Story 1: President Trumps Declares A National Emergency — Unleashes Full Power of United States Government — $50 Billion in New Funding To Deal With COVID-19 Pandemic — Videos
BREAKING: Donald Trump declares a national emergency
Trump declares National Emergency over coronavirus
Trump declares national emergency over coronavirus pandemic
Tucker: Regular life is all but suspended
Hannity: Major businesses working with Trump on coronavirus
Trump declares virus emergency; Pelosi announces aid deal
By LISA MASCARO, ZEKE MILLER, ANDREW TAYLOR and JILL COLVIN
President Donald Trump on Friday declared the coronavirus pandemic a national emergency in order to free up more money and resources. But he denied any responsibility for delays in making testing available for the new virus, whose spread has roiled markets and disrupted the lives of everyday Americans.
Speaking from the Rose Garden, Trump said, “I am officially declaring a national emergency,” unleashing as much as $50 billion for state and local governments to respond to the outbreak.
Trump also announced a range of executive actions, including a new public-private partnership to expand coronavirus testing capabilities with drive-through locations, as his administration has come under fire for being too slow in making the test available.
Trump said, “I don’t take responsibility at all” for the slow rollout of testing.
Late Friday, House Speaker Nancy Pelosi announced a deal with the Trump administration for an aid package from Congress that aims at direct relief to Americans — free testing, two weeks of sick pay for workers, enhanced unemployment benefits and bolstered food programs.
“We are proud to have reached an agreement with the Administration to resolve outstanding challenges, and now will soon pass the Families First Coronavirus Response Act,” Pelosi announced in a letter to colleagues. The House was poised to vote.
The crush of late-day activity capped a tumultuous week in Washington as the fast-moving virus shuttered the capital’s power centers, roiled financial markets and left ordinary Americans suddenly navigating through self-quarantines, school closures and a changed way of life.
The White House was under enormous pressure, dealing with the crisis on multiple fronts as it encroached ever closer on the president.
Trump has been known to flout public health advice — eagerly shaking hands during the more than hour-long afternoon event — but acknowledged he “most likely” will be tested now after having been in contact with several officials who have tested positive for the virus. “Fairly soon,” he said.
Still, Trump said officials don’t want people taking the test unless they have certain symptoms. “We don’t want people without symptoms to go and do that test,” Trump said, adding, “It’s totally unnecessary.”
Additionally, Trump took a number of other actions to bolster energy markets, ease the financial burden for Americans with student loans and give medical professionals additional “flexibility” in treating patients during the public health crisis.
“Through a very collective action and shared sacrifice, national determination, we will overcome the threat of the virus,” Trump said.
Central to the aid package from Congress, which builds on an emergency $8.3 billion measure approved last week, is the free testing and sick pay provisions.
Providing sick pay for workers is a crucial element of federal efforts to stop the rapid spread of the infection. Officials warn that the nation’s healthcare system could quickly become overwhelmed with gravely sick patients, as suddenly happened in Italy, one of the countries hardest hit by the virus.
The ability to ensure paychecks will keep flowing — for people who stay home as a preventative measure or because they’re feeling ill or caring for others — can help assure Americans they will not fall into financial hardship.
Hopes for swiftly passing the package seemed to be fading throughout the day as talks dragged on and Trump dismissed it during as “not doing enough.”
Ahead of Trump’s new conference, Pelosi delivered a statement from the speaker’s balcony at the Capitol imploring the Trump administration and congressional Republicans to “put families first” by backing the effort to provide Americans with relief.
“Our great nation has faced crisis before,” Pelosi said. “And every time, thanks to the courage and optimism of the American people, we have prevailed. Now, working together, we will once again prevail.”
Pelosi and Mnuchin engaged in days of around-the-clock negotiations with cross-town phone calls that continued even as Trump was speaking, both indicating earlier they were close to a deal.
They both promised a third coronavirus package will follow soon, with more aggressive steps to boost the U.S. economy, which economists fear has already slipped into recession.
The financial markets closed on an upswing after one of the worst nosedives since the 1987 downturn.
For most people, the new coronavirus causes only mild or moderate symptoms, such as fever and cough. For some, especially older adults and people with existing health problems, it can cause more severe illness, including pneumonia.
The vast majority of people recover. According to the World Health Organization, people with mild illness recover in about two weeks, while those with more severe illness may take three to six weeks to be over it.
Trump said he was gratified that Brazilian President Jair Bolsonaro tested negative for the virus, after the pair sat next to each other for an extended period of time last weekend at Trump’s Mar-a-Lago club. A senior aide to Bolsonaro tested positive.
Trump’s daugher, Ivanka Trump, worked from home Friday after meeting with Australian Home Affairs Minister Peter Dutton, now in isolation at a hospital after testing positive for the coronavirus. White House spokesman Judd Deere said she was evaluated by the White House Medical Unit and it was determined that because she was exhibiting no symptoms she does not need to self-quarantine.
Attorney General William Barr, who also met with the Australian official, was staying home Friday, though he “felt great and wasn’t showing any symptoms,” according to his spokeswoman Kerri Kupec.
Several lawmakers, including some close to Trump, have also been exposed to people who tested positive for the virus, and are self-isolating.
Among them are Republican Sens. Lindsey Graham and Rick Scott, who were at Trump’s club on the weekend. Graham announced Friday that he also met with the Australian official who has now tested positive. And GOP Sen. Ted Cruz of Texas, who had previously isolated himself after a potential exposure at a conservative conference in Washington, said Friday he met with a Spanish official and is now self-quarantining.
Hospitals welcomed Trump’s emergency declaration, which they and lawmakers in Congress had been requesting. It allows the Health and Human Services Department to temporarily waive certain federal rules that can make it harder for hospitals and other health care facilities to respond to an emergency.
The American Medical Association said the emergency declaration would help ensure America’s health care system has sufficient resources to properly respond to the ongoing outbreak.
Trump has struggled to show he’s on top of the crisis, after giving conflicting descriptions of what the U.S. is doing to combat the virus. On Wednesday he announced he would ban travel to the U.S. from Europe, and on Friday he suggested extending that to the U.K. because of a recent rise in cases.
Dr. Anthony Fauci, infectious disease chief at the National Institutes of Health, said more tests would be available over the next week, but warned, “We still have a long way to go.”
Fauci said Friday, “There will be many more cases. But we’ll take care of that, and ultimately, as the president said, this will end.”
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Associated Press writers Aamer Madhani, Alan Fram, Lauran Neergaard, Martin Crutsinger, Laurie Kellman, Michael Balsamo and Kevin Freking in Washington and Bill Barrow in Atlanta contributed to this report.
Story 1: President Trump Addresses The American People — 30-Day Ban on Travel From Continental Europe To Stop Spread of Coronavirus To United States — Request Congress For Additional $50 Billion Funding For Small Businesses — Videos
Trump addresses the nation calling on Congress for $50B in funding
Pence joins ‘Fox & Friends’ to detail Trump’s Europe travel ban
Trump says markets are ‘going to be just fine’ as Dow slides 2,000+ points
Will Democrats block coronavirus stimulus?
Ingraham: Contain the virus but protect our freedom
Graham praises Trump: He’s doing everything to stop spread of the virus
Senate reviews the impact of coronavirus on small businesses
Donald Trump BANS visitors from Europe from entering the US for 30 days starting at midnight on Friday – but excludes the UK and Ireland – in effort to staunch coronavirus pandemic. But how will it slow spread of virus ALREADY inside US?
Trump addressed the nation on Wednesday at 9pm to announce the ban on travel from ‘continental’ Europe
It will go into effect on Friday at midnight but he did not specify which timezone that refers to
The UK and Ireland are exempt from the ban for reasons yet to be explained by the White House
Americans coming back from Europe will be allowed to enter but it is unclear how or if they will be screened
There was a mad dash for tickets home at European airports where passengers paid up to $20k to get home
Vice President Pence said on Thursday those Americans, or residents, will be asked to voluntarily quarantine
There remains confusion over how the ban will affect trade and imports; Trump said in his speech that the ban applied to goods, then tweeted that it did not
The ban has been met with criticism from health officials and industries who say it will not stop the spread
There are already 1,327 cases of coronavirus in the US, more 22,000 in Europe and 125,000 worldwide
Pandemic is wreaking havoc on global markets and has thrust the entire travel industry into bleak uncertainty
SCROLL DOWN FOR THE CDC’S GUIDANCE ON HOW TO HELP BEAT CORONAVIRUS AND TO READ THE PRESIDENT’S ADDRESS IN FULL
President Donald Trump announced he was ordering an immediate shut-down of all travel from Europe to the United States from midnight on Friday to try to stop the spread of coronavirus in the US in an extraordinary address to the nation on Wednesday night.
‘We will be suspending all travel from Europe to the United States for the next 30 days,’ Trump announced, conceding that world health officials had now declared the health crisis a pandemic after insisting for days that it would ‘go away’ and urging Americans not to panic.
The ban will apply to travelers who have visited 26 countries in the EU’s Schengen border-free area in the last 14 days, but not travelers from the UK or Ireland, or to US citizens, American permanent residents and their immediate family members.
Vice President Mike Pence said on Thursday morning that all Americans returning from Europe would be asked to quarantine when they return.
Trump said the ban would come into effect at ‘midnight’ on Friday though confusion reigned over exactly how it would be implemented – including how the cut-off would apply across time zones, which routes Americans would be allowed to use to get home, and whether travelers returning from Europe would face screening or quarantine.
The move caused immediate confusion for Americans within Europe who immediately began scrambling to airports in an effort to get home. The State Department also warned Americans against all non-essential travel abroad, raising the prospect of mandatory quarantines and further bans that could leave people stranded. CNN reported that all travelers returning from Europe would face mandatory quarantine, though did not make it clear where that information came from.
The move was so sudden the acting Homeland Security secretary said he would issue full guidance on how to carry it out within 48 hours.
Trump’s address also made no mention of measures being adopted by other countries to stop the spread of the virus within their borders – like closing schools, banning public gatherings and restricting travel between cities.
While he did announce co-payment wavers for coronavirus treatment he made only a brief mention of test kits and did not say whether the waver would apply to testing.
The emergency measures also include:
Tax deferments without interest or penalties for businesses and individuals affected by the coronavirus;
A demand for $50 billion in low-interest loans to small businesses to help them overcome the crisis;
A call for Congress to enact ‘immediate payroll tax relief’;
Financial ‘relief’ for workers who are ill, quarantined or caring for others.
Oval Office address: Donald Trump finally addressed the nation about the coronavirus crisis from the White House on Wednesday and banned all travel to Europe
The announcement was quickly met with criticism from a range of industries.
Dr Margaret Harris from the World Health Organisation was among those criticizing the travel ban, warning that it focuses resources on borders rather than stopping the virus spreading through communities.
‘We are not keen on travel bans generally because it makes the country concerned focus on managing their borders rather than focusing on what we’d like to see.
‘[We need to] focus on the spread within the community and stopping the spread within the community and really supporting the health system to be able to look after the people that are and do get severely ill,’ she said during na appearance on Good Morning Britain.
The move also drew immediate criticism from senior Democrats Nancy Pelosi and Chuck Schumer who urged Trump to back their move to offer free testing kits, and to focus on fighting the spread of the virus within the US.
‘We have a public health crisis in this country and the best way to help keep the American people stay safe and ensure their economic security is for the president to focus on fighting the spread of the coronavirus itself,’ they said in a joint statement.
The Association of Flight Attendants was also quick to criticize Trump, branding his travel ban ‘irresponsible’ and saying it is ‘about politics, not public safety’.
‘There is no explanation for how this will help fight the spread of the virus,’ a statement said. ‘It makes little sense when the virus is already in the United States.
‘The President expressly stated the United Kingdom is not included in the travel ban and yet the UK health minister herself has the virus.’
COUNTRIES WHOSE PEOPLE ARE BANNED
WHO THE BAN APPLIES TO
Most foreign nationals who have been in these countries at any point during the 14 days prior to their scheduled arrival to the United States*
AND WHO IT DOESN’T
‘Legal permanent residents, (generally) immediate family members of U.S. citizens, and other individuals who are identified in the proclamation.’*
* according to Department of Homeland Security
The president did not announce any ban on public gatherings, or declare any travel restrictions within the U.S., although he did urge older Americans to avoid crowded places if possible.
He also caused confusion after appearing to announce that trade from Europe was also banned, only to clarify later on Twitter that ‘the restriction stops people not goods’.
Trump urged elderly Americans to take great caution, urged cutting off visitors to nursing homes, and told Americans to wash their hands diligently.
‘The virus will not have a chance against us – no nation is more prepared or more resilient than the United States,’ he said.
He explained the new measure as a matter of protecting the nation from the rapidly spreading virus – which he called ‘foreign.’
‘This is the most aggressive and comprehensive effort to confront a foreign virus in modern history,’ he said. ‘I will always put the well-being of America first.
‘We are mobilizing the full power of the federal government and private sector to protect the American people,’ he said.
European Council chief Charles Michel said European countries were assessing the ban today, warning that ‘economic disruption must be avoided’.
About 4,600 people have died so far worldwide. In the US there are over 1,300 cases of coronavirus and 37 deaths as of Thursday morning. Some 366 of those cases and 29 deaths were reported in Washington state. Numbers are expected to skyrocket in the United States once more testing is done.
After Trump spoke;
the NBA announced it had called off the rest of its season after Utah Jazz player Rudy Gorber tested positive for the virus just before tip-off
the State Department told Americans to immediately reconsider any plans to travel abroad because of the danger of the virus
Tom Hanks and his actress wife Rita Wilson revealed they had it too
Wall Street braced for more selling Thursday as the futures pointed to a loss of as much as 1,000 points on the Dow
Joe Biden prepared to deliver his own coronavirus crisis plan to go head-to-head with his presidential election rival
An aide to Democratic Washington senator Maria Cantwell became the first person on Capitol Hill to be confirmed as having the virus, while six other lawmakers remain quarantined over possible exposure
And Trump followed his own advice and canceled a campaign swing to Colorado and Nevada after being slammed for refusing to stop shaking hands and holding rallies.
Many states have moved ahead of the White House on preventing the spread of the virus, and have already started limiting travel and putting in place ‘social distancing measures’ to limit contact between people.
VP MIKE PENCE: ALL AMERICANS RETURNING FROM EUROPE WILL BE ASKED TO SELF-QUARANTINE
Vice President Mike Pence on Thursday morning
Vice President Mike Pence on Thursday said all Americans returning from Europe will be asked to self-quarantine for 14 days upon arrival to try to stunt the spread of the coronavirus.
Pence spoke on Good Morning America, among other shows, on Thursday, hours after President Trump stunned the world by suspending flights from Europe to the US for 30 days from midnight on Friday.
The UK and Ireland are not included in the ban, for reasons he is yet to explain.
It was a dramatic change in tone from the president who, up until Tuesday, had been telling the public not to panic and claiming the virus – which has claimed thousands of lives now worldwide – would go away on its own.
Vice President Pence said on Thursday that the administration had been taking the threat seriously from the beginning but that the unprecedented move to ban European travel was taken as the number of cases there exploded.
He also repeated that the president had asked private laboratories, Lab Corp and Quest Diagnostics – both of which have developed tests that can be used despite not yet being FDA approved because they comply to certain guidelines – to ‘spin up’ production of them.
One of the consistent criticisms of the government’s response to the emergency is how slow it has been to produce and make tests for the virus widely and readily available.
‘We have all have known from the beginning that the coronavirus would continue to spread across this country, it’s one of the reasons president trump took decisive action to put the health of the American people first not only declaring a public health emergency in January but that same month, suspending all travel from China and quarantining everyone returning from the region.
‘Since then, we’ve issued travel advisories to Italy, South Korea… but frankly as we watched the epicenter of the coronavirus shift from China and South Korea to Europe, the president thought it was proper for us to impose a 30 day suspension on all travel from continental Europe,’ he said.
There are already 1,327 cases of the virus in the US and 38 people have died.
Ohio Governor Mike DeWine has limited large gatherings statewide and ordered schools to temporarily close for deep cleaning and so that staff have time to plan for longer-term shutdowns.
All 12 of Florida’s state universities are closing their dormitories and presenting classes online, following in the wake of institutions such as Harvard, Columbia, Princeton Cornell, Stanford and Yale which have either shut down campuses or cancelled in-person classes and moved online.
In Wisconsin, all residents have been told to avoid all non-essential travel while Washington Governor Jay Inslee has banned gatherings of more than 250 people in and around Seattle, with social distancing measures such as mandatory distance between customers in place in bars.
Oregon and California have also banned gatherings of more than 250 people state-wide, with smaller gatherings only permitted if a minimum distance of 6 feet can be guaranteed between people.
Washington state has also closed all public schools in Seattle starting Thursday, with 50,000 children told to stay at home.
In New York, the suburb of New Rochelle was placed in containment in an attempt to isolate a cluster of cases.
After Trump spoke:
The epicenter of the disease in Europe is in Italy, where the government ordered the shutdown of virtually the entire economy as the number of people diagnosed soared and overwhelmed hospitals had to decide who to save from death.
Health officials have warned in recent days about the risk of further spread of the virus from European travelers visiting the U.S. or Americans returning from trips there.
‘These restrictions will be adjusted subject to conditions on the ground,’ he said. He said there would be exemptions for Americans who underwent ‘appropriate screenings.’
On television, he said the prohibitions would apply to the ‘tremendous amount of trade and cargo, but various other things as we get approval.’
Trump also spoke to trade between Europe and the U.S. ‘Anything coming from Europe to the United States is what we are discussing,’ he said.
But then the White House had to issue an astonishing clarification – that the president had misspoken and the ban in fact only applies to humans.
He said the restrictions will also not apply to the United Kingdom. The Department of Homeland Security said Ireland was also exempt.
The UK had 460 cases when Trump spoke, an infection rate higher than the 1,315 cases in the U.S. when adjusted for population.
Britain’s infection rate is around 1 in 144,000 people, worse than the current U.S. figure of around 1 in 249,000 people.
Read the full text of Donald Trump’s address to the nation on the coronavirus crisis
My fellow Americans: Tonight, I want to speak with you about our nation’s unprecedented response to the coronavirus outbreak that started in China and is now spreading throughout the world.
Today, the World Health Organization officially announced that this is a global pandemic.
We have been in frequent contact with our allies, and we are marshalling the full power of the federal government and the private sector to protect the American people.
This is the most aggressive and comprehensive effort to confront a foreign virus in modern history.
I am confident that by counting and continuing to take these tough measures, we will significantly reduce the threat to our citizens, and we will ultimately and expeditiously defeat this virus.
From the beginning of time, nations and people have faced unforeseen challenges, including large-scale and very dangerous health threats.
This is the way it always was and always will be. It only matters how you respond, and we are responding with great speed and professionalism.
Our team is the best anywhere in the world.
At the very start of the outbreak, we instituted sweeping travel restrictions on China and put in place the first federally mandated quarantine in over 50 years.
We declared a public health emergency and issued the highest level of travel warning on other countries as the virus spread its horrible infection.
And taking early intense action, we have seen dramatically fewer cases of the virus in the United States than are now present in Europe.
The European Union failed to take the same precautions and restrict travel from China and other hotspots.
As a result, a large number of new clusters in the United States were seeded by travelers from Europe.
After consulting with our top government health professionals, I have decided to take several strong but necessary actions to protect the health and wellbeing of all Americans.
To keep new cases from entering our shores, we will be suspending all travel from Europe to the United States for the next 30 days.
The new rules will go into effect Friday at midnight. These restrictions will be adjusted subject to conditions on the ground.
There will be exemptions for Americans who have undergone appropriate screenings, and these prohibitions will not only apply to the tremendous amount of trade and cargo, but various other things as we get approval.
Anything coming from Europe to the United States is what we are discussing.
These restrictions will also not apply to the United Kingdom.
At the same time, we are monitoring the situation in China and in South Korea.
And, as their situation improves, we will reevaluate the restrictions and warnings that are currently in place for a possible early opening.
Earlier this week, I met with the leaders of health insurance industry who have agreed to waive all copayments for coronavirus treatments, extend insurance coverage to these treatments, and to prevent surprise medical billing.
We are cutting massive amounts of red tape to make antiviral therapies available in record time.
These treatments will significantly reduce the impact and reach of the virus.
