tv The Claman Countdown FOX Business April 9, 2020 3:00pm-4:01pm EDT
thpey.nn whether you're shopping or just looking. it only takes a few seconds, and it won't affect your credit score. finally! a totally different way to finance your ride. only from carvana. the new way to buy a car. liz: breaking news. we've got a major reversal in oil. that said, we are looking at a big rally in more than 80 years slowly slipping away at this hour after the federal reserve's new $2.3 trillion coronavirus life raft arrived on shore this morning. the dow needs 323 points to hit the magical mark. we're not there now. after being up much higher earlier in the session. right now, we are looking at an s&p 500 and a nasdaq that are still clinging to gains but it is oil right now that is plummeting. we will get to that in a minute. either way, congress is torn
over its next attempt to provide billions more in stimulus but what happens if the impasse drags on? the democrats want guarantees that some of the money will go to hospitals stressed by corona victims. gop congressman roger marshall of kansas is a doctor who ran hospitals. he's going to walk us through the top medical and political issues blocking additional aid. the million dollar question both democrats and president trump are asking, when will president obama officially get his shoulder behind presidential candidate joe biden? we will ask obama confidant robert wolf. plus grocery chain stores stop n shop teaming up with unlikely partners to protect its customers and staff. first on fox business, stop n shop's top dog, gordon reed, on his uber big announcement. guess who's seen a 1,000% increase in its business? next year in jerusalem but for now, we are kind of stuck with zoom.
exclusive pictures, i know you are waiting for this, from my zoom passover seder coming up. less than an hour to the closing bell, let's start "the claman countdown." liz: we need you to take a look at oil. we are in the aftermarket right now but as you see, we are down about 1.75%. on the face of it that doesn't look that bad but i have to tell you we had been up more than 10% during the session because finally it appears that we have in principle a deal between russia and saudi arabia when it comes to cutting some six million barrels per day of oil to try and stabilize prices. president trump has wanted this. i know many consumers do not want this. we like lower oil prices but at the moment, we do have them slightly lower but still oil is trading at $23.38 a barrel. at this hour, the bulls are
still saying what, me worry. in fact, they have kind of been saying that all week. the dow adding some 2700 points since monday. we are seeing a bit of a moderation at this moment because as you can see, we are kind of at the lows of the session right now. dow had been up 575 points but you can see now we are up 167. you know, maybe some of the green on the screen has something to do with good news out of china. bank of america seeing nike's china playbook as back on track. 95% of the dow component stores have reopened there with buyers once again snapping up the air jordans. we should also look at tesla. tesla is getting a little bit of a boost here. tesla's stock at the moment moving higher by about, we have it up 3.5% on improving china auto sales. an organization called china passenger car association apparently sees that april sales there will be much stronger than march's tally but remember, the bar is extremely low here. march was a disaster in china.
wuhan still had not opened. let's take a look at microsoft. microsoft teams is scoring a mega-win thanks to the march work from home surge. teams video calls skyrocketed 1,000% last month alone. overall minutes spent in meetings by all teams users rose 900 million minutes on march 19th to 2.7 billion on march 31st but its competitor zoom is grabbing the trophy right now. microsoft is down just about a fraction but zoom ticker symbol tzm is up about 4%. netflix's surprise sensation "tiger king" is now beating out the kids from hawkins. the docuseries on joe exotic, the big cat zoo owner in oklahoma, reportedly sucked in 34 million viewers, me among them, in the first ten days on netflix. eclipsing the season two numbers for "stranger things" which drew
in 31.2 million in its first ten days. but i think season three of "stranger things" is still the big winner. netflix right now, we have it moving slightly higher here but it's not the only streaming site seeing huge numbers. just five months after its u.s. launch globally, disney plus has surpassed the 50 million subscriber mark. disney is moving higher by about 3.66% but you know what, amc entertainment is continuing to lose blood at this hour. it's falling double digit percentages once again after getting downgraded to a sell with just a $1 price target by mkm partners. why? bankruptcy fears. just call it what it is. every single one of the movie theater owner's screens has been shut down due to the pandemic. amc stock is not far above $1 a share. it's at $2.65, down about
19.75%. a fox business alert. white house adviser larry kudlow telling charles payne just moments ago that the trump administration wants to open the economy in four to eight weeks and it is working on a plan, a solid plan, to do that on a rolling basis. this as large companies like amc to thousands of small businesses wait on rescue loans to capitol hill and congress right now fighting over what phase four of the coronavirus stimulus should look like. larry kudlow weighed in with the white house view on that. >> all we're doing now, we're not changing the president's pro-growth policies. all we're doing now is trying to help ordinary main street, middle income blue collar folks. we are trying to help them get by this. we are just trying to help them get some cash and liquidity to meet basic necessities, for heaven's sakes. liz: democrats want some of the $251 billion earmarked for hospitals that are stretched to the limit by the pandemic.
