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Coronavirus Updates: F.D.A. Allows Private Labs to Develop New Tests, Enabling Far Wider Testing Coronavirus Updates: F.D.A. Allows Private Labs to Develop New Tests, Enabling Far Wider Testing
(30 minutes later)
The U.S. Food and Drug Administration announced Saturday that it was authorizing American laboratories to develop their own coronavirus tests, which should significantly increase the country’s testing capacity.The U.S. Food and Drug Administration announced Saturday that it was authorizing American laboratories to develop their own coronavirus tests, which should significantly increase the country’s testing capacity.
The effect could be rapid. About 80 labs and private companies have applied for emergency approval for tests they have already created. If they have submitted evidence that the tests work, the labs and companies will be able to use them immediately, rather than wait for the F.D.A. to complete reviews and issue approvals.The effect could be rapid. About 80 labs and private companies have applied for emergency approval for tests they have already created. If they have submitted evidence that the tests work, the labs and companies will be able to use them immediately, rather than wait for the F.D.A. to complete reviews and issue approvals.
“This action today reflects our public health commitment to addressing critical public health needs and rapidly responding and adapting to this dynamic and evolving situation,” the F.D.A.’s commissioner, Stephen M. Hahn, said in a statement.“This action today reflects our public health commitment to addressing critical public health needs and rapidly responding and adapting to this dynamic and evolving situation,” the F.D.A.’s commissioner, Stephen M. Hahn, said in a statement.
Experts have been frustrated with the limited availability of coronavirus tests in the U.S., which until now could only be provided by the Centers for Disease Control and Prevention. Broader testing will enable more rapid detection and isolation of people who have the coronavirus to help contain the spread of disease.Experts have been frustrated with the limited availability of coronavirus tests in the U.S., which until now could only be provided by the Centers for Disease Control and Prevention. Broader testing will enable more rapid detection and isolation of people who have the coronavirus to help contain the spread of disease.
Troubling new signs of how the coronavirus is spreading in the United States and United Kingdom have emerged, as cases not explained by overseas travel or contact with a person known to be infected were reported in California, Oregon and Washington State, as well as England.Troubling new signs of how the coronavirus is spreading in the United States and United Kingdom have emerged, as cases not explained by overseas travel or contact with a person known to be infected were reported in California, Oregon and Washington State, as well as England.
Officials from the three western states announced that their testing had found new cases: a high school student from Washington State; an employee of a school in Oregon, near Portland; and a woman in Santa Clara County, Calif., in the heart of Silicon Valley.Officials from the three western states announced that their testing had found new cases: a high school student from Washington State; an employee of a school in Oregon, near Portland; and a woman in Santa Clara County, Calif., in the heart of Silicon Valley.
In Britain, the health authorities were investigating the country’s first known case of local transmission. The patient was believed to be a man from Surrey, in southeastern England, who had not traveled abroad recently, according to the BBC.In Britain, the health authorities were investigating the country’s first known case of local transmission. The patient was believed to be a man from Surrey, in southeastern England, who had not traveled abroad recently, according to the BBC.
The patient was being treated at a specialist center in Central London, Professor Whitty said. Three further cases were confirmed on Saturday, he said, two recently returned from Italy and one recently returned from Asia.The patient was being treated at a specialist center in Central London, Professor Whitty said. Three further cases were confirmed on Saturday, he said, two recently returned from Italy and one recently returned from Asia.
The latest diagnoses raised the number of coronavirus cases in Britain to 23, with 18 in England and one each in Northern Ireland and Wales.The latest diagnoses raised the number of coronavirus cases in Britain to 23, with 18 in England and one each in Northern Ireland and Wales.
The announcement came after a man who was infected on the Diamond Princess cruise ship in Japan became the first Briton to die from coronavirus.The announcement came after a man who was infected on the Diamond Princess cruise ship in Japan became the first Briton to die from coronavirus.