Additionally, last week, I signed into law an $8.3 billion funding bill to help CDC and other government agencies fight the virus and support vaccines, treatments, and distribution of medical supplies.
Testing and testing capabilities are expanding rapidly, day by day. We are moving very quickly.
The vast majority of Americans: The risk is very, very low. Young and healthy people can expect to recover fully and quickly if they should get the virus.
The highest risk is for elderly population with underlying health conditions.
The elderly population must be very, very careful. In particular, we are strongly advising that nursing homes for the elderly suspend all medically unnecessary visits.
In general, older Americans should also avoid nonessential travel in crowded areas.
My administration is coordinating directly with communities with the largest outbreaks, and we have issued guidance on school closures, social distancing, and reducing large gatherings.
Smart action today will prevent the spread of the virus tomorrow.
Every community faces different risks and it is critical for you to follow the guidelines of your local officials who are working closely with our federal health experts — and they are the best.
For all Americans, it is essential that everyone take extra precautions and practice good hygiene.
Each of us has a role to play in defeating this virus.
Wash your hands, clean often-used surfaces, cover your face and mouth if you sneeze or cough, and most of all, if you are sick or not feeling well, stay home.
To ensure that working Americans impacted by the virus can stay home without fear of financial hardship, I will soon be taking emergency action, which is unprecedented, to provide financial relief.
This will be targeted for workers who are ill, quarantined, or caring for others due to coronavirus.
I will be asking Congress to take legislative action to extend this relief.
Because of the economic policies that we have put into place over the last three years, we have the greatest economy anywhere in the world, by far.
Our banks and financial institutions are fully capitalized and incredibly strong. Our unemployment is at a historic low.
This vast economic prosperity gives us flexibility, reserves, and resources to handle any threat that comes our way.
This is not a financial crisis, this is just a temporary moment of time that we will overcome together as a nation and as a world.
However, to provide extra support for American workers, families, and businesses, tonight I am announcing the following additional actions: I am instructing the Small Business Administration to exercise available authority to provide capital and liquidity to firms affected by the coronavirus.
Effective immediately, the SBA will begin providing economic loans in affected states and territories.
These low-interest loans will help small businesses overcome temporary economic disruptions caused by the virus.
To this end, I am asking Congress to increase funding for this program by an additional $50 billion.
Using emergency authority, I will be instructing the Treasury Department to defer tax payments, without interest or penalties, for certain individuals and businesses negatively impacted.
This action will provide more than $200 billion of additional liquidity to the economy.
Finally, I am calling on Congress to provide Americans with immediate payroll tax relief.
Hopefully they will consider this very strongly.
We are at a critical time in the fight against the virus. We made a life-saving move with early action on China.
Now we must take the same action with Europe. We will not delay.
I will never hesitate to take any necessary steps to protect the lives, health, and safety of the American people.
I will always put the wellbeing of America first.
If we are vigilant — and we can reduce the chance of infection, which we will — we will significantly impede the transmission of the virus.
The virus will not have a chance against us. No nation is more prepared or more resilient than the United States.
We have the best economy, the most advanced healthcare, and the most talented doctors, scientists, and researchers anywhere in the world. We are all in this together.
We must put politics aside, stop the partisanship, and unify together as one nation and one family.
As history has proven time and time again, Americans always rise to the challenge and overcome adversity.
Our future remains brighter than anyone can imagine.
Acting with compassion and love, we will heal the sick, care for those in need, help our fellow citizens, and emerge from this challenge stronger and more unified than ever before.
God bless you, and God bless America. Thank you.
Trump blasted the EU, with whom he has sparred in the past, after praising his own decision to cut travel with China early in the outbreak.
NOT A WORD ABOUT TESTING: PELOSI AND SCHUMER BLAST TRUMP’S ADDRESS
House Speaker Nancy Pelosi and Senate Minority Leader Charles Schumer blasted Trump for glossing over the issue of how get more Americans tested as the outbreak spreads.
‘We have a public health crisis in this country and the best way to help keep the American people stay safe and ensure their economic security is for the president to focus on fighting the spread of the coronavirus itself,’ they said in a joint statement.
‘Alarmingly, the president did not say how the administration will address the lack of coronavirus testing kits throughout the United States.’
‘Tomorrow, we urge Republicans in the House and Senate to help immediately pass the Families First Coronavirus Response Act.
‘The bill will include free coronavirus testing, paid emergency leave for workers, food security assistance, help to states overburdened by Medicaid costs, and strengthened Unemployment Insurance, among other much-needed measures to keep the American people safe,’ they said.
‘The European Union failed to take the same precautions,’ Trump said. He called his measures ‘strong but necessary actions.’
The UK is not a member of the European Union, having left on January 31 through Brexit.
But Trump, who has clashed the Europeans over trade and tariffs throughout his tenure, also dangled the possibility of a ‘possible early opening.’
On health matters, Trump said:, ‘We are cutting massive amounts of red tape to make antiviral therapies available in record time.’
He did not repeat his earlier claims that a vaccine might be available far earlier than the year and a half estimates of health professionals.
On testing capability, Trump said simply: ‘We are moving very quickly.’ He earlier took heat for saying every American who wanted a test could have one, even as the U.S. lags South Korea and other nations on testing.
Trump said the risk was ‘very, very low’ for the vast majority of Americans.’
However, he said: ‘The highest risk is for elderly population with underlying health conditions.’
‘The elderly population must be very, very careful. In particular, we are strongly advising that nursing homes for the elderly suspend all medically unnecessary visits,’ Trump said.
The VA has already done that in its more than 100 nursing homes for the elderly, the only ones under direct federal control.
Trump was seated with his hands folded for the event. He took a somber tone, even as he repeatedly praised his own administration’s handling of the deadly outbreak that has caused financial markets to tumble amid the mounting death toll and infection rate.
Addressing the prospect of a worldwide recession due to the virus, Trump added: ‘This is not a financial crisis. This is just a temporary moment in time that we will overcome as a nation, and as a world.’
Power of the office: Donald Trump spoke from behind the Resolute desk, in front of the United States flag, the presidential seal, and pictures of (from left) his mother Mary Anne, father Fred, and a picture of himself with a young Ivanka in front of him
Moment of history: How Donald Trump addressed the nation from behind the Resolute desk, with a single camera and stills photographer allowed in the room
NBC SUSPENDED SEASON AFTER VIRUS-MOCKING GOBERT TESTS POSITIVE
The NBA has cancelled its season, it was announced Wednesday night, after the Oklahoma City Thunder’s game against the Utah Jazz was postponed with no explanation and it was later announced a player had contracted coronavirus.
The player was the Jazz’s Rody Gobert.
The league confirmed in a statement that ‘the test result was reported shortly prior to the tip-off of tonight’s game’ and ‘the affected player was not in the arena’.
Jazz center Rudy Gobert recently tested positive for COVID-19, a source said. Gobert got sick after touching the microphones and recorders of reporters
‘The NBA is suspending game play following the conclusion of tonight’s schedule of games until further notice,’ a statement read. ‘The NBA will use this hiatus to determine the next steps for moving forward in regard to the coronavirus pandemic.’
Jazz center Gobert who tested positive had joked about the virus, touching the microphones and recorders of reporters.
He paused and took deep breaths at times during his remarks.
Democrats and other have criticized the president for minimizing the outbreak and repeatedly telling the nation everything would be fine, and even encouraging people to buy stocks.
White House aides did not allow a press pool to be present, only a single camera and still photographer for the address.
The famously germophobic Trump offered health tips in keeping with what the nation’s health officials are providing. He referenced new administration guidance on social distancing and large crowds, but gave no firm instructions.
‘Smart action today will prevent the spread of the virus tomorrow,’ Trump said.
‘For all Americans it is essential that everyone take extra precautions and practice good hygiene,’ Trump advised.
‘Each of us has a role to play in defeating this virus. Wash your hands. Clean often-used surfaces. Cover your face and mouth if you sneeze or cough.
‘And most of all, if you’re sick and not feeling well: stay home,’ he said, speaking with emphasis.
In the first sign of Trump following his own advice, the White House canceled a planned trip to Las Vegas.
Trump had been due to address the Republican Jewish Coalition in the city and raise funds for his re-election campaign.
Trump said he was taking ’emergency action’ which he called ‘unprecedented’ to provide ‘financial relief’ to American workers.
It would be for ‘workers who are ill, quarantined or caring for others due to coronavirus,’ Trump said.
He listed both actions he said he had authority to take on his own, and those requiring congressional action.
‘Using emergency authority I will be instructing the Treasury Department to defer tax payments without interest or penalties for certain individuals and businesses negatively impacted.’
He said the move would provide $200 billion of additional liquidity to the economy. He did not say which businesses or individuals would get it or how.
Trump did not repeat his call to bail out specific industries such as airlines or cruise ships, an idea he pitched this week.
TOM HANKS AND RITA WILSON: WE HAVE THE VIRUS – AND WE’RE OK
Actor Tom Hanks and his wife Rita Wilson have tested positive for the novel coronavirus, they revealed Wednesday evening.
The Forrest Gump actor and his wife, both 63, announced the positive test results on Instagram urging the public to ‘take care’.
The couple is currently in Gold Coast, Australia where the Oscar-winner is filming for an untitled Baz Luhrmann-directed Elvis Presley film produced by Warner Bros.
Hanks revealed he and his wife experienced symptoms including the common cold, body aches and chills before they decided to get tested.
‘Hello, folks. Rita and I are down here in Australia. We felt a bit tired, like we had colds, and some body aches. Rita had some chills that came and went. Slight fevers too. To play things right, as is needed in the world right now, we were tested for the Coronavirus, and were found to be positive.’
The Trump Organization is a real estate and hotel empire with golf property holdings that is closely linked to travel and tourism.
Two of the European countries exempt from the travel ban have Trump properties – two golf courses in Scotland, which is part of the UK, and one in Ireland.
The president said he is calling on Congress to provide Americans with ‘immediate payroll tax relief – an idea he has pitched.
‘Hopefully, they will consider this very strongly,’ he said. Trump’s economic team has said he wants to suspend the entire 12.4 percent employer and employee payroll tax.
Trump said he will be ‘asking Congress to take legislative action to extend this relief.’
The president met with Senate Republicans this week but has not sat down with House Speaker Nancy Pelosi since the crisis began.
His Treasury secretary, Steven Mnuchin, met with Pelosi for talks.
Trump called his decision to cut off travel with China while the outbreak was raging there a ‘life-saving move.’
‘Now we must take the same action with Europe,’ he said.
A day after telling Americans while at the Capitol: ‘Just stay calm. It will go away,’ Trump attended to rally the nation as prior White House occupants have during war and other perils.
‘We will not delay. I will never hesitate to take any necessary steps to protect the lives, health and safety of the American people,’ Trump said.
‘I will always put the well-being of America first.’
‘The virus will not have a chance against us. No nation is more prepared or more resilient than the United States,’ Trump said, hailing U.S. medical professionals.
‘We are all in this together. We must put politics aside, stop the partisanship and unify together as one nation and one family,’ said Trump, who earlier Wednesday attacked Democrats and accused them of politicizing the outbreak.
The address to the nation was hurriedly – and chaotically – announced on Wednesday afternoon as Trump met the nation’s top bankers in the White House cabinet room.
Even amid new economic anxiety, Trump talked up the U.S. economy’s potential.
‘Prior to the coronavirus it was it was just all go, the numbers were fantastic,’ Trump told bank executives.
‘We don’t even know what the numbers are now, we’ll have to see. The numbers from a week ago were great, from two days ago were great.’
View from outside: Donald Trump seen through the Oval Office window as he addresses the nation on the coronavirus crisis and claims it is not a financial crisis in the making
Trump continued: ‘Now we’re hitting a patch and we’re going to have to do something with respect to getting rid of this virus as quickly as possible and as safely as possible.’
He predicted problems would be a short term, after he and advisors encouraged investors to buy in the stock market.
‘We think it’s going to be a short term period,’ Trump said. ‘If we get rid of it quickly, everything solves itself,’ Trump said.
‘We’re having to fix a problem that four weeks ago nobody ever thought would be a problem. You read about them. You read about them from 1917 and from lots of other times. But nobody thought that we would be seeing … This came out of nowhere. Actually came out of China, which is the way it works,’ Trump said.
Trump was most likely referencing the Spanish flu of 1918, which killed millions and is estimated to have infected up to a third of the world population. However various government medical officials have warned about the risk of a pandemic, including during the outbreaks of diseases like SARS and MERS in recent years.
He didn’t reveal any details of how to get rid of the virus. The nation’s top infectious disease expert spoke Wednesday about the process of developing a vaccine and a focus on therapeutic treatment.
Trump continued to make up-beat economic predictions. ‘I think there’ll be a pent up demand when this is gone. I think that everything maybe where it’s tamped down now people aren’t leaving their homes, you’re going to see a tremendous pent up demand which hopefully won’t be in the too distant future,’ Trump said.
He preceded his remarks with new calls to action on Twitter, after getting hammered by Democrats for failing to take the outbreak seriously enough.
‘I am fully prepared to use the full power of the Federal Government to deal with our current challenge of the CoronaVirus!’ Trump wrote.
Trump’s PR pushback came as tensions rose inside the White House, with hand sanitizers placed in strategic locations, a drop of more than 1,000 points on the Dow, and the World Health Organization labeling the outbreak as a pandemic.
‘This is the first pandemic caused by coronavirus,’ said the WHO’s Director-General Tedros Adhanom Ghebreyesus.
Politico reported that Trump was reluctant to declare a state of emergency, to avoid stoking panic. That would involve a role for Federal Emergency Management Agency and freeing up money for states.
More limited ideas being floated have included tax relief for hourly workers, delaying the April 15 filing deadline, and actions to push out more small business loans.
‘Someone needs to tell the Democrats in Congress that CoronaVirus doesn’t care what party you are in. We need to protect ALL Americans!’ Trump tweeted Wednesday afternoon.
‘America is the Greatest Country in the world. We have the best scientists, doctors, nurses and health care professionals. They are amazing people who do phenomenal things every day,’ Trump wrote in another tweet. ‘Together we are putting into policy a plan to prevent, detect, treat and create a vaccine against CoronaVirus to save lives in America and the world. America will get it done!’ he wrote.
Hours earlier, Dr. Anthony Fauci, the nation’s top infectious disease expert, testified that the coronavirus was ten times more deadly than the flu – a disease Trump has previously tweeted about while urging calm and saying the nation would prevail.
Rep. Carolyn Maloney (D-N.Y.), who chairs the House oversight committee, told a panel of expert witnesses during a hearing on the disease: ‘This morning we were informed that President Trump and Vice President Pence have called our witnesses to an emergency meeting at the White House. We don’t know the details, just that it is extremely urgent.’
She later cited reports that the gather was not an emergency meeting, adding: ‘However that’s not what your staff just told us.’
Fauci issued dire warnings at the House committee hearing.
‘Bottom line, it’s going to get worse,’ Fauci, the director of National Institute of Allergy and Infectious Diseases, said. He warned millions will be affected.
‘If we are complacent and don’t do really aggressive containment and mitigation, the number could go way up and be involved in many, many millions. If we contain we could flatten it,’ he noted, pushing back when asked to pin down how many might be infected.
He also recommended large sporting events be banned.
He said that the WHO estimated it to be lethal in 3.4% of recorded cases so far, a figure he expects to drop to 1% – ‘which means it’s 10 times more lethal than the seasonal flu.’
‘We would recommend that there not be large crowds. If that means not having any people in the audience as the N.B.A. plays, so be it,’ he said.
Washington State Gov. Jay Inslee prohibited gatherings of over 250 people in counties around Seattle, in just the latest move to restrict interactions to contain ‘community spread.’ Basketball games, classes, and festivals were being cancelled and postponed. The NCAA announced that division one college games would be played in arenas without crowd during the famed ‘March Madness’ tournament.
The NBA’s Golden State Warriors announced the team will play its next home game without fans, in a part of the country where the Diamond Princess was moored offshore after an outbreak.
Additional new government actions were not immediately clear. Health and Human Services Secretary Alex Azar was to ‘take all appropriate and necessary steps’ so health care workers could get respirators needed when treating coronavirus patients. Shortages are a concern, as is the manufacture of many face masks for industrial rather than medical use.
The administration continues to assemble possible tax ideas to address the market drop and economic impacts. House Democrats are readying legislative action on their own ideas.
‘Things will get worse than they are right now,’ said Dr. Anthony Fauci, the government top infectious disease expert, said at a House hearing Wednesday.
Trump also lobed an attack at Vanity Fair magazine for what he termed a ‘hit piece.’
The story cast him as a germaphobe who is ‘terrified’ of getting the virus, and describes the administration’s response and PR handling of the crisis as out of control.
‘Vanity Fair Magazine, which will soon be out of business, and their third rate Fake reporters, who make up sources which don’t exist, wrote yet another phony & boring hit piece,’ Trup wrote. ‘The facts are just the opposite. Our team is doing a great job with CoronaVirus!’
Among other things, the article quotes an unnamed prominent Republican saying: ‘Donald is a famous germaphobe. He hates it if someone is eating nachos and dips a chip back in after taking a bite. He calls them ‘double dippers.’
It also reports that last week, Trump told aides he fears journalists will get the disease on purpose in order to give it to him on Air Force One.
On Monday, it was revealed that Trump loyalist GOP Rep. Matt Gaetz flew on Air Force Once with Trump only to learn he had come in contact with a man who had it at CPAC, Gaetz then put himself under quarantine.
Desperate Americans spark ‘bedlam’ at European airports: Fliers pay up to $20,000 for flights from Paris to get back to the US before Trump’s travel restrictions begin
Hundreds of travelers, confused as to whether they will be let back home and face quarantine, rushed to El Prat Airport in Barcelona, Spain, after Trump announced the restrictions to start this Friday to slow the progression of the coronavirus.
Tourists from the U.S., who were left shrouded in confusion by the details of the proposal, scrambled to the Spanish and French airports in the early hours of Thursday morning uncertain about how the ban would impact their attempts to fly back home.
Brussels International Airport: People wait to check in to a flight to Chicago at the United Airlines counter in the main terminal of Brussels International Airport in Brussels on Thursday
Paris Charles de Gaulle airport, France: People wearing protective face masks line up at the Air France ticketing desk inside Terminal 2E at Paris Charles de Gaulle airport in Roissy on Thursday
Paris Charles de Gaulle airport, France: For most people, the new coronavirus causes only mild or moderate symptoms. For some, especially older adults and people with existing health problems, it can cause more severe illness
Paris Charles de Gaulle airport, France: President Donald Trump’s decision Wednesday to impose a 30-day ban on most Europeans entering the United States has sparked ‘bedlam’ at airports across Europe
With President Trump declaring the ban would come into effect at ‘midnight’ on Friday, confusion reigned over exactly how it would be implemented – including how the cut-off would apply across time zones and which routes Americans would be allowed to use to get home.
Questions also remained as to whether travelers returning from Europe would face screening or quarantine.
Journalist Mike McIntire tweeted from Charles de Gaulle airport: ‘Bedlam at U.S.-bound airlines at CDG in Paris early this a.m., as Americans pay as much as $20,000 for last-minute flights.’
The State Department also warned Americans against all non-essential travel abroad, raising the prospect of mandatory quarantines and further bans that could leave people stranded.
Story 2: House Coronavirus Bill Becomes Democrat Economic Stimulus Package Which President Trump and Republicans Oppose — Videos
McCarthy: House Democrats’ coronavirus bill comes up short
Rep. Collins on self-quarantine, House coronavirus bill
Coronavirus bailout bill to give sick pay to sufferers is in disarray as Donald Trump says he objects to Nancy Pelosi’s plans saying it’s ‘goodies they’ve been trying to get for 25 years’ and Senate Republicans hold it up over abortion
Donald Trump said Thursday that he is completely against the Democrat’s economic stimulus packages
‘There are things in there that have nothing to do with what we are talking about,’ Trump said of House Speaker Nancy Pelosi’s proposed plan
‘It’s not a way for them to get some of the goodies that they haven’t been able to get for the past 25 years,’ Trump continued
Republicans have also expressed they are not happy with Pelosi’s proposal
White House officials claim her new plan includes measures that would provide federal funding for abortions, which is prohibited by the Hyde Amendment
Senate Majority Leader Mitch McConnell also said Thursday that Democrats are using the coronavirus crisis to create a ‘wishlist’ of policies
He is insisting they are trying to get certain issues passed with an economic stimulus package meant to address fallout from the coronavirus outbreak
‘It appears … House Democrats instead chose to produce an ideological wishlist that was not tailored closely to the circumstances,’ he said Thursday
‘One is reminded of the famous comment from President Obama’s first chief of staff: ‘You never want a serious crisis to go to waste,’ the GOP leader recited
His comments come as Democrats, Republicans and the White House are calling for bipartisanship on the measure
Donald Trump is opposing the Democrat’s stimulus package, claiming Thursday that they are trying to pass other measures hidden within the bill that he says has nothing to do with relief for those affected by coronavirus.