republican congressman roger marshall of kansas is also a practicing doctor who also managed hospitals. congressman, welcome. let's take a piece of what speaker pelosi and senator schumer are pushing for. $100 billion of the $250 billion to community hospitals. they want it earmarked to hospitals and health centers. are you as a doctor and former hospital runner, are you for or against that? >> well, i think we should all take a breath first of all and just celebrate that thanks to the president's policies, this may not be as bad of a health care situation as we thought it would be. $30 billion was just released about two hours ago. let's see where that all goes. hospitals are small businesses as well and small businesses can apply for sba loans like everybody else is. that's a program that's been proven to work, it's been launched, it's doing great. i think a lot of hospitals can take a breath. they are getting this medicare
advance done, let's see where we are two weeks from now. the best thing we can do, though, for those small hospitals, for all the hospitals, is get our economy going again. health and welfare always first, then we need to start thinking about how are we going to come out of this situation we're in right now, how will we launch this economy. that's how we help those hospitals, get them back to doing what they are used to doing. liz: well, we could put up how hospital stocks have been doing since that first covid patient was diagnosed here in the united states, but congressman, we got caught flat-footed when it came to hospital beds. we can also put up some unbelievable numbers here. back in 1975, we had 1.46 million hospital beds but 2018, our most recent numbers, we only had 924,000. that's a loss of 534,000.
i would hate to see the early 2020 numbers here. what the heck is going on and why wouldn't we want to make sure that we are earmarking for community hospitals, not necessarily the big hospital chain names? >> right. so the reason those hospital beds went down is because we are going to out-patient procedures. when i started delivering babies 25 years ago, a woman would stay five days in a hospital, now it's overnight. it was just a different setting right now and in actuality, in kansas we have plenty of hospital beds. i don't think you can build enough hospital beds for a pandemic like this and ever justify it. it just doesn't work out economically. i understand there's places like new york city that have been strained with hospital beds but i think there's a better economic policy going forward. we are spending lots of money in health care. let's do everything we can to help those hospitals out. that's what we've done from the very first phase one and two
giving those hospitals, doctors and nurses the tools that they needed to take care of patients. we have done that. we have another $100 billion. before we go spending more money, let's see where this all lands. i think we are going to be in a lot better shape than what the national media is telling us. liz: okay. well, to that end, before we spend more money, there's a lot of taxpayer money being flung around. it's definitely needed by many taxpayers who have either lost their jobs or are terrified that they will lose their jobs. do you feel that within the next week, the democrats and republicans can come together in the house and get this going so that the senate can now get its version of it and we may see another $250 billion thrown in here? >> well, i think that's what we need to do. we need to put politics aside and focus on what's helping the most. these small business loans are what's working. over half of the jobs in america are on the backs of small businesses. i want to make sure people have jobs to go to when this crisis
is over. let's start talking about how we're going to launch this economy so the quicker we can get through this health crisis, and healthy, of course, the better off we will be. what i'm talking to folks about now is once we're on the other side of this. the hospitals as well, the antibody testing that's out there, the quick turn-around time for testing, all those things will let us get back to doing what we are used to doing. we are americans. we want to get back to work. we got to keep agriculture going but after food and shelter, what's next on everybody's wish list, what's important to them is health care. we need to be able to empower these hospitals to start doing their colonoscopies and mammograms, those type of things. let's get through the crisis and plan ahead for what's next. we just moved up the date a couple weeks in kansas recently because the president's policies are working. our social isolation is working well here in kansas and we are going to be moving up, moving up
