287 points. Tracing half of yesterdays loss. The Oil Price Crash is a problem yesterday, still his. Bankruptcies and layoffs are a near certainty in the oil patch, drillers can to make money, cant service their debt with oil in the 30 barrel range. Russia wants to meet with opec soon, to see if the price war can be resolved. Oil is back to 34 a barrel as we speak. The anxiety indicator, the 10 year treasury yields 0. 6 almost double what it yielded at the low yesterday which was 0. 31 . Big day in politics, primaries in 6 states. Im calling it bernies last stand. He needs to win big especially in michigan. He is way behind biden in two recent polls. That would be good news for investors, the threat of a socialist in the white house receives but it is not good for the democrats. Their split is obvious and toxic. Varney and company is about to begin. We are going to take care of and have been taking care of the American Public and the american economy, meeting with house republicans, Mitch Mcconnell and everybody and discussing a possible payroll tax cuts, substantial relief. A big number. Stuart the president wants a stimulus package. James freeman, some republicans dont want more spending, dont throw money at it. I want to help those people who have been hurt through no fault of their own but what says the wall street journal . A lot of investors are in your camp treating this as good news. I think the government response first of all removing any barriers, legal or regulatory to the development and distribution of vaccines and treatments is number one but also figuring out ways not to harm the economy. We are seeing lockdowns around the world and they can be effective but have a huge cost. Youve seen it in china where they run the experiment in italy shutting down the economy has real costs, being broke and unemployed is not healthy either. The white house has in mind the toll. It is essentially a natural disaster. There is no fault in hourly workers who have to stay at home and not get the paycheck. Its not their fault. It is the governments role to help at a time like this. I always like government restraint. If there is a policy that restricts certain people from making a living, there is going to be sympathy. Whether it is a state or federal government, is locking down or restricting certain activities those people are in a tough spot. Stuart we have news on the virus, chinas president , xi jinping, visited wuhan. A find the conditions have improved so much they are allowing their chinese president to visit the locked down city. A week ago the city of 11 million virtually closed, shut its borders, the fact that chinese president xi jinping made an unannounced stop and visit very good time. China reported 19 new coronavirus cases, the smallest amount since the outbreak began, 75 recovery rate as well. The other side of this for the us, a few months down the road this is what the us will look like in recovery mode. Stuart their supply chain may be approaching normal which is good news. We are a ways away from it. A lot of Companies Like fox come, up to normal seasonal production. And and the step of quarantining. It was the whole part. Trains and rails, airlines and there are concerns that visitors returning from italy to the us are not properly screened. Stuart the whole country is locked down on that. Donald trump was not tested this by shaking hands and flying on air force one with the congressman exposed to the virus. Ashley exposed to the virus but hasnt been tested positive. The president had no prolonged close contact with a confirmed patient nor does he have any symptoms. The president s physician keeping a close eye on him but, quote, he is in great condition. The two lawmakers in question, doug collins from georgia and matt gates from florida are in self quarantine because they had exposure to the person at the cpac convention and the president had contact with them last friday and yesterday. No symptoms being exhibited by the president and those lawmakers have not tested positive. Who met who when is one of those a Chain Reaction but the president is feeling great. Stuart he will keep calm and carry on. Back to your money. Market watcher scott martin joins us. Speaking of calm. Stuart the stimulus package, rate cuts by the fed very probable. Are we going to get through this . We better. Otherwise we dont have an alternative. To your point what is interesting to me is it is becoming the norm. Unfortunately i think market participants, investors are getting used to this movement in the market. It will last a little longer than previous corrections because as you were highlighting we have a lot of unknowns when it comes to the virus and oil fallout too. Stuart we dont know the force result of the oil. I will colletta crash because it was because you now have bankruptcies probable in the oil patch and a lot of people cant service their debt. They are going out of business and that will ripple through the economy. Healed in the high yield market blue out yesterday. If some but he wanted to buy the loaner spread it was wider than you could see. That tells you theres not a lot of activity in the area because of that. Stuart just getting this in my ear, donald trump did call, spoke on the phone with the leader of saudi arabia. The saudis creating this flood of oil. I wonder if the president said knock it off. Might have said the magic word because they did and that is the answer to the question who would blink first. The positioning of that