‘It’s not a way for them to get some of the goodies that they haven’t been able to get for the past 25 years,’ Trump said during an Oval Office meeting with Irish Prime Minister Leo Varadkar.
‘Do you support the House Democrat Bill?’ a reporter asked the president at the White House.
‘No, because there are things in there that have nothing to do with what we are talking about,’ he asserted.
The president’s comments come as Senate Republicans have expressed they are against the most recent iteration of the bill because it include a measure tied to funding abortions.
Multiple Senior White House officials told the Daily Caller that House Speaker Nancy Pelosi is trying to include a stipulation that would include general funding for abortion in the coronavirus economic stimulus package.
Donald Trump said Thursday that he is completely against the Democrat’s economic stimulus packages
‘There are things in there that have nothing to do with what we are talking about,’ Trump said of House Speaker Nancy Pelosi’s proposed plan
‘It’s not a way for them to get some of the goodies that they haven’t been able to get for the past 25 years,’ Trump said during an Oval Office meeting with the Irish Prime Minister
Pelosi and Treasury Secretary Steven Mnuchin have been in talks to strike a bipartisan bill that includes measures proposed by Democrats and potentially Trump’s desired payroll tax cut.
Officials claimed that during those talks, Pelosi lobbied for provisions that they said stalled bipartisan commitment to the effort, including mandating up to $1 billion to reimburse laboratory claims.
These White House officials claim that would set a precedent of health spending without barring any of that from going towards abortions.
Mitch McConnell was on the same page as the president Thursday morning, accusing Democrats of using the coronavirus crisis to get unrelated policies passed through their economic stimulus package.
The Senate Majority Leader asserted Democrats are using their plan, which the House is supposed to vote on later in the day Thursday, in order to create a ‘wishlist’ of policies.
‘It appears at this hour that the Speaker and House Democrats instead chose to produce an ideological wishlist that was not tailored closely to the circumstances,’ McConnell said from the Senate floor.
He then invoked the words of former President Barack Obama’s then-Chief of Staff Rahm Emanuel.
‘One is reminded of the famous comment from President Obama’s first chief of staff: ‘You never want a serious crisis to go to waste,’ the Kentucky Republican recited.
McConnell is claiming Democrats are using the coronavirus crisis to their advantage in trying to get things passed through Congress that otherwise may not have been considered.
Despite both sides calling for an end to partisanship, Democrats, Republicans and the White House appear to be weeks away from passing a bipartisan stimulus package.
‘Instead of focusing on immediate relief to affected individuals, families and businesses, the House Democrats chose to wander into various areas of policy that are barely related – if at all – to the issue before us,’ McConnell continued.
Trump is pushing for a stimulus plan that includes a payroll tax suspension, but Democrats, and many Republicans, are against including that measure.
‘I happen to think it would be a great thing even beyond this,’ Trump said during his remarks at the White House Thursday afternoon. ‘So we’re looking at the payroll tax cut.’
Senate Majority Leader Mitch McConnell said Thursday that Democrats are using the coronavirus crisis to create a ‘wishlist’ of policies they are trying to get passed with an economic stimulus package
‘It appears at this hour that the Speaker and House Democrats instead chose to produce an ideological wishlist that was not tailored closely to the circumstances,’ McConnell said from the Senate floor
He admitted that the cut wouldn’t be immediate because it’s a ‘strong measure,’ and would likely only be implemented if the economic situation were to worsen further.
U.S. markers have suffered their worst week since the 2008 financial crisis with some big sell-off days as investors’ concerns over the economic impact of coronavirus escalates.
Trump finally began tweeting advice from the Centers for Disease Control Thursday after starting the morning bashing Nancy Pelosi as the U.S. death toll from coronavirus nears 40.
The president posted around two dozen tweets from the CDC, Health and Human Service, the Food and Drug Administration and the Centers for Medicare & Medicaid Services advising Americans on how to avoid and respond to the coronavirus outbreak.
He only made the post, however, after kicking Thursday morning off by bashing House Speaker Pelosi, insisting she is a hypocrite for supporting payroll tax cuts under former President Barack Obama, but opposing the measure now.
”Nancy Pelosi all of a sudden doesn’t like the payroll tax cut, but when Obama proposed it she thought it was a brilliant thing that all of the working families would benefit from because if you get a paycheck, you’re going to take home more money.’ @kilmeade @foxandfriends,’ Trump tweeted, quoting Fox & Friends host Brian Kilmeade.
The president attack against the California Democrat comes just hours after he addressed the nation and called for bipartisanship in the federal response to the coronavirus outbreak.
Pelosi is planning to bring her rivaling relief plan to the House floor today for a vote.
Donald Trump took aim at House Speaker Nancy Pelosi Thursday for opposing the payroll tax cut as a measure for an economic relief plan
The attack came just hours after he addressed the nation and called for bipartisanship. ‘We must put politics aside, stop the partisanship, and unify together as one nation and one family,’ Trump said Wednesday night
Pelosi is preparing to bring her own economic relief package for a vote on the House floor Thursday that does not include Trump’s proposed payroll tax cut
In a televised address to the nation from the Oval Office Wednesday evening, Trump called on Democrats, Republicans and the administration to ‘unify’ in the response to the fallout from the virus.
‘We must put politics aside, stop the partisanship, and unify together as one nation and one family,’ Trump said toward the end of his remarks.
Previously, Trump had not canceled any events or taken any publicly-known precautions to avoid contracting the virus.
But Wednesday night, the White House revealed that Trump is no longer making his campaign swing through Colorado and Nevada.
‘Out of an abundance of caution from the Coronavirus outbreak, the President has decided to cancel his upcoming events in Colorado and Nevada,’ White House Press Secretary Stephanie Grisham announced.
Instead of heading to the west coast Thursday, Trump spent the morning advising people through his agencies and the CDC’s tweets on how to avoid contracting and spreading coronavirus.
The president took to the airwaves Wednesday night as the World Health Organization classified the coronavirus spread as a ‘pandemic’ and as global and U.S. markets continued to plummet as the government has failed to agree on an economic stimulus package.
Trump is pushing for a stimulus plan that includes a payroll tax cut, but Democrats – and a handful of Republicans – have expressed they are not interested in passing a package with this measure included.
‘The administration seems to believe that the answer to any problem is another tax cut,’ Senate Minority Leader Chuck Schumer said of the proposal from the White House.
A payroll tax refers to taxes dedicated to Social Security and Medicare.
One of Trump’s most staunch defenders, Senator Lindsey Graham, also expressed hesitation in supporting the package.
‘It really is about sustaining the economy and controlling the spread of the virus,’ Graham said.
‘The payroll tax as a general stimulus, I’ve got to think about that,’ the South Carolina Republican continued. ‘The money that that costs, could it be better applied to sectors of the economy that are hit.’
He instead said he wanted to focus on a plan that will ‘help people that are going to be laid off’ and industries that will be affected by the virus, like hospitality and tourism.
Even though Trump is calling for bipartisanship, it doesn’t appear he is willing to budge on passing a plan that does not include the payroll tax cut.
Lawmakers have slammed that proposal, insisting it focuses too much on economic relief and not enough on helping individuals and businesses that will be affected by the outbreak.
Markets have experienced one of their worst weeks yet, experiencing the biggest-ever one-day drop on Monday, declining 2,000 points.
While there was a quick reprieve on Tuesday when the hope of a swift, bipartisan relief package was in sight, things took a turn for the worst Wednesday after it became obvious the White House and Congress were not on the same page.
On Wednesday the Dow saw more than a 1,000 point drop.
The president has continued to downplay the threat of coronavirus, even as the confirmed cases in the U.S. surpasses 1,300 and the death toll nears 40.
Senate Majority Leader Mitch McConnell is also calling for a bipartisan measure to stimulate the economy as coronavirus continues to rock the nation.
But he made it clear to reporters after a meeting with Trump on Capitol Hill Tuesday that he wasn’t going to be the one spearheading that effort.
Instead, Treasury Secretary Steven Mnuchin is taking the charge by facilitating talks with Pelosi.
The two have struck a deal in the past and are known to have a good working relationship.
According to a top Pelosi aide, the Democratic leader spoke with Mnuchin early Wednesday morning to discuss a more bipartisan coronavirus package.
‘I wouldn’t say it’s a negotiation. We’re having discussions about various different policies,’ Mr. Mnuchin said after meeting with Pelosi for about 30 minutes on Tuesday. ‘There’s a lot of interest on a bipartisan basis to get something done quickly.’
Read the full text of Donald Trump’s address to the nation on the coronavirus crisis
My fellow Americans: Tonight, I want to speak with you about our nation’s unprecedented response to the coronavirus outbreak that started in China and is now spreading throughout the world.
Today, the World Health Organization officially announced that this is a global pandemic.
We have been in frequent contact with our allies, and we are marshalling the full power of the federal government and the private sector to protect the American people.
This is the most aggressive and comprehensive effort to confront a foreign virus in modern history.
I am confident that by counting and continuing to take these tough measures, we will significantly reduce the threat to our citizens, and we will ultimately and expeditiously defeat this virus.
From the beginning of time, nations and people have faced unforeseen challenges, including large-scale and very dangerous health threats.
This is the way it always was and always will be. It only matters how you respond, and we are responding with great speed and professionalism.
Our team is the best anywhere in the world.
At the very start of the outbreak, we instituted sweeping travel restrictions on China and put in place the first federally mandated quarantine in over 50 years.
We declared a public health emergency and issued the highest level of travel warning on other countries as the virus spread its horrible infection.
And taking early intense action, we have seen dramatically fewer cases of the virus in the United States than are now present in Europe.
The European Union failed to take the same precautions and restrict travel from China and other hotspots.
As a result, a large number of new clusters in the United States were seeded by travelers from Europe.
After consulting with our top government health professionals, I have decided to take several strong but necessary actions to protect the health and wellbeing of all Americans.
To keep new cases from entering our shores, we will be suspending all travel from Europe to the United States for the next 30 days.
The new rules will go into effect Friday at midnight. These restrictions will be adjusted subject to conditions on the ground.
There will be exemptions for Americans who have undergone appropriate screenings, and these prohibitions will not only apply to the tremendous amount of trade and cargo, but various other things as we get approval.
Anything coming from Europe to the United States is what we are discussing.
These restrictions will also not apply to the United Kingdom.
At the same time, we are monitoring the situation in China and in South Korea.
And, as their situation improves, we will reevaluate the restrictions and warnings that are currently in place for a possible early opening.
Earlier this week, I met with the leaders of health insurance industry who have agreed to waive all copayments for coronavirus treatments, extend insurance coverage to these treatments, and to prevent surprise medical billing.
We are cutting massive amounts of red tape to make antiviral therapies available in record time.
These treatments will significantly reduce the impact and reach of the virus.
Additionally, last week, I signed into law an $8.3 billion funding bill to help CDC and other government agencies fight the virus and support vaccines, treatments, and distribution of medical supplies.
Testing and testing capabilities are expanding rapidly, day by day. We are moving very quickly.
The vast majority of Americans: The risk is very, very low. Young and healthy people can expect to recover fully and quickly if they should get the virus.
The highest risk is for elderly population with underlying health conditions.
The elderly population must be very, very careful. In particular, we are strongly advising that nursing homes for the elderly suspend all medically unnecessary visits.
In general, older Americans should also avoid nonessential travel in crowded areas.
My administration is coordinating directly with communities with the largest outbreaks, and we have issued guidance on school closures, social distancing, and reducing large gatherings.
Smart action today will prevent the spread of the virus tomorrow.
Every community faces different risks and it is critical for you to follow the guidelines of your local officials who are working closely with our federal health experts — and they are the best.
For all Americans, it is essential that everyone take extra precautions and practice good hygiene.
Each of us has a role to play in defeating this virus.
Wash your hands, clean often-used surfaces, cover your face and mouth if you sneeze or cough, and most of all, if you are sick or not feeling well, stay home.
To ensure that working Americans impacted by the virus can stay home without fear of financial hardship, I will soon be taking emergency action, which is unprecedented, to provide financial relief.
This will be targeted for workers who are ill, quarantined, or caring for others due to coronavirus.
I will be asking Congress to take legislative action to extend this relief.
Because of the economic policies that we have put into place over the last three years, we have the greatest economy anywhere in the world, by far.
Our banks and financial institutions are fully capitalized and incredibly strong. Our unemployment is at a historic low.
This vast economic prosperity gives us flexibility, reserves, and resources to handle any threat that comes our way.
This is not a financial crisis, this is just a temporary moment of time that we will overcome together as a nation and as a world.
However, to provide extra support for American workers, families, and businesses, tonight I am announcing the following additional actions: I am instructing the Small Business Administration to exercise available authority to provide capital and liquidity to firms affected by the coronavirus.
Effective immediately, the SBA will begin providing economic loans in affected states and territories.
These low-interest loans will help small businesses overcome temporary economic disruptions caused by the virus.
To this end, I am asking Congress to increase funding for this program by an additional $50 billion.
Using emergency authority, I will be instructing the Treasury Department to defer tax payments, without interest or penalties, for certain individuals and businesses negatively impacted.
This action will provide more than $200 billion of additional liquidity to the economy.
Finally, I am calling on Congress to provide Americans with immediate payroll tax relief.
Hopefully they will consider this very strongly.
We are at a critical time in the fight against the virus. We made a life-saving move with early action on China.
Now we must take the same action with Europe. We will not delay.
I will never hesitate to take any necessary steps to protect the lives, health, and safety of the American people.
I will always put the wellbeing of America first.
If we are vigilant — and we can reduce the chance of infection, which we will — we will significantly impede the transmission of the virus.
The virus will not have a chance against us. No nation is more prepared or more resilient than the United States.
We have the best economy, the most advanced healthcare, and the most talented doctors, scientists, and researchers anywhere in the world. We are all in this together.
We must put politics aside, stop the partisanship, and unify together as one nation and one family.
As history has proven time and time again, Americans always rise to the challenge and overcome adversity.
Our future remains brighter than anyone can imagine.
Acting with compassion and love, we will heal the sick, care for those in need, help our fellow citizens, and emerge from this challenge stronger and more unified than ever before.
Story 3: Federal Reserve Blowing Big Bubbles — $1,500 Trillion in More Liquidity — Heading Rapidly To Near Zero Interest Rate and Quantitative Easing — Videos —
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Fed to pump in more than $1 trillion in dramatic ramping up of market intervention amid coronavirus meltdown
The Fed announced a bold new initiative in an effort to calm market tumult amid the coronavirus meltdown.
In all, the new moves pump in up to $1.5 trillion into the financial system in an effort to combat potential freezes brought on by the coronavirus.
This was the second day in a row and the third time this week the Fed has stepped in.
Stocks staged a sharp turnaround from earlier losses, though some of those gains were pared.
New York Fed to conduct purchases across range of maturities
The Federal Reserve stepped into financial markets Thursday for the second day in a row and the third time this week, this time dramatically ramping up asset purchases amid the turmoil created by the coronavirus.
“These changes are being made to address highly unusual disruptions in Treasury financing markets associated with the coronavirus outbreak,” the New York Fed said in an early afternoon announcement amid a washout on Wall Street that was heading toward the worst day since 1987.
Stocks were off their lows following the announcement though some of the gains were pared as the market digested the moves. Some in the market were skeptical that the move was enough, and even whether the the Fed itself had the proper tools to reverse the current market downtrend.
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The top moments in business and politics – wrapped with exclusive color and context – right in your ears
We continue to emphasize that this Fed will act aggressively and in particular that central banks are focused on safeguarding market functioning at this point, and will continue to provide liquidity in scale,” Ebrahim Rahbari, director of global economics at Citi Research. “However, despite the sharp initial risk rally, we think these measures will still not be sufficiently to durably stabilize market sentiment yet in light of credit concerns and escalating health concerns.”
One part of the announcement saw the Fed widen the scale for its $60 billion worth of money the Treasury purchases, which to now had been confined to short-term T-bills.
Fed will pull out big guns to make sure there’s no collapse: Banking analyst
Under the new regime, the Fed will extend its purchases “across a range of maturities” to include bills, notes, Treasury Inflation-Protected Securities and other instruments. The central bank will begin purchasing coupon-bearing securities, something market participants have been clamoring for since late 2019.
The purchases start Thursday and will continue through April 13.
The second part of the new operations will see the New York Fed desk offer $500 billion in a three-month repo operation and a one-month operation. The offerings will happen on a weekly basis through the remainder of the program.
In addition, the Fed will continue to offer at least $175 billion in overnight repos and $45 billion in two-week operations. Repos are short-term operations in which financial institutions provide high-quality collateral in exchange for cash reserves they use to operate.
The extraordinary moves came amid extreme market turmoil created by uncertainty over the coronavirus pandemic. Government bond yields earlier this week cascaded to record lows amid reports of liquidity issues in the market and fears of a global recession.
However, questions remain whether the Fed can arrest the market’s issues on its own. Wall Street has been looking for an aggressive fiscal response and has yet to get it from Washington lawmakers.
“The virus was the catalyst but it’s not the cause,” said Christopher Whalen, founder of Whalen Global Advisors. “Both bonds and equities were inflated rather dramatically by our friends at the Fed. You’re seeing the end game for monetary policy here, which is at a certain point you have to stop. Otherwise you get grotesque asset bubbles like we saw, and the engine just runs out of fuel.”
Markets have been looking for action by the Fed, which instituted an inter-meeting interest rate cut last week that did nothing to quell concerns. The Fed on Monday increased the limits for its ongoing repo operations, then Wednesday expanded the limits an announced a $50 billion term offering that attracted heavy interest earlier in the day Thursday.
Along with the announcement, the Fed pledged that “the terms of operations will be adjusted as needed to foster smooth Treasury market functioning and efficient and effective policy implementation.”
Fed support not enough to salvage stocks gripped by virus fear
As one of the slowest bulls, it still beats the rest of world
Nobody knew then, but it was the start of a rally that would ultimately add $20 trillion to equities and become the most enduring in history.
Now, a bull market that nobody saw coming has ended the same way it began — amid panic, and with little warning. Based on when it last hit a record, the Dow plunged 20% from Feb. 12, and investors who had only just begun to wade back in are getting crushed by a global health scare that has, thus far, resisted every effort to halt. (Inconveniently for market statisticians, the bear market arrived first in the Dow and not their preferred gauge, the S&P 500.)
In the end, it was one more crisis than could be contained by the market’s guardians. What set apart this bull market was, of course, the Federal Reserve. In modern history, no rally has been more closely associated with the central bank — and its unprecedented experiments in monetary policy — than this one. But policy makers who had so successfully shielded investors from credit crises, subpar economic growth and all manner of market turmoil, had no answer for a virus threatening to cause a global recession.
“What changed during this bull market is we assumed the Fed could solve everything. If this becomes a global demand problem, the Fed won’t be as able to help –- not with conventional policy,” said Peter Tchir, head of macro strategy at Academy Securities LLC.
It’s testament to the power of the advance that a plunge as violent as this one has lowered the annualized bull market return by less than 2 percentage points. If by a miracle you bought at the bottom, you’re still sitting on handsome gains — about 15% a year. Someone who waited 12 months before jumping in is doing fine, too.
“The bull market became an old friend and maybe we took its ability to fly for granted a bit too much, its ability to continue to power on,” said Marvin Loh, senior global macro strategist for State Street. “It was unique, it was euphoric. It made a lot of people feel great. But a lot of people didn’t participate as much as they could have, also.”
Not everyone will mourn an era whose early stages were fueled by Ben Bernanke’s controversial approach to stimulus, experiments with names like Quantitative Easing and Operation Twist designed to spur investment by pushing banks and individuals out of the fixed-income havens to which they flocked during the crisis. Every time the rally threatened to collapse — and shares twice before came within points of losing 20% — central bank pronouncements breathed new life.
