Markets Close On One Of Worst Quarters In History Amid COVID-19 Pandemic | NBC News NOW

the first quarter of 2020 ended today and it was the worst first quarter ever on the Dow MSNBC host David Gura is with me now to run through the day on Wall Street and David for starters I will apologize for my bookshelves they don't nearly stand up to

the ones you've been showing us over the past couple of weeks and next to the markets they were sorry my friend I'm doing the best I can the markets were up this morning then they took a turn for the worse this afternoon what pushed some lower yeah the

girl home tour continues here I didn't want to put you to shame so I've left the I've left the library here for today just slightly and you know it's funny the way that we've recalibrated our expectations for the market we see the Dow down 410 points one point

eight four percent you know in the past that would be seen as not an insignificant drop down what we've seen these recent weeks is so much volatility so many dips and so many rises as well you know it's just funny again how we look at this but you

know I think the biggest uncertainty lies is in certain sectors of the economy right now oil oil prices are still just dramatically low I think that West Texas Intermediate snow around $20 a barrel here at closing today that's extraordinary we know that that's going to have ripple effects

on the economies in Texas across the Midwest where there's a lot of oil production so I think today and as we go forward here it's still investor solders trying to get a grip on what's happening with the economy you're looking at the implementation of that fiscal stimulus package

that third iteration of it thinking about what that fourth iteration might look like if we get that as well but again less volatility today than we've seen in days past Alison yeah David it's so crazy when you say that but it's totally true that 400 points you know

lower on the Dow would typically be a terrible day and in these times it's it's just not that terrible something I know a lot of folks were looking at today March consumer confidence numbers were out earlier we're expecting a pretty big drop there what happened yeah we got

a drop it wasn't a huge drop I think we're gonna see that in the next print the next read of these numbers but you see consumers starting to grapple with what economists have been looking at here for the last few weeks that is how big this is going

to be for the economy so there is a bit of a drop as they looked at current conditions of confidence as they looked ahead to what kind of confidence consumers will have going forward that was down somewhat as well again you just see the drop up here as

a result of this outbreak not unexpected in light of what we've been seeing over these most recent weeks but again consumers starting to wrestle with the fact that a lot of them are out of work a lot of them are worried about how long this is going to

last they're worried about how long their kids are going to be out of school this is just another read giving us a sense of how the consumer is student as you know Alison this has been such a huge part of why the economy has been doing well consumers

weren't confident they weren't out spending if we hadn't had this if we hadn't had this outbreak obviously suffice to say this number would probably continue to be strong as we've seen in recent months David Goldman Sachs had an upbeat forecast I guess if you could call it that

saying there are some dark days ahead but that will bounce back faster than ever what are economists over there projecting yes this is a new report by Yann hotsia the head economist there and again as we're talking about relativism yes it's it's a slightly more positive report but

then we've seen basically what goldman sachs and its research team are saying is we're gonna see a pretty terrible first quarter second quarter is going to be even worse when it comes to gdp growth not going to be much of it that could be a differently employment as

well but as you say the bounce-back might be stronger and the reason that they cite is you've got strong monetary policy coming out of the gate here Jay Powell at the Fed has done so much to increase liquidity in the market globally he's pledged to do as much

as he can do as much as the Fed can do to make sure that the economy stays as robust as it can throughout all of this as we fight this public health crisis and then you got the fiscal side as well that's cheered them as well just seeing

the size of that package that larger than two trillion dollar package was larger than what they thought we were gonna get and as we saw today from the president United States some indications there might be another iteration of this going forward that there might be a fourth round

of stimulus that perhaps could deal with infrastructure perhaps to deal with things on the state-by-state level so a rosier picture still but again it's gradations of rosiness its relatives compared to what we've seen David tamar's the first of the month and we've been talking about this for a

few days now but but that is a scary date for a lot of people and businesses they have rent and more payments to make and most of them have not yet gotten any financial help from the government if they can't pay what kind of impact could this have

on the economy because we're talking about potentially so many people unable to make those kinds of payments yeah to be determined for sure how big an impact that's going to be but you're right I mean April 1st so many bills are due it's mortgage payments it's rent payments

it's credit card payments and I think a lot of consumers are going to be sitting down looking at all of their bills prioritizing trying to do some triage of their own to figure out what they need to pay and when and I've read anecdotally a lot of people

having those conversations with their landlords with their banks to say look I might not be able to make the payment on time as I usually have is there any leeway there can I pay a little bit upfront a little bit more later in the month as they wait

for those checks to come from the federal government and again I just I want to stress the fact that we did have this huge stimulus package it is it is a sizeable thing all of that money going to consumers to these direct payments you're right that money hasn't

arrived yet but there have been a lot of people talking about the size of that payment no thousand bucks a little bit more than a thousand bucks might help somebody in one place might not be as impactful in another place and you know there's no indication that that's

going to continue that that's going to continue to roll over so I think that what we're gonna see starting on April 1st is again just this new negotiation the consumers are gonna have to have with their landlords with their lenders be them their house lenders their car lenders

everybody is in a bind here everybody's in a pickle and what we have seen from banks is there is some willingness to maybe let people let things slide a little bit give them a little bit more leeway here to negotiate those things again a kind of wide understanding

of course of just how dramatic this is for consumers across this country Alison yeah David we had a credit expert on yesterday and he said as tough as it may be swallow your pride you need to ask because lenders may because they can they understand what's going on

yeah you have to call David girth thank you so much we appreciate your expertise your wisdom and your house tour always thank you so much thank you nice to see you Allison thank you hey NBC News viewers thanks for checking out our youtube channel subscribe by clicking on

that button down here and click on any of the videos over here to the latest interviews show highlights and digital exclusives thanks for watching

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