In the United States, 65 cases of the virus have been reported, but until this week, all of them could be explained by overseas travel or contact with someone who had been ill. The three new cases on Friday, and a case earlier in the week, in California, were the first in the United States in which the cause was mysterious and unknown — a sign, experts warned, that the virus might now be spreading in this country.In the United States, 65 cases of the virus have been reported, but until this week, all of them could be explained by overseas travel or contact with someone who had been ill. The three new cases on Friday, and a case earlier in the week, in California, were the first in the United States in which the cause was mysterious and unknown — a sign, experts warned, that the virus might now be spreading in this country.
“If we were worried yesterday, we are even more worried today,” said Dr. William Schaffner, an infectious disease specialist at Vanderbilt University Medical Center. “Now we have to ask: How widely, really widely, is this virus out there?”“If we were worried yesterday, we are even more worried today,” said Dr. William Schaffner, an infectious disease specialist at Vanderbilt University Medical Center. “Now we have to ask: How widely, really widely, is this virus out there?”
As word emerged of the unexplained cases, local officials scrambled to trace everyone who had come in contact with those who were ill. California health officials said they were increasing testing. And in Washington State, officials suggested that people needed to prepare for the possibility of schools closing and businesses keeping workers home.As word emerged of the unexplained cases, local officials scrambled to trace everyone who had come in contact with those who were ill. California health officials said they were increasing testing. And in Washington State, officials suggested that people needed to prepare for the possibility of schools closing and businesses keeping workers home.
“We’re going to be increasingly recommending that people try and avoid crowds and close contact with other people,” Dr. Jeff Duchin, health officer for Public Health Seattle & King County, said. “We may get to a point where we want to recommend canceling large public gatherings — social events, sporting events, entertainment — until we get over a hump of what might be a large outbreak.”“We’re going to be increasingly recommending that people try and avoid crowds and close contact with other people,” Dr. Jeff Duchin, health officer for Public Health Seattle & King County, said. “We may get to a point where we want to recommend canceling large public gatherings — social events, sporting events, entertainment — until we get over a hump of what might be a large outbreak.”
The number of confirmed cases of the coronavirus around the globe passed 85,000 on Saturday, according to a tracker maintained by Johns Hopkins University that draws on data from four sources, including the World Health Organization.The number of confirmed cases of the coronavirus around the globe passed 85,000 on Saturday, according to a tracker maintained by Johns Hopkins University that draws on data from four sources, including the World Health Organization.
Updated Feb. 26, 2020Updated Feb. 26, 2020
Of the more than 85,400 cases recorded, more than 79,000 were in mainland China.Of the more than 85,400 cases recorded, more than 79,000 were in mainland China.
Qatar confirmed its first case of the virus on Saturday, its health ministry said, bringing the number of countries where the virus has been detected to at least 57. The country’s health ministry said in a statement that the patient was a 36-year-old Qatari citizen who had been in quarantine since recently returning from Iran.Qatar confirmed its first case of the virus on Saturday, its health ministry said, bringing the number of countries where the virus has been detected to at least 57. The country’s health ministry said in a statement that the patient was a 36-year-old Qatari citizen who had been in quarantine since recently returning from Iran.
Iran, which has been at the center of the virus’s spread in the region, confirmed an additional 205 cases on Saturday, bringing its official total to 593. It also confirmed a further nine deaths from the virus, bringing the official death toll in the country to 43.Iran, which has been at the center of the virus’s spread in the region, confirmed an additional 205 cases on Saturday, bringing its official total to 593. It also confirmed a further nine deaths from the virus, bringing the official death toll in the country to 43.
France will ban gatherings of more than 5,000 people in enclosed spaces and all gatherings in Oise, its region most affected by the coronavirus, the country’s health minister said on Saturday, as he reported a further 16 confirmed cases of the virus.France will ban gatherings of more than 5,000 people in enclosed spaces and all gatherings in Oise, its region most affected by the coronavirus, the country’s health minister said on Saturday, as he reported a further 16 confirmed cases of the virus.
