 markets open down this morning despite the Federal Reserve saying it will take unprecedented measures to calm investors' fears. The announcement follows Wall Street's worst week since 2008 and while concerns over the pandemic hit other major global markets as well. Melissa Armo is the CEO and founder of Stock Swoosh and she joins us now by phone to talk to us this morning. Melissa thank you for being with us and can you explain how the new Federal Reserve measures will work? Well the Fed is trying to do everything they can to support really the bond market right now because the bond market has taken a hit as well as the stock market. So I think that that I think that some of these measures that the Fed is taking are going to work but the problem is until we find a way to either a vaccine or a way to curb the outbreak I'm not sure that that any of these things are really going to ultimately solve the problem but what what the Fed came out today is said that they're going to support and give an unlimited and I think this is what was really powerful in the statement today an unlimited amount to support mortgage-backed securities and so before in the past they had always put a limit on the amount of support they were going to give so when they when they say unlimited amount of support for treasuries and mortgage-backed securities I think that was what was powerful in the statement that people want to know that the Fed is going to be there and I think right now banks particularly maybe getting nervous that because businesses are not open they don't have any money coming in they're trying to support their employees and also some people are laid off work of again no fault of their own that banks are going to see a higher default ratio and loans so the Fed is saying what we're here and the unlimited where what was really powerful to do whatever it takes I mean that that in that wording today it was powerful because they're going to attempt to support what right now I mean everyone's thinking we're going to go into recession I just don't see how it doesn't happen at this point. Melissa which industry stocks are taking the hardest hits. Well obviously the airlines because no one's to fly the cruise lines because people were getting sick on the on the cruise ships on the on the travel anything that to do with restaurants and anything where people would be going out socializing a lot of restaurants for example you know in big cities they have to be open all the time in order to pay their leases in order to pay their loans so I think the biggest hit is really anything to do with the restaurant industry or travel tourism now they're talking about this bailout they haven't figured out what they're going to pass yet for the stimulus program but I think part of it is going to be a way some type of stimulus to be able to help support some of these other industries how much what that's going to be when it's going to pass nobody knows the market initially this morning was down a lot then we had a big rally when the Fed came out with this news and then we collapsed and open then lower that was a very very bad sign I think the sooner that Congress passes something that some kind of stimulus the better the problem is that what's it going to be and is it going to be enough for this market to get back on track because right now the market's broken and every day people get up and any amount of red that they see in the day people are getting scared they're selling out of the retirement and they're just they're selling their stock position Melissa you touched on this here you said you don't see how a recession doesn't happen so what would that look like and if when gosh it's you know it's just it's just so hard to say I mean with you if you had asked me this you know six weeks ago I never thought it would get to this point and I think it's take it day by day and again as far as investors go you really have to try and this and also in a personal note you can't you can't be in fear about what's going on take care of yourself take care of your family listen about the government saying about the stay-at-home orders but as far as your investments go I just hate to say people bailing out of all the retirement money if the if the markets eventually going to come back the problem is time when the markets going to come back is very difficult at this point because again we didn't know this is going to go happen at all this year we didn't know how long it's going to go on so it's really hard to say when it's going to stop investors continue to want to keep buying bottoms of this market like right now today if we rally if we go green investors will come in and buy but we could be lower again tomorrow we could be lower the next day and so it's really hard to time here exactly when we're going to stop drifting off I think that it could go on pretty much into the summer as far as the selling goes although it may not be as bad as it seems in the last two weeks I think that the market is going to probably not get back up to the highs anytime soon if at all in 2020 and so that's difficult for people to accept but if you have retirement money invested and you're not in retirement then I say hold through this because what you don't want to do is sell and then you have realized realized losses if you're down when you sell out of position those losses then become real right now if you're in step and they're down the losses aren't realized and so people have to kind of hang on if they want to look at it as a long term viewpoint Melissa last week we saw a huge increase in jobless claims and analysts are expecting an even bigger jump this week so what impact are the unemployment numbers having on the markets I definitely think that's one of the reasons we sold off on Friday we sold off Friday because the numbers were higher than expected you're probably going to continue to see that again this week and again that's why I'm saying here even if we rally today we could sell off by the end of the week each time those numbers come out they're going to look worse and worse and worse you remember the numbers are retroactive so all of this that's been happening with the layoffs we're only one week into the period where the administration said the 15 day stay at home order so we're going to continue to see that rise at least until they have some kind of stimulus package out but for now a lot of people are out of work and it's not their fault