Coronavirus US news: 'Dow erases all its gains since Trump took office' as it’s revealed outbreak could kill 2 million
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The stock market has suffered yet another historic day of losses as the Dow Jones reportedly lost the entirety of economic gains seen under Donald Trump’s presidency amid increasing anxieties over the global coronavirus pandemic.
The US Centre for Disease Control meanwhile released a grim outlook for a worst-case scenario surrounding the pandemic, in which 214 million people would be impacted and nearly two million would die as a result of the outbreak. The Trump administration released its own plan-of-action while seeking a nearly $1 trillion economic relief package that could include sending checks to all Americans in the coming weeks to help battle back against the economic downturn.
The number of total cases in the US surpassed 7,000 on Wednesday, according to the latest data, as the death toll rose to at least 117. Experts have said the true rate of infections is likely far higher nationwide, citing a lack in testing.
Stocks tumbled close to 8 percent on Wall Street Wednesday and wiped out the last of the gains for the Dow Jones Industrial Average since Mr Trump's inauguration.
Even prices for investments seen as very safe fell as investors rushed to raise cash and the coronavirus pandemic continues to spread.
Markets have been incredibly volatile for weeks as Wall Street and the White House acknowledge the rising likelihood that the outbreak will cause a recession.
The typical day this month has seen the stock market swing up or down by 4.9 percent. Over the last decade, it was just .4 percent.
It was just a day before that the Dow surged more than 5 percent after Mr Trump promised massive aid to the economy, but the number of infections keeps climbing, and the Dow slumped to its lowest level since 2016.
The S&P 500, which dictates how 401(k) accounts perform much more than the Dow, is down 31 percent from its record set last month, though it's still up nearly 9 percent since Election Day 2016.
The S&P 500's slide was so sharp that trading was halted for 15 minutes Wednesday. The losses deepened after trading resumed, and the S&P 500 was down 7.9 percent, as of 3:20 pm. Eastern time.
As big swaths of the economy retrench while much of society comes to a halt in an attempt to slow the spread of the virus, investors have clamored for Congress, Federal Reserve and other authorities around the world to support the economy until it can begin to reopen.
They got a big shot of that Tuesday, when the Trump administration briefed lawmakers on a program that could surpass $1 trillion and the Fed announced its latest moves to support markets.
But the worldwide number of known infections has toped 200,000, which creates more uncertainty about how badly the economy is getting hit, how much profit companies will make and how many companies may go into bankruptcy due to a cash crunch.
"It's, it's a very tough situation", Mr Trump said at a news conference, during which losses for stocks accelerated.
He added: "You have to do things. You have to close parts of an economy that six weeks ago were the best they've ever been.... And then one day you have to close it down in order to defeat this enemy."
Additional reporting by AP. Read live updates as they came in below:
Hospital workers creating makeshift masks
Health officials in Washington bought household items and designed face masks using industrial tape and foam in an effort to buy time as the US runs dangerously low on medical supplies amid the coronavirus pandemic.
Purchasing the materials from local craft stores and a Home Deport, infection control officials and quality experts from Providence St Joseph Health formed an assembly line on Tuesday and created the face-shields, according to Bloomberg News.
The volunteers reportedly included nearly 20 administrative staff from the network of 51 hospitals comprised by Providence St Joseph Health, as well as quality experts and infection control officials.
The initiative came at a time when local hospitals warned they were experiencing a critical shortage of supplies like face masks and ventilators as confirmed cases of Covid-19 surged across the country.
Becca Bartles, executive director of infection prevention for Providence St Joseph Health, told Bloomberg News: “We are very close to being out of face shields.”
Story to come...
Trump defends calling Covid-19 the 'Chinese virus'
The president is once again using the offensive term to describe Covid-19 as the global pandemic impacts thousands of Americans across the country:
Stock market wipes out all of Trump's economic gains
The entirety of stock market gains since the president took office have now been erased amid the economic downturn caused by increasing fears over the coronavirus pandemic, according to reports:
Coronavirus pandemic may last 18 months in the US
The coronavirus pandemic could affect the United States for as long as 18 months and cause a critical shortage of lifesaving medical supplies as the illness disrupts society in waves, according to a government report.
“State and local governments, as well as critical infrastructure and communications channels, will be stressed and potentially less reliable” as the outbreak continues to spread throughout the country, according to the grim 100-page report, a copy of which was obtained by The New York Times.
The document continued: “These stresses may also increase the challenges of getting updated messages and coordinating guidance to these jurisdictions directly.”
The report was published on Friday, according to the paper, just as Donald Trump announced a national emergency surrounding Covid-19. All 50 states have since confirmed cases of the virus, which typically features symptoms associated with that of a mild flu (runny nose, shortness of breath and low-grade fever) but in some cases can be fatal, with severe symptoms such as pneumonia or respiratory complications.
Trump says nation lacks critical medical supplies
Here's more from The Independent's John Bennett:
"Donald Trump acknowledged the United States lacks enough medical equipment to deal with the expected total number of coronavirus cases, saying he will activate the presidency's powers to ramp up domestic production of those items.The president also announced at a midday press conference that he is invoking the Defense Production Act, a move aimed at expanding the supply of key medical supplies and equipment to fight the outbreak."
↵More on the latest figures in the US
With 7,000 confirmed cases nationwide, here's what the Trump administration is doing to battle back the spread of the global pandemic:
Where are all of the confirmed coronavirus cases?
Here's a live look at the coronavirus outbreak:
Trump touts private businesses assistance with coronavirus as stock market slumps
The president continued to praise private businesses for their efforts in mitigating the spread of the coronavirus pandemic as the stock market appeared to reportedly erase the entirety of economic gains seen under his tenure:
Trump says the nation is 'at war' with coronavirus
The president has once again used the alarming rhetoric to emphasize just how precautionary his administration has been amid recent reports that hospitals could soon be inundated with patients as the global pandemic potentially infects millions:
President shares message about slowing the spread of coronavirus
Donald Trump has posted a short informational video about the need to slow the spread of the global pandemic over the next 15 days:
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