That brings France’s total cases to 73, more than 50 of which were confirmed in the past few days. Of the country’s coronavirus cases, 59 remain hospitalized, 12 have been released, and two have died.That brings France’s total cases to 73, more than 50 of which were confirmed in the past few days. Of the country’s coronavirus cases, 59 remain hospitalized, 12 have been released, and two have died.
The minister, Olivier Véran, also said at a news conference Saturday afternoon that a half-marathon scheduled for Sunday in Paris would be canceled.The minister, Olivier Véran, also said at a news conference Saturday afternoon that a half-marathon scheduled for Sunday in Paris would be canceled.
In some areas in Oise and in Haute-Savoie, a southeastern region that is home to the other cluster of infections in France, schools will be closed starting on Monday, the minister said.In some areas in Oise and in Haute-Savoie, a southeastern region that is home to the other cluster of infections in France, schools will be closed starting on Monday, the minister said.
MIPIM, a giant annual real-estate event held in Cannes, France, that had been scheduled for March, also announced on Saturday that it would be postponed until June.MIPIM, a giant annual real-estate event held in Cannes, France, that had been scheduled for March, also announced on Saturday that it would be postponed until June.
Spain, where the caseload rose to 51 on Saturday, is still allowing large gatherings. Officials say that the spread within the country is taking place at a “controlled” pace.
But on Saturday, the authorities in the northeastern region of Catalonia ordered people showing symptoms of coronavirus to stay at home rather than go to hospitals, stressing that patients crowding into medical establishments risked spreading the virus more rapidly.
People with fever and other symptoms should call a special emergency number and wait for a medical team to visit them and gather a sample for testing, Alba Vergès, a Catalan health official, told a news conference.
In Italy — the center of the outbreak in Europe, with 888 confirmed cases and 21 deaths — the main professional soccer league, Serie A, postponed five matches scheduled for this weekend.In Italy — the center of the outbreak in Europe, with 888 confirmed cases and 21 deaths — the main professional soccer league, Serie A, postponed five matches scheduled for this weekend.
In a revised schedule posted to Twitter on Saturday, the five games, including a clash between the league leaders, Juventus, and third-place Inter Milan, are set for May 13, at venues to be decided. In a revised schedule posted to Twitter on Saturday, the five games, including a clash between the league leader, Juventus, and third-place Inter Milan, are set for May 13, at venues to be decided.
South Korea, which has the largest coronavirus outbreak outside China, reported 813 new cases on Saturday, bringing its total to 3,150. In North Korea, Kim Jong-un ordered all-out efforts to fight the virus at a high-level meeting, state media reported.South Korea, which has the largest coronavirus outbreak outside China, reported 813 new cases on Saturday, bringing its total to 3,150. In North Korea, Kim Jong-un ordered all-out efforts to fight the virus at a high-level meeting, state media reported.
South Korean officials have warned that confirmed cases would rise sharply as they aggressively tested thousands of people, particularly in the southeastern city of Daegu. More than 86 percent of patients have been in Daegu and nearby towns; many have been associated with a church called Shincheonji, which has a strong presence in Daegu.South Korean officials have warned that confirmed cases would rise sharply as they aggressively tested thousands of people, particularly in the southeastern city of Daegu. More than 86 percent of patients have been in Daegu and nearby towns; many have been associated with a church called Shincheonji, which has a strong presence in Daegu.
The United States military, which has more than 28,000 personnel in South Korea, said on Saturday that the spouse of an American soldier infected with the virus had also tested positive for it. She had been in self-quarantine since Wednesday, following her husband’s diagnosis, and was being transported to a military hospital, the military said.The United States military, which has more than 28,000 personnel in South Korea, said on Saturday that the spouse of an American soldier infected with the virus had also tested positive for it. She had been in self-quarantine since Wednesday, following her husband’s diagnosis, and was being transported to a military hospital, the military said.