things. i think in the middle of may, we can have people start getting back to work. we are not going to go to a royals game in may but we can get people going back to work and that's what's going to save community hospitals, is getting this economy going again, that hospitals are a reflection of their local economy. liz: got you. well, you guys are getting greedy here. you had the chiefs win. they got the super bowl. i need my indians, cleveland indians, to win. congressman, good to see you. >> we have a great royals season and we will be in arrowhead stadium on day number one. liz: good to see you. thank you very much. >> my pleasure. stay safe. happy easter. thank you. liz: you, too. a doctor and served in the armed forces. thanks to you. from horse trading on that one stimulus package to the absolute whopper that arrived this morning signed, sealed and delivered, done. federal reserve chief jerome powell blew away investors before the opening bell today by
announcing that the fed will inject another $2.3 trillion into the economy by purchasing municipal bonds and junk bonds. that's unprecedented. that move of buying munis and junk by the fed comes just 24 hours after the fed minutes revealed that the fed staff is worried a recovery might not start until 2021. so why did fed chair jerome powell paint a different picture this morning? >> when the spread of the virus is under control, businesses will reopen and people will come back to work. there is every reason to believe that the economic rebound when it comes, can be robust. we entered this turbulent period on a strong economic footing and that should help support the recovery. liz: to the floor show. sarge guilfoyle usually joins us from the floor of the stock exchange. he's on the phone with us, along with dave ernstberger on russia's big oil announcement. sarge, to you first. look, it is a bold move by jerome powell that some traders
wondered what does he see that we don't. that got some people a little worried. they are thrilled with the money idea but you can see the market's down, still up about 246 but give me your thought on this. >> i think it's imperative that people at home understand the municipalities, the local and regional government, they all have their taxes, tax revenue, pushed back several months to july just like we don't have to pay it until july. they are all running into trouble because they are spending so much money fighting the covid-19 virus. that and the high yield debt markets have been a real problem. so the fed addressed this. the fed also put some muscle on the small business loan slash grant facility while trying to help out main street in a totally separate way. this is on top of all the liquidity we have already gone through. what the fed has done is make sure there's no credit crunch and no liquidity crunch while the nation deals with the complete lack of cash flow at every level that could lead to insolvency as well at the household level and the federal
government so scientists can go ahead and do their job and if not open the economy in may, at least as soon as possible in some kind of rolling way where we can at least get some velocity back into the transaction of dollars. liz: i want to hear about this deal with russia and saudi arabia. six million plus barrels taken off the market. do you believe that will happen? oil is suddenly reversing and plummeting right now. >> yeah. i mean, look, if you are involved in talking about this deal, it's been a day of high emotion and frankly, disappointing outcome. saudi arabia and russia finding it really hard to put the genie back in the bottle. it's almost a month to the day since saudi arabia declared war on the oil market and here they are, barely a month later, trying to get it back under control again. it's been a tough day for those negotiations. six million barrels a day, maybe ten million barrels a day coming off the market is nothing compared to 20 million barrels a day of demand that's been destroyed by coronavirus.
