The Dow Jones industrial average tumbled into bear-market territory Wednesday, down 20 percent from its recent peak, as the index lost almost 1,500 points and Trump announced economic rescue packages in a televised national address. The president called on Congress to provide immediate payroll tax relief and said he would defer tax payments and offer low-interest loans to affected individuals and small businesses.
The virus, now deemed a pandemic by the World Health Organization, continued to spread widely across the United States, prompting event cancellations, bans on large gatherings, and federal warnings urging Americans to reconsider travel abroad. Trump called off his domestic travel and postponed a rally and fundraising event, while the NBA suspended its season.
Italy, meanwhile, was under an unprecedented national lockdown to try to contain the virus. In Asia, however, the impact on daily life was easing as workers gradually return to offices after weeks holed up at home. Amid a rise in imported cases to China, officials said people in Hubei, the epicenter of the outbreak, would allow people to work. Major tourist attractions in Shanghai reopened after no new infections there.
Here are the latest developments:
More than 1,300 cases have been reported in the United States, with at least 37 deaths, including five new fatalities reported on Wednesday. Officials in upwards of 43 states and the District of Columbia have said they are treating patients, and Delaware, North Dakota and Mississippi reported their first cases.
The World Health Organization declared the coronavirus a pandemic on Wednesday, as its director-general warned of “alarming levels of spread and severity” as well as “alarming levels of inaction."
The NBA said it would suspend its season after a player tested positive for the virus, while the NCAA announced that its college basketball tournaments will be held without fans in attendance.
Actor Tom Hanks said he and his wife, Rita Wilson, have tested positive for coronavirus in Australia.
U.S. stock futures were down about 3 percent, oil futures slumped 4 percent and Japan’s Nikkei index also lost 4 percent as the outbreak’s financial toll mounted.