Also on Saturday, Mr. Kim, North Korea’s leader, convened the Politburo of his ruling party to order an all-out campaign to prevent an outbreak, state media reported. The North has not reported any coronavirus cases, but there has been concern that it could be hiding an outbreak.Also on Saturday, Mr. Kim, North Korea’s leader, convened the Politburo of his ruling party to order an all-out campaign to prevent an outbreak, state media reported. The North has not reported any coronavirus cases, but there has been concern that it could be hiding an outbreak.
The North’s official Korean Central News Agency said that officials had discussed “measures to deter the influx and spread of the infectious disease in a scientific, pre-emptive and lockdown way.”The North’s official Korean Central News Agency said that officials had discussed “measures to deter the influx and spread of the infectious disease in a scientific, pre-emptive and lockdown way.”
North Korea has already closed its 930-mile border with China, where the coronavirus emerged, and its border with Russia, as well as suspending all flights and trains to and from China and asking all foreign diplomats not to leave their compounds. But the Chinese border, which runs along a shallow river, has long been porous for smugglers.North Korea has already closed its 930-mile border with China, where the coronavirus emerged, and its border with Russia, as well as suspending all flights and trains to and from China and asking all foreign diplomats not to leave their compounds. But the Chinese border, which runs along a shallow river, has long been porous for smugglers.
The state media report Saturday also said that Mr. Kim had fired one of his top aides, Ri Man-gon, and another official for corruption, but it was unclear whether the dismissals were connected to the antivirus campaign.The state media report Saturday also said that Mr. Kim had fired one of his top aides, Ri Man-gon, and another official for corruption, but it was unclear whether the dismissals were connected to the antivirus campaign.
During a freewheeling rally in South Carolina on Friday night, President Trump accused his rivals of politicizing the coronavirus outbreak and perpetuating a “new hoax” against him, though there was no evidence for his claims.During a freewheeling rally in South Carolina on Friday night, President Trump accused his rivals of politicizing the coronavirus outbreak and perpetuating a “new hoax” against him, though there was no evidence for his claims.
“They tried the impeachment hoax,” Mr. Trump said of Democrats, who have criticized his administration’s response to the outbreak as inadequate. “They lost. It is all turning. Think of it. Think of it. And this is their new hoax.”“They tried the impeachment hoax,” Mr. Trump said of Democrats, who have criticized his administration’s response to the outbreak as inadequate. “They lost. It is all turning. Think of it. Think of it. And this is their new hoax.”
The president suggested that the news media had also fanned panic over the outbreak, accusing it of being in “hysteria mode.”The president suggested that the news media had also fanned panic over the outbreak, accusing it of being in “hysteria mode.”
As proof that he had the outbreak under control, the president cited his decision to bar foreign nationals who had recently been in China from entering the United States. Experts have disagreed on the effectiveness of border closures and quarantines, but Mr. Trump appeared to tie his decision to his calls for tighter immigration policies.As proof that he had the outbreak under control, the president cited his decision to bar foreign nationals who had recently been in China from entering the United States. Experts have disagreed on the effectiveness of border closures and quarantines, but Mr. Trump appeared to tie his decision to his calls for tighter immigration policies.
“We must understand that border security is also health security,” he said.“We must understand that border security is also health security,” he said.
Other members of Mr. Trump’s administration have also urged calm about the outbreak, though in less explicitly political terms. On Wednesday, Mr. Trump tapped Vice President Mike Pence to lead the country’s coronavirus response, and on Thursday, several officials told The Times that government health officials and scientists were being directed to coordinate all statements and public appearances with Mr. Pence’s office.Other members of Mr. Trump’s administration have also urged calm about the outbreak, though in less explicitly political terms. On Wednesday, Mr. Trump tapped Vice President Mike Pence to lead the country’s coronavirus response, and on Thursday, several officials told The Times that government health officials and scientists were being directed to coordinate all statements and public appearances with Mr. Pence’s office.
Dr. Anthony S. Fauci, one of the country’s leading experts on viruses and the director of the National Institute of Allergy and Infectious Disease, has told associates that the White House had instructed him not to make public statements without clearance.Dr. Anthony S. Fauci, one of the country’s leading experts on viruses and the director of the National Institute of Allergy and Infectious Disease, has told associates that the White House had instructed him not to make public statements without clearance.
