Stocks plunge again, NYSE to close trading floor during coronavirus crisis
The World Health Organization on Thursday called on all countries to “do whatever they can” to combat the COVID-19 coronavirus, which continues to spread outside of China..
«This epidemic can be stopped, but only with a coordinated and comprehensive approach that encompasses the entire government machinery», – said WHO Director-General Tedros Adhanom Ghebreyesus during a briefing at the organization’s headquarters in Geneva. «We call on every country to act quickly, scaled up and decisively».
Tedros said health officials all over the world «deeply concerned» a growing number of countries reporting cases, especially those with weaker health systems. It is also concerned that some countries are not taking this seriously enough or have decided that there is nothing they can do to curb local outbreaks..
«This epidemic poses a threat to every country, rich and poor. And as we said, even high-income countries should expect surprises.», – he said. «We are concerned that in some countries the level of political commitment and actions that demonstrate this commitment do not match the level of threat we all face.».
«This is not a drill. Now is not the time to give up. This is not the time for excuses. It’s time to use every possible means», – he said.
Last week, WHO officials raised their coronavirus risk assessment from «high» before «very high» globally.
Global health officials said on Tuesday that the global death rate from COVID-19 is 3.4%, higher than previous estimates of about 2%..
Stocks tumbled on Thursday after massive declines in the previous session as markets remained volatile in the face of rapidly spreading coronavirus.
The Dow Jones Industrial Average fell about 715 points, or 2.6%, around noon, after falling 841 points earlier that day. S&The P 500 fell by a similar 2.5% and the Nasdaq Composite fell 1.9%. All three major indices are back in correction territory.
Fears of the coronavirus wreaking havoc on the global economy continued to sweep Wall Street as countries around the world expanded quarantine measures and travel restrictions. California declares state of emergency after death from coronavirus and 53 confirmed cases in state.
This worry fueled investor demand for safer assets such as US Treasuries and gold, which rose nearly 1%. The rate of 10-year Treasury bonds today fell to 0.899%, thereby updating the historic low of 0.906% earlier this week.
Dow Jones on Wednesday showed the second largest increase points as the big wins of former Vice President Joe Biden during Super Tuesday sparked a rally in markets, especially in the healthcare sector. Investors also welcomed signs of a global response to the outbreak, including over $ 8 billion in emergency funding from the U.S. Congress..
«Optimism outgoing from «Super Tuesday» (Super Tuesday) came and went, and we’re back to being driven by fear of containing the virus and its impact on the global economy in the future.», – said Mike Loewengart, managing director of investment strategy in E-Trade.