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Measures fail to emerge. On the monetary side, the bank of england, becomes the latest to cut rates treasury yields hovering around 80 basis points. Full Team Coverage of todays market plunge. Mike san tolly is with us and meg on the latest on the coronavirus. But well begin with breaking news out of washington major Bank Executives meet with the president today. Well get to wolf at the white house. Reporter the president and the Vice President and the treasury secretary currently hosting in the white house behind me the leaders of the major Financial Institutions of this country in attendance we have the leaders of jpmorgan, bank of america, citigroup, goldman sachs, wells fargo, black stone making it the type of gathering we havent seen since the peak of t ....
Bear market. You consider the fact of the last 13 days, nine of them we have seen a move greater than 3 . Today you have a move of close to 5 . 6 at one point. This after the move yesterday. This is clearly not normal and it does feel like we are trading in a bear market whether or not youve actually surpassed that. Certainly not normal. We havent had two backtoback gains in this market going back to february abigail taking a look at whats been happening in the markets right now, she is standing by to give us an update. Truly a brutal day for stock risk assets around the world but especially in the u. S. Coronavirus fears, what that impact could be on the Global Economy and growth estimates. Here in the u. S. We see the declines are greater than they are around the world. The dow down 5. 9 in a bear market. The s p 500 is you were talking about flirting with a bear market. It does feel like a bear market whether we are technically ....
President trump meeting with Bank Executives right now at the white house about the state of the economy, amid the outbreak. Well bring you the president s comment from that meeting as soon as we have them. We have fox Business Team coverage. Jackie deangelis is on the floor of the new york stock exchange. Edward lawrence is outside of the west wing. Phil flynn watching action in oil and gold at the cme. Jackie, first to you. Reporter melissa, good afternoon to you, when i say the new normal expect the seesaw swings, it is not really an exaggeration. Tensions were high on the floor today, traders trying to internalize it, deal with it in the best way possible, basically saying until the virus peaks in this country and starts to fall off, you will not see an end to the volatility. Today a more than 1400 point loss. Session low was down 1689. The dow is now in bear market terri ....
Afford to have subacute. They cannot afford to have that . But they can afford to build two hospitals. They can afford to demolish one that is in perfect condition and they cannot afford to over this service to the city. They made a commitment to serve this city. The people in this city. How can they go on like this and have no accountability if what theyre doing . I mean, i hear what everybody is saying that this is not just their doing, that they need to be everybody have to be involved, but they cannot just, you know, wash their hands and think that its okay. They need to also be part of the solution. They have the money, they have the capacity to do it and they should be accountable an do it. And do it. Thank you dr. Palmer for everything that you have done. And for helping everybody to understand what the problem is. And thank you supervisors for this support. Thank you. Supervisor safai thank you. Miss galore why yo gloria simpsh gativo, christine reid. Im gloria simpson, i wante ....
Are dealing with all of this. Good afternoon. We will hear more from the president peered hes most likely going to give an address to the nation tonight. We believe the timing will be 8 00. Everything thats happened today in the plans that the administration has going forward. At the American People know where he stands on all of that. Just a few notes coming out of that meeting with wall street bankers which you will see the play out of very soon. Consensus is that the economy is strong and banks have lots of cash. They believe that while this is a problem, its a shortterm problem. For a lot of people, the rates are so low, this represents a refinancing opportunity for a lot of people. The president meantime on twitter taking aim at critics at least responding to critics that the white house response has been slow, halting, and contradictory. The president saying i am prepared to use the full power of the federal government to d ....