U.S. markets went deep red on coronavirus fears, shredding roughly 12 percent from the S&P 500 and Nasdaq
Fears that policymakers have not done enough to avert a protracted economic downturn deepened a sense of national crisis on Monday and sent stocks to their worst single-day losses since the Black Monday crash of 1987.
The selloff accelerated, with the Dow Jones industrial average plunging nearly 3,000 points, after President Trump warned that disruption from the coronavirus pandemic could last through August and issued new public health guidance, saying Americans should limit gatherings to no more than 10 people. He also defended his handling of the crisis, which has been marred by a slow rollout of testing, saying his administration has done “a fantastic job.”
From Washington to Wall Street, the coronavirus is reshaping American life. The Supreme Court said it would postpone scheduled oral arguments through April, citing its stance during the 1918 Spanish flu epidemic and outbreaks of yellow fever in 1973 and 1798.
Even as President Donald Trump continues to insist that he’s done a superb job handling the coronavirus crisis, the evidence of his extreme failures abound. In a hearing before Congress on Thursday, a top official in the administration’s response contradicted Trump about the government’s testing capabilities and acknowledged the shortfall as an important “
The coronavirus disease that was first diagnosed in China’s Hubei province has now spread to at least 47 countries and every continent except Antarctica. The World Health Organization has declared the outbreak an international health emergency. President Trump sought to play down the threat from coronavirus and announced Vice President Mike Pence would be his point person to coordinate government efforts to prevent a widespread outbreak. As Trump spoke, a new milestone in the novel coronavirus outbreak was reported, in a possible example of community spread: A person was diagnosed with the virus in Northern California who had not traveled to any of the affected regions of the world, nor had known contact with anyone else who did. We speak with Laurie Garrett, former senior fellow for global health at the Council on Foreign Relations and a Pulitzer Prize-winning science writer. She is the author of several books, including “Ebola: Story of an Outbreak,” “The Coming Plague: Newly Emerging Diseases in a World Out of Balance” and “Betrayal of Trust: The Collapse of Global Public Health.”
“Both the president and vice president had almost no interactions with the individual who tested positive,” the White House press secretary said.
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Brazilian President Jair Bolsonaro’s press secretary tested positive for coronavirus days after taking part in meetings with President Trump at Mar-a-Lago, Brazilian newspaper