“Looking back on this bull market, financial textbooks will be re-written to start with central bank policy,” said Matt Miskin, co-chief investment strategist at John Hancock Investment Management. “And that section could equate to nearly half the content.”
The rally was a monster by many measures. At its peak on Feb. 19, the S&P 500 needed to climb about 3% more to eclipse the return of the mother of all bull markets, the dot-com frenzy that lifted it 545%. At the same time, its slow-and-steady nature kept it out of the ranks of the fastest. Going by the S&P 500 — which isn’t in a bear market, technically — the 18.3% annualized gain at the top is actually smaller than all but one of 12 previous bull markets.
Its biggest claim to history is its length. While a robust debate exists among wonks over how to date bull markets, most statisticians consider this to be the most durable on record. It lasted 11 years and two days and featured two calendar years in which the total return exceeded 30%.
The unrelenting climb has made U.S. stocks the envy of the world for a decade. In the past 10 years, the S&P 500’s gained more than 135%, compared with an advance of about 60% in the MSCI All-Country World Index. Emerging market stocks fell around 2% over that period.
“It was an all-American bull market. It paid to be provincial,” said Doug Ramsey, chief investment officer at Leuthold Group. “Toward the end, consumer discretionary did exceptionally well, especially considering we came out of a massive consumer recession. That’s an all-American thing: consumption.”
Amid Europe’s credit crisis, a downgraded U.S. credit rating, the Flash Crash, the rally struggled to gain converts early on — some wags called it the most hated bull market ever. In later stages a different sort of contempt began to emerge, from struggling American wage earners who saw equity returns as a Fed-fomented gift to the 1%. At various times in the past decade the return on the S&P 500 has exceeded growth in worker pay by the most on record. Four tech megacaps have seen their value jump over $1 trillion.
That aside, for anyone depending on the market for old-age money, the sight of the plunge has been harrowing.
“Someday I’ll tell my grandchildren how our generation rode an investment fad that overweighted stocks in our portfolios from the highs down to the lows, leaving us with less than we hoped for in retirement,” said Chris Rupkey, chief financial economist for MUFG Union Bank. “The end of the bull market really means an end of confidence in our own futures. We’ll never see a repeat of 2019’s 28.8% gain in the S&P 500 again.”
Story 2: World Health Organization (WHO) Declares COVID-19 Pandemic — 4 Countries (China, Iran, Italy, and South Korea ) Have Most Cases and Over 100 Countries Have Reported Cases– Videos
BREAKING: Coronavirus declared a pandemic by WHO
What can we expect from Trump’s national address on coronavirus pandemic?
Coronavirus IS a pandemic: World Health Organization dramatically upgrades COVID-19 outbreak after ‘severity’ of cases across the globe and calls out ‘alarming inaction’ by some governments
The WHO said it was ‘deeply concerned by the alarming levels of spread and severity’ of the coronavirus
A pandemic is the uncontrolled spread of a new disease – more than 100 countries have recorded cases
Europe is now the centre of the crisis, with growing outbreaks in Italy, Spain, France, Germany and the UK
At least 125,000 patients have been infected and 4,000 have died since the outbreak began last December
The virus has been spreading between humans in four continents since February 28, the WHO has admitted
Do you have a story about coronavirus? Email stephen.matthews@mailonline.co.uk or ring 020 361 51181
The World Health Organization today finally declared the coronavirus outbreak a pandemic after blaming ‘alarming levels of inaction’ by governments across the planet for fueling the crisis.
As the number of confirmed cases of the bug worldwide surpassed 112,000 – and the death toll neared 4,500 – the WHO said it was ‘deeply concerned by the alarming levels of spread and severity’.
Director-General of the UN agency Dr Tedros Adhanom also blasted governments for ignoring repeated WHO pleas to take urgent and aggressive action, with cases of the deadly illness outside of China having risen 13-fold in the space of a fortnight because of escalating crises in Italy, Iran, Spain, Germany, and France.
The WHO said: ‘Pandemic is not a word to use lightly or carelessly. It is a word that, if misused, can cause unreasonable fear, or unjustified acceptance that the fight is over, leading to unnecessary suffering and death.’
In a desperate call for governments to band together and tackle the coronavirus, Dr Adhanom said: ‘We’re in this together, to do the right things with calm and protect the citizens of the world. It’s doable.’
The last pandemic – defined as the uncontrolled worldwide spread of a new disease – to be officially declared was the swine flu outbreak in 2009, which scientists estimate killed hundreds of thousands of people.
More than 125,000 people globally have already been infected with the coronavirus, which can cause pneumonia but causes mild flu-like symptoms for 98 per cent of patients.
Cases have slowed dramatically in China, where the bug first emerged at the end of December. However, the crisis has now enveloped Europe, where the number of cases rises by the day.
Around 60million Italians – whose country is the worst-hid by the infection after China – are now subject to an official curfew imposed upon them by the Italian Government.
Outbreaks are also worsening in Spain, France, Germany, and the UK; in the latter, the eighth confirmed death by the coronavirus was announced earlier, leading to charges of dithering by Boris Johnson’s administration.
Leading experts, including Germany’s health minister, have called the crisis a pandemic for weeks – and the WHO itself has admitted the killer virus has been spreading between humans in four continents since February 28.
2 Medics in hazmat suits care to a patient in Civile Hospital, Brescia, Italy. Italy is at the centre of the escalating coronavirus crisis, with more than 10,000 cases recorded
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A doctor in Wuhan, China – where the outbreak began at the end of December – checks the medicine given to an infected patient
Medical workers in Seoul, South Korea transfer a coronavirus patient to a hospital in a special tube to contain the virus
WHAT IS THE DIFFERENCE BETWEEN A PANDEMIC AND AN EPIDEMIC?
An epidemic is a situation in which a disease takes hold in a single community, which could be a town, region or country.
For an epidemic to be declared, the disease must be continuing to spread among the population without people having to catch it from other people and not from the disease’s original source – in the case of the coronavirus this would be the animal market in Wuhan.
A pandemic is when this ongoing person-to-person spread of the disease happens in multiple countries around the world.
A disease being a pandemic does not make it more dangerous, nor change anything about how it affects people or what can be done to stop it.
The World Health Organization had hesitated to declare a pandemic because, for a long time, most of the cases being seen in countries outside of China were in people who had travelled there or caught it directly from someone who travelled there.
Now the disease is so widespread that people can catch it without any obvious link to China, and the numbers are continuing to rise worldwide despite travel bans, showing the virus is in constant circulation within various countries.
A report by the WHO on Monday confirmed that the virus was spreading unchecked in at least 30 countries in Europe, which is now at the centre of the global crisis.
In other developments to the escalating global crisis today:
An elderly woman became the first person to die of coronavirus in the Republic of Ireland;
Iran reported 63 new deaths from the virus in 24 hours, the highest single-day toll since it announced the first deaths from the outbreak;
Three Disneyland Paris workers tested positive for the killer infection and were placed in quarantine as the park closes two attractions;
Holiday plans were thrown into further doubt as Turkey became the latest tourist hotspot to be hit by the coronavirus;
A passenger was arrested for licking his hand and wiping it on a handrail on the Belgian subway, forcing the train to be taken off service and disinfected;
A British woman became the first person to catch the killer illness in Jamaica – it is unclear where she caught the virus;
Experts have warned Italy has a higher death rate than expected because its population is older than average.
The specific definition of a pandemic are not universally agreed upon, but there are known to be three main criteria.
These are: sustained person-to-person transmission, evidence of world-wide spread and a disease that can cause sudden illness or death.
COVID-19 is a mild flu-like illness for the overwhelming majority of patients, which may explain why the WHO was so reluctant to call it a pandemic.
Until today, it said the clusters of cases in other countries around the world could be traced back to Asia, where the situation began.
Calling the outbreak a pandemic does not mean any advice given to countries on on how to contain the killer virus will change – it is just an admission that it is now spreading in dozens of nations.
More countries have now confirmed cases of COVID-19, the disease caused by the killer infection, than those that haven’t.
Saudi Arabia temporarily suspended travel of citizens and residents and halted flights with several states on Thursday due to coronavirus fears.
The decision includes the European Union, Switzerland, India, Pakistan, Sri Lanka, Philippines, Sudan, Ethiopia, South Sudan, Eritrea, Kenya, Djibouti, and Somalia, source added, saying the Kingdom also suspended entry to those coming from these countries.
Saudi Arabia also suspended passenger traffic through all land crossings with Jordan, while commercial and cargo traffic is still allowed, and the passage of exceptional humanitarian cases.
The decision excludes health workers in the Kingdom from Philippines and India, and evacuation, shipping and trade trips taking necessary precautions. Saudi Arabia has 45 coronavirus cases.
Cuba confirmed its first cases of coronavirus, while its textile industry has been drafted to fabricate masks and the government also urged citizens to make their own, amid a cash crunch and dwindling supplies worldwide.
The World Health Organization has said the coronavirus outbreak can now be classed as a pandemic. Pictured, it’s chief executive Dr Tedros Adhanom
WHAT ARE COUNTRIES DOING TO STOP THE CORONAVIRUS?
World Health Organization director-general, Dr Tedros Adhanom Ghebreyesus, applauded the efforts Italy, South Korea and Iran have been making to try and stop the coronavirus.
Here’s what they’re doing:
Italy
Italy’s government has this week put the entire country into a lockdown. Citizens have been told not to travel out of their hometowns unless it is necessary, and face jail time if they try to break the rules. They are allowed out to go shopping and to go to work in some cases.
Schools, museums, sports events and large gatherings have all been closed or cancelled to stop people coming together in crowds.
The country is urging all tourists who are there to leave and return to their home countries.
South Korea
South Korea has been hailed as a success in its coronavirus response as it appears to have managed to stem a rapidly spiralling outbreak. Thousands of people were infected there in a short space of time but the country locked down the worst-hit cities – Daegu and Cheongdo – and ramped up testing and isolation protocols.
The nation quickly upgraded its response to a high alert level and was meticulous in tracing the contacts of its confirmed cases and testing and isolating them, too. Rapid diagnostic tests have been available there since mid-January, Pharmaceutical Technology reports.
It issued stay-home notices to citizens in Cheongdo and Daegu and sent the cities into shutdown while officials tracked down coronavirus patients.
Iran
Iran has also seen a devastating surge in coronavirus cases in a short time but has told its citizens to stop travelling around the country.
The country’s national airline has stopped all flights to Europe and the authorities have closed all schools and universities, stopped large events and sports matches, and cut people’s working hours to try and reduce travel and slow down the spread of the virus.
There are roadblocks with checks on people travelling around the city of Qom, where the outbreak started, The Guardian reported.
At a press conference in Geneva – where the WHO is based, Dr Tedros revealed 81 countries have not reported any cases.
He said: ‘We cannot say this loudly enough, or clearly enough, or often enough: all countries can still change the course of this pandemic. Even those countries with community transmission or large clusters can turn the tide on this coronavirus.’
Dr Tedros said several countries have demonstrated the virus can be suppressed and controlled – outbreaks in China and South Korea have dramatically slowed.
But he added the ‘challenge for many countries’ now dealing with large clusters ‘is not whether they can do the same – it’s whether they will’.
Dr Tedros also said: ‘Some countries are struggling with a lack of capacity. Some countries are struggling with a lack of resources.’
And in a veiled jab at some countries battling escalating outbreaks, he added: ‘Some countries are struggling with a lack of resolve.’
He said: ‘We are grateful for the measures being taken in Iran, Italy and South Korea to slow the virus and control their COVID19 epidemics. We know that these measures are taking a heavy toll on societies and economies, just as they did in China.
‘All countries must strike a fine balance between protecting health, minimizing economic & social disruption & respecting human rights.
‘This is not just a public health crisis, it is a crisis that will touch every sector – so every sector and every individual must be involved in the fight.
‘I remind all countries that we are calling on you to: activate & scale up your emergency response mechanisms; communicate with your people about the risks and how they can protect themselves; find, isolate, test and treat every COVID19 case and trace every contact.’
An epidemic is a situation in which a disease takes hold in a single community, which could be a town, region or country. A pandemic is when this ongoing person-to-person spread of the disease happens in multiple countries around the world.
A disease being a pandemic does not make it more dangerous, nor change anything about how it affects people or what can be done to stop it.
A report by the WHO on Monday confirmed that the virus was spreading unchecked in 30 countries in Europe, which is now at the centre of the global crisis.
The list of countries include Spain, Germany and France – popular Easter holiday destinations for thousands of Brits looking to jet abroad.
It comes after an elderly woman today became the first person to die of the killer coronavirus in the Republic of Ireland.
The patient, who hasn’t been identified, suffered from respiratory symptoms before a doctor decided to test for COVID-19.
Health chiefs in Ireland did not reveal her age but said she died earlier today despite treatment at a hospital in the east of the country.
Chief medical officer Dr Tony Holohan said: ‘I would like to extend my condolences to the family and friends of this patient.’
Europe is now the centre of the world’s coronavirus crisis and has more than 19,000 cases, with numbers shooting up by the day as the situation in China stagnates
The head of the Irish Health Service Executive (HSE) Paul Reid tweeted that the Republic is entering ‘a new phase’ of coronavirus
IRAN RECORDS 63 NEW DEATHS FROM THE VIRUS – THE HIGHEST DAILY TOLL
Iran today reported 63 new deaths from the coronavirus in the past 24 hours, the highest single-day toll since it announced the first deaths from the outbreak.
In an attempt to combat the disease, firefighters were deployed this morning to spray disinfectant over the city’s streets.
Iran’s Health Ministry said the deaths are among some 9,000 confirmed cases in Iran, where the virus has spread to all of the country’s provinces.
Iran is yet to officially impose quarantines but authorities have repeatedly called on people to refrain from travelling. It has closed schools and universities and resorted to shutting hotels and other tourist accommodation to discourage travel.
Among the dead are five of Iran’s elite Revolutionary Guard members and an unspecified number of the Guard’s volunteer Basij force.
There are concerns that the number of infections across Iran is much higher than the confirmed cases reported by the government, which is struggling to contain or manage its spread. The rising casualty figures each day in Iran suggest the fight against the new coronavirus is far from over.
In other developments, a British woman died of coronavirus in Indonesia – becoming the country’s first death in the epidemic.
Indonesia’s government said the 53-year-old woman with diabetes and lung disease had died in hospital after being admitted in a critical condition.
Reports in Indonesia say she was cremated today. Her husband was also in Indonesia and is due to return to Britain soon, officials say.
It means eight Brits have now died from COVID-19. The first death to be recorded was a holidaymaker onboard the doomed Diamond Princess cruise ship, which was quarantined off the coast of Japan.
Six fatalities have since been recorded in England. Scotland, Wales and Northern Ireland have yet to record any deaths.
Iran today reported 63 new deaths from the coronavirus in the past 24 hours, the highest single-day toll since it announced the first deaths from the outbreak.
In an attempt to combat the disease, firefighters were deployed this morning to spray disinfectant over the city’s streets.
Iran’s Health Ministry said the deaths are among some 9,000 confirmed cases in Iran, where the virus has spread to all of the country’s provinces.
Iran is yet to officially impose quarantines but authorities have repeatedly called on people to refrain from travelling.
It has closed schools and universities and resorted to shutting hotels and other tourist accommodation to discourage travel.
Indonesia’s government said the 53-year-old woman with diabetes and lung disease had died in hospital, reportedly the Sanglah hospital in Bali (pictured)
The British woman was reportedly cremated at this crematorium complex in Bali today (pictured) after she died following a positive test for coronavirus
Most of the cases confirmed in the UK have been in England (387). Fears are mounting that the worsening crisis in the UK is mirroring that of Italy, where 60million people have been placed in an unprecedented lockdown
People wearing a protective face masks walking across London Bridge today as Britain braces itself for an increase in cases of the coronavirus. Experts expect the outbreak to peak in the next fortnight with thousands more cases
Firefighters on a firetruck trundle down a road in southern Tehran today, spraying disinfectant to stem the spread of the coronavirus
A firefighter points from the spraying end of a fire truck that is disinfecting the streets of Tehran, today
Disinfection works are being carried out by fire brigade crew in the streets of Tehran as a precaution against coronavirus (COVID-19) today
Iranian firefighters disinfect the streets of Tehran to halt the spread of the coronavirus today
WHY ARE SO MANY PATIENTS DYING IN ITALY?
Italy has the highest coronavirus death rate in the world with one in every 16 people who catch the disease there dying from it.
At least 10,149 people have now been diagnosed with the virus, making it the worst hit country outside of China, and 631 are confirmed to have died.
Its death rate is 6.22 per cent, according to the most recent data – the highest in the world.
The deadly impact in Italy has been put down to three possible factors – a huge population of old people, cases being concentrated in a small area, and a lag in testing meaning the number of total cases is inaccurate.
Italy has the biggest population of elderly people in Europe, with almost a quarter of people (22 per cent) aged 65 or older. And the median age – the middle of the age range – is 46.5 years old, according to the CIA – the fifth highest in the world.
For comparison, the UK’s median age is 40.6 (18 per cent aged over 65) and the US’s is 38.5 (17 per cent over 65).
The older someone is, the more deadly catching the coronavirus can be. Age is known to be one of the biggest risk factors because the immune system and lungs are naturally weaker so the body is less able to fend off pneumonia, which the virus causes in severe cases.
Research has found that people aged 80 or over have a 14.8 per cent risk (one in seven) of dying if they develop COVID-19, the disease caused by the coronavirus.
Among the dead are five of Iran’s elite Revolutionary Guard members and an unspecified number of the Guard’s volunteer Basij force.
There are concerns that the number of infections across Iran is much higher than the confirmed cases reported by the government, which is struggling to contain or manage its spread.
The rising casualty figures each day in Iran suggest the fight against the new coronavirus is far from over.
It comes after a passenger was arrested for licking his hand and wiping it on a handrail on the Belgian subway, forcing the train to be taken off service and disinfected.
The unidentified man, who appears intoxicated, can be seen removing his mask before bringing his hand to his mouth and licking it.
He then brings his right hand up to the vertical rail and grips it, before rubbing it along the bar.
The Brussels Intercommunal Transport Company, the capital’s public transport provider, tweeted shortly after the event: ‘The man (intoxicated) was arrested by the police and our security service.
‘The subway train was withdrawn from service to be disinfected. Thank you for your message. Our metros are cleaned every day.’
The video, posted by a user who preferred to remain anonymous, was uploaded to Twitter on Saturday and social media users were outraged by the man’s behaviour.
Elsewhere in Europe, Poland today closed all schools, museums and cinemas, while Ukraine’s capital city Kiev will shut all educational buildings due to fears of coronavirus spreading despite both countries having lower rates of infection compared to the rest of Europe.
Speaking at a joint conference following a special meeting on coronavirus, Polish ministers said that pre-schools and schools would stop teaching on Thursday, but limited care would still be provided this week to the youngest children. Universities, museums, theaters and cinemas will also close on Thursday for two weeks, the officials said.
In the footage posted on the 9 March, the man can be seen cradling his can of beer on the Belgium subway system
The man, who the Brussels public transport system said was intoxicated, can be seen pulling down his face mask
BUT DIDN’T THE WORLD HEALTH ORGANIZATION SAY IT WOULD NOT DECLARE OUTBREAKS A PANDEMIC?
The WHO drew flak for declaring the 2009 swine flu outbreak a pandemic, which turned out to be mild and less deadly than feared.
It used to use a six-phase system for outbreaks, with phase six being a full-blown pandemic. Critics said the WHO created panic about swine flu and caused governments to stockpile vaccines which went unused.
Some even questioned its links to the pharmaceutical industry, after firms such as GlaxoSmithKline profited from producing a H1N1 vaccine.
H1N1, which emerged in Mexico and the US, is thought to have killed up to 200,000 people in more than 200 countries.
WHO spokesperson Tarik Jasarevic told MailOnline that the body no longer uses the six-tier phasing system but added its advice ‘remains the same’.
He said: ‘We continue working with countries to limit the spread of the virus while also preparing for the possibility of wider spread.’
The WHO eventually declared the coronavirus outbreak a public health emergency of international concern (PHEIC) on January 30.
The WHO rejected making the coronavirus outbreak a PHEIC before its eventual U-turn. It is only the sixth time the term has been used.