it's more than just fast. it keeps all your devices running smoothly. with built-in security that protects your kids... ...no matter what they're up to. it protects your info... ...and gives you 24/7 peace of mind... ...that if it's connected, it's protected. even that that pet-camera thingy. [ whines ] can your internet do that? xfinity xfi can because it's... ...simple, easy, awesome. [ barking ]
liz: welcome back. we are still seeing green on the screen. meantime, there's a new question today that both president trump and democrats want answered. now that bernie sanders dropped out of the 2020 presidential race yesterday, where is presumptive nominee joe biden's former partner, president barack obama? will sanders' exit pave the way for president obama to jump off the sidelines and finally officially endorse his former veep? biden has, according to brand new reports, been speaking with president obama in recent weeks about selecting a running mate. let's bring in president obama's former economic adviser, robert wolf. okay, robert, bring us inside president obama's mind. will he get his shoulder officially behind the situation right now and help out vice
president biden? >> well, president obama as you know has stayed on the sideline because he doesn't want to impact any of the outcome but now that the outcome's set, i'm assuming that the president and the first lady are going to be campaigning for the vice president in whatever the new normal of a campaign means, whether it's some sort of video announcement or some phone calls, but i know for a fact that the president's going to be in joe's corner and ready to really help him become the president in 2020. and i think he's eager to get out there and go. liz: well, i think wall street is eager to get out there and find out who joe biden would pick as his running mate because they would love to see somebody who is business-friendly. with what you know about all the candidates and you have scrutinized them, give us a sense of who is pro-business out there. >> yeah. my guess is he's been very clear he's going to pick a woman to be
his vice president and to me, it's down to a few. i think that you have senator warren, who obviously has been incredibly strong when it comes to income inequality. she was at the forefront of the recovery act of '09 -- liz: but robert, can i just jump in there? >> it's your show. liz: i wouldn't exactly see her as pro-business. >> well, let me just take a step back. let's be clear here. the consumer protection agency that she put together helped with the rein carnation of student loan, mortgage lending, the housing crisis, and i know that for a lot of people, she's viewed as, you know, the boog boogeyperson but let's be clear, when we were actually talking during that time in '09, a lot of people actually thought she was very clever that she came out with this because it actually got the mortgage market
back going again. you know, let's be clear, we are progressives as a party. although we are going to make sure that we own the center, the party has definitely shifted left so it's going to be either kamala harris or elizabeth warren or amy klobuchar, which all i would say is pro-business but what's pro-business today? pro-business is making sure we look at taxes in the right way. kamala harris came out with her lift act that would have given a $6,000 credit to middle america middle class. that's actually i think something a lot of people would look at. elizabeth warren just talked about the need for a federal stimulus. let's be clear, there's been more federal stimulus that we've seen, okay, in the last two weeks than we have seen in the last 25 years. so i think that we are in a new normal today and we have to talk about who's going to help the middle class and who's going to make sure that we're doing the right thing here.
trickle down has not worked. trickle down is not working. today, the vice president came out with two things about student loans and about moving medicare down to age 60. so there's going to be a lot of differences between president trump and former vice president biden. the other one i may add is gretchen whitmer's name has come in often because she's the governor of michigan and she has done an incredible job during this covid-19 pandemic. liz: i know that there's definite tension between her and president trump. we will be watching it all. robert, thank you very much. robert wolf. all right. the dow is holding on to gains of about 225 points but again, we are off the highs of the session. we had been up 575. when the closing bell rings in 36 minutes, we will have seen possibly, we're not sure, the best week for the blue chips since 1938. in the meantime, one of the
newest faces in fashion sews up a win. talking about stitch fix, assuring investors that demand remains healthy for the online personal style service and that the company is well positioned to survive the coronavirus crisis. when we come back, the head of stop & shop stores. you wouldn't accept an incomplete job from anyone else. so why accept it from your allergy pills? flonase relieves your worst symptoms which most pills don't. get all-in-one allergy relief for 24 hours, with flonase.
so w>>i'm searching for info which most pills don't. on options trading, and look, it feels like i'm just wasting time. wasted time is wasted opportunity. >>exactly. that's why td ameritrade designed a first-of-its-kind, personalized education center. see, you just >>oh, this is easy. yeah, and that's >>oh, just what i need. courses on options trading, webcasts, tutorials. yeah. their award-winning content is tailored to fit your investing goals and interests. and it learns with you, so as you become smarter, so do its recommendations. >>so it's like my streaming service. well exactly. well except now, you're binge learning. >>oh, i like that. thank you, i just came up with that. >>you're funny. learn fast with the td ameritrade education center. call 866-285-1934 or visit tdameritrade.com/learn. get started today, and for a limited time, get up to $800 when you open and fund an account. that's 866-285-1934, or tdameritrade.com/learn.