The government in Japan, which this week asked all the country’s schools to close for a month, will offer subsidies to parents and other caregivers to help offset the cost, Prime Minister Shinzo Abe said on Saturday, as part of a coronavirus emergency spending package totaling 270 billion yen, or $2.5 billion.The government in Japan, which this week asked all the country’s schools to close for a month, will offer subsidies to parents and other caregivers to help offset the cost, Prime Minister Shinzo Abe said on Saturday, as part of a coronavirus emergency spending package totaling 270 billion yen, or $2.5 billion.
Th plan will also seek to help small and medium businesses and boost health care.Th plan will also seek to help small and medium businesses and boost health care.
Mr. Abe did not offer more details, but he said that the overall emergency package would be crafted in around 10 days. The educational subsidies would be available to parents who had to take time off work, whether they worked full- or part-time, he said. Government officials would also work to help childcare programs extend their hours.Mr. Abe did not offer more details, but he said that the overall emergency package would be crafted in around 10 days. The educational subsidies would be available to parents who had to take time off work, whether they worked full- or part-time, he said. Government officials would also work to help childcare programs extend their hours.
Just a few other countries have suspended classes nationwide. One is China, where the outbreak began.Just a few other countries have suspended classes nationwide. One is China, where the outbreak began.
In Hong Kong, schools will not reopen until at least the end of April. Officials there aannounced subsidy measures last week. The education secretary, Kevin Yeung, said the government would use anti-virus funding to boost a recently announced grant program by 1,000 Hong Kong dollars per pupil in kindergarten, primary school or secondary day-school. The additions would bring the total granted to each school year to 3,500 Hong Kong dollars, or about $450, per student.In Hong Kong, schools will not reopen until at least the end of April. Officials there aannounced subsidy measures last week. The education secretary, Kevin Yeung, said the government would use anti-virus funding to boost a recently announced grant program by 1,000 Hong Kong dollars per pupil in kindergarten, primary school or secondary day-school. The additions would bring the total granted to each school year to 3,500 Hong Kong dollars, or about $450, per student.
HNA Group, the Chinese giant once famous for its dramatic global shopping spree, has asked the Chinese government to help bail it out as it struggles with a slowdown from the coronavirus outbreak.HNA Group, the Chinese giant once famous for its dramatic global shopping spree, has asked the Chinese government to help bail it out as it struggles with a slowdown from the coronavirus outbreak.
The company, which owns Hainan Airlines and several air-travel-related assets, said it could not deal with a cash crunch on its own after flight cancellations across China and overseas. In a statement posted to its Chinese social media account, the company said it requested the help of a working group of officials from the province of Hainan, where it is headquartered.The company, which owns Hainan Airlines and several air-travel-related assets, said it could not deal with a cash crunch on its own after flight cancellations across China and overseas. In a statement posted to its Chinese social media account, the company said it requested the help of a working group of officials from the province of Hainan, where it is headquartered.
It was not immediately clear whether the move amounted to a formal nationalization of the already troubled company, which has wrestled with tens of billions of dollars of debt after scooping up companies around the world, from a Swiss logistics firm to stakes in Deutsche Bank and even Hilton Worldwide Hotels.It was not immediately clear whether the move amounted to a formal nationalization of the already troubled company, which has wrestled with tens of billions of dollars of debt after scooping up companies around the world, from a Swiss logistics firm to stakes in Deutsche Bank and even Hilton Worldwide Hotels.
Officials from the civil aviation administrator and China Development Bank will take over the responsibility of managing the company’s risk, HNA said on Saturday. The group would be led by Gu Gang, who is chairman of Hainan Development Holdings Co., the investment unit of the government of Hainan.Officials from the civil aviation administrator and China Development Bank will take over the responsibility of managing the company’s risk, HNA said on Saturday. The group would be led by Gu Gang, who is chairman of Hainan Development Holdings Co., the investment unit of the government of Hainan.