The designation, still in place, was aimed at helping countries with weaker health systems shore up their defenses, especially in Africa.
The move is also being carried out by Poland’s neighbour, Ukraine, in its capital city, Kiev.
Poland has confirmed 26 cases of coronavirus, but looking at how fast the virus spreads in some other European countries, the government decided to take the preventive action, officials said.
The Mayor of Kiev, Vitaly Klitschko, whose country has counted just one case, said he was introducing similar ‘preventive measures’.
The WHO earlier this month admitted the killer coronavirus outbreak sweeping the world won’t be officially declared a pandemic.
Instead, the UN-body said the crisis has already been a public health emergency of international concern – the highest warning level – for a month.
The WHO drew flak for declaring the 2009 swine flu outbreak a pandemic, which turned out to be mild and less deadly than feared.
It used to use a six-phase system for outbreaks, with phase six being a full-blown pandemic.
Critics said the WHO created panic about swine flu and caused governments to stockpile vaccines which went unused.
Some even questioned its links to the pharmaceutical industry, after firms such as GlaxoSmithKline profited from producing a H1N1 vaccine.
H1N1, which emerged in Mexico and the US, is thought to have killed up to 200,000 people in more than 200 countries.
The WHO eventually declared the coronavirus outbreak a public health emergency of international concern (PHEIC) on January 30.
The WHO rejected making the coronavirus outbreak a PHEIC before its eventual U-turn. It is only the sixth time the term has been used.
The designation, still in place, was aimed at helping countries with weaker health systems shore up their defenses, especially in Africa.
Polish Border Guard officers during a sanitary control on the Polish-Ukrainian railway border in Przemysl, southeastern Poland, yesterday
Health workers wear a protective masks and suits as they stands next to a temporary health facility before screening passengers on the A1 highway near the Polish-Czech border yesterday in Gorzyczki, Poland
Why are so many people dying from the coronavirus in Italy? Experts warn country’s population is older than average and say thousands of cases could have been missed because symptoms are so mild
Italy has the highest coronavirus death rate in the world with one in every 16 people who catch the disease there dying from it.
At least 10,149 people have now been diagnosed with the virus, making it the worst hit country outside of China, and 631 are confirmed to have died.
Its death rate is 6.22 per cent, according to the most recent data – the highest in the world.
In China the death rate is 3.91 per cent and scientists have suggested if that is higher than the true figure because many cases are likely to be going unreported.
The deadly impact in Italy has been put down to three possible factors – a huge population of old people, cases being concentrated in a small area, and a lag in testing meaning the number of total cases is inaccurate.
Only Wuhan and the Hubei province around it have more cases of the coronavirus than Lombardy, the worst hit area in Italy, which is putting immense pressure on local health systems.
Italy has the worst coronavirus death rate in the world, which experts put down to its elderly population and the possibility that a large number of cases are not being diagnosed
Milan’s Duomo cathedral is pictured almost deserted today as Italy is in complete lockdown as it grapples with the worst coronavirus outbreak outside of China
A municipal worker is seen spraying disinfectant in Piazza San Marco in Venice today. Tourism has all but stopped in Italy and citizens are banned from travelling
Italy has become the unlikely epicenter of the world’s coronavirus crisis.
It yesterday recorded a massive 168 deaths in a single day and, on Monday, had at least 1,492 new infections confirmed.
Even in the peak of its own epidemic, China – with a population 22 times the size of Italy’s – never recorded more than 3,900 in a day.
Government complacency has been blamed for the speed at which the outbreak has gripped the country, but the age of its citizens may be what is causing the deaths.
Italy has the biggest population of elderly people in Europe, with almost a quarter of people (22 per cent) aged 65 or older.
And the median age – the middle of the age range – is 46.5 years old, according to the CIA – the fifth highest in the world.
For comparison, the UK’s median age is 40.6 (18 per cent aged over 65) and the US’s is 38.5 (17 per cent over 65).
The older someone is, the more deadly catching the coronavirus can be.
Age is known to be one of the biggest risk factors because the immune system and lungs are naturally weaker so the body is less able to fend off pneumonia, which the virus causes in severe cases.
Research has found that people aged 80 or over have a 14.8 per cent risk (one in seven) of dying if they develop COVID-19, the disease caused by the coronavirus.
The local president of Lombardy, Attilio Fontana, confirmed: ‘All the deaths we’ve had are either very old people or very sick people,’ the New York Times reported.
Figures from the World Health Organization and Chinese scientists reveal that as the age of the patient increases, the greater their risk of dying
People queue up outside a supermarket in Rome today. People have been urged to keep their distance from others and to avoid forming crowds
Top-tier football teams Juventus and Inter Milan are pictured playing a match behind closed doors earlier this week – the Serie A league has since been put on hold as the government battles the outbreak
A roadblock is shown at the Austrian border – Austria is now turning away Italian citizens who try to cross onto its soil without a certificate proving they’re coronavirus-free
Victim’s brother furious at lack of support from Italian authorities
WHAT ARE THE RULES OF ITALY’S QUARANTINE?
THE SICK MUST STAY AT HOME
People who have tested positive for coronavirus must not leave their homes for any reason.
Anyone with a fever or respiratory symptoms is urged to stay at home and limit social contact, including with their doctor.
NO TRAVEL ACROSS ITALY
Travel is only allowed for ‘urgent, verifiable work situations and emergencies or health reasons’. Grocery shopping is considered a ‘necessity’ and still allowed.
To avoid work-related travel, public and private companies have been urged to put their staff on leave.
Flights, trains and public transport will continue but Prime Minister Giuseppe Conte says he wants as many people as possible to stay at home.
People who do want to travel will need to fill in a document explaining their reasons for doing so and carry it with them.
NO PUBLIC GATHERINGS
‘All forms of gatherings in public places or sites open to the public’ are banned, the decree says.
Cinemas, museums, theatres, pubs, dance schools, betting shops and discos are all closed. Weddings and funerals are banned. Schools and universities will remain shut until April 3.
Bars and restaurants were only allowed to open between 8am and 6pm, the decree said, and only if a distance of at least 3ft could be kept between customers.
Sporting events of all levels and disciplines were cancelled – stopping play in the Serie A football league. Fixtures in international competitions can go ahead but will be played behind closed doors.
Gyms, sports centres, swimming pools, spas and leisure centres must close.
SHOPS MUST KEEP 3FT DISTANCE
Shops can remain open but only if they can guarantee the 3ft safety distance for customers.
Big and mid-sized shopping centres have to close at the weekend. Food stores are allowed to remain open at all hours.
NO LEAVE FOR HEALTH WORKERS
Leave for health workers is cancelled. People accompanying their friends or relatives to emergency units are not allowed to stay with them in the waiting rooms without express permission.
ALL OF ITALY IS COVERED
The entire country, including the islands of Sicily and Sardinia, is covered by the decree – covering a total population of some 60million people.
As patient ages decline, so do their chances of dying.
Between 60 and 69 years old the death rate is around 3.6 per cent, while it is more like 1.3 per cent for those aged 50 to 59.
For people in their 40s this drops to 0.4 per cent, and it’s just 0.2 per cent for those in their 30s.
People who have other long-term health problems, such as diabetes, heart disease or cancer are also at a greater risk because they have weaker immune systems than usual.
Italians caught up in the country’s coronavirus outbreak may also be at particularly high risk because most of the cases are concentrated in a small area.
The northern regions of Lombardy and Veneto are the ones that have been hardest hit by the infection.
Lombardy is an area smaller than England with Milan as its only major city, but is host to more than 5,000 coronavirus cases, while the surrounding regions of Emilia-Romagna, Veneto and Piedmont contain the majority of the remainder.
This means Lombardy has more cases than any province of China outside of Hubei, of which Wuhan is the capital.
That region alone has more cases than Spain, France, Germany or the US do in total.
As a result local hospitals are under immense pressure, which means patients may not get the high quality care they need and the virus could be more likely to spread in overloaded hospitals.
Experts also say that the true number of cases is not being recorded in Italy because the infection is spreading so fast and people with mild illness may not be counted.
This means the death rate appears higher than it is because all the deaths will be counted – most patients will have been hospitalised and diagnosed before dying –but not all the infections.
Krys Johnson, a disease expert at Temple University in Philadelphia, admitted: ‘We probably don’t know how many people have actually become infected,’ according to Scientific American.
The situation is so bad in Italy partly because the Government stopped testing people in late January unless they had been to China.
Strict rules had been put in place to test anyone with the symptoms of coronavirus but, after the Government banned all flights from China – it was the first country to do so – the testing relaxed.
As a result, infected people are believed to have travelled into Italy from other countries.
The first confirmed patient is thought to have passed the virus on to at least five other people, including doctors and patients in the hospital he was taken to, before even being diagnosed.
Officials still don’t know how the man, a 38-year-old in Milan, was infected, and there are fears the virus circulated for weeks before he was discovered.
WHAT DO WE KNOW ABOUT THE CORONAVIRUS?
Someone who is infected with the coronavirus can spread it with just a simple cough or a sneeze, scientists say.
More than 4,500 people with the virus are now confirmed to have died and more than 125,000 have been infected. Here’s what we know so far:
What is the coronavirus?
A coronavirus is a type of virus which can cause illness in animals and people. Viruses break into cells inside their host and use them to reproduce itself and disrupt the body’s normal functions. Coronaviruses are named after the Latin word ‘corona’, which means crown, because they are encased by a spiked shell which resembles a royal crown.
The coronavirus from Wuhan is one which has never been seen before this outbreak. It has been named SARS-CoV-2 by the International Committee on Taxonomy of Viruses. The name stands for Severe Acute Respiratory Syndrome coronavirus 2.
Experts say the bug, which has killed around one in 50 patients since the outbreak began in December, is a ‘sister’ of the SARS illness which hit China in 2002, so has been named after it.
The disease that the virus causes has been named COVID-19, which stands for coronavirus disease 2019.
Dr Helena Maier, from the Pirbright Institute, said: ‘Coronaviruses are a family of viruses that infect a wide range of different species including humans, cattle, pigs, chickens, dogs, cats and wild animals.
‘Until this new coronavirus was identified, there were only six different coronaviruses known to infect humans. Four of these cause a mild common cold-type illness, but since 2002 there has been the emergence of two new coronaviruses that can infect humans and result in more severe disease (Severe acute respiratory syndrome (SARS) and Middle East respiratory syndrome (MERS) coronaviruses).
‘Coronaviruses are known to be able to occasionally jump from one species to another and that is what happened in the case of SARS, MERS and the new coronavirus. The animal origin of the new coronavirus is not yet known.’
The first human cases were publicly reported from the Chinese city of Wuhan, where approximately 11million people live, after medics first started publicly reporting infections on December 31.
By January 8, 59 suspected cases had been reported and seven people were in critical condition. Tests were developed for the new virus and recorded cases started to surge.
The first person died that week and, by January 16, two were dead and 41 cases were confirmed. The next day, scientists predicted that 1,700 people had become infected, possibly up to 7,000.
Just a week after that, there had been more than 800 confirmed cases and those same scientists estimated that some 4,000 – possibly 9,700 – were infected in Wuhan alone. By that point, 26 people had died.
By January 27, more than 2,800 people were confirmed to have been infected, 81 had died, and estimates of the total number of cases ranged from 100,000 to 350,000 in Wuhan alone.
By January 29, the number of deaths had risen to 132 and cases were in excess of 6,000.
By February 5, there were more than 24,000 cases and 492 deaths.
By February 11, this had risen to more than 43,000 cases and 1,000 deaths.
A change in the way cases are confirmed on February 13 – doctors decided to start using lung scans as a formal diagnosis, as well as laboratory tests – caused a spike in the number of cases, to more than 60,000 and to 1,369 deaths.
By February 25, around 80,000 people had been infected and some 2,700 had died. February 25 was the first day in the outbreak when fewer cases were diagnosed within China than in the rest of the world.
Where does the virus come from?
According to scientists, the virus almost certainly came from bats. Coronaviruses in general tend to originate in animals – the similar SARS and MERS viruses are believed to have originated in civet cats and camels, respectively.
The first cases of COVID-19 came from people visiting or working in a live animal market in Wuhan, which has since been closed down for investigation.
Although the market is officially a seafood market, other dead and living animals were being sold there, including wolf cubs, salamanders, snakes, peacocks, porcupines and camel meat.
A study by the Wuhan Institute of Virology, published in February 2020 in the scientific journal Nature, found that the genetic make-up virus samples found in patients in China is 96 per cent identical to a coronavirus they found in bats.
However, there were not many bats at the market so scientists say it was likely there was an animal which acted as a middle-man, contracting it from a bat before then transmitting it to a human. It has not yet been confirmed what type of animal this was.
Dr Michael Skinner, a virologist at Imperial College London, was not involved with the research but said: ‘The discovery definitely places the origin of nCoV in bats in China.
‘We still do not know whether another species served as an intermediate host to amplify the virus, and possibly even to bring it to the market, nor what species that host might have been.’
So far the fatalities are quite low. Why are health experts so worried about it?
Experts say the international community is concerned about the virus because so little is known about it and it appears to be spreading quickly.
It is similar to SARS, which infected 8,000 people and killed nearly 800 in an outbreak in Asia in 2003, in that it is a type of coronavirus which infects humans’ lungs. It is less deadly than SARS, however, which killed around one in 10 people, compared to approximately one in 50 for COVID-19.
Another reason for concern is that nobody has any immunity to the virus because they’ve never encountered it before. This means it may be able to cause more damage than viruses we come across often, like the flu or common cold.
Speaking at a briefing in January, Oxford University professor, Dr Peter Horby, said: ‘Novel viruses can spread much faster through the population than viruses which circulate all the time because we have no immunity to them.
‘Most seasonal flu viruses have a case fatality rate of less than one in 1,000 people. Here we’re talking about a virus where we don’t understand fully the severity spectrum but it’s possible the case fatality rate could be as high as two per cent.’
If the death rate is truly two per cent, that means two out of every 100 patients who get it will die.
‘My feeling is it’s lower,’ Dr Horby added. ‘We’re probably missing this iceberg of milder cases. But that’s the current circumstance we’re in.
‘Two per cent case fatality rate is comparable to the Spanish Flu pandemic in 1918 so it is a significant concern globally.’
How does the virus spread?
The illness can spread between people just through coughs and sneezes, making it an extremely contagious infection. And it may also spread even before someone has symptoms.
It is believed to travel in the saliva and even through water in the eyes, therefore close contact, kissing, and sharing cutlery or utensils are all risky. It can also live on surfaces, such as plastic and steel, for up to 72 hours, meaning people can catch it by touching contaminated surfaces.
Originally, people were thought to be catching it from a live animal market in Wuhan city. But cases soon began to emerge in people who had never been there, which forced medics to realise it was spreading from person to person.
What does the virus do to you? What are the symptoms?
Once someone has caught the COVID-19 virus it may take between two and 14 days, or even longer, for them to show any symptoms – but they may still be contagious during this time.
If and when they do become ill, typical signs include a runny nose, a cough, sore throat and a fever (high temperature). The vast majority of patients will recover from these without any issues, and many will need no medical help at all.
In a small group of patients, who seem mainly to be the elderly or those with long-term illnesses, it can lead to pneumonia. Pneumonia is an infection in which the insides of the lungs swell up and fill with fluid. It makes it increasingly difficult to breathe and, if left untreated, can be fatal and suffocate people.
Figures are showing that young children do not seem to be particularly badly affected by the virus, which they say is peculiar considering their susceptibility to flu, but it is not clear why.
What have genetic tests revealed about the virus?
Scientists in China have recorded the genetic sequences of around 19 strains of the virus and released them to experts working around the world.
This allows others to study them, develop tests and potentially look into treating the illness they cause.
Examinations have revealed the coronavirus did not change much – changing is known as mutating – much during the early stages of its spread.
However, the director-general of China’s Center for Disease Control and Prevention, Gao Fu, said the virus was mutating and adapting as it spread through people.
This means efforts to study the virus and to potentially control it may be made extra difficult because the virus might look different every time scientists analyse it.
More study may be able to reveal whether the virus first infected a small number of people then change and spread from them, or whether there were various versions of the virus coming from animals which have developed separately.
How dangerous is the virus?
The virus has a death rate of around two per cent. This is a similar death rate to the Spanish Flu outbreak which, in 1918, went on to kill around 50million people.
Experts have been conflicted since the beginning of the outbreak about whether the true number of people who are infected is significantly higher than the official numbers of recorded cases. Some people are expected to have such mild symptoms that they never even realise they are ill unless they’re tested, so only the more serious cases get discovered, making the death toll seem higher than it really is.
However, an investigation into government surveillance in China said it had found no reason to believe this was true.
Dr Bruce Aylward, a World Health Organization official who went on a mission to China, said there was no evidence that figures were only showing the tip of the iceberg, and said recording appeared to be accurate, Stat News reported.
Can the virus be cured?
The COVID-19 virus cannot be cured and it is proving difficult to contain.
Antibiotics do not work against viruses, so they are out of the question. Antiviral drugs can work, but the process of understanding a virus then developing and producing drugs to treat it would take years and huge amounts of money.
No vaccine exists for the coronavirus yet and it’s not likely one will be developed in time to be of any use in this outbreak, for similar reasons to the above.
The National Institutes of Health in the US, and Baylor University in Waco, Texas, say they are working on a vaccine based on what they know about coronaviruses in general, using information from the SARS outbreak. But this may take a year or more to develop, according to Pharmaceutical Technology.
Currently, governments and health authorities are working to contain the virus and to care for patients who are sick and stop them infecting other people.
People who catch the illness are being quarantined in hospitals, where their symptoms can be treated and they will be away from the uninfected public.
And airports around the world are putting in place screening measures such as having doctors on-site, taking people’s temperatures to check for fevers and using thermal screening to spot those who might be ill (infection causes a raised temperature).
However, it can take weeks for symptoms to appear, so there is only a small likelihood that patients will be spotted up in an airport.
Is this outbreak an epidemic or a pandemic?
The outbreak was declared a pandemic on March 11. A pandemic is defined by the World Health Organization as the ‘worldwide spread of a new disease’.
Previously, the UN agency said most cases outside of Hubei had been ‘spillover’ from the epicentre, so the disease wasn’t actually spreading actively around the world.
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‘Nothing is shut down, life & the economy go on’: Trump claims the oil price war behind markets crash is ‘GOOD for the consumer’ because gas prices are coming down and blames fake coronavirus news for historic drop
Donald Trump continues to downplay the threat of coronavirus, claiming the media and Democratic Party is trying to ‘inflame’ the situation in the U.S.
‘The Fake News Media and their partner, the Democrat Party, is doing everything … to inflame the CoronaVirus situation,’ the president tweeted Monday
He also insisted that the massive market drop Monday morning is actually ‘good for the consumer’ because prices are lower for gasoline
His claim comes as the death toll in the U.S. reached 26 Monday
Global and the U.S. stock markets also continue to plummet over the fast-spreading virus and concerns over Saudi Arabia launching a price war on oil
Trump, the first to tout market gains under his administration, has not address the market impact of coronavirus
Donald Trump claimed the oil price crash which led to the plunging stock market was ‘good’ for consumers because it is based on cheaper gas Monday as Wall Street faced a fall so dramatic trading was briefly halted.
‘Good for the consumer, gasoline prices coming down!’ Trump tweeted Monday, one of a string of tweets accusing the ‘fake news’ of prompting the sell-off.
He accused the media of ‘inflaming’ the virus outbreak and dismissed the collapse in oil prices as the result of Saudi Arabia and Russia ‘arguing.’
As the Dow Jones lost a year’s gains, he was shuttling across Florida from Mar-a-Lago to a $100,000-a-head fundraiser – and tweeting that flu was worse than coronavirus.
‘Saudi Arabia and Russia are arguing over the price and flow of oil,’ Trump continued in another tweet Monday morning. ‘That, and the Fake News, is the reason for the market drop!’
Markets all over the world plummeted Monday over the growing threat of the virus spreading, but Trump has not addressed the economic impact as the coronavirus death toll bypassed 20 in the U.S.
Global markets opened with big losses Monday morning as the economy saw its worst day in more than 10 years.
Trump continued to downplay the threat, citing that more people died from the flu last year, and insisting life and the economy will ‘go on’ even over the escalation in coronavirus outbreak.