lauren: i'm lauren simonetti with today's fox business brief. six flags entertainment securing millions more in funds from its lenders amid coronavirus outbreak closures, bringing its revolving credit facility to $481 million. the world's largest regional theme park has been outpacing last year's revenue before shutting down its operations on march 13th. park closures are expected to remain in place through at least mid-may. big lots getting a big boost. jpmorgan upgrading shares from underweight to neutral, saying
it will benefit from consumers who are set to receive checks as part of the $290 billion federal stimulus program. the retailer also announcing $550 million worth of sales and lease agreements. big lots competitor costco, not faring as well today. deutsche bank cutting its price target on the wholesaler after same store sales for march fell short of the firm's expectations because of a cool-down in demand. despite slowing sales towards the end of the month, costco moving ahead with plans to open its third store in china near shanghai. up next, america together, stop & shop is teaming up with an unlikely partner to help you and me through the virus storm. "the claman countdown" will be right back. there are times when our need to connect really matters. to keep customers and employees in the know.
to keep business moving. comcast business is prepared for times like these. powered by the nation's largest gig-speed network. to help give you the speed, reliability, and security you need. tools to manage your business from any device, anywhere. and a team of experts - here for you 24/7. we've always believed in the power of working together. that's why, when every connection counts... you can count on us. and sometimes, you can find yourself heading in a new direction. but when you're with fidelity, a partner who makes sure every step is clear, there's nothing to stop you from moving forward. quadrupled their money by 2012? and even now, many experts predict the next gold rush is just beginning. so call u.s. money reserve, the only precious metals organization, led by a former director of the united states mint.
as one of the largest u.s. gold coin distributors in the country, u.s. money reserve has proudly served hundreds of thousands of clients world-wide. there may have never been a better time to start diversifying your assets with physical gold and silver. and right now, it's easy to get started. pick up the phone right now, call to receive the complete guide to protecting your hard earned assets. don't put it off another day. the call is free and you'll speak with one of the u.s. money reserve account specialists, who will get you your free information guide in the mail right away. - i enjoy buying gold, gold has protected me. i feel comfortable. when i got involved with gold, it's something i could physically touch, and i could hold. no one can take it away from me. i have it and i have it secured. of all my years' involvement with buying gold, it's only gotten better, in my faith, in the company, the u.s. money reserve. that's the company i do business with and i don't see doing business with anyone else.
they're trusted and they've always done right by me. - [announcer] if you've bought gold in the past, or would like to learn more about why physical gold should be an important part of your portfolio, pick up the phone, and call to receive the complete guide to buying gold, which will provide you important, never seen before facts, and information you should know about making gold, silver, and platinum purchases. - pick up the phone and call america's gold authority, u.s. money reserve. with nearly two decades in business, over a billion dollars in transactions, and more than a half a million clients world-wide, u.s. money reserve is one of the most dependable gold distributors in america.
