It is not an industrial democracy. This proves it all. So now is the time. Lets start making it in america. We need, whether its automobiles, automobile parts, but especially medicines, stuff we rely on, essential goods. We need to have the security and selfsufficiency in this stuff. So were not subject to these kind of interruptions. Look, this didnt happen by accident in china. They cover things up. The doctor that first reported virus didnt happen or hamfisted way it was initially, they werent honest . They werent hon e. The doctor said we got some weird thing going on here, they arrested him. They said shut up, dont tell everybody. Charles signed phase one . They absolutely did. President xi he had a meeting, Central Committee meeting january 7th. When did they sign this . January 15th. We need to start bringing stuff back here, the supply chains. We can afford it. They always told us, we dont need manufacturing. Bigger than the Service Sector economy. If it is such a small part of our economy we can afford if it cost as little more. Charles so you didnt make 10 a share this year, you made 9. 95. Right, exactly. Charles the jobs you created, you also created customers. Customers for the services and for everything else. Let me ask real quick. I have less than a minute. I go out, say, i think this is good time for President Trump if he gets xi to work with him, suspend the tariffs f they call could, same three month period. It could help them get back online. It would be magnanimous. Shows leadership. America saved the world over and over again. This might be a good time for that. I goat heat for that. China needs to open up books. Be honest what happened with the virus. Tell us everything. Give us the information. Live up to the agreement they signed on january 15th. Theyre invoking force majure all areas, not taking deliveries of contracts, trying to get out of contracts, deliveries of lng and everything else. Start playing straight. We can talk about the next steps from there. Charles curtis, appreciate it. Both stocks extending gains. Seeing the worst week in the market for the financial crisis. Were all over the markets. President trump is meeting with pharmaceutical executives in 45 minutes. The race for Coronavirus Vaccine is on. 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Get started today. Call unitedhealthcare and ask for your free decision guide. Learn more about aarp Medicare Supplement plan options and rates to fit your needs oh, and happy birthday. Or retirement. In advance. Charles breaking news, five people are now dead in the United States from the coronavirus all of them coming from Washington State. One victim was in his 50s with Underlying Health conditions. The others were 70 or older. The total number of cases in the United States stands, in that state, Washington State, stands at 14. In a few moments President Trump hosting pharmaceutical companies and a Coronavirus Task force to discuss ways to expedite developing of a vaccine. Blake burman live at the white house with more. Blake . Reporter that meeting scheduled 35 or 40 minutes from now here at the white house President Trump telling us today, as he did over the weekend, this meeting was initially scheduled to bring the pharmaceutical executives at the white house to talk about lowering Prescription Drug prices. However of course the focus of this now shifted on to the coronavirus. Because of that im told, additional leaders from within the pharmaceutical industry will be a part of this meeting as well. Teeing up the meeting earlier today, the president said, that he is hoping to push the executives not only for their companies to find a vaccine but potentially as well to develop a cure. Im also meeting with the pharmaceutical companies later on this afternoon. We have a big meeting with the biggest companies, really most powerful companies. Hopefully the Smartest Companies anywhere in the world when it comes to drugs and vaccines because were talking about a vaccine. Maybe a cure, if it is possible. So well see about that but were talking about a vaccine and theyre moving along very quickly. Reporter while they are starting to see the first signs of Community Spread as the cdc warned for days, the Trump Administration is trying to highlight the risk to americans they say is low. The president this morning lauded the response effort. Some additional people were reported. Theyre in good shape but we have additional people that were reported. Country is doing very well. Our professionals have really doing an incredible job. Reporter charles, were getting a better idea how meetings will stack up in the upcoming days as the administration tries to battle the coronavirus. A few minutes from now the pharmaceutical executives here at the white house. Tomorrow, the Vice President , leading the president s response will be headed up to the hill to brief both democratic and republican senators. Wednesday Airline Executives will be here at the white house. Thursday the Vice President goes to 3m. You know their role in all of this. Then saturday, then the cruise line executives will meet with the Vice President as well. Charles . Charles blake, thank you very much. Very busy schedule with Critical Industries there. Joe bidens run for the white house is getting a second life after a South Carolina win. Upcoming Amy Klobuchar endorsement as the democratic president ial field now considered a twoperson race . Well debate that next. My body is truly powerful. I have the power to lower my blood sugar and a1c. Because i can still make my own insulin. And trulicity