FW: Stocks Plunge as U.S. Reels From Coronavirus

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Quick read on the current situation=E2=80=A6

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From: Matt Murray, WSJ =20
Sent: Thursday, March 12, 2020 4:32 PM
To: samuelwiss2012@gmail.com
Subject: The 10-Point Extra: Stocks Plunge as U.S. Reels From =
Coronavirus

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Markets’ worst day since 1987 as central banks step in; Trump’s =
potential coronavirus exposure; sports leagues suspend play; Broadway =
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Today’s guide to the WSJ=20

Good Evening, and welcome to a special edition of The 10-Point.

Stock markets in the U.S. and Europe plunged today, as the coronavirus =
pandemic threatens the global economy and policymakers try to soften the =
blow. A dizzying list of organizations, institutions and sports leagues =
announced suspension of their operations.

Below is a roundup of the latest dispatches from WSJ journalists around =
the world. For more, =
visit our live =
coverage page, which is regularly updated.

=E2=80=94Matt Murray, editor in chief

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1.

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The U.S. stock selloff that plunged the Dow industrials into a bear =
market worsened, with the index notching its sharpest decline since the =
October 1987 crash.=20

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The Dow Jones Industrial Average fell 2,352.6 points, or 10%. The S&P =
500 fell 9.5%, while the Nasdaq lost 9.4%, putting both of those indexes =
in bear-market territory for the first time since 2009. =
All three major =
indexes are down more than 14% for the week.

An announcement by the Federal Reserve that it would =
pump more than =
$1.5 trillion into short-term funding markets initially pared some =
losses before stocks tumbled again. The situation continued to send =
shock waves through debt markets, =
prompting sharp =
swings in Treasury yields and more selling in corporate bonds.

In Europe, markets found little solace from the European Central =
Bank=E2=80=99s moves to protect the economy, with European stocks =
dropping a =
worst-ever 11.5%, adding to worries the selloff is creating paralysis in =
the global financial system.

* Economists said the U.S. and world economies look increasingly =
likely to slip =
into recession.

In Washington, negotiations on legislation to shield Americans from the =
economic consequences of the pandemic focused on how to craft a =
paid-leave measure for workers, as =
lawmakers rushed =
to reach a deal by the end of the day ahead of a planned House recess.

Meanwhile, concerns about the possibility President Trump has been =
exposed to coronavirus mounted after a Brazilian official who met with =
the president last weekend =
tested positive =
for the virus.

* Behind the scenes of the =
U.S. coronavirus =
economic policymaking.

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2.

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The coronavirus has now infected =
more than =
127,800 people in 116 countries and regions, killing more than 4,700 of =
them, according to data compiled by Johns Hopkins University.=20

The virus=E2=80=99s expansion in the U.S. to all but four states this =
week, with 1,300 confirmed cases and at least 38 deaths, created a new =
reality: suspended sports seasons and canceled performances, prohibited =
gatherings, and online school, work and worship. The U.S. =
government=E2=80=99s top infectious-disease doctor said today that the =
nation=E2=80=99s system for disease testing =
has failed =
during the outbreak.

Governments, airlines and travelers scrambled to react to the =
announcement of a near-blanket travel ban to the U.S. for most =
Europeans. The EU =
criticized the =
decision, saying it had been blindsided. The ban is a blow to an airline =
industry already reeling. Other industries are also being hit: Princess =
Cruises =
canceled all its voyages for the next two months and will cut short some =
current trips. Airbnb=E2=80=99s =
bookings are =
tanking. Starbucks cafes in the U.S. are on the =
rapidly shifting =
front lines of the service industry=E2=80=99s confrontation with the =
pandemic.

* The coronavirus lockdown is =
battering =
Italy’s fragile economy.
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* French President Emmanuel Macron announced a nationwide =
shutdown of the =
school system.

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3.

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Suspensions and disruptions cascaded around the U.S., bringing a halt to =
parts of daily life.

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New York City’s subway system carries about 5.5 million people each =
weekday. A Brooklyn station was cleaned on Wednesday. PHOTO: SPENCER =
PLATT/GETTY IMAGES

As the threat of a new coronavirus =
became more =
real to Americans, organizations, institutions and sports leagues closed =
buildings, canceled events and suspended operations in dizzying =
succession. Maryland plans to close all public schools from March 16 to =
March 27. Major League Baseball and the NHL =
suspended =
operations=20
and the NCAA March Madness basketball competition =
was canceled. =
Walt Disney said it was shutting Disneyland from March 14 through March =
31.

New York City=E2=80=99s cultural scene =
came to a =
sudden close, with Broadway theaters and a host of major institutions =
including the Metropolitan Museum of Art and Metropolitan Opera =
announcing the suspension of operations. The city’s subway service =
could also be =
reduced.

The governors of New York and New Jersey =
announced =
restrictions on public gatherings. Two New York City public schools that =
share a building were closed =
after a student =
tested positive for the novel coronavirus.

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Advertisement=20

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4.

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What You Need to Know

Roughly 80% of Covid-19 cases tend to be mild or moderate but those who =
are older or have underlying health conditions are at a higher risk.

You ask, we =
answer:=20

Q: How long will this virus last and remain a potential threat? Will it =
always be a part of our environment, or will it run its course and =
completely disappear?

A: Most forecasters are reluctant to predict=E2=80=94at least =
publicly=E2=80=94 =
how this will =
play out. Amesh Adalja, a senior scholar at Johns Hopkins Center for =
Health Security, said the outbreak is still in the first inning. It =
isn=E2=80=99t yet clear how many people have the disease, how quickly it =
is spreading or even how deadly it is.

Coronaviruses in general are =
not as seasonal =
as the flu. So although they are less prevalent in the spring and =
summer, they have more of a presence than influenza. A different =
coronavirus strain called SARS (severe acute respiratory syndrome) =
started in November of 2002 and was gone by the summer of 2003, notes =
Gregory Poland, director of the Mayo Clinic=E2=80=99s Vaccine Research =
Group in Rochester, Minn. But that didn=E2=80=99t happen with the MERS =
(Middle East respiratory syndrome) strain. Covid-19 has circulated in =
some areas with warmer climates, such as Hong Kong and Singapore. But in =
general there have been relatively few cases in warmer climates.

* More answers to questions about the virus, its spread and the =
science and health implications in our regularly =
updated Q&A.
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* Face masks? Zinc? Gloves? How to =
prepare for an =
outbreak and how to stock up =
without getting =
fleeced.
=20

* Yes, you CAN clean your iPhone =
with =
disinfecting wipes, plus the =
do’s and don’ts =
of hand washing.
=20

* Tips on reducing anxiety =
about the virus =
and its spread.
=20

* Advice about working =
from home =
during the virus, and =
tech tips to =
keep you going.

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Get an early morning briefing about the coronavirus each weekday, plus a =
health news update on Fridays. =
Sign up here.

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5.

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Public Health Resources

Latest information from the Centers for Disease Control and Prevention. =
( CDC)

Reports and updates from the World Health Organization. ( =
WHO)

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=F0=9F=93=A2 Have comments or questions about special editions of The =
10-Point? Email us at 10point@wsj.com.

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The 10-Point was the name given to the news column that runs on the =
front page of The Wall Street Journal.

Today=E2=80=99s newsletter was curated and edited by =
Eleanor Miller in New York in =
collaboration with Editor in Chief Matt Murray.

Let us know what you think by replying to this email.

The 10-Point is a WSJ member benefit. If someone forwarded you this =
email, we invite you to =
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enjoy the full breadth of scoops, analysis and great storytelling from =
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