HNA also said that it would add two more seats to its board, including Mr. Gu, who would become executive chairman. Ren Qinghua, another official and director of the Administrative Committee of Yangpu Economic Development, would join the board and be made co-chief executive officer alongside Adam Tan, the current top executive.HNA also said that it would add two more seats to its board, including Mr. Gu, who would become executive chairman. Ren Qinghua, another official and director of the Administrative Committee of Yangpu Economic Development, would join the board and be made co-chief executive officer alongside Adam Tan, the current top executive.
A Japanese man who was allowed to disembark from the Diamond Princess cruise ship after testing negative for the virus has now tested positive — after he took public transportation home, according to Japanese officials.A Japanese man who was allowed to disembark from the Diamond Princess cruise ship after testing negative for the virus has now tested positive — after he took public transportation home, according to Japanese officials.
He is the fifth passenger to test positive after disembarking and being allowed to travel freely.He is the fifth passenger to test positive after disembarking and being allowed to travel freely.
The man, who is in his 70s, was among nearly 1,000 people allowed to leave the virus-stricken cruise ship last week, after two weeks of quarantine in the port of Yokohama. The cruise ship, which originally carried 3,700 passengers and crew, became a hotbed of infection: More than 700 people who were aboard have tested positive, and at least six people have died.The man, who is in his 70s, was among nearly 1,000 people allowed to leave the virus-stricken cruise ship last week, after two weeks of quarantine in the port of Yokohama. The cruise ship, which originally carried 3,700 passengers and crew, became a hotbed of infection: More than 700 people who were aboard have tested positive, and at least six people have died.
The man had tested negative for the virus when he disembarked on Feb. 20, and he used public transportation to travel home to the city of Sendai, about 250 miles north. But on Friday, he developed a sore throat and a slight fever, according to an announcement by Sendai’s mayor. He was confirmed to be infected on Saturday. His family tested negative.The man had tested negative for the virus when he disembarked on Feb. 20, and he used public transportation to travel home to the city of Sendai, about 250 miles north. But on Friday, he developed a sore throat and a slight fever, according to an announcement by Sendai’s mayor. He was confirmed to be infected on Saturday. His family tested negative.
The high number of infections aboard the Diamond Princess, and a sometimes chaotic disembarkation process, have brought intense scrutiny upon Japanese officials. Japan’s health minister was forced to apologize after 23 people left the ship without being tested.The high number of infections aboard the Diamond Princess, and a sometimes chaotic disembarkation process, have brought intense scrutiny upon Japanese officials. Japan’s health minister was forced to apologize after 23 people left the ship without being tested.
Reports of coronavirus patients testing positive for the virus again after recovering have raised alarm, but health experts say it’s likely that faulty tests are to blame.Reports of coronavirus patients testing positive for the virus again after recovering have raised alarm, but health experts say it’s likely that faulty tests are to blame.
The Japanese government reported this week that a woman in Osaka had tested positive for the coronavirus for a second time, weeks after recovering from the infection and being discharged from a hospital. Chinese officials have announced similar cases.The Japanese government reported this week that a woman in Osaka had tested positive for the coronavirus for a second time, weeks after recovering from the infection and being discharged from a hospital. Chinese officials have announced similar cases.
But experts said that recovered patients should have at least short-term immunity.But experts said that recovered patients should have at least short-term immunity.
The apparent reinfections could be the result of false negatives when the patients were discharged, said Marc Lipsitch, an epidemiologist at the Harvard T.H. Chan School of Public Health. The throat swabs used to examine for the virus can be technically tricky, and they can miss an infection elsewhere in the body.The apparent reinfections could be the result of false negatives when the patients were discharged, said Marc Lipsitch, an epidemiologist at the Harvard T.H. Chan School of Public Health. The throat swabs used to examine for the virus can be technically tricky, and they can miss an infection elsewhere in the body.
“A negative test is not a definitive that there is no more virus in that person,” Dr. Lipsitch said.“A negative test is not a definitive that there is no more virus in that person,” Dr. Lipsitch said.