‘So last year 37,000 Americans died from the common Flu. It averages between 27,000 and 70,000 per year,’ Trump cited in a tweet.
‘Nothing is shut down, life & the economy go on,’ he insisted. ‘At this moment there are 546 confirmed cases of CoronaVirus, with 22 deaths. Think about that!’
The president has repeatedly expressed incredulity at the number of flu deaths, and the idea that people die of it. In 1918, his grandfather Freidrich died of Spanish flu.
Trump claims that media outlets are working with Democrats to make the coronavirus outbreak seem worse than it is.
Donald Trump claimed Monday morning that the market drop is ‘good for the consumer’ because gasoline prices are coming down
The Dow Jones saw its worst single-day drop since 2008 as Saudi Arabia goes into a price war over oil and concerns over coronavirus spreading continues to rock, but Trump said the ‘fake news’ is the reason for the plummet
During his trip to attend a fundraiser in Orlando, Trump shook hands with supporters gathered to greet him
The president insisted while tweeting from Florida Monday that ‘life & the economy [will] go on’ as markets plunged and coronavirus concerns spread
In continuing to downplay the threat of coronavirus, he claimed the media and Democratic Party are trying to ‘inflame’ the situation in the U.S.
Instead, he took to Twitter to laud himself and his administration for the response to the outbreak
Trump also praised himself for making the decision to halt travel from high-risk countries as the fast-spreading respiratory virus rose as a worldwide threat
‘The Fake News Media and their partner, the Democrat Party, is doing everything within its semi-considerable power (it used to be greater!) to inflame the CoronaVirus situation, far beyond what the facts would warrant,’ the president tweeted Monday morning.
‘Surgeon General, ‘The risk is low to the average American,” he continued, quoting U.S. Surgeon General Jerome Adams.
‘So much FAKE NEWS!’ he lamented in a separate tweet Monday morning.
Trump’s claims comes as the death toll in the U.S. reached 26 on Monday afternoon and cases continued to spread to new areas of the country, including the first confirmed case in Washington, D.C.
Kansas and Missouri also announced their first cases over the weekend as the cases number now exceeds 600.
The most U.S. deaths occurred in Washington state after the virus spread among residents at a nursing facility in a suburb of Seattle.
But Trump insists the threat is less serious than is being portrayed by media reports and Democratic lawmakers.
He then praised himself in another tweet Monday morning for banning travel from high-risk countries early on in the outbreak.
‘The BEST decision made was the toughest of them all – which saved many lives,’ Trump lauded of his administration. ‘Our VERY early decision to stop travel to and from certain parts of the world!’
Trump stopped travel from certain countries to the U.S., including from China and Iran – and Americans have been warned of traveling to other high-risk countries like Italy and South Korea.
The president is usually the first to address stock market gains under his administration, but since coronavirus has caused markets to fall, he has remained largely silent on the matter.
Earlier this month, the U.S. saw its worst week since the 2008 financial crisis and on Monday markets plunged nearly 7 per cent.
Markets in Asia, Europe and the Middle East also opened sharply lower on Monday as investors came to grips with the global spread of coronavirus.
Trump also praised Vice President Mike Pence, who he appointed last month to lead the charge by the coronavirus task force on addressing the outbreak and halting the spread
Economic experts claimed Monday morning that investors are waking up ‘shell shocked,’ as oil markets crashed.
The global market plunged, causing the worst one-day crash in crude oil prices in 30 years, after Saudi Arabia launched a price war.
On Friday Russia refused to follow OPEC’s efforts to stop market plummets caused by the escalation of the coronavirus outbreak.
In early trading, BP was down by 18 percent, Royal Dutch Shell was down 14 percent and ExxonMovil was down 11 percent.
Ordinarily, a slump in oil prices offers a boost for airlines because their fuel costs are low.
But with the ever-shrinking demand for flights due to the virus, they have been left unable to capitalize.
The coronavirus crisis, which has now infected more than 110,000 people globally, has crippled supply chains and prompted cuts to global growth forecasts for 2020.
Downtrodden brokers on the floor of the New York Stock Exchange on Monday morning before the market opened
Gregory Rowe, a trader, look forlorn as he waits for the markets to open
There are now more than 500 cases of the virus in the US alone
There is no sign that the spread is close to slowing down, either.
Traders are now expecting the Federal Reserve to again cut interest rates next week after an emergency reduction on March 3, putting the yield on benchmark 10-year U.S. Treasury on course for its biggest one-day fall in almost a decade.
Shares of rate-sensitive U.S. banks Citigroup Inc, Bank of America Corp, JPMorgan Chase & Co, Goldman Sachs, Wells Fargo & Co and Morgan Stanley slid between 7.4 percent and 9.6 percent.
Marathon Oil Corp, Devon Energy Corp, Apache Corp, Pioneer Natural Resources Co slipped between 22 percent and 28 percent and were some of the biggest losers among S&P 500 components.
At 7:12 a.m. ET, Dow e-minis were down 1,255 points, or 4.87 per cent. S&P 500 e-minis were down 145 points, or 4.89 percent and Nasdaq 100 e-minis were down 410 points, or 4.82 percent.
Much of the chaos has been sparked by the failure of a deal between OPEC Saudi Arabia and non-OPEC leader Russia.
Generally, the world’s largest oil producers agree on production rates and cuts in order to stabilize the industry.
With coronavirus slowing demand for supply, they met last week with Russia, which is not part of OPEC but is a large oil producer, to discuss cutting production.
Russia refused, setting in motion a chain of events described by analysts as a ‘worst case scenario’ that could descend into an all-out price war.
Last month, Trump appointed Vice President Mike Pence to head the task force addressing the coronavirus crisis.
‘Great job being done by the @VP and the CoronaVirus Task Force. Thank you!’ Trump tweeted Monday.
Coronavirus has infected more than 108,000 people worldwide and is throwing many countries’ economies into turmoil.
The number of confirmed cases in New York rose by 13 over the weekend, nearing the state total to 90.
New York governor Andrew Cuomo issued a declaration of emergency in the state.
But Trump claimed late Sunday night that the messaging from Cuomo is ‘political weaponization’ of the coronavirus.
‘There are no mixed messages, only political weaponization by people like you and your brother, Fredo!’ Trump insisted in his tweet, making reference to Cuomo’s brother, CNN anchor Chris Cuomo.
Graphic shows spread of Coronavirus as world cases top 110,000
HOW SAUDI ARABIA IS TRYING TO CRIPPLE RUSSIAN OIL
Saudi Arabia slashed its oil export prices over the weekend and declared a price war with Russia that sent global markets reeling and marked the sharpest decline in oil futures since 1991.
The price drop came after Russia refused to sign on with a proposal by the Organization of the Petroleum Exporting Countries (OPEC) to cut production globally as the coronavirus outbreak has slowed the demand for oil.
OPEC nations met with allies like Russia on Thursday and Friday in Vienna to reduce oil production by an additional 1.5million barrels per day to stabilize the market starting in April through the end of the year.
But Russia refused to join to agreement.
From Russia’s perspective cutting production would boost US oil producers at the expense of international competitors and lead to a loss in profits.
On Saturday, after the group failed to come to a consensus, Saudi Arabia – which runs the world’s large oil company Saudi Aramco – slashed its export oil prices to saturate the market and trigger a price war aimed at Russia.
An oil price war triggered by a falling out between Saudi Arabia and Russia is exasperating the economic chaos. Crown Prince Mohammed bin Salman (left) and Russian president Vladimir Putin (right)
Saudi Arabia slashed crude prices to Chinese customers by as much as $6 to $7 a barrel and is looking to boost output by as many as 2million barrels a day.
China is the world’s biggest oil importer and has purchased oil at cheap prices to stockpile for future use in the past.
As a result the Brent global oil benchmark fell dramatically on Sunday by 30 percent, dropping to $31.02 a barrel at its lowest.
US West Texas Intermediate crude, the other main price benchmark for oil, dropped 27% to $30 per barrel – the lowest level since February 2016.
Sunday’s decline in the oil market was the sharpest slump in 29 years since the Gulf War in 1991.
Global stock markets took hits on Sunday with the Tokyo stock market index plunging 6.2 percent, Hong Kong 3.9 percent, Sydney 6.1 percent, and Riyadh eight percent.
The failed talks marked the first break in a three-year alliance between Saudi Arabia led by Crown Prince Mohammed bin Salman and Russia’s President Vladimir Putin.
The alliance was key to competing with a surge in American oil production that turned the US into a major crude exporter for the first time in decades.
In response to the price cut Russia said its companies were free to pump as much as they could, as per Bloomberg.
‘If you are Russia, it’s worth it for you to take a three-month price hit to see if you can knock out U.S. oil exports,’ Amy Myers Jaffe, an oil and Middle East expert at the Council on Foreign Relations, said to the New York Times. ‘They might be correct for three months but the shale never gets destroyed.’
Jaffe said the disagreement between the two nations ‘signals that the relationship between Saudi Arabia and Russia is on the skids.’
Analysts speculate the actions over the weekend may have been a game between Saudi Arabia and Russia that will end when they come to a compromise.
If not, oil prices could tumble to the lowest level in five years
In a statement Tuesday morning, the trade group Airlines for America said that “false media narratives … have led to confusion and uncertainty across the country,” and argued that it’s safe to fly, saying “numerous health officials have affirmed that the risk remains low for travelers who follow CDC guidelines.”
Sen. Maria Cantwell, the top Democrat on the committee that oversees aviation, said she didn’t fly home to Washington state last weekend and doesn’t plan to in the foreseeable future.
“I have an 88-year-old mom who’s living at my house [in Washington] and she’s been ill, and I want to give her the comfort of being there. When you have elderly people you want to make sure you’re not putting them at additional risk,” she said. “And look, do I think that there can be airline travel that is safe? Yes. But if you don’t have to…”
Sen. Richard Shelby (R-Ala.), 85, noted that the doctor said “stay off of those planes as much as we can.”
“If any of you is going to Alabama Thursday night, can I get a ride?” Shelby quipped to reporters gathered around him Tuesday. “I’ll ride in the back of the truck.”
Also Tuesday, a coalition of mostly travel interests spearheaded by the U.S. Travel Association made a similar plea, noting that canceling travel and events “has a trickle-down effect that threatens to harm the U.S. economy, from locally owned hotels, restaurants, travel advisors and tour operators to the service and frontline employees who make up the backbone of the travel industry and the American economy.”
The groups’ plea comes amid fresh warnings and widespread fear around the disease, along with new figures suggesting a worsening financial situation for the airline industry.
Yesterday, the credit rating agency Moody’s downgraded the industry’s outlook from stable to negative, warning that there is an “increasing risk to demand for passenger air travel as the coronavirus expands globally.”
And today, the Global Business Travel Association reported that business travel is “slowing at an alarming rate,” finding that 13 percent of its members have canceled even domestic travel, along with high rates of canceled international business travel.
“Those are the customers that are the most profitable for airlines,” said airline analyst Henry Harteveldt.
Though airlines have yet to publicly ask for assistance from the government, the potential for some kind of stimulus has been a topic of discussion on and off Capitol Hill for days, and President Donald Trump has indicated that he favors some assistance for airlines and the cruise industry.
On Tuesday, Trump, along with Treasury Secretary Steven Mnuchin and National Economic Council Director Larry Kudlow, met with Senate Republicans at their weekly lunch to discuss potential stimulus ideas on a range of topics.
Several Republican senators said that support for the airline and cruise industries was discussed generally, but that few specifics were given.
Sen. Roger Wicker (R-Miss.) chairman of the Senate Commerce Committee, said that he had not been approached by either industry asking for aid.
Despite the fresh bad news, there is still a high level of uncertainty in the outlook for airlines and the travel industry broadly. “At this point, you cant really do forecasting because we’ve never really been in a situation quite like this before,” said Harteveldt.
And it remains true that overall, the industry is in much better shape than it was after 9/11 and in 2008, when airlines were hit hard by the recession, said Bob Mann, another airline industry analyst.
“The industry structure and company’s balance sheets individually are in far better shape,” he said. “Even the worst balance sheets are better than the average balance sheets in 2008 and 2001.”
Airlines have been taking steps to reduce their capacity, which Mann called “prudent.”
American Airlines is the latest to make that call, announcing this morning it would cut summer international flights by 10 percent and domestic flights by 7.5 percent. Delta Air Lines also said Tuesday that it is cutting international flights by 20 percent to 25 percent and domestic flights by 10 percent to 15 percent.
Keane was born in 1943 in Manhattan, New York,[1][2] the son of Elizabeth (Davis) and John Keane. He has a brother, Ronald. Keane married Theresa Doyle in 1965 and has two sons.[3] His wife died in 2016 after having Parkinson’s disease for 14 years.[4]
In 1991 Keane saved the life of David Petraeus during a live-fire exercise. According to Keane, Petraeus was shot “accidentally, standing right next to me, and I had to fight to save his life. He had a hole about the size of a quarter in his back and is gushing with blood, and we stopped the bleeding and got him on a helicopter and got him to a surgeon and so we were sort of bonded ever since that time.”[6]
Keane retired from military service in 2003.
Post military service
Following his retirement, he has served as an informal advisor to presidents and other senior officials. He served an advisory role in the management of the U.S. occupation of Iraq, as a member of the Defense Policy Board Advisory Committee. In January 2007, Keane and scholar Frederick W. Kagan released a policy paper titled “Choosing Victory: A Plan for Success in Iraq,”[7] through the American Enterprise Institute that called for bringing security by putting 30,000 additional American troops there for a period of at least 18 months. In part convinced by this paper, President George W. Bush ordered on January 10, 2007, the deployment of 21,500 additional troops to Iraq, most of whom would be deployed to Baghdad. This deployment has been nicknamed the 2007 “surge“.[8][9]
Of his initial meeting with President Bush regarding the surge, Keane said he made a phone call to Newt Gingrich to ask his advice prior to the meeting. As Keane said in 2014,
Gingrich gave me some good advice. He said, “Look, Jack. Most people go in the Oval Office, even people who go in there a lot, have a tendency in front of the President of the United States to always leave something on the table.” He said, “Don’t leave anything on the table.” He said, “You’re going to get about 15 minutes at best and put it all out there. And when you walk out of that room, feel good that you got it all out there.” So that was sound advice, and I did put it all out there.[10]
Keane was asked by then-Vice President Cheney to go back on active duty and lead the surge in the field. When Keane declined, Cheney pressed him to come work in the White House and oversee both the wars in Afghanistan and Iraq; Keane again declined. Keane ended up briefly working at the White House and then later traveled to Iraq several times to advise General Petraeus.[11]
Current activities
Keane is a regular contributor to Fox News, and is involved in a variety of business, think tank and charitable activities. He serves as chairman of AM General, the firm that produces the Humvee.[12][13]. In June 2016, Keane co-founded IP3 International (IP3), a nuclear energy consulting firm.
Keane is an advisor to the Spirit of America, a 501(c)(3) organization that supports the safety and success of Americans serving abroad and the local people and partners they seek to help.[14] He formerly served as a strategic advisor for Academi and is a former director of defense giant General Dynamics.
Shortly after Stanley A. McChrystal declined the Secretary of Defense job, Vice-President Elect Pence heard the emotional reasons for the newly widowed general’s decline of the same job. After the departure of General Mattis, the President offered the job again to the subject, but he declined because he was newly remarried.[15] He is considered an influential voice to leaders from both major political parties, including President Trump, particularly on foreign policy issues related to the Middle East.[16]
IP3
Keane is a cofounder and director of IP3 International.[17] According to a staff report to the chairman of the House Oversight Committee, during the 2016 U.S. presidential campaign of Donald Trump, and subsequently, Trump aides such as Jared Kushner and others have been engaged in promoting IP3’s plan to transfer nuclear technology from the U.S. to Saudi Arabia. According to the report, IP3 founders and others have been seeking to broker a deal with Riyadh without the “gold standard,” a provision — tied to section 123 of the 1954 Atomic Energy Act which establishes conditions for nuclear cooperation between the U.S. and its allies — that seeks to limit weaponizing of nuclear energy.[18][19] In July 2019, the committee chairman released a second staff report that detailed various activities and contacts between IP3 and the Trump administration.[18][20]
His civilian awards include the Fordham University Distinguished Alumni Award, the USO 2002 Man of the Year award, and the Association of the United States Army 2001 Man of the Year award.
^Hastings, Hirsh, and Wolffe (January 8, 2007). “‘Surge’ Strategy”. Newsweek National News. MSNBC. p. 2. Archived from the original on January 14, 2007. Retrieved January 16,2007.
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Early information out of China, where COVID-19 first started, shows that some people are at higher risk of getting very sick from this illness. This includes:
Older adults
People who have serious chronic medical conditions like:
Heart disease
Diabetes
Lung disease
If a COVID-19 outbreak happens in your community, it could last for a long time. (An outbreak is when a large number of people suddenly get sick.) Depending on how severe the outbreak is, public health officials may recommend community actions to reduce people’s risk of being exposed to COVID-19. These actions can slow the spread and reduce the impact of disease.
If you are at higher risk for serious illness from COVID-19 because of your age or because you have a serious long-term health problem, it is extra important for you to take actions to reduce your risk of getting sick with the disease.
Get Ready for COVID-19 Now
Have supplies on hand
Contact your healthcare provider to ask about obtaining extra necessary medications to have on hand in case there is an outbreak of COVID-19 in your community and you need to stay home for a prolonged period of time.
If you cannot get extra medications, consider using mail-order for medications.
Be sure you have over-the-counter medicines and medical supplies (tissues, etc.) to treat fever and other symptoms. Most people will be able to recover from COVID-19 at home.
Have enough household items and groceries on hand so that you will be prepared to stay at home for a period of time.
Take everyday precautions
Avoid close contact with people who are sick
Take everyday preventive actions
Clean your hands often
Wash your hands often with soap and water for at least 20 seconds, especially after blowing your nose, coughing, or sneezing, or having been in a public place.
If soap and water are not available, use a hand sanitizer that contains at least 60% alcohol.
To the extent possible, avoid touching high-touch surfaces in public places – elevator buttons, door handles, handrails, handshaking with people, etc. Use a tissue or your sleeve to cover your hand or finger if you must touch something.
Wash your hands after touching surfaces in public places.
Avoid touching your face, nose, eyes, etc.
Clean and disinfect your home to remove germs: practice routine cleaning of frequently touched surfaces (for example: tables, doorknobs, light switches, handles, desks, toilets, faucets, sinks & cell phones)
Avoid crowds, especially in poorly ventilated spaces. Your risk of exposure to respiratory viruses like COVID-19 may increase in crowded, closed-in settings with little air circulation if there are people in the crowd who are sick.
Avoid all non-essential travel including plane trips, and especially avoid embarking on cruise ships.
If COVID-19 is spreading in your community, take extra measures to put distance between yourself and other people to further reduce your risk of being exposed to this new virus.
Stay home as much as possible.
Consider ways of getting food brought to your house through family, social, or commercial networks
Stay in touch with others by phone or email. You may need to ask for help from friends, family, neighbors, community health workers, etc. if you become sick.
Determine who can provide you with care if your caregiver gets sick
Watch for symptoms and emergency warning signs
Pay attention for potential COVID-19 symptoms including, fever, cough, and shortness of breath. If you feel like you are developing symptoms, call your doctor.
If you develop emergency warning signs for COVID-19 get medical attention immediately. In adults, emergency warning signs*:
Difficulty breathing or shortness of breath
Persistent pain or pressure in the chest
New confusion or inability to arouse
Bluish lips or face
*This list is not all inclusive. Please consult your medical provider for any other symptoms that are severe or concerning.
What to Do if You Get Sick
Stay home and call your doctor
Call your healthcare provider and let them know about your symptoms. Tell them that you have or may have COVID-19. This will help them take care of you and keep other people from getting infected or exposed.
Get medical attention immediately if you have any of the emergency warning signs listed above.
What Others can do to Support Older Adults
Community Support for Older Adults
Community preparedness planning for COVID-19 should include older adults and people with disabilities, and the organizations that support them in their communities, to ensure their needs are taken into consideration.
Many of these individuals live in the community, and many depend on services and supports provided in their homes or in the community to maintain their health and independence.
Know what medications your loved one is taking and see if you can help them have extra on hand.
Monitor food and other medical supplies (oxygen, incontinence, dialysis, wound care) needed and create a back-up plan.
