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| Stocks Surge as Biden Leads Super Tuesday Results | Stocks Surge as Biden Leads Super Tuesday Results |
| (4 months later) | |
| Shares on Wall Street rose on Wednesday, bouncing back from a steep drop the day before, as investors responded to Joseph R. Biden Jr.’s strong showing in the Democratic Party’s primaries and congressional efforts to combat the spread of the coronavirus. | Shares on Wall Street rose on Wednesday, bouncing back from a steep drop the day before, as investors responded to Joseph R. Biden Jr.’s strong showing in the Democratic Party’s primaries and congressional efforts to combat the spread of the coronavirus. |
| Though the virus and its impact on global economic growth have dominated financial headlines for the past two weeks, Wall Street has also worried about Mr. Biden’s top rival, Senator Bernie Sanders who plans to take on banks and tax stock and bond trades, and aims to eliminate most private health insurance. | Though the virus and its impact on global economic growth have dominated financial headlines for the past two weeks, Wall Street has also worried about Mr. Biden’s top rival, Senator Bernie Sanders who plans to take on banks and tax stock and bond trades, and aims to eliminate most private health insurance. |
| Health care stocks led the gains on Wednesday, rising more than 5 percent. Shares of insurers like UnitedHealth Group, Cigna and Anthem Health rose more than 10 percent. | Health care stocks led the gains on Wednesday, rising more than 5 percent. Shares of insurers like UnitedHealth Group, Cigna and Anthem Health rose more than 10 percent. |
| “The strong result by Joe Biden in the Democratic primaries last night are a significant positive development for the market,” Marko Kolanovic, a strategist at JPMorgan Chase, wrote in a note to clients. “It likely removes the possibility of a far left candidate — a risk that was rattling markets last week.” | “The strong result by Joe Biden in the Democratic primaries last night are a significant positive development for the market,” Marko Kolanovic, a strategist at JPMorgan Chase, wrote in a note to clients. “It likely removes the possibility of a far left candidate — a risk that was rattling markets last week.” |
| The S&P 500 closed up more than 4 percent on Wednesday, recovering its losses from the day before. | The S&P 500 closed up more than 4 percent on Wednesday, recovering its losses from the day before. |
| For investors, who have come to see President Trump as a boon to stock markets ever since his administration slashed corporate taxes, Mr. Biden’s policies would offer less of a swing away from pro-business policies than those of Mr. Sanders. | For investors, who have come to see President Trump as a boon to stock markets ever since his administration slashed corporate taxes, Mr. Biden’s policies would offer less of a swing away from pro-business policies than those of Mr. Sanders. |
| Compared with Mr. Sanders, Mr. Biden’s “proposed tax rises are relatively modest, he supports light touch regulation and he would pursue a much softer line on tariffs,” Michael Pearce, an economist at Capital Economics wrote to clients. “The prospect of a Biden-Trump showdown would be a clear positive for the markets, and probably a small plus for the economy too.” | Compared with Mr. Sanders, Mr. Biden’s “proposed tax rises are relatively modest, he supports light touch regulation and he would pursue a much softer line on tariffs,” Michael Pearce, an economist at Capital Economics wrote to clients. “The prospect of a Biden-Trump showdown would be a clear positive for the markets, and probably a small plus for the economy too.” |
| Shares were also bolstered by the news that U.S. lawmakers reached a deal on Wednesday for an $8.3 billion emergency aid package to combat the spread of coronavirus. It includes nearly $7.8 billion for agencies dealing with the virus and about $500 million for telehealth services. Also on Wednesday, the International Monetary Fund said it would provide $50 billion in emergency funding, including no interest loans, to help poorer countries respond to the epidemic. | Shares were also bolstered by the news that U.S. lawmakers reached a deal on Wednesday for an $8.3 billion emergency aid package to combat the spread of coronavirus. It includes nearly $7.8 billion for agencies dealing with the virus and about $500 million for telehealth services. Also on Wednesday, the International Monetary Fund said it would provide $50 billion in emergency funding, including no interest loans, to help poorer countries respond to the epidemic. |
| Financial markets have been on a roller coaster as investors grapple with the potential economic damage caused by fractured supply chains, travel bans and the disruption of daily life. | Financial markets have been on a roller coaster as investors grapple with the potential economic damage caused by fractured supply chains, travel bans and the disruption of daily life. |
| There is little clarity about how long it will take governments and health officials to contain the virus, leading to a gloomy prognosis for global economic growth. | There is little clarity about how long it will take governments and health officials to contain the virus, leading to a gloomy prognosis for global economic growth. |
