Barry Sternlicht, founding father of funding agency Starwood Capital, advised CNBC on Tuesday he helps President Donald Trump's want to get America working once more quickly.

Trump is "type of proper" that the U.S. economic system cannot stay nearly shut down without end due to the coronavirus disaster, Sternlicht mentioned in a "Squawk Field" interview. "We do not have sufficient cash to repair" the economic system if it had been to die.

At a information convention Monday night, the president urged he needs to induce companies to reopen, sooner moderately than later. "I am not months," the president mentioned.

Sternlicht additionally expressed hope that the Trump administration and Capitol Hill will rapidly move an financial stimulus invoice.

U.S. inventory futures hit 5% "restrict up" on Tuesday as prime Senate and White Home officers neared a $2 trillion deal to rescue the economic system. Home Speaker Nancy Pelosi got here out with Home Democrats' $2.5 trillion invoice.

The Dow Jones Industrial Common closed down 582 factors, or 3.1% on Monday after...