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Good Evening, and welcome to a special edition of The 10-Point. The Dow Jones Industrial Average entered a bear market, ending an extraordinary bull market that began in 2009. Governments and businesses around the world continue to scramble to respond to the outbreak of the novel coronavirus. 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. —Matt Murray, editor in chief |
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The Dow Jones Industrial Average tumbled 1,465 points, or 5.9%, to 23553, putting it in a bear market. A bear market means a decline of at least 20% from its recent high, set Feb. 12. It ends an extraordinary run of stock gains that began in 2009. |
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The S&P 500 fell 4.89% and the Nasdaq Composite lost 4.7%. Wednesday’s losses were broad, with 29 of the 30 stocks in the Dow suffering losses and all 11 sectors of the S&P falling at least 3%. The declines accelerated after the World Health Organization declared the new coronavirus a pandemic. The Cboe Volatility Index was near its highest level in a year. Brent crude, the global benchmark for oil prices, dropped 2.5% to $36.28 a barrel. Saudi Arabia unveiled plans to increase its production levels even further days after it instigated a price war with Russia. European stocks drifted lower, shedding much of the gains posted after an unexpected rate cut by the Bank of England. President Trump said he was planning to make a statement on the coronavirus tonight. The crisis has put his administration's economic policy-making to the test. Industries from baseball to airlines are scrambling. The NCAA basketball tournaments will be played with no fans. Economic data to watch for signs of the impact of the viral outbreak. Stop the Music: The cancellation of the South by Southwest festival is reverberating through the economy. Coronavirus fallout: a roundup of canceled events so far. |
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The spread of the new coronavirus has reached pandemic levels, according to the World Health Organization. The WHO generally defines a pandemic as a disease that has become widespread around the world. “We’re deeply concerned, both by the alarming levels of spread and severity, and by the alarming levels of inaction,” said Dr. Tedros Adhanom Ghebreyesus, director-general of the WHO. “We have never before seen a pandemic sparked by a coronavirus. This is the first pandemic caused by a coronavirus. And we have never before seen a pandemic that can be controlled at the same time.” The number of confirmed cases around the world reached 121,564 today, in 115 countries and regions, data compiled by Johns Hopkins University showed this afternoon. More than 4,370 people have died. In the U.S., the number of cases has topped 1,000. Chancellor Angela Merkel said that up to 70% of Germany's population could become infected. In Italy, which today announced it would close most shops and restaurants, the number of cases climbed to 10,149, with 631 deaths. Iran confirmed 63 new deaths, bringing the total number of fatalities to 354; total infections there reached 9,000. Japan has reported 568 cases, while South Korea has a total of 7,755 cases. China has all but declared victory over the disease, after more than 3,100 deaths, as the number of new cases has dropped sharply. Still, the movement of hundreds of millions of people remains restricted. |
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Coronavirus-test availability is ramping up in the U.S., but in a patchwork fashion. | | The CDC's laboratory test kit for the new coronavirus. PHOTO: ASSOCIATED PRESS |
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And it still isn’t meeting demand, according to doctors, health-care administrators and state officials. New York Gov. Andrew Cuomo said the state will begin contracting with private labs to greatly increase the number of people tested for the novel coronavirus. The Trump administration is considering elevating its travel advisory for U.S. citizens to Level 3 for all of Europe, and not just Italy, according to people familiar with the discussions. The administration is also looking at steps it can take to build up the supply of drugs and pharmaceutical ingredients. Plans are under way to release guidance on the curtailing of public activities and possibly broadening quarantine measures on international travelers. Health and Human Services Secretary Alex Azar has been largely sidelined in the U.S. effort to battle the virus. Millions of American workers have no paid sick time, and millions more who do are wondering if they will have enough to cover a severe illness. Amazon.com is planning to announce paid sick leave for hourly employees affected by the novel coronavirus. |
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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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What Else We're Reading Latest information from the Centers for Disease Control and Prevention. (CDC) Reports and updates from the World Health Organization. (WHO) What does the novel coronavirus do to the body? What scientists have learned so far. (New York Times) |
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📢 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’s 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 join us and enjoy the full breadth of scoops, analysis and great storytelling from our journalists around the globe. |
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