President Donald Trump can't just turn economy back on, it's not going to be an easy thing: Fratto

Tony Fratto of Hamilton Place Strategies and CNBC's Eamon Javers discuss the ongoing talks on the economic aid package on Capitol Hill, and comments by President Trump about potentially easing lockdown restrictions amid the virus pandemic. Stocks rebounded aggressively from a three-year low on Tuesday as investors hoped U.S. lawmakers were close to an agreement on a stimulus bill to rescue the economy from the damage caused by the coronavirus. The Dow Jones Industrial Average soared 1,773 points, or more than 9%. The 30-stock Dow was on pace for its best day since 2008. The S&P 500 gained 8.5% while the Nasdaq Composite advanced 7.4%. The Dow and S&P 500 closed at their lowest levels since late-2016 on Monday. Chevron gained more than 20% to lead the Dow higher. Boeing, McDonald’s and Disney also rallied more than 10%. Energy was the best-performing sector in the S&P 500, soaring 11.1%, while industrials and financials each jumped more than 9%. House Speaker Nancy Pelosi told CNBC’s Jim Cramer there is “real optimism” in Congress over a stimulus deal being reached in the next few hours. Senator Chuck Schumer and Treasury Secretary Steven Mnuchin said they hope to have a deal by Tuesday morning. “There are still a few little differences. Neither of us think they are in any way going to get in the way of a final agreement,” Schumer said. “From a market perspective … it feels like we’re coming to the end of it,” said Michael Novogratz, CEO of Galaxy Digital, on CNBC’s “Squawk Box.” Novogratz started buying into this market on Monday, he said. “It doesn’t necessarily mean the market’s going to go up, but a lot of that crazy volatility is kind of coming out.” Tuesday’s moves followed yet another stormy day on Monday as investors swung back to pessimism and pushed the major indexes to new multiyear lows as a procedural vote in the Senate on a bill failed for the second time in 24 hours. The Dow dropped 582.05 points, or 3%, to a new three-year low on Monday and was on pace to clinch its worst calendar month since 1931. The S&P 500 dropped 2.9% and was more than 30% from a record close set on Feb. 19. For access to live and exclusive video from CNBC subscribe to CNBC PRO: https://www.cnbc.com/pro/?__source=yo... » Subscribe to CNBC TV: https://cnb.cx/SubscribeCNBCtelevision » Subscribe to CNBC: https://cnb.cx/SubscribeCNBC » Subscribe to CNBC Classic: https://cnb.cx/SubscribeCNBCclassic Turn to CNBC TV for the latest stock market news and analysis. From market futures to live price updates CNBC is the leader in business news worldwide. Connect with CNBC News Online Get the latest news: http://www.cnbc.com/ Follow CNBC on LinkedIn: https://cnb.cx/LinkedInCNBC Follow CNBC News on Facebook: Follow CNBC News on Twitter: https://cnb.cx/FollowCNBC Follow CNBC News on Instagram: https://cnb.cx/InstagramCNBC #CNBC #CNBC TV