activates my body to release it like its supposed to. Trulicity is for people with type 2 diabetes. Its not insulin. I take it once a week. It starts acting in my body from the first dose. Trulicity isnt for people with type 1 diabetes or diabetic ketoacidosis. Dont take trulicity if youre allergic to it, you or your family have medullary thyroid cancer, or have multiple endocrine neoplasia syndrome type 2. Stop trulicity and call your doctor right away if you have an allergic reaction, a lump or swelling in your neck, or severe stomach pain. Serious side effects may include pancreatitis. Taking trulicity with a sulfonylurea or insulin increases low blood sugar risk. Side effects include nausea, diarrhea, vomiting, belly pain, and decreased appetite, which lead to dehydration and may worsen kidney problems. I have it within me to lower my a1c. Ask your doctor about trulicity. Charles stocks still in rally mode after the worst week for markets since 2018 and the financial crisis. Buyers emerging on hopes of really global Central Banks getting together and will do something that you know, like good oldfashioned buying, pumping in money, whatever but you know what . The fact of the matter is a lot of people are saying, questioning whether the market can shift from where we were on friday, total dismay to total optimism . They say you have to make a few more emotional stops. Throughout the show i will continue to ask our market experts that question. In the meantime the dow is up about 700 points. Meanwhile joe biden with a ton of momentum going into tomorrows super tuesday primaries even though sanders continues to poll strong in the super tuesday states. The candidate coming off a resounding victory in South Carolina and expected endorsements from Pete Buttigieg and Amy Klobuchar. Biden is trying to make the case that he is the only one who can take down and beat donald trump. People are not looking for a revolution, looking for results. Bernie talks about a revolution. Lets get results. Charles we have jason nichols, host of rick ungar show, rick ungar, host of reality check on fox nation, david webb. Let me start with you, professor. I saw you on television recently. You were making an eloquent argument not necessarily for sanders but why sanders was going to end up being the nominee. Do you still think after saturday, yeah, saturday in South Carolina that sanders is still in the drivers seat here . I think he is. It gets a whole lot more narrow now that klobuchar and buttigieg have dropped out. If they give him their support, it is going to be very difficult charles they were running at one, two, 3 . How much could they give him . I think buttigieg was significantly more than that. Charles okay. He was getting near teens in some of those states and moving towards the midwest. I think he was going to have a presence there but mostly his support will go to biden but i think some of it also could go to warren. Warren will take a little bit from both of those pots. Im a little surprised with klobuchar because right now, polling in minnesota, she was at 29. Sanders at 23. So i mean does she just somehow inadvertently give sanders minnesota on top of other states he might win tomorrow . There are a couple reasons she made the decision she did. Number one, her polling may show different, but nothing worse than losing your home state as Elizabeth Warren is likely to discover tomorrow. The other reason, she followed what mayor pete did, if you want a future charles is this a race for vp now . Not necessarily. I dont think any people who dropped out are vp candidates, so, no. It could be agreements for cabinet positions but that is another discussion. Tomorrow is a critical, critical, day. We have to see what these dropouts mean in terms of taking biden and or warren over those 15 qualifications because the difference it makes in delegate count is astounding. Charles well, you know, listen, david, we were told that the establishment was going to rally, circle the wagons. Theyre circling the wagons. This is as ditch attempt to stop Bernie Sanders what do you think . I think bernie is still there at the convention. I think the bernie bros are at the convention with him in milwaukee but how get there . Klobuchar had 7 delegates and Vladmir Putin had 26 delegates to give. If they went to biden it may help him. This is actually a threeperson race. You have biden, sanders and bloomberg, desmite what they tell you. They want to use traditional polling methods, bloomberg like bernie has a goal. He actually does have to win something but he can still carry himself all the way to milwaukee. Bidens got a problem. 10 million raised is not enough to do the boots on the ground campaigning with his money. Sanders raised 46. 