Dow tumbles almost 800 points as questions mount regarding Trump’s stimulus package
Wall Street plunged on Wednesday, with the Dow Jones Industrial Average sinking by almost 800 points after the opening bell, as fears mounted about the possibility — and timing — of an economic aid package from the White House in the face of the growing coronavirus epidemic.
All three major averages were down by around 3 percent in morning trading on Wednesday.
Market participants remain concerned about a global economic slowdown and potential recession if the administration does not step in to shore up the U.S. economy, especially small businesses.
While Trump has floated ideas such as a permanent payroll tax cut, there is concern that such efforts may not be legislated in time to have an effect.
“We need to see meaningful support for economic activity and credit backstops especially for small businesses, not a targeted approach executed only by the executive branch,” wrote Joe Kalish, chief global macro strategist at Ned Davis Research, in a note to investors. “We will likely need congressional involvement.”
Doctor tweets his experience of having Coronavirus
A doctor in Spain is tweeting daily updates of life under quarantine with coronavirus, even sharing ultrasounds of his lungs.
Yale Tung Chen, 35, said over the phone that he contracted coronavirus while treating patients in his work as an emergency physician at Hospital Universitario La Paz in Madrid.
He was diagnosed on Sunday and has been in quarantine in his home in Madrid ever since.
Chen said he wanted his experience to be educational, but wasn’t expecting the compassionate response he received from social media users. “It meant the whole world to me to receive support from people all around the world,” he said.
Uber may suspend accounts of riders, drivers who test positive for coronavirus
Uber notified riders and drivers that it may temporarily suspend the accounts of anyone who has tested positive for the coronavirus or have been exposed to it, the ride-hailing company said on Wednesday.
The company, which has already taken action in some affected markets, said it had a team working around-the-clock to support public health authorities in their response to the epidemic.
Uber last month suspended 240 accounts of users in Mexico who may recently have come in contact with someone possibly infected with the new coronavirus.
Man rescued after being trapped 69 hours in collapsed coronavirus hotel
Lufthansa cancels 23,000 flights due to ‘exceptional circumstances’
German air carrier Lufthansa announced Wednesday it will have to cancel a total of 23,000 short-, medium- and long-haul flights due to “exceptional circumstances” caused by the spread of the coronavirus.
The airline published a reduced flight schedule for the period from March 29 to April 24, with adjustments mainly affecting routes in Europe, Asia and the Middle East.
It said further cancellations are expected in coming weeks.
Airlines have been hit hard by the growing coronavirus epidemic, with many having to cancel or cut back flights as demand for flying falls amid fears of a possible pandemic.
Coronavirus casts shadow over tsunami, Fukushima disaster anniversary ceremonies
Flight diverted after passengers caused disruption in response to sneezes
Growing public concern about the coronavirus is beginning to manifest in problematic ways.
A United Airlines flight was diverted Sunday after several passengers became disruptive because they were seated next to someone they thought was sick.
The flight, scheduled to go from Colorado ski country to Newark, New Jersey, landed in Denver. Denver police said three people were upset about sick person on their flight.
The diversion adds to other examples of people acting out due to fear of coronavirus, including numerous instances of racism directed at Asian people.
New York biotech company works on antibody treatment for coronavirus
As the new coronavirus continues to envelop much of the globe, a lab outside New York City is racing to find a antibody treatment that could temporarily protect from the illness — or even treat it.
The biotech company Regeneron is in early development of a treatment that could guard against catching the coronavirus for several months using antibodies from mice that have been genetically modified with immune systems to mimic those of humans.
The process involves exposing the mice to a “pseudo coronavirus” — the virus without its ability to replicate — which was created by Regeneron scientists who hope the mice will then develop the right transferable antibodies to fight the virus in humans.
“We are optimistic, because we’ve done this approach to treat many human diseases,” CEO Leonard Schleifer said.
Here are details of House Democrats’ bill to provide coronovirus relief
House Democrats hope to unveil an economic funding package to help people affected by the coronavirus in the coming days with the intention of passing it as early as this week, according to three congressional sources.
The package of legislative ideas is geared toward helping people who will be most affected economically and does not include the president’s top priority: a payroll tax cut.
The measure’s provisions, which could shift before the details of the bill are released, includes paid sick days for those who have had to be quarantined and paid sick leave for people out of work because they contracted the coronavirus — two proposals that Democrats have publicly prioritized.
In addition, the measure also includes an extension of unemployment insurance, expanded food stamps and food for children who receive free and reduced lunch at school but are out of school because of school closures.
Gov. Cuomo questions low rate of coronavirus testing in U.S.
New York Gov. Andrew Cuomo questioned on Wednesday why so few people have been tested for coronavirus in the U.S.
“When they do the retrospective on this one, they are going to say, ‘Why did it take the Unites States so long to bring up the testing capacity?’” said the governor on TODAY. “China did something like 200,000 tests per day. South Korea did about 15,000 tests per day. The United States has only done about 5,000 tests to date.”
On Tuesday, Cuomo announced that he was implementing a “containment area” around a one-mile radius in the city of New Rochelle, a New York City suburb that is home to the largest cluster of cases in the country.
Westchester County, where New Rochelle is located, had 108 cases of the virus on Tuesday. New York state has 173 cases. Cuomo also urged the federal government to “just take the handcuffs off me and let New York State do what New York State can do.”
The Centers for Disease Control and Prevention said Tuesday that more than 8,500 specimens have been tested for the coronavirus across the U.S. Because multiple specimens are required from each individual, the number of actual patients who have been tested is likely far lower.