liz: well, let's take a look at uber shares. right now at $27.26, uber is now back above the midway point between its one-year low and its one-year high. yes, uber eats has been a must-used app during the shelter in place order but now grocery chain stop & shop is partnering with the ride sharing giant to help stressed out shoppers. stop & shop, i don't know if you guys knew this, was the first major food retailer amid the coronavirus crisis to step up to the plate for the elderly by providing dedicated shopping hours for customers aged 60 and older, and also to those who are immunocompromised. here in a first on fox business interview, we welcome the president of stop & shop, gordon reed. gordon, thank you for coming on the show. your grocery chain has leapt out front for seniors. how does uber fit into that now with the partnership? >> we found in the communities
with the isolations with the coronavirus, a number of rides people get to the store are closed down and we decided in order to help these people get to the store we partnered with uber and offered half price rides to the store at these special hours. liz: well, you know, speaking of your stores, i am sure business has been quite brisk. how are you managing that while at the same time trying to keep your employees safe? we have heard about a couple grocery store employees who have tragically died from the coronavirus because there are still people coming in and out there. you are balancing that plus trying to keep the shelves filled. how do you do that? how is that going? >> i think we have three focuses. one is to keep the supply chain open and our people are on the front line making sure that happens and that's essential and
we decided to keep that available. we make sure our associates and customers are as safe as possible in our stores and we are serving our communities. those are the three big focuses in the last six weeks during this roller coaster ride in the business. liz: tell us what essential products you are having trouble getting. i have been to stop & shop a couple times, i'm still looking for paper towels and toilet paper, not that i need them, it's that crazy thing that's going on with the hoarding. >> absolutely. i think that's the problem. a lot of panic buying, toilet rolls and kitchen rolls, lysol, et cetera, are the tough ones. it's just the fact that most restaurants are closed, people are eating at home. it used to be a 50/50 split between restaurants and grocery, now it's all grocery and demand is just outstripping the supply at the moment. there's a lot of food in the system. it's just getting it through the system quickly enough is the
challenge. liz: well, you guys are doing a great job and we really appreciate it. i have had on the ground experience in stop & shop so thank you. gordon reid, president of stop & shop. pleasure to have you. closing bell ringing in 23 minutes. we've got dow, nasdaq, s&p in the green. nasdaq is up 33 points, the s&p better by 35. starbucks sounding the alarm saying second quarter profits could be down nearly 50% due to the coronavirus pandemic and the coffee giant also pulled its full year guidance. of course, check out my podcast, everyone talks to liz. if you haven't seen it, you've got to hear the inspiring stories of all kinds of business leaders like paypal's cofounder. find out how he created multiple businesses that have become household names despite unbelievable obstacles he's faced during his journey. may make you feel better. tune in with your family and friends on apple, google, alexa,
fox news podcasts.com and when we come back, i will reveal the clayman zoom seder. ...so we can spend a bit today, knowing we're prepared for tomorrow. wow dad, do you think you overdid it maybe? i don't think so... what do you think, peanut? nope! honey, do you think we overdid it? overdid what? see? we don't think so, son. technically, grandparents can't overdo it. it's impossible. well planned, well invested, well protected. voya. be confident to and through retirement.
helping you weather storms like this one, to protect your loved ones. and we'll do it for 168 more. hthese expect and way more. internthat's xfinity xfi.u get powerful wifi coverage that leaves no room behind with xfi pods. and now xfi advanced security is free with the xfi gateway, giving you an added layer of network protection, so every device that's connected is protected. that's a $72 a year value. no one else offers this. faster speed, coverage, and free advanced security at an unbeatable value with xfinity xfi. can your internet do that?
liz: on this second night of passover, we wish our jewish friends a healthy holiday and to keep it healthy, hundreds of thousands of faithful turned to zoom, right, to hang with the family, including us, the clayman gang hopped on a zoom call to celebrate together. okay, from this picture, it started off a little rocky as one by one, the californians and east coasters were trying to set up their cameras for the main
event. after a lot of wait, i can't hear anyone, i can't see, okay, then next picture, we started to get the hang of the new normal, this new normal. using the technology. there's my brother, my brother-in-law, my sisters, there are a lot of us in the clan. five kids. yeah. then our small gathering started to increase in size, as you see. more people joined in, grandchildren, et cetera. everyone was thrilled, lots of laughs. then the special moment when my favorite furry pal rosie k. dog joined the picture. when my mother saw that, my 90-year-old mother june clayman cheered us on the whole way in truly shakespearean fashion. charlie gasparino, i know you may or may not be making a big, your usual easter dinner, you going to do a zoom easter with your fam?