Stock up on non-perishable food items to have on hand in your home to minimize trips to stores.
If you care for a loved one living in a care facility, monitor the situation, ask about the health of the other residents frequently and know the protocol if there is an outbreak.
Coronavirus: W.H.O expert explains mortality rate & threat to kids, after trip to Wuhan
COVID-19 Update: Symptoms of COVID-19
Why new diseases keep appearing in China
Coronavirus: Doctor says high blood pressure a major death risk
Of a group of 170 patients who died in January in Wuhan about 50% had hypertension
While there’s been no published research yet explaining why, Chinese doctors working in Wuhan, the central Chinese city where the virus first emerged, have noticed that infected patients with that underlying illness are more likely to slip into severe distress and die.
Of a group of 170 patients who died in January in Wuhan – the first wave of casualties caused by a pathogen that’s now raced around the world – nearly half had hypertension.
“That’s a very high ratio,” said Du Bin, director of the intensive care unit at Peking Union Medical College Hospital, in an interview with Bloomberg over the phone from Wuhan. He was among a team of top doctors sent to the devastated city two months ago to help treat patients there.
“From what I was told by other doctors and the data I can see myself, among all the underlying diseases, hypertension is a key dangerous factor,” said Du, one of the most respected critical care experts in China. “Though there is no research published on that yet, we believe hypertension could be an important factor in causing patients to deteriorate, leading to a bad prognosis.”
Understanding the course of the disease and identifying individuals at greatest risk are critical for optimizing care for a global contagion that’s killed more than 3,700 people since emerging in China in December.
Answers may lie in studying the large pool of patients in China, where more than 15,000 remain hospitalized although new infections have slowed dramatically. The disease turns critical in 6% of patients and deterioration can happen very quickly.
“We’ll keep an eye on old people and those with high blood pressure. They are the key focus,” said Du.
Besides the hypertension factor, Du’s other insights into treating the disease are:
Move aggressively to ventilate
Du said that doctors should not hesitate to escalate measures for patients facing respiratory distress, as organ failure can set in quickly after. That means doctors should intervene aggressively with invasive ventilation measures – inserting a tube into a patient’s throat or cutting the throat open to create an airway – when low blood oxygen levels can’t be improved by less invasive measures.
Almost half of the patients who require invasive mechanical ventilation end up dying, but most of those who recover are those who were put on invasive ventilation early, said Du.
“Patients need to use invasive ventilation as early as possible, there’s no point of doing it late,” he said.
Respiratory therapists – doctors that specialise in ventilation and oxygen treatment – are becoming all the more important in treating patients critically ill with Covid-19 as they are more knowledgeable and can fine-tune ventilators to suit patient conditions.
No ‘Magic Bullets’ in drugs
There is growing anticipation over drugs being developed to treat the virus, with investors adding billions to the market value of pharmaceutical companies testing treatments now. But Du said drugs alone cannot save patients, especially those in severe condition.
The experience of SARS, the epidemic 17 years ago that sickened almost 8,000 people, showed that most patients can be cured without a specific anti-viral drug, said Du. And the abundance of antibiotics has not prevented deaths by bacterial infections, he added.
“When there’s a virus infection, we hope there’s a drug that can kill the virus and change the clinical outcome. But there’s no magic bullet.”
Instead, teamwork among specialists and nurses in intensive care units can be more crucial in keeping patients alive, he said. “An ICU doctor should work like a conductor in an orchestra to provide life-sustaining treatment while taking into consideration different specialist views,” he said.
Threat of re-infection
Reports that people who have recovered and been discharged from hospital later test positive again – and even die from the disease – have ignited fears that the virus can somehow re-emerge.
Du said that patients becoming re-infected again within days of leaving the hospital makes no sense “theoretically” as the anti-bodies in their bloodstream generated from fighting the disease do not disappear so quickly, although they don’t necessarily stay forever.
“What we need to look at in terms of those who tested positive again is concerns over the authenticity of their negative results,” he said. For example, samples taken from different areas of the same patient could test differently depending on where the virus resides.
Test kits made by different manufacturers could also have inconsistencies that impact test results, he said.
Italy will expand the lockdown of the Lombardy region to the entire country, Prime Minister Giuseppe Conte said Monday.
People throughout the country should not leave their homes other than for work or emergencies, Conte said.
He added that all public gatherings will be banned and sporting events suspended.
A man wearing a protective mask passes by the Coliseum in Rome on March 7, 2020 amid fear of Covid-19 epidemic.
Alberto Pizzoli | AFP | Getty Images
Italy will expand the lockdown of the Lombardy region to the entire country, Prime Minister Giuseppe Conte said Monday as Italy’s case count surged, making it the country with the most COVID-19 cases outside of China.
People throughout the country of 60 million should not travel other than for work or emergencies, Conte said. He added that all public gatherings will be banned and sporting events suspended. The decision was made to protect the most vulnerable people in the country, he said, and the measures will take effect Tuesday and last until April 3.
“The right decision today is to stay at home,” Conte said. “Our future and the future of Italy is in our hands. These hands have to be more responsible today than ever before.”
The nationwide lockdown is an expansion of quarantine measures rolled out over the weekend that applied to an area of the country that encompassed about 16 million people.
Schools and universities all over the country will remain closed until April 3, he said, but public transit will remain operational. All schools in the country were previously closed until March 15. He also said all restaurants and bars across the country will have to close at 6 p.m.
The announcement marks the most extensive efforts taken by a government outside of China to curb the spread of COVID-19.
“We don’t have any time. The numbers are showing that there has been a significant growth in infections, people in intensive care and deaths,” he said. “Our habits have to change right now. We must give things up for Italy.”
Italy also reported a surge of 1,807 confirmed cases nationwide, bringing the total to at least 9,172 confirmed cases, which is the largest daily increase in Italy in terms of absolute numbers since the contagion first came to light on Feb. 21.
While the spread of the virus is slowing in China, where it originated in December, it’s picking up pace across other parts of the world, including Italy. World Health Organization officials said Monday it’s reassuring that the virus appears to have been controlled in China and other countries such as Singapore. However, the virus is now present in more than 100 countries around the world and global cases have surpassed 100,000.
“It is in our hands. … In many countries, it will get worse before it gets better,” said Dr. Maria Van Kerkhove, the technical lead of WHO’s emergencies program. Roughly 93% of the global cases are concentrated in four countries: China, Korea, Italy and Iran, WHO officials said. “Absolutely, we see a light at the end of the tunnel, but how quickly we get there depends on what countries do.”
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Story 1: U-3 Unemployment Rate at 3.5%, U-6 Unemployment Rate at 7.0% and Labor Participating Rate of 63.4% and 273,000 New Job Created and 95 Million Not In Labor Force in February 2020 — Economy Growing at 2.1% in Fourth Quarter 2019 — Videos —
CNBC’s full interview with White House advisor Larry Kudlow on February jobs and coronavirus concern
February jobs report: US employment growth soars
February Jobs Report Beats Expectations, Adds 273,000 New Jobs | MSNBC
Here’s how the coronavirus is already affecting China’s economy
Job growth smashes expectations for February as unemployment falls back to 3.5%
Nonfarm payrolls rose by 273,000 in February vs. a 175,000 estimate, while the unemployment rate edged lower to 3.5%.
Job gains were widespread, with health care adding 57,000 to lead the way.
December and January’s estimates were revised upward by a total of 243,000.
Nonfarm payrolls grew far more than expected in February as companies continued to hire leading into a growing coronavirus scare.
The Labor Department reported Friday that the U.S. economy added 273,000 new jobs during the month, while the unemployment rate was 3.5%, matching its lowest level in more than 50 years. An alternative measure of joblessness that counts those not looking for work and holding part-time jobs for economic reasons edged higher to 7%.
The January and February gains tied for best month since May 2018.
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Economists surveyed by Dow Jones had been looking for payroll growth of 175,000 and a 3.5% jobless level. Average hourly earnings grew by 3% over the past year, in line with estimates, while the average work week, considered a key measure of productivity, nudged up to 34.4 hours.
There was more good news for the jobs market: The previous two months’ estimates were revised higher by a total of 85,000. December moved up from 147,000 to 184,000, while January went from 225,000 to 273,000. Those revisions brought the three-month average up to a robust 243,000 while the average monthly gain in 2019 was 178,000.
Despite the strong numbers, Wall Street was heading for more losses stemming from worries over the effects of the coronoavirus outbreak, though Friday’s futures were off their bottom after the report.
“This could be the last perfect employment report the market gets for some time,” said Chris Rupkey, chief financial economist at MUFG Union Bank.
Gains were spread across a multitude of sectors as the total employment level hit 158.8 million, near its December 2019 record.
Health care and social assistance led the way in job creation with 57,000 new positions. Food services and drinking places both added 53,000 while government employment grew by 45,000 due to Census hiring and state government education. Construction added 42,000 thanks to continued mild weather, while professional and technical services contributed 32,000 and finance rose by 26,000, part of a 160,000 gain over the past 12 months.
In the survey of households, employment rose by 126,000 while the ranks of the unemployed decreased by 105,000.
“While it’s too early to see the impact of the coronavirus on the labor market, we can say the labor market was in a good place before the virus began to spread,” said Nick Bunker, economic research director at job placement firm Indeed. “But the next few months will be a test of just how resilient this labor market is.”
Jobs market still looks strong
The jobs numbers took on particular importance in February as worries intensified over the economic impact from the novel coronavirus, though the report covered the time frame before worries over the disease intensified.
Most of the indicators thus far have shown little damage. Jobless claims remain well within their recent trend, coming in at 216,000 in the latest reading Thursday. Job placement firm Challenger, Gray & Christmas also reported Thursday that planned layoffs actually fell 16% from January. And key ISM readings on both manufacturing and services show companies still plan to hire.
“Now more than ever, we need to focus on the labor market data,” said Liz Ann Sonders, chief investment strategist at Charles Schwab. “The consumer has kind of kept things afloat.”
Most of the consumer-related data points have been good, though the reports coming in now largely cover the early stages of the coronavirus scare and the sharp recent stock market volatility.
With the large measure of uncertainty around the disease, its impacts may be felt in increments rather than suddenly. But if cracks begin to form, the first notices likely will come in employment data.
“If we start to handle things the way they’re handled in Italy and South Korea, closing schools and having mandated cancellations of travel and sporting events, I think there’s no way we don’t start to see it in the labor market and in consumer confidence and spending,” Sonders said.
Transmission of material in this news release is embargoed until USDL-20-0379
8:30 a.m. (EST) Friday, March 6, 2020
Technical information:
Household data: (202) 691-6378 * cpsinfo@bls.gov * www.bls.gov/cps
Establishment data: (202) 691-6555 * cesinfo@bls.gov * www.bls.gov/ces
Media contact: (202) 691-5902 * PressOffice@bls.gov
THE EMPLOYMENT SITUATION -- FEBRUARY 2020
Total nonfarm payroll employment rose by 273,000 in February, and the unemployment
rate was little changed at 3.5 percent, the U.S. Bureau of Labor Statistics
reported today. Notable job gains occurred in health care and social assistance,
food services and drinking places, government, construction, professional and
technical services, and financial activities.
This news release presents statistics from two monthly surveys. The household
survey measures labor force status, including unemployment, by demographic
characteristics. The establishment survey measures nonfarm employment, hours, and
earnings by industry. For more information about the concepts and statistical
methodology used in these two surveys, see the Technical Note.
Household Survey Data
Both the unemployment rate, at 3.5 percent, and the number of unemployed persons,
at 5.8 million, changed little in February. The unemployment rate has been either
3.5 percent or 3.6 percent for the past 6 months. (See table A-1.)
Among the major worker groups, the unemployment rate for Asians declined to 2.5
percent in February. The rates for adult men (3.3 percent), adult women (3.1 percent),
teenagers (11.0 percent), Whites (3.1 percent), Blacks (5.8 percent), and Hispanics
(4.4 percent) showed little or no change over the month. (See tables A-1, A-2, and
A-3.)
The number of long-term unemployed (those jobless for 27 weeks or more), at 1.1
million, changed little in February and accounted for 19.2 percent of the unemployed.
(See table A-12.)
The labor force participation rate remained at 63.4 percent in February. The
employment-population ratio, at 61.1 percent, changed little over the month but was
up by 0.4 percentage point over the year. (See table A-1.)
The number of persons employed part time for economic reasons, at 4.3 million,
changed little in February. These individuals, who would have preferred full-time
employment, were working part time because their hours had been reduced or they
were unable to find full-time jobs. (See table A-8.)
In February, 1.4 million persons were marginally attached to the labor force,
little changed from the previous month. These individuals were not in the labor
force, wanted and were available for work, and had looked for a job sometime in the
prior 12 months but had not looked for work in the 4 weeks prior to the survey.
Discouraged workers, a subset of the marginally attached who believed that no
jobs were available for them, numbered 405,000 in February, little different
from the previous month. (See Summary table A.)
Establishment Survey Data
Total nonfarm payroll employment rose by 273,000 in February, after an increase of
the same magnitude in January. In 2019, job growth averaged 178,000 per month. In
February, notable job gains occurred in health care and social assistance, food
services and drinking places, government, construction, professional and technical
services, and financial activities. (See table B-1.)
Employment in health care and social assistance increased by 57,000 in February.
Health care added 32,000 jobs, with gains in offices of physicians (+10,000), home
health care services (+10,000), and hospitals (+8,000). Employment in social assistance
increased by 25,000, with a majority of the gain in individual and family services
(+18,000). Over the past 12 months, employment increased by 368,000 in health care and
by 191,000 in social assistance.
Food services and drinking places added 53,000 jobs in February. Employment in the
industry has increased by 252,000 over the past 7 months, following a lull in job growth
earlier in 2019.
In February, government employment increased by 45,000, led by a gain in state government
education (+16,000). Federal employment increased by 8,000, reflecting the hiring of
7,000 temporary workers for the 2020 Census.
Construction added 42,000 jobs in February, following a similar gain in January (+49,000).
In 2019, job gains averaged 13,000 per month. In February, employment gains occurred
in specialty trade contractors (+26,000) and residential building (+10,000).
In February, employment in professional and technical services increased by 32,000. Job
growth occurred in architectural and engineering services (+10,000) and in scientific
research and development services (+5,000). Employment continued to trend up in computer
systems design and related services (+8,000). Over the past 12 months, professional and
technical services has added 285,000 jobs.
Employment in financial activities increased by 26,000 in February, with gains in real
estate (+8,000) and in credit intermediation and related activities (+6,000). Over the
past 12 months, financial activities has added 160,000 jobs.
Employment in other major industries, including mining, manufacturing, wholesale trade,
retail trade, transportation and warehousing, and information, changed little over the
month.
In February, average hourly earnings for all employees on private nonfarm payrolls
increased by 9 cents to $28.52. Over the past 12 months, average hourly earnings have
increased by 3.0 percent. Average hourly earnings of private-sector production and
nonsupervisory employees increased by 8 cents to $23.96 in February. (See tables B-3
and B-8.)
The average workweek for all employees on private nonfarm payrolls rose by 0.1 hour to
34.4 hours in February. In manufacturing, the workweek increased by 0.2 hour to 40.7
hours, and overtime edged up by 0.1 hour to 3.2 hours. The average workweek for production
and nonsupervisory employees on private nonfarm payrolls increased by 0.1 hour to 33.7
hours. (See tables B-2 and B-7.)
The change in total nonfarm payroll employment for December was revised up by 37,000 from
+147,000 to +184,000, and the change for January was revised up by 48,000 from +225,000
to +273,000. With these revisions, employment gains in December and January combined were
85,000 higher than previously reported. (Monthly revisions result from additional reports
received from businesses and government agencies since the last published estimates and
from the recalculation of seasonal factors.) After revisions, job gains have averaged
243,000 per month over the last 3 months.
_____________
The Employment Situation for March is scheduled to be released on
Friday, April 3, 2020, at 8:30 a.m. (EDT).
Footnotes (1) The population figures are not adjusted for seasonal variation; therefore, identical numbers appear in the unadjusted and seasonally adjusted columns.
NOTE: Updated population controls are introduced annually with the release of January data.
EMBARGOED UNTIL RELEASE AT 8:30 A.M. EST, Thursday, February 27, 2020
BEA 20—07
Gross Domestic Product, Fourth Quarter and Year 2019 (Second Estimate)
Real gross domestic product (GDP) increased at an annual rate of 2.1 percent in the fourth quarter of 2019 (table 1), according to the “second” estimate released by the Bureau of Economic Analysis. In the third quarter, real GDP also increased 2.1 percent.
The GDP estimate released today is based on more complete source data than were available for the “advance” estimate issued last month. In the advance estimate, the increase in real GDP was also 2.1 percent. In the second estimate, an upward revision to private inventory investment was offset by a downward revision to nonresidential fixed investment (see “Updates to GDP” on page 2).
The increase in real GDP in the fourth quarter reflected positive contributions from personal consumption expenditures (PCE), federal government spending, exports, residential fixed investment, and state and local government spending that were partly offset by negative contributions from private inventory investment and nonresidential fixed investment. Imports, which are a subtraction in the calculation of GDP, decreased (table 2).
Real GDP growth in the fourth quarter was the same as that in the third. In the fourth quarter, a downturn in imports and an acceleration in government spending were offset by a larger decrease in private inventory investment and a slowdown in PCE.
Current dollar GDP increased 3.5 percent, or $184.2 billion, in the fourth quarter to a level of $21.73 trillion. In the third quarter, GDP increased 3.8 percent, or $202.3 billion (tables 1 and 3).
The price index for gross domestic purchases increased 1.4 percent in the fourth quarter, the same increase as in the third quarter (table 4). The PCE price index increased 1.3 percent, compared with an increase of 1.5 percent. Excluding food and energy prices, the PCE price index increased 1.2 percent, compared with an increase of 2.1 percent.
More information on the source data that underlie the estimates is available in the “Key Source Data and Assumptions” file on BEA’s website.
Updates to GDP
In the second estimate, the fourth-quarter growth rate in real GDP was unrevised from the advance estimate. Private inventory investment, exports, federal government spending, and residential fixed investment were revised up. These upward revisions were offset by downward revisions to nonresidential fixed investment, PCE, state and local government spending, and an upward revision to imports. For more information, see the Technical Note and the “Additional Information” section below.
Advance Estimate
Second Estimate
(Percent change from preceding quarter)
Real GDP
2.1
2.1
Current-dollar GDP
3.6
3.5
Gross domestic purchases price index
1.5
1.4
PCE price index
1.6
1.3
PCE price index excluding food and energy
1.3
1.2
For the third quarter of 2019, the percent change in real GDI was revised from 2.1 percent to 1.2 percent based on new third-quarter data from the BLS Quarterly Census of Employment and Wages.
2019 GDP
Real GDP increased 2.3 percent in 2019 (from the 2018 annual level to the 2019 annual level), compared with an increase of 2.9 percent in 2018 (table 1).
The increase in real GDP in 2019 reflected positive contributions from PCE, nonresidential fixed investment, federal government spending, state and local government spending, and private inventory investment that were partly offset by a negative contribution from residential fixed investment. Imports increased (table 2).
The deceleration in real GDP in 2019, compared to 2018, primarily reflected decelerations in nonresidential fixed investment and PCE, which were partly offset by accelerations in both state and local and federal government spending. Imports increased less in 2019 than in 2018.
Current-dollar GDP increased 4.1 percent, or $846.9 billion, in 2019 to a level of $21.43 trillion, compared with an increase of 5.4 percent, or $1,060.8 billion, in 2018 (tables 1 and 3).
The price index for gross domestic purchases increased 1.5 percent in 2019, compared with an increase of 2.4 percent in 2018 (table 4). The PCE price index increased 1.4 percent, compared with an increase of 2.1 percent. Excluding food and energy prices, the PCE price index increased 1.6 percent, compared with an increase of 1.9 percent (table 4).
Measured from the fourth quarter of 2018 to the fourth quarter of 2019, real GDP increased 2.3 percent during the period. That compared with an increase of 2.5 percent during 2018. The price index for gross domestic purchases, as measured from the fourth quarter of 2018 to the fourth quarter of 2019, increased 1.4 percent during 2019. That compared with an increase of 2.2 percent during 2018. The PCE price index increased 1.4 percent, compared with an increase of 1.9 percent. Excluding food and energy, the PCE price index increased 1.6 percent, compared with an increase of 1.9 percent (table 6).