Even if patients test positive long after they stop displaying symptoms, they may no longer pose a transmission risk to others, according to a report published on Thursday in JAMA. And even if there are occasional cases of true reinfection, so far, they do not seem to be occurring in large enough numbers to be a priority.Even if patients test positive long after they stop displaying symptoms, they may no longer pose a transmission risk to others, according to a report published on Thursday in JAMA. And even if there are occasional cases of true reinfection, so far, they do not seem to be occurring in large enough numbers to be a priority.
As the coronavirus outbreak spreads, the world’s biggest companies have begun painting a bleak picture of broken supply chains, disrupted manufacturing, empty stores and flagging demand for their wares.As the coronavirus outbreak spreads, the world’s biggest companies have begun painting a bleak picture of broken supply chains, disrupted manufacturing, empty stores and flagging demand for their wares.
The announcements by businesses like Mastercard, Microsoft, Apple and United Airlines offer a look at how the virus is affecting consumer behavior and business sentiment. These corporate bulletins — and what executives do in response — could determine how much economic damage the outbreak inflicts.The announcements by businesses like Mastercard, Microsoft, Apple and United Airlines offer a look at how the virus is affecting consumer behavior and business sentiment. These corporate bulletins — and what executives do in response — could determine how much economic damage the outbreak inflicts.
Some companies have expressed optimism that governments will curb new infections and that consumer spending in Europe and North America will be largely unscathed. But if executives see a threat beyond the first three months of the year, they may pare planned investments and even lay off workers.Some companies have expressed optimism that governments will curb new infections and that consumer spending in Europe and North America will be largely unscathed. But if executives see a threat beyond the first three months of the year, they may pare planned investments and even lay off workers.
The seven-day stock-market plunge this week, the steepest since the financial crisis, suggests that investors are bracing for bad news.The seven-day stock-market plunge this week, the steepest since the financial crisis, suggests that investors are bracing for bad news.
“Everything is slowing down even more — and that has not been fully appreciated,” said Michael O’Rourke, chief market strategist at JonesTrading.“Everything is slowing down even more — and that has not been fully appreciated,” said Michael O’Rourke, chief market strategist at JonesTrading.
On Friday, the S&P 500 index fell about 0.8 percent, and the Dow Jones industrial average fell more than 1 percent. The S&P index lost more than 11 percent in the week, and almost 13 percent since its peak on Feb. 19.On Friday, the S&P 500 index fell about 0.8 percent, and the Dow Jones industrial average fell more than 1 percent. The S&P index lost more than 11 percent in the week, and almost 13 percent since its peak on Feb. 19.
In Europe, the Britain’s FTSE 100 fell more than 3 percent and the Dax in Germany fell more than 4 percent. In Asia, the Nikkei 225 in Japan closed down 3.7 percent, the KOSPI in South Korea dropped 3.3 percent and the Shanghai Composite in China dropped 3.7 percent.In Europe, the Britain’s FTSE 100 fell more than 3 percent and the Dax in Germany fell more than 4 percent. In Asia, the Nikkei 225 in Japan closed down 3.7 percent, the KOSPI in South Korea dropped 3.3 percent and the Shanghai Composite in China dropped 3.7 percent.
Reporting and research were contributed by Peter Eavis, Donald G. McNeil Jr., Choe Sang-Hun, Thomas Fuller, Sheri Fink, Nicholas Bogel-Burroughs, Amy Qin, Sui-Lee Wee, Vivian Wang, Katie Rogers, Apoorva Mandavilli, Peter Robins, Norimitsu Onishi, Motoko Rich and Makiko Inoue. Reporting and research were contributed by Peter Eavis, Donald G. McNeil Jr., Choe Sang-Hun, Thomas Fuller, Sheri Fink, Nicholas Bogel-Burroughs, Raphael Minder, Amy Qin, Sui-Lee Wee, Vivian Wang, Katie Rogers, Apoorva Mandavilli, Peter Robins, Norimitsu Onishi, Motoko Rich and Makiko Inoue.