5 million. That gives him more cash. Bloomberg sun limited with almost half a billion spent so far. Profoundly disagree. Im with you. That 10 million was over last few days. You will start to see money pouring into that campaign. Not enough time to give him the push he would like. He doesnt have money right now to do boots on the ground. However, he will, after tomorrow. However the problem bloomberg has, i dont think he will win anything tomorrow. I think he is going to realize he is a pragmatic guy [all talking at once] he can afford to keep going but that doesnt mean that is going to help defeat donald trump. Charles wasnt he the one that said people should drop out . That should include himself. He should but he is ego maniacal guy. He will stay in it. He is actually [all talking at once] spend 100 million on democrat programs in the midterms and 2 1 2 million in virginia when you need gun control. Now he is charles let me ask you this though, theyre saying now, biden is saying his win is more reflective of the country and the democratic party. Meantime, i got to tell you something really interesting, sanders is going up more with hispanic voters. Yes he is. Charles that has to scare the hell out of the democratic party. Particularly when you have two states, texas and california coming up, the latino vote will be really important. Sanders seems to get it. Sanders is somebody who within the party gets the working class vote. The guy who fixes your tire. The woman who cleans your hotel room. Theyre with sanders. Didnt get it in nevada. He did get it in nevada. Thats why he won. Charles breaking news i have to share with the audience. Thank you very much. Well be doing this a lot more. But i do have an update for you, folks just what we were talking about before this Health Officials are clarifying six people have died from the coronavirus. Again all of them from Washington State. All from that same nursing home. Early market gyrations giving way to the first really big rally attempt of the 2020 correction. We could go up a lot or or give it all back. Were going to discuss that. Emergency funding talks to combat coronavirus underway on capitol hill. Congressman andy biggs gives us his take as democrats continue to try to politicize the crisis. Just how contagious is coronavirus compared to say other viruses . Dr. Neshwad will join us next with Vital Information for you and your family coming up next. groans hmph. food grunting menacingly when the food you love doesnt love you back, stay smooth and fight heartburn fast with tums smoothies. Tum tumtum tum tums with tums smoothies. Its more than just fast. It keeps all your devices running smoothly. With builtin security that protects your kids. No matter what theyre up to. It protects your info. And gives you 24 7 peace of mind. That if its connected, its protected. Even that that petcamera thingy. [ whines ] can your internet do that . Xfinity xfi can because its. Simple, easy, awesome. [ barking ] thats it. Im calling kohler about their walkin bath. [ sigh ] not gonna happen. My name is ken. 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So we took our worst vice, and turned it into the dna for a better system. Materials made from recycled plastic woven and molded into all the things we consume. We created bionic and put the word out with godaddy. What will you change . Make the world you want. Charles meanwhile senate democrats, democratic aide telling fox business Speaker Nancy Pelosi that she expects something own the coronavirus emergency funding maybe to hit the floor for a vote this week. The white house has asked for 2 1 2 billion dollars, while many on the hill expect the final package closer seven or eight billion dollars. Congressman andy biggs from air shown joins us now. Thanks for joining us. Charles, good will be with you. Charles how do we look on funding going through . There is sense of urgency every one shares . There is, but the real number that is actually necessary right now is what the president has asked for. His got iterated purpose, about 2 1 2 billion. Some folks want to spend, four, five, six. The real number im hearing they will throw is between 7 and 8 billion. They havent stated exactly what they want to use the money for. But that is typical washington, d. C. They want to throw a bunch much money, look how much we put at it and all is well. That is why you end up with things like 600 milliondollar surplus that has been sitting there with regard to bee bowl la virus care and ebola virus care and research. We overfunded it previously. Charles it is a losing political proposition to fight back against you know, to sort of say, hey, we want less money more than more money at this point . It can be but you have to state what you use the funding for. Charles, dont forget, even as i was listening to the washington director give his press conference today, Health Director give his press conference, he said look, this disease is treatable and not Everybody Needs to go to the hospital. It is something that is manageable and we can treat. But at the same time they can have some very dire circumstances like weve seen in Washington State with five people now deceased. But the reality is, when you compare it with what we do on the flu issue which is 20 to 40 million, get that each other, 10 to 40,000 people succumb due to complications. Charles right. These things have to be put in context. Well, in order to do that it has to come from leadership. It has to come from really institutions that are designed to create certain sense of calm and you know, the politicization of this whole thing continues to be shocking to its just i watch the president s last press conference and you know the first one, there was a lot of debate whether or not Vice President pence was a czar, just unnecessary stuff that just frustrates people. While theyre not President Trump called virus itself a hoax, or the democratic response to it and some of the claims they made a hoax. When do we get away from that . Well you know, charles, i wish we were away from it right now. I dont know when it ends. Basically the feeling towards the president is so visceral and so profound that they will politicize this as you say. I just dont get it. We should be talking about what needs to be done and thats what i would say about the Health Officials like the cdc folks that have been out there and there is 17 of them now in