| On Tuesday, the Federal Reserve validated those concerns by announcing an emergency cut in interest rates. The Fed’s move spooked investors rather than calm them, and stocks fell nearly 3 percent on Tuesday. | On Tuesday, the Federal Reserve validated those concerns by announcing an emergency cut in interest rates. The Fed’s move spooked investors rather than calm them, and stocks fell nearly 3 percent on Tuesday. |
| United Airlines signaled on Wednesday that fear over the coronavirus epidemic was eroding ticket sales not only on international routes but on domestic travel as well. | United Airlines signaled on Wednesday that fear over the coronavirus epidemic was eroding ticket sales not only on international routes but on domestic travel as well. |
| The carrier said that it planned to cut international service by about 20 percent and domestic service by about 10 percent in April and that it was weighing similar cuts in May. | The carrier said that it planned to cut international service by about 20 percent and domestic service by about 10 percent in April and that it was weighing similar cuts in May. |
| In a letter to employees, Oscar Munoz, the airline’s chief executive, and J. Scott Kirby, who will take over that job in May, also announced a hiring freeze through June and said workers in the United States would be able to apply for voluntary unpaid leaves of absence or reduced schedules. | In a letter to employees, Oscar Munoz, the airline’s chief executive, and J. Scott Kirby, who will take over that job in May, also announced a hiring freeze through June and said workers in the United States would be able to apply for voluntary unpaid leaves of absence or reduced schedules. |
| “We sincerely hope that these latest measures are enough, but the dynamic nature of this outbreak requires us to be nimble and flexible moving forward in how we respond,” the executives said. | “We sincerely hope that these latest measures are enough, but the dynamic nature of this outbreak requires us to be nimble and flexible moving forward in how we respond,” the executives said. |
| The cuts to international service will be applied unevenly. Trans-Pacific flights, demand for which has fallen starkly as the virus seized Asia, will be halved in April, while trans-Atlantic service will be cut by about 10 percent. Latin American service will be reduced by 5 percent. | The cuts to international service will be applied unevenly. Trans-Pacific flights, demand for which has fallen starkly as the virus seized Asia, will be halved in April, while trans-Atlantic service will be cut by about 10 percent. Latin American service will be reduced by 5 percent. |
| Overreaction to the spreading coronavirus could slow the economy, representatives of the airline, hotel, retail and travel industry warned in a news conference at the U.S. Chamber of Commerce in Washington on Wednesday. | Overreaction to the spreading coronavirus could slow the economy, representatives of the airline, hotel, retail and travel industry warned in a news conference at the U.S. Chamber of Commerce in Washington on Wednesday. |
| Many industries are facing the prospect of falling revenues as more Americans curtail their exposure to stores, airports and other public spaces. | Many industries are facing the prospect of falling revenues as more Americans curtail their exposure to stores, airports and other public spaces. |
| “Our message is very simple,” said Thomas Donohue, the chief executive of the chamber. “Be safe. If you don’t feel well, stay home. Otherwise, let’s go to work.” | “Our message is very simple,” said Thomas Donohue, the chief executive of the chamber. “Be safe. If you don’t feel well, stay home. Otherwise, let’s go to work.” |
| Chip Rogers, the president of the American Hotel & Lodging Association, urged Americans not to put off their spring break travel plans out of fear. “There is no place in the United States right now that is not safe to travel,” he said. | Chip Rogers, the president of the American Hotel & Lodging Association, urged Americans not to put off their spring break travel plans out of fear. “There is no place in the United States right now that is not safe to travel,” he said. |
| Roger Dow, the president of the U.S. Travel Association, went so far as to say that the government should stimulate travel. “The smartest thing someone can do is book their travel now, because this thing isn’t going to last,” he said. | Roger Dow, the president of the U.S. Travel Association, went so far as to say that the government should stimulate travel. “The smartest thing someone can do is book their travel now, because this thing isn’t going to last,” he said. |
| The head of the International Monetary Fund warned on Wednesday that the economic fallout of the coronavirus would be more “dire” than previously thought and said that uncertainty would remain until policymakers could more clearly assess the duration of the outbreak. | The head of the International Monetary Fund warned on Wednesday that the economic fallout of the coronavirus would be more “dire” than previously thought and said that uncertainty would remain until policymakers could more clearly assess the duration of the outbreak. |