charlie: thisesat's a good ques. we just got a shipment from stew leonard's which by the way, amazing guy. he's a friend of fox and does such a great job and makes it very easy for people to get through this. i think my wife and i are going to have a nice easter. i will make lasagna or something. it will be all right. unfortunately, there's a lot of hurting out there during this time and a lot of the hurting involves people that are losing their jobs because of small business, their small business needs a loan right now and they are having a hard time getting a loan. we have been doing tremendous coverage on this, as you know, on your show, shining a light on these issues of the small businesses not being able to get access to virus stimulus loans, the ppp, it's called. i have been doing a lot of this reporting with you and neil cavuto and we are basically leading the charge on this. i have been talking to some of the executives at the big banks who want another side of this story out there and here's what they are telling me.
take it for what it's worth. some of this is obviously true and i think part of the problem is that the treasury and small business administration had in rushing the legislation through so fast, they didn't think about all the issues. what the banks are saying is that the treasury department has these anti-money laundering rules and they are saying these rules, complying with these rules, is making it very difficult to get to many of the small businesses. if a small business, for example, is a client, you still have to do due diligence on that small business. you have to like look at who they are and all that sort of stuff, social security number. that goes fast. that goes about a day, okay. let me finish here. the problem is if you're not a banking customer, say i want to go to wells fargo or citigroup or whoever, then they have to do the sort of wide-ranging check on who i am, my social security number, my partners in the
business, it's all to comply with the treasury department's anti-money laundering rules. from what i understand, the banks are going to the treasury department right now to relax some of those rules for some of these small businesses that they can just maybe do cursory background checks, not checks that could take up to a month. what the banks are saying, this is one of the real problems, we are getting loans to small businesses who don't have existing client relationships, say they have -- they are client of a small bank, then go to citigroup, citigroup has to start from zero because the insta small bank can't do the loan, they go to citigroup, citigroup then has to do the due diligence. sources are telling fox business network that the banks through their lobby groups are going to the treasury to figure out a way to streamline this thing. i can't believe there's not a central repository data base if you are a small business that they don't have your social security number, they don't have all this stuff down, who you
are, just anyplace. it sounds ridiculous, but they don't and that's one of the reasons why small businesses can't get loans. now again, the treasury department cobbled this thing together very fast. it was initially a $350 billion package, it's a $500 billion package. we should point out as we have been reporting, even small businesses who are clients of the big banks can't get access to loans because of the lines and bureaucracy. we should also point out that one bank took basically a week to get up and running. we had just been alerted by citigroup that citigroup, i believe is the nation's third largest bank after jpmorgan and bank of america, does have its program up and running now. but that's today. today is, what, thursday? this thing was supposed to be started last friday. so it's a moving target. it's a difficult task. there's a lot that the treasury department did not think through on this thing. now we are paying the price because the small businesses that need the money, a lot of them can't get the money. back to you.
liz: charlie, good work. good work. keep on the story. save me lasagna. closing bell ringing in 12 minutes. the markets right now, yes, sending the bears back into hibernation this week but our "countdown" closer known for years as the prudent bear warns that the grizzly will return. what's his thesis? you will hear it when "the claman countdown" comes right back.
liz: 323. that's how much the dow needed to be up to make sure we were out of bear market here. we are up 278 right now. we have lost a little bit of that. s&p 500 is up 36 and we see the nasdaq up about 39. we are set to close out this last trading day of the short shortened week because of good friday tomorrow but here's a number to watch.
what did i say, 323? that's what you need to see. so we are going to lock in the biggest weekly gains since 1938, if we hit that number. right now for the week, we do have the dow up about 12.66%, s&p up 12, nasdaq up 10. yeah, but will it stay that way? we will get to david tyce in a minute. meantime, in just the last two weeks, the group in moonshot has delivered essential items through its partnership with walgreens. it includes pasta, toothpaste and yes, toilet paper. which is way more valuable right now. walgreens boots alliance up 1.75%. let's fwoe go to laufrren for at
the week's biggest winners and losers. lauren: best week for the dow since 1938. well, it's going to be close. for the s&p, too, if it's higher by 37, it would be the best week there since 1974. so let's make it historic, if we can, as we roll into the close here. take a look at the dow's biggest gainers. dow, a material stock, that sector doing well. raytheon, let's celebrate their first week after merging with on the dow. boeing, american financials. and, stimulus from the federal reserve. i would love to show you the weekly losers for the dow, because they were all higher on the week. so i will show lawing guards, the dow stocks although the dow stocks lagged little bit. walmart was one of them.
