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Dow Up 300 As States Begin To Reopen Economies | NBC News NOW - YouTube
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the markets starting off the week on a
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high note investors pretty happy to see
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that some states are starting to reopen
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that others are starting to talk about
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it the dow up well over 300 points today
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MSNBC host David Garrett Jones me now
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and David this decision to start
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reopening businesses in states like
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Georgia and Texas and Tennessee has been
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controversial some people think it's
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just too soon
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what are the markets like about it yeah
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you know you and I do a little armchair
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psychology here investors most days and
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far be it from me to say that I've got
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it all figured out here when it comes to
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what investors are thinking but I think
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they're seeing some element of
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confidence here and it's not a long-term
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thinking about where this might lead but
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in the short term it seems like there
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are states here who are making a
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concerted effort to open their economies
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and that's our thinking that's a good
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thing at least for the time being you
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mentioned a couple of those states we
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got about a half a dozen of them now
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Georgia Mississippi Oklahoma and others
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and you're right it has been
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controversial here and I guess the big
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x-factor is what happens not in the
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short-term what happens in the medium
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and a long term you know by opening up
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this stuff now there's the risk that
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you'd have to shut it down again in a
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few weeks a few months and that could
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have some pretty disastrous effects
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I think this dovetails so interestingly
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with what our colleagues are reporting
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out of the White House a big piece out
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by our colleagues Carol Lee Kristen
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Welker monica alba and jim petty Pete's
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looking at the White House messaging on
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this how the White House is really
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pivoting away from talking about this as
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a public health crisis wanting to talk
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about this as a chance for economic
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renewal in this country making a very
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concerted effort to do that
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and today you have a press conference
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that's going to Center on that the
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presents going to be speaking out and
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that the Rose Garden and that's gonna be
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the focus it's going to be a focus on on
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the economy I think for investors they
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see that shiny object they see this
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moving away from from what we've been
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dealing with for the past week few weeks
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a few months yeah David just beneath hot
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oil couldn't go any lower we saw prices
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tanked again today
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what specifically pushed them lower
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today I know the overriding theme here
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is excessive supply and really weak
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demand yeah that's the theme and that's
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the story still so Cushing Oklahoma is
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where a lot of this oil goes that's
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prices at WTI futures it's getting
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fuller and fuller and fuller and in a
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couple of weeks it's likely that all
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that capacity it's gonna be filled up
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there's gonna be no place to put this
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oil that's
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still historian it's actually when you
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look at futures a month out and now two
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months three months out you're seeing
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those futures dropping as well and what
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that tells you is that there is a sense
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that even in a few months time this
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demand issue isn't going to be solved
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yet Alice and there's still going to be
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a shortage of people wanting to buy oil
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needing to buy oil there's gonna be so
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much oil stuck without being refined the
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refinery capacity is something to watch
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here as well you take oil you turn into
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gasoline there are so many refineries in
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this country just unwilling to do that
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work to make gasoline because there's so
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little demand for it and so again that's
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the major story as you described it the
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lack of demand you look at the
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government just trying to figure out
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what to do here still talk of maybe
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putting some of that oil in storage and
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Strategic Petroleum Reserve there's
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still talk of maybe the government
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buying some of that oil while it is so
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cheaply priced but no movement on those
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things and when you when you read what
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analysts are writing about the oil
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market right now they say nothing can
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really change when it comes to pricing
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until that demand side of the equation
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is solved so we're kind of stuck where
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we have been a year for months David
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looking ahead we have a huge week of
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earnings kicking off tomorrow tech
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giants Pharmaceuticals the energy
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companies they are all reporting what
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should folks be watching out for here
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yeah a big week for tech as you
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mentioned so Apple reporting Amazon
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reporting these are companies of course
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that are involved in all of our lives in
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so many different ways and sort of
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what's been buffeting Amazon for so many
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quarters now has been its cloud
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computing business well that's now kind
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of been supplanted by the fact that
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we're just using it for service it's
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much more than we have been in recent
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times Facebook is reporting this week
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Twitter is reporting this week you have
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Southwest and American Airlines will be
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interesting to see how those airlines
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are weathering all of this in terms of
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the capacity they've had to turn down in
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terms of the results they've experienced
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in the first quarter I think what's you
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know most important to look at it's
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these earnings come across is we're
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looking at the first few months this
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year that's just the beginning of this
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story
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now here's solidly in the second quarter
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of wondering where things go yeah things
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are likely to be bad in that first
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quarter but it's really only the
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beginning chapters of this whole story
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surround run a virus news hey NBC News
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