was curious, coronavirus fears in the United States, market turning over and the great shale boom in the United States, russia tries to lay the hammer down on us. Stuart almost a Conspiracy Theory but not. Vladimir putin was friend for a wild but after the sanctions he is not coming over for dinner. Stuart stick with bounce, up 750 and bring you back when the market opens. More from Dicks Sporting Goods. They are removing guns from hundreds of stores. Ashley this came out in the Fourth Quarter report, basically they are going to remove the Hunting Department which is part of the exporting if you have been into this was they will remove the Hunting Department from one 440 Dicks Sporting Goods stores. The restructuring charges end the process in 2019, close to 50 million. This was a big move from a company that is synonymous with that department, the hunting and sporting department. Stuart i associate with that product and investors seem to like it. Part of a general uptrend after the selloff. It is up 10 on the stock. Lets get to politics. Michigan voters head to the polls, this is bernies last stand. He is way behind biden. Back to james freeman, Bernie Sanders is desperate for a win and dont think he gets it. Lets hope not. It would be nice if democratic voters can rule out marxism. That would be positive for markets. If we knew this fall we were not having a referendum on the free economy in deciding which way to go. As we discussed the biden platform is well to the left of what Hillary Clinton ran on in 2016 but bernie is in a universe of his own. It would be nice for markets in the country to rule out bernie, Hillary Clinton forecast with a big polling lead in michigan, Bernie Sanders shocked her with a close win. You now have polls saying bernie is way behind. I think that is probably the way it goes but who knows how this virus plays . We believe biden voters on the absentee count, virus concerns are keeping people away from polls maybe that helps biden but on the other hand bidens crowded in the vulnerable population versus the Young Sanders crowd. Stuart more on this later but a news Service Reporting joe biden lining up the future cabinet which would include john carrie, control of susan rice, National Security adviser. John carrie in 2004 people measuring the drapes for carrie cabinet jobs in those early exit polls came out didnt work out for him. Biden stuart biden wants the obama vote. Check futures please. We have southwest by southwest, south by southwest, the event has been canceled. Next case, the coachella news it festival. I used to live in california. Professional sports teams restricting media access to the locker room. Some leagues considering banning fans altogether. Bernie sanders, at the townhall last night, bailing out, quote, crooks on wall street. Who is the crook . We will tell you about it later. Donald trump will lay out the stimulus package, not all republicans are on board. That might be a problem with the republicans, the are in see chair tackle that next. Meet jim. For jim, comfort is king. Which is why when it comes to his dentures only new poligrip cushion and comfort will do. The first and only formula with adaptagrip cushioning technology. Choose new poligrip cushion and comfort. And let me tell you something, rodeo. I wouldnt be here if i thought reverse mortgages took advantage of any american senior, or worse, that it was some way to take your home. Its just a loan designed for older homeowners, and, its helped over a million americans. A reverse Mortgage Loan isnt some kind of trick to take your home. Its a loan, like any other. Big difference is how you pay it back. 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Look, reverse mortgages arent for everyone but i think ive been round long enough to know whats what. Im proud to be a part of aag, i trust em, i think you can too. Trust aag for the best reverse mortgage solutions. So you can. Retire better. 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 ] im not going to vote. For a bunch of bail out. To be voting for bailout. I have to be convinced. Im willing to listen. Money thrown out for stimulating spending without a strategy. I dont think that is warranted. The real economy. The jobs report that came out. That is what is happening in the real world. Stuart as you heard, republicans not all on board with the president s opposed stimulus package. Rhonda mcdaniel, rnc chair. What do you say . The president is right on target saying we will help those affected by this virus through no fault of their own like you said, treating it like a natural disaster. There is another element which is incentivize people to stay home if they are sick. A lot of people live paycheck to paycheck feel they have to go to work. Making sure they have extra money when they do become sick or symptomatically they do stay home and dont force themselves to go to work because they are so afraid of what will happen financially. Stuart there is a danger with this paid sick leave if that becomes another entitlement program, a permanent sick leave deal that is an entitlement. I dont think the republicans want that. I dont think donald trump wants that. No one is looking for an entitlement to pop up. It would be micro, targeted, specific to this instance with like you set a natural disaster, taking care of those who are adversely impacted by something they have no control over. The president is right to take the lead on this. We dont want people going to work they are sick, saying