we all go into the stores and buying everything we can but these stocks have seen a nice gain as we've been dealing with the coronavirus. liz, back to you. liz: nothing wrong with taking profits off the table. thank you very much, lauren simonetti. five minutes to go before the final bell rings. s&p 500 officially popped out of bear market territory equities yesterday, the question now becomes if this truly, an end to the bear cycle, just one of those trickster bear market rallies? ranger alternative management chief investment officer david tice is known for many, many years as always watching the bearish trade here. david, what do you think is this an exit out of the cycle or will we see more i guess violent downside moves? >> unfortunately, liz i think we have a lot more pain ahead of us. this is truly a bear market
rally. this is typical in fibonacci terms to retrace a significant part of the declines, 38% or 50%, 62%. right now we retraced about 50%. we'll retest those lows for sure. i'm confident of that. liz: don't we need a catalyst, david for that? >> this catalyst is we're going to have plenty of bad news going forward, liz. you know, the unemployment numbers are going to go to the stratosphere. we still have, potentially there will be some good news on the virus but some bad news. came out today possible that warm weather not necessarily going to be a huge offsetting factor to this. it also came out that some people that have be reinfected and healed are likely to get it again. there is going to be more deaths.
now we could start to new on set, we could start to slow down the rate of deaths, however, all that is happening because of social distancing. and we can't live like this. we're going to have to to go back to work, when that happens, there will be resumption of these navy trends. the other big thing, liz -- liz: hold on one second. one of the things people think about when they hear so-and-so is bearish, they don't buy any equities. you actually do have picks here. you have to tell us as we put them up the common thread between all three of them, everything from lending tree to -- tell us what you see there, that is sort of the theme >> liz, these are all short picks. ranger bear etf is a fund that is, that is all short. and therefore we provie defense and we provide, for investor to
offset the risks of other long positions so all these companies are ones we feel like will do worse than the overall market. we're trying to create alpha. and we created a lot of alpha over the last couple of months. where we outperformed the inverse or the indesk. these are companies with poor quality of earnings. these are companies with a lot of debt that have declining free cash snow. that a lot of times are playing games with their accounting in order to show better numbers and organically, they're really experiencing it. liz: so, you know, ticker symbol cacc. lending tree is lt. and then you like, you like, to hate, put it that way, these names. it is true short sellers like certain stocks because they think they are going down but today we do definitely see a
pretty significant move to the upside, david. we have a long weekend due to the easter holiday. and when we come back on monday, if there is sort of dearth of bad news, we don't see it, give us a sense where and how long it will be before, you know, your short bet pays off? >> so, liz, truly this is an unprecedented time. i mean this is going to be the biggest economic decline all of us experienced in our lifetime. i think that we are going to face a depression and we could have, you know, 25% decline in gdp for the second quarter. we're going to have a lot of companies earnings fall apart. there will be some optimism, as far as better results at the margins sometimes on the virus front but if you look at the earnings front, look at the gdp,
our economy is truly falling apart. we have. [closing bell ring] liz: we have to go. david, thank you very much. david tice. markets wrap up a shortened week to the upside. the dow biggest weekly gains since 1938. happen passover, happy easter that will do it for "the claman countdown." melissa: simultaneous boost on wall street. stocks climbing after the federal reserve announced a $2.3 trillion main street lending program. i'm melissa francis. connell: i'm connell mechanic -- mcshane, welcome to "after the bell." some pretty strong gains after the close. a little offer the highs. seems like we were dragged down towards the end of the session a little bit because of the decline of price of oil. that is the end of the week for stocks. tomorrow is an off day because of good friday. we have fox business team