washington. Theyre doing a good job. Theyre working with the state. Were seeing the cooperation thats there but youre not hearing that from the left because they want to politicize it. They want to blame this on trump. Were talking 75 total cases in the United States of america which is due to prompt action on part of this president with travel bans, et cetera. Charles all right. That is so important to remember but it is being politicized. Charles congressman biggs, thank you very much. I know it is busy down there. We appreciate you coming to talk to our audience. My pleasure, charles. Charles coming up in next hour President Trump meets with drugmakers about a vaccine for the coronavirus. I want to bring in liz claman. What are they telling but the how the whole thing is poe i am peaked and potential leadership . We like leadership like apple ceo who came out with fox businesss susan li and talked about it and showed his face live. I think that is really becoming more and more important. We dont want them to say anything they dont actually mean, charles but im not sure this whole talk of politicization is really anything we need to focus on. The fact is were now pushing 90,000 global cases, six in Washington State alone and i think the question becomes, how well and what is the administration doing and there is a real importance that the administration is putting at the moment upon bringing in fema, on bringing in call kind of experts from the cdc, really trying to fan out to make sure because as you know on this network, Vice President mike pence had come out today, he said he expects more cases. Theyre not trying to put out sunshine and rainbows at least the man in charge which would be Vice President pence is not. What about the World Health Organization . What about the Global Organization that everybody championed years ago . Laurie garrett, the author of the coming plague, the pulitzer prizewinning author very critical how the world has handled Public Health in the era of globalization. We will talk to her. She will give us the latest threat assessment. Niren panera bread ceo. What is he doing along with his employees to keep everybody and customers safe . Charles liz claman. Exciting hour. Thank you very much. Folks well tune in to the claman count down right at the top. Hour. Were covering the hysteria over the coronavirus as it grows. Were learning six people died in the United States, all of them in Washington State. It has many wondering how contagious it is, the virus itself . It may not be all some in the media crack it up to be. One person with the illness will affect 2 1 2 more people on average. That is equal to the flu. While way lower than the measles. In terms of fatality rate, still not enough date to work with, so is the hysteria overblown. We brought in one much our favorite doctors. Thanks, charles. Charles looking at data, looking at a piece that was put out over the weekend and it suggests there have been viruses that are more communicable and even deadlier, but this hit the public in a way, certainly from image situation i cant ever recall in my lifetime. That is because it is the novel coronavirus. So its new, and new to us. Normal for people to be anxious and concerned and worried. That is the last thing you want to do is panic. We want to take precaution. As the chart shows, this virus looks to be about as contagious as influenza but not nearly as contagious as measels, mumps, smallpox, rubella, all which we fortunately have vaccines for. Every person with coronavirus can affect two or three people. That is why it is so important. We have a lot of control, charles. It is so important to take precautions. What i mean by that, number one, hand washing. Hand washing is the number one way to prevent the spread of infection and 30 of people dont wash their hands. Can you believe that . That is a large number. We have a lot of control. Washing your hands. If youre sick, stay home. If youre couching and sneezing into your elbow, so the germs or viruses dont spread, because it can spread via airborne water particles from one to another. We know it is highly infectious and contagious. The majority of people, they will recover. They will have sniffles, a little congestion, runey knows they will recover. These people had underlying medical disease that put them at higher risk of complications. To your point, there was a female in her 80s, a male in his 70s. Male with Underlying Health conditions. A female in her 80s. Another female in her 80s was in critical situation. One thing that bothers me, according to the johns hopkins, the great site they put up for this, 45,000 people this morning, 45,000 people have recovered. So we hear the number, 80,000 people around the world, i cant recall every media out let around the world, 45,000 have recovered. We need to be cautious by a fault but should this be put into perspective to a degree. Youre absolutely right. If you look at number of cases compare that to the number of deaths, gives us a mortality rate of 2. 