i have to go, cant afford to be sick, putting themselves in a Work Environment with this community spread. This is a Public Health issue. Stuart you were the michigan gop chair in 2016. I was. Stuart it is the michigan primary today for the democrats. I have been saying it is bernies last stand. Im sure you agree with me. I was in michigan in 2016 with Chris Matthews of all people and Bernie Sanders beat Hillary Clinton. He was not very happy. Bernie is very popular in michigan but the establishment, the governor, many of the congressional leaders have gotten behind biden. They recognize this is a state they have to win. Stuart it seems joe biden wants the obama vote the taxi us has a story he is creating his cabinet. John carrie, the Climate Change guy. Elizabeth warren in the treasury. Susan rice as National Security adviser. Give me 20 seconds on how you feel about that. Biden is running on the past. He wants to go to the obama biden era where wages were stagnant, we were losing jobs, and our country wasnt doing well and donald trump is running on the momentum of more jobs, higher wages and keeping america great. Stuart thanks for being with us, love to be with you with those michigan results. Thank you for joining us. Bernie sanders, slams joe biden at the fox townhall. One of the differences between joe biden and myself is joe bailed out the crook on wall street who nearly destroyed our economy. Stuart the crooks on wall street. I knew it would come back, bernie forgot something, bernie knows where he is most of the time, joe biden forgets where he is with the gaffes and the memory loss. Bernie has to do it this way. He is very left but is becoming less and less relevant in this election. He has to come with those haymakers and say this is against wall street. Given what is going on on wall street he can push that narrative. Stuart i object to people being called crooks like that. If you confiscate wealth to me that is thievery. You want confiscated wealth, Elizabeth Warren and the treasury. Stuart in the market shortly. Olive garden, red lobster, they announced sick leave, paid sick leave for hourly workers and that is up 5 . Southwest airlines, the chief, ceo, will take a 10 pay cut, the airline has a downturn because of the virus. The popular Coachella Music Festival may be postponed soon. I know what it is. Dont think you know what it it is. Millennials around the world flock to california in the middle of april to see all the acts on stage including if you can name some of them courageous against the machine, etc. But instead of being staged this year with 150 they are moving to multiple sources to october 9th and sixteenth, 250,000 visitors for this two weekends. Elon musk has to way into the saying it should postpone itself until it stops sucking. Stuart okay. Ashley doesnt like it. Stuart put your coffee down. Sxsw canceled it but that is huge. Ashley it is a collaboration, film debuts, Interactive Media compasses, in the austin area, and the sxsw company is laid off 60 workers, fulltime workers, they have no insurance, terrorism industry, property destruction, the weather. Bacterial infection, viruses and pandemics are not covered. Stuart nepali, no fans. Stuart most dont want to use you. 800 points for the dow industrials, we were down 200 yesterday. Back in a moment. You wouldnt accept an incomplete job from anyone else. So why accept it from your allergy pills . Flonase relieves your worst symptoms which most pills dont. Get allinone allergy relief for 24 hours, with flonase. Stuart incoming a tweet from the president. Going to be a bad day for crazy bernie. Hope you are watching the show. Big banks like jpmorgan chase, goldman, citi, bank of america. They discuss the Economic Impact of the coronavirus. On your screens, the big banks right now coming back a little bit. Ashley i dont know. Questions about their exposure to other parts of the economy. The big banks have bigger exposure that would hurt their stock. Ashley they are talking about a rolling credit crunch, the oilrelated companies have a problem with sharp decline in the price of oil, cant get the credit crunch. Mueller Interest Rates, smaller margins, proxy to us growth. Coronavirus closing a Global Impact on all the banks. Ashley there you go. Stuart all around the block, the banks demise. They are coming back today ashley the extended their losses, big Bank Executives will be a white house tomorrow afternoon to talk about different scenarios. Stuart 30 seconds to go. I wouldnt say coming back, coming off of a 2000 point drop for the dow yesterday. It was a 7 decline across the board for the major indicators. Futures indicator bounce today and we will find out in 10 seconds how much of a bounce we get. There is the bill. In one second, it is 9 30, we are up and running, lets see the green. We will see a lot of green on the lefthand side of the screen we generally going we are up 800 points. We have come back in percentage terms about half of a comeback from the decline yesterday. The s p bearing in mind the dow is up 3 , the s p is up 3 and a quarter and the nasdaq, are the techies doing well . Pretty good, 3. 6 on the nasdaq composite. Lets go through badly hit stock areas yesterday. The oil majors, exxon, chevron, bp back up again, exxon doing okay, 9 jump, pretty good bounce. A 2004 lows yesterday. It was pretty bad. Look at the airlines, dont know if they are coming back or not and if not by how much but look at that. They are down, really clobbered, minorleague bounc