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TOP NEWS
China reported no new domestic coronavirus infections for the first time. There were 34 imported cases of the virus, meaning they were infected before they arrived in the country. Returning travelers are an issue for countries who have declining cases. Total deaths in Europe have risen to nearly 4,000, surpassing the roughly 3,200 who have died in China. The global number of confirmed coronavirus infections passed 218,000.
Coronavirus cases in Spain surge 25% in one day. Iran confirms 1,046 new cases.
The U.S. announced it will close its northern border with Canada to nonessential traffic. Australia and New Zealand is limiting the border to allow citizens and residents. United Arab Emirates will not even admit expatriate residents from returning to the country.
Testing Americans for coronavirus has largely failed due to lack of testing kits and protective gear for providers to conduct tests. The U.S. government has moved away from testing and to social isolation to avoid spread of the virus. To date, only about 6,500 Americans have been tested.
While the virus was quietly spreading within the U.S., the CDC had told state and local officials its “testing capacity is more than adequate to meet current testing demands,” according to a Feb. 26 agency email viewed by The Wall Street Journal.
American workers are losing their jobs over the virus. Hospitality, travel and entertainment companies have been the hardest hit but the cascading effect will certainly impact the entire economy. One labor union that represents 300,000 people expects 80% to 90% to be laid off.
Stocks, bonds and commodities all sold off further yesterday in a flight to cash. The major stock market benchmarks have wiped out a third of their value in the past month. The Fed and ECB announced new actions to prevent further damage but it did little to settle global markets that continue to convulse on a daily basis. The NYSE is temporarily closing the live trading floor and will move to all electronic trading.
Trump signed a paid-leave plan into law. A $1 trillion stimulus plan is on deck, which includes $500 billion in cash payments to individual Americans and $300 billion toward helping small businesses, as well as $50 billion for airlines and $150 billion for other affected sectors.
THE ELECTION
THE COMMENT
“If we would have had a true understanding of the extent of disease several weeks ago, implementation of social-distancing measures could have prevented the escalation of the disease,” Dr. Fishman said, and demand for the test is now huge.
THE STRANGEST
THE AV ROOM