93 tentatively because we dont know that is low. Charles problem of cases never reported. Some people get this, feel down but not enough to go to the hospital. Youre absolutely right. Some people may have it, not know they have it. Mortality rate is low but still important to take precautions because small number of people can develop what we call respiratory pneumonia, viral pneumonia, for small number of people, that can be lifethreatening. Take precautions if youre sick, call your doctor. I know firsthand, charles, our government, our president , vice President Trump, theyre taking measures to aggressively tackling this, providing funding. Part of the funding theyre requesting from congress will have ppes, protective personal equipment for doctors, nurses, paramedics, so we have gloves, gowns, masks, proper tools to take care of patients. Charles doctor, thank you very much. Thank you. Charles buyers, finally emerged, folks but gains are down from the highs of the session. We follow the market as we head into the final and most exciting hour of trading. Well set you up here in the next block. Like you, my hands are everything to me. But i was diagnosed with dupuytrens contracture. And it got to the point where things i took for granted got tougher to do. Thought surgery was my only option. Turns out i was wrong. So when a hand specialist told me about nonsurgical treatments, it was a total game changer. Like you, my hands have a lot more to do. Learn more at factsonhand. Com today. Charles after a real uncertain start, stocks are higher across the board. The major stock indices up. Heres the interesting thing. They are led by defense sectors, consumer staples, real estate, utilities, those are the big winners. The dow, s p and nasdaq in the green. This is coming off the worst week since 2008. The coronavirus sparking major fears but people are saying it just exposed underlying weakness we should have been worried about in the first place. Now what should investors be considering to do . Theres still a lot of Unanswered Questions out there. We brought in stephanie and mitch. I thought you were talking about me. Charles you talked about the underlying fault lines in this economy and stock market for a long time. Maybe they were just exposed by the coronavirus. I think this is an example of what happens when you have a market that is priced for perfection and it turns out the world is highly imperfect. We were trading at what i would describe as sort of obscene valuations, as mitch and i were chatting, i like to look at this chart as market cap to gdp and we actually hit 158 of gdp at the peak in the market a few weeks ago. We are down to 138 . Charles arguably, the market represents more than just u. S. Gdp, right . Especially the Growth Companies, the s p Growth Companies and stuff like that . Yeah, but i think this coronavirus is kind of an interesting window into whats happening with globalization generally. I felt for a long time that globalization was kind of in its final fits and you know, trump obviously has pushed a more domestic focused agenda and i think coronavirus is just another example of the dangers of having all of your production and manufacturing and drug manufacturing outsourced charles seems real dumb right now, doesnt it. What do you think . Its interesting, why is the market up today and why are utilities and reits doing well . Because Interest Rates are going down. Because the fed will probably intervene, maybe cut a half percentage point and that may be the start. The question is dont we really need fiscal stimulus and is it going to come from us . I dont think its going to happen in this session of congress but does it have to come elsewhere, to your point about globalization, is it time for germany to find a way to stimulate their economy because if our economies are interconnected, it may not be our legislature that has to enact fiscal stimulus. Maybe germany. Charles the outgoing ecb chief was really upset about that and railed against that on his last day, then Christine Lagarde may be in that camp as well. Another problem for the market i think last week was all the central bankers were too cool. If you noticed, on thursday whenever you had a central banker say were not there yet, markets went down. Thursday, not there yet, markets went down. The markets are demanding this. They are like babies. They are demanding this and they are going to go down more and more until they get this. Im not sure that when they get it, they will be happy for very long. Really, theres a question as to how Monetary Policy helps in any way. Looking at the treasury curve, it doesnt look like rates are too high. Thats not our problem right now. We have 14. 5 trillion in negative yielding debt around the globe. Do we need lower rates and whats the marginal benefit charles bottom line, they will get lower. I dont know, to stephanies point, we often disagree but we agree now, i dont know if it really benefits. At the end of the day in our economy, if its the consumer, i think they are already benefiting from the yield curve. Charles where should the market be now . Capitulation, discouragement, hope, or is it too soon . I think we are deep in denial still. Im going three quarters optimistic, one quarter anxious. Charles oh, man. So just tomorrow, they meet. We will get some announcement. The g7 ministers and Central Banks. Great seeing you. All right, folks. The dow up 522 points. Liz, we are buckling up. It will be another wild last hour. Liz nice to see green on the screen, right . All last week, the defense was on the field, as we head into the final hour of trade, here come the offensive linemen. Wall street kicking off the new month in rally mode, putting the worst week since 2008 in the rear view mirror, as investors pick up bargains while Central Banks around the world stand at the ready to pitch in if the deadly coronavirus outbreak spirals out of control. Mark it here, 3 00 p. M. Eastern, Dow Jones Industrials up 541 points, s p better by 49, nasdaq scratching back 141 points. Happening now, President Trump is scheduled to
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