* * *
Next release, March 26, 2020 at 8:30 A.M. EDT
Gross Domestic Product, Fourth Quarter and Year 2019 (Third Estimate)
Corporate Profits, Fourth Quarter and Year 2019
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“Bond King” Jeffrey Gundlach says he believes the Fed panicked in cutting interest rates earlier this week and that short-term U.S. rates are headed for zero.
“I’m in the camp that the Fed is going to cut rates again,” Gundlach said. “When I say panicked, it doesn’t mean it’s not justified. Sometimes panic is justified.”
The benchmark 10-year Treasury note yield hit an all-time low under 0.9% just after the longtime bond investor made his comments around 12:40 p.m. ET.
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Gundlach: I expect Fed to cut rates again, maybe in two weeks
“Bond King” and DoubleLine Capital CEO Jeffrey Gundlach said Thursday that he believes the Federal Reserve panicked in cutting interest rates earlier this week and that short-term U.S. rates are headed for zero.
“If we look at history, once the Fed does a panic, intermeeting rate cut, particularly when it’s 50 basis points … they typically cut pretty quickly again,” Gundlach said. “I’m in the camp that the Fed is going to cut rates again, perhaps even in two weeks” during its regularly scheduled meeting.
The benchmark 10-year Treasury note yield hit an all-time low under 0.9% just after the longtime bond investor made his comments on CNBC’s “Halftime Report” around 12:40 p.m. ET. The 2-year U.S. rate hit also hit a record low of 0.554% earlier in the session.
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“We will see short rates headed toward zero,” Gundlach added. And “when I say panicked, it doesn’t mean it’s not justified. Sometimes panic is justified.”
“Business activity is likely to contract,” he said. “I received multiple emails today of clients that were planning on visits to DoubleLine saying they’re canceling them.”
Although President Donald Trump has spoken fondly of negative interest rates, Gundlach said he doesn’t think the Fed is likely to follow the route taken by Japan and some countries in Europe.
On Tuesday, the Federal Reserve lowered its benchmark interest rate unexpectedly by 50 basis points, saying that the spread of the coronavirus “poses evolving risks to economic activity.” The move marked the first time since the financial crisis that the U.S. central bank was forced to impose an emergency rate cut.
The action failed to ease stock market concern about the potential economic impact of the coronavirus outbreak, however, but sparked a sharp drop in short-term U.S. rates. Markets remain fearful that the disease will prevent major exporters, like China, from sending components to American manufacturers and have a rippling effect on global growth.
Risk assets continued their slide Thursday as the Dow Jones Industrial Average was down more than 900 points, or 3.4%, in midafternoon trading. The Dow fell more than 1,000 points earlier in the day. The S&P 500 dropped 3.3%, led lower by rate-sensitive regional and consumer-facing banks that generate profits through loans.
Federal Reserve Retools Capital Rules for Largest U.S. Banks
New Fed rule creates capital buffer tied to annual stress tests
The overhaul reflects the latest moves by the Federal Reserve to recalibrate oversight of big U.S. lenders.
PHOTO: LIU JIE/XINHUA/ZUMA PRESS
By Andrew Ackerman
WASHINGTON—The Federal Reserve retooled capital rules for the largest U.S. banks, completing one of the biggest changes to the postcrisis rulebook for Wall Street during the Trump administration.
Fed officials on Wednesday said the changes would simplify rules for big banks such as JPMorgan Chase & Co. and Wells Fargo & Co. without posing risks to the stability of the financial system.
The overhaul “simplifies the post-crisis capital framework for banks, while maintaining the strong capital requirements that are the hallmark of the framework,” Fed Vice Chairman for Supervision Randal Quarles said in a statement.
The overhaul reflects the latest moves by the Fed to recalibrate oversight of big U.S. lenders. Already, officials have completed separate changes aimed at easing liquidity and capital rules for regional U.S. banks and retooled speculative trading limits for large firms.
Fed governor Lael Brainard, an Obama-era appointee, cast the sole dissenting vote against the plan, saying she believed it would reduce banks’ required capital levels and the amount they set aside as a buffer above their regulatory requirements.
In a statement, she said the plan “gives a green light for large banks to reduce their capital buffers materially, at a time when payouts have already exceeded earnings for several years on average.”
Ms. Brainard said she expects a reduction in capital largely because the overhaul requires banks to set aside funds for dividend payments for four quarters, down from the current nine.
But Mr. Quarles said the changes would maintain the overall level of capital in the system and modestly increase required capital levels for the largest firms. His estimates were based on stress-test data from 2013 to 2019, he said.
Parts of the overhaul are likely to be welcomed by big banks, including changes that streamline aspects of stress tests, which require 34 large banks to show how they would weather simulated market and economic shocks.
Wednesday’s plan reduces the total number of big-bank capital requirements to eight from 13, the Fed said. For large Wall Street firms, those changes could be offset by a new “stress capital buffer.”
Banks’ annual stress-test results would be used to calculate the size of the new buffer, which the firms would have to meet during the ensuing year. If a firm’s capital fell below this level, it would face limits on its capital distributions and bonus payments.
Under the Trump administration, regulators have sought to soften the impact of the 2010 Dodd-Frank law, which was intended to prevent another financial crisis, saying its requirements were too stringent and inflexible.
A law signed by President Trump in 2018 rolled back restrictions for banks with less than $250 billion in assets and served as the impetus for further regulatory changes.
Some of Wednesday’s changes incorporate adjustments sought by banks. The Fed’s stress tests would assume lenders restrain growth in their balance sheets during stressful periods, which doesn’t happen under current rules. That would likely have the effect of boosting banks’ capital levels in the stress tests.
The Fed held off on making some changes to the stress tests envisioned by Mr. Quarles, such as incorporating a dormant policy tool to combat credit crunches in a downturn known as the countercyclical capital buffer. The Fed would have to separately propose such changes.
Story 2: Stocks Prices Up and Down — COVID-19 100,000 Plus Confirmed Cases and 3,300 Plus Deaths Rising — Still Way Behind Estimated 18,000-46,000 Influenza Flu Deaths and 14 Million to 21 Million of Influenza Flu Cases in United States Alone! — Test Early and Often — Videos
Dow tanks more than 950 points as Wall Street’s roller-coaster week continues
Stocks plunged on Thursday, erasing most of the steep gains in the previous session, as markets remained highly volatile in the face of the fast-spreading coronavirus.
The Dow Jones Industrial Average ended the day 969.58 points, or 3.5%, lower at 26,121.28 after tanking nearly 1,150 at its session low. The S&P 500 dropped 3.3%, or 106.18, to 3,023.94 and the Nasdaq Composite fell 3.1%, or 279.49, to 8,738.60. All 11 S&P sectors finished the day in the red. Stocks turned sharply lower as the 10-year Treasury yield fell to an all-time low below 0.9%.
Fears about the coronavirus disrupting the global economy continued to grip Wall Street as countries around the world extended quarantines and travel restrictions. California declared a state of emergency after a coronavirus-related death and 53 confirmed cases in the state. The number of infections in New York also doubled overnight to 22 as the state ramps up its testing.
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VIDEO04:40
Stocks dropped sharply again because of the fast-spreading coronavirus
“The majority of this is just growing concern about the fallout from the virus because it’s spreading,” said Tom Essaye, founder of the Sevens Report. “For every hour, another group of people have it and it’s in another state. People are getting a bit nervous about this constant barrage of headlines.”
That angst fueled investor demand for safer assets like U.S. Treasurys and gold. The tumbling yields kept pressure on bank stocks, which led the major indexes lower. JPMorgan and Bank of America both dropped about 5%.
Airline stocks also took a huge beating, leading the declines in the Dow Jones Transportation Average, which dipped into bear market territory Thursday. United Airlines cratered 13.4%, while American Airlines tanked 13.2%, suffering its worst day since 2016.
The market moves came amid a roller-coaster week on Wall Street, which saw the 30-stock Dow swinging 1,000 points or higher twice in the past three days.
The Dow posted its second-biggest point gain on Wednesday as major wins from former Vice President Joe Biden during Super Tuesday sparked a relief rally, especially in the health-care sector. Investors also cheered signs of a global response to the outbreak, including a more than $8 billion in emergency funding from Congress.
“The optimism coming off Super Tuesday has come and gone and we reverted to being driven by fear over the containment of the virus and the impact it’s going to have on the global economy down the road,” said Mike Loewengart, managing director of investment strategy at E-Trade.
The move failed to assuage stock market concerns about the potential economic impact of the coronavirus outbreak and triggered sharp movements in the markets.
“Despite the rally in stocks [Wednesday], Treasury yields and gold prices did not respond in-kind,” said Matt Maley, chief market strategist at Miller Tabak. “None of the other markets saw the kinds of moves yesterday that would indicate that we’re out of the woods on the negative impact of the coronavirus. In other words, many other markets are still sending up warning signals.”
Investors will monitor a key jobs report on Friday for signs of any negative impact on the labor market from the coronavirus. The U.S. economy is expected to have added 175,000 jobs in February, down from 225,000 in January.
The weekly jobless claims data on Thursday underscored the labor market strength despite the outbreak. Initial claims for state unemployment benefits slipped 3,000 to 216,000 for the week ended Feb. 29. Economists polled by Reuters had forecast claims would fall to 215,000 in the latest week.
—CNBC’s Thomas Franck and Fred Imbert contributed to this report.
Cruise Ship Held Off California Becomes New Focus of Concern
A cruise liner bound for San Francisco from Hawaii is believed to be linked to two coronavirus cases, one of them fatal. More cases were found in a number of states, including Texas and New Jersey.
Gov. Gavin Newsom spoke last month at the California Department of Public Health. He announced a state of emergency in the state on Wednesday.Credit…Max Whittaker for The New York Times
A cruise ship bound for California is believed linked to the first U.S. death outside Washington State.
Gov. Gavin Newsom announced on Wednesday that a cruise ship returning to California from Hawaii that had suspected links to two coronavirus cases, one of them fatal, was being held off the coast of San Francisco, as public health officials prepared to screen everyone on the ship.
Eleven passengers and 10 crew members on the boat were showing symptoms on Wednesday, the governor said. “That number may significantly understate” the scope of infection, he said, or “it may indeed be abundance of caution.”
“The ship will not come on shore until we appropriately assess the passengers,” Mr. Newsom added.
The governor also announced that the state was declaring a state of emergency to help mobilize its response to the coronavirus outbreak. The number of cases in the state shot up to 54 on Wednesday, the most in the nation.
Governor Newsom said that about 2,500 people, more than half of them Californians, had been aboard the ship, identified by its owners as the Grand Princess, during a recent voyage from San Francisco to Mexico. One of those passengers died Wednesday in Placer County, Calif., the first U.S. coronavirus death outside Washington State and the 11th overall. Another passenger was being treated for the illness in Sonoma County. State and federal officials were racing to contact others who had been on board.
Mr. Newsom said the ship had gone on to Hawaii after its stop in Mexico, and then had sailed back toward California with some of the passengers from the original San Francisco-to-Mexico leg of the voyage still on board.
The person who died in Placer County had underlying health conditions and had been in isolation at a hospital after falling ill. Officials believe the patient was probably exposed to the virus on the San Francisco-to-Mexico leg of the voyage last month.
The New York Times would like to hear from health care providers who are struggling to get patients tested for coronavirus or are having difficulty getting sufficient medical supplies. Please email us at coronavirus@nytimes.com. A reporter may contact you to follow up. Thank you.
Health officials in Los Angeles County announced six new cases on Wednesday, and Santa Clara County announced three more cases. The virus has been detected across the United States, but so far has been concentrated on the West Coast.
A person who conducted medical screenings at Los Angeles International Airport tested positive for the virus, the Department of Homeland Security said on Wednesday. The person last worked at the airport on Feb. 21, eight days before showing symptoms of infection, the agency said.
Each of the six new cases reported by Los Angeles County was linked to a known exposure, a history of international travel or contact with someone who had traveled or been diagnosed with the virus, officials said.
Coronavirus Map: Tracking the Spread of the Outbreak
The virus has infected more than 97,800 people in at least 81 countries.
A Facebook contractor in Seattle has tested positive for the virus.
Facebook on Wednesday said that a worker in the company’s Seattle offices tested positive for Covid-19, the disease caused by the new coronavirus, making it the second major tech company in the city to be affected by the outbreak.
The tech industry is vital to the economy of Washington State, where a cluster of infections has taken root and 10 people have died, leading companies there to take extra measures to halt the spread of the virus.
“A contractor based in our Stadium East office has been diagnosed with Covid-19,” said Andy Stone, a company spokesman. “We’ve notified our employees and are following the advice of public health officials to prioritize everyone’s health and safety.”
The Seattle area is Facebook’s largest engineering outpost outside of its Bay Area headquarters. It had 5,000 employees in the region as of last September, when it announced plans to expand even more.
2019-2020 U.S. Flu Season: Preliminary Burden Estimates
CDC estimates* that, from October 1, 2019, through February 22, 2020, there have been:
+29
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Story 1: President Trumps Declares A National Emergency — Unleashes Full Power of United States Government — $50 Billion in New Funding To Deal With COVID-19 Pandemic — Videos
BREAKING: Donald Trump declares a national emergency
Trump declares National Emergency over coronavirus
Trump declares national emergency over coronavirus pandemic
Tucker: Regular life is all but suspended
Hannity: Major businesses working with Trump on coronavirus
Trump declares virus emergency; Pelosi announces aid deal
President Donald Trump on Friday declared the coronavirus pandemic a national emergency in order to free up more money and resources. But he denied any responsibility for delays in making testing available for the new virus, whose spread has roiled markets and disrupted the lives of everyday Americans.
Speaking from the Rose Garden, Trump said, “I am officially declaring a national emergency,” unleashing as much as $50 billion for state and local governments to respond to the outbreak.
Trump also announced a range of executive actions, including a new public-private partnership to expand coronavirus testing capabilities with drive-through locations, as his administration has come under fire for being too slow in making the test available.
Trump said, “I don’t take responsibility at all” for the slow rollout of testing.
Late Friday, House Speaker Nancy Pelosi announced a deal with the Trump administration for an aid package from Congress that aims at direct relief to Americans — free testing, two weeks of sick pay for workers, enhanced unemployment benefits and bolstered food programs.
“We are proud to have reached an agreement with the Administration to resolve outstanding challenges, and now will soon pass the Families First Coronavirus Response Act,” Pelosi announced in a letter to colleagues. The House was poised to vote.
The crush of late-day activity capped a tumultuous week in Washington as the fast-moving virus shuttered the capital’s power centers, roiled financial markets and left ordinary Americans suddenly navigating through self-quarantines, school closures and a changed way of life.
The White House was under enormous pressure, dealing with the crisis on multiple fronts as it encroached ever closer on the president.
Trump has been known to flout public health advice — eagerly shaking hands during the more than hour-long afternoon event — but acknowledged he “most likely” will be tested now after having been in contact with several officials who have tested positive for the virus. “Fairly soon,” he said.
Still, Trump said officials don’t want people taking the test unless they have certain symptoms. “We don’t want people without symptoms to go and do that test,” Trump said, adding, “It’s totally unnecessary.”
Additionally, Trump took a number of other actions to bolster energy markets, ease the financial burden for Americans with student loans and give medical professionals additional “flexibility” in treating patients during the public health crisis.
“Through a very collective action and shared sacrifice, national determination, we will overcome the threat of the virus,” Trump said.
Central to the aid package from Congress, which builds on an emergency $8.3 billion measure approved last week, is the free testing and sick pay provisions.
Providing sick pay for workers is a crucial element of federal efforts to stop the rapid spread of the infection. Officials warn that the nation’s healthcare system could quickly become overwhelmed with gravely sick patients, as suddenly happened in Italy, one of the countries hardest hit by the virus.
The ability to ensure paychecks will keep flowing — for people who stay home as a preventative measure or because they’re feeling ill or caring for others — can help assure Americans they will not fall into financial hardship.
Hopes for swiftly passing the package seemed to be fading throughout the day as talks dragged on and Trump dismissed it during as “not doing enough.”
Ahead of Trump’s new conference, Pelosi delivered a statement from the speaker’s balcony at the Capitol imploring the Trump administration and congressional Republicans to “put families first” by backing the effort to provide Americans with relief.
“Our great nation has faced crisis before,” Pelosi said. “And every time, thanks to the courage and optimism of the American people, we have prevailed. Now, working together, we will once again prevail.”
Pelosi and Mnuchin engaged in days of around-the-clock negotiations with cross-town phone calls that continued even as Trump was speaking, both indicating earlier they were close to a deal.
They both promised a third coronavirus package will follow soon, with more aggressive steps to boost the U.S. economy, which economists fear has already slipped into recession.
The financial markets closed on an upswing after one of the worst nosedives since the 1987 downturn.
For most people, the new coronavirus causes only mild or moderate symptoms, such as fever and cough. For some, especially older adults and people with existing health problems, it can cause more severe illness, including pneumonia.
The vast majority of people recover. According to the World Health Organization, people with mild illness recover in about two weeks, while those with more severe illness may take three to six weeks to be over it.
Trump said he was gratified that Brazilian President Jair Bolsonaro tested negative for the virus, after the pair sat next to each other for an extended period of time last weekend at Trump’s Mar-a-Lago club. A senior aide to Bolsonaro tested positive.
Trump’s daugher, Ivanka Trump, worked from home Friday after meeting with Australian Home Affairs Minister Peter Dutton, now in isolation at a hospital after testing positive for the coronavirus. White House spokesman Judd Deere said she was evaluated by the White House Medical Unit and it was determined that because she was exhibiting no symptoms she does not need to self-quarantine.
Attorney General William Barr, who also met with the Australian official, was staying home Friday, though he “felt great and wasn’t showing any symptoms,” according to his spokeswoman Kerri Kupec.
Several lawmakers, including some close to Trump, have also been exposed to people who tested positive for the virus, and are self-isolating.
Among them are Republican Sens. Lindsey Graham and Rick Scott, who were at Trump’s club on the weekend. Graham announced Friday that he also met with the Australian official who has now tested positive. And GOP Sen. Ted Cruz of Texas, who had previously isolated himself after a potential exposure at a conservative conference in Washington, said Friday he met with a Spanish official and is now self-quarantining.
Hospitals welcomed Trump’s emergency declaration, which they and lawmakers in Congress had been requesting. It allows the Health and Human Services Department to temporarily waive certain federal rules that can make it harder for hospitals and other health care facilities to respond to an emergency.
The American Medical Association said the emergency declaration would help ensure America’s health care system has sufficient resources to properly respond to the ongoing outbreak.
Trump has struggled to show he’s on top of the crisis, after giving conflicting descriptions of what the U.S. is doing to combat the virus. On Wednesday he announced he would ban travel to the U.S. from Europe, and on Friday he suggested extending that to the U.K. because of a recent rise in cases.
Dr. Anthony Fauci, infectious disease chief at the National Institutes of Health, said more tests would be available over the next week, but warned, “We still have a long way to go.”
Fauci said Friday, “There will be many more cases. But we’ll take care of that, and ultimately, as the president said, this will end.”
___
Associated Press writers Aamer Madhani, Alan Fram, Lauran Neergaard, Martin Crutsinger, Laurie Kellman, Michael Balsamo and Kevin Freking in Washington and Bill Barrow in Atlanta contributed to this report.
https://apnews.com/83b0c8e168548fd453b0c177dd1f203a
Story 2: House Expected Passes Family First Coronavirus Response Bill Supported By President Trump — Videos
House Passes Coronavirus Relief Bill
House approves coronavirus response bill supported by Trump
House Speaker Nancy Pelosi says the House will pass coronavirus legislation
Mnuchin: Trump is very interested in putting money into the economy
PBS NewsHour West live episode, March 13, 2020
Story 3: United State Stock Market Rallies — Best Day Since 2008 — Consumer Sentiment Beating Expectations At 95.9 — Videos
The Dow Is Soaring – Here’s Why the Stock Market Is Cheering Trump
Barry Sternlicht: Stock market will make a comeback from coronavirus
El-Erian on markets: ‘It’s getting less scary than it has been for a while’
Cramer’s game plan for the trading week of March 16
Jim Cramer: Not sure this stock market sell-off can be stopped
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