| The I.M.F. said in late February that it was reducing its 2020 global growth forecast by 0.1 percentage points to 3.2 percent, with a more substantial slowdown in China weighing on the global economy. | The I.M.F. said in late February that it was reducing its 2020 global growth forecast by 0.1 percentage points to 3.2 percent, with a more substantial slowdown in China weighing on the global economy. |
| “We have unfortunately seen a shift towards a more adverse scenario for the global economy,” Kristalina Georgieva, the managing director of the I.M.F., said at a briefing on Wednesday. | “We have unfortunately seen a shift towards a more adverse scenario for the global economy,” Kristalina Georgieva, the managing director of the I.M.F., said at a briefing on Wednesday. |
| As conferences around the world are canceled over virus concerns, including annual developer summits hosted by Facebook and Google, the popular South by Southwest festival will continue as planned. | As conferences around the world are canceled over virus concerns, including annual developer summits hosted by Facebook and Google, the popular South by Southwest festival will continue as planned. |
| Organizers of the conference, held in Austin, Texas, said their plans had not changed, even as companies like TikTok and Twitter pulled out of their scheduled appearances. By Wednesday, more than 42,000 people had signed a petition to call off the gathering, which is scheduled for March 13 to 22. | Organizers of the conference, held in Austin, Texas, said their plans had not changed, even as companies like TikTok and Twitter pulled out of their scheduled appearances. By Wednesday, more than 42,000 people had signed a petition to call off the gathering, which is scheduled for March 13 to 22. |
| Updated June 30, 2020 | |
| Common symptoms include fever, a dry cough, fatigue and difficulty breathing or shortness of breath. Some of these symptoms overlap with those of the flu, making detection difficult, but runny noses and stuffy sinuses are less common. The C.D.C. has also added chills, muscle pain, sore throat, headache and a new loss of the sense of taste or smell as symptoms to look out for. Most people fall ill five to seven days after exposure, but symptoms may appear in as few as two days or as many as 14 days. | |
| Scientists around the country have tried to identify everyday materials that do a good job of filtering microscopic particles. In recent tests, HEPA furnace filters scored high, as did vacuum cleaner bags, fabric similar to flannel pajamas and those of 600-count pillowcases. Other materials tested included layered coffee filters and scarves and bandannas. These scored lower, but still captured a small percentage of particles. | |
| A commentary published this month on the website of the British Journal of Sports Medicine points out that covering your face during exercise “comes with issues of potential breathing restriction and discomfort” and requires “balancing benefits versus possible adverse events.” Masks do alter exercise, says Cedric X. Bryant, the president and chief science officer of the American Council on Exercise, a nonprofit organization that funds exercise research and certifies fitness professionals. “In my personal experience,” he says, “heart rates are higher at the same relative intensity when you wear a mask.” Some people also could experience lightheadedness during familiar workouts while masked, says Len Kravitz, a professor of exercise science at the University of New Mexico. | |
| The steroid, dexamethasone, is the first treatment shown to reduce mortality in severely ill patients, according to scientists in Britain. The drug appears to reduce inflammation caused by the immune system, protecting the tissues. In the study, dexamethasone reduced deaths of patients on ventilators by one-third, and deaths of patients on oxygen by one-fifth. | |
| The coronavirus emergency relief package gives many American workers paid leave if they need to take time off because of the virus. It gives qualified workers two weeks of paid sick leave if they are ill, quarantined or seeking diagnosis or preventive care for coronavirus, or if they are caring for sick family members. It gives 12 weeks of paid leave to people caring for children whose schools are closed or whose child care provider is unavailable because of the coronavirus. It is the first time the United States has had widespread federally mandated paid leave, and includes people who don’t typically get such benefits, like part-time and gig economy workers. But the measure excludes at least half of private-sector workers, including those at the country’s largest employers, and gives small employers significant leeway to deny leave. | |
| So far, the evidence seems to show it does. A widely cited paper published in April suggests that people are most infectious about two days before the onset of coronavirus symptoms and estimated that 44 percent of new infections were a result of transmission from people who were not yet showing symptoms. Recently, a top expert at the World Health Organization stated that transmission of the coronavirus by people who did not have symptoms was “very rare,” but she later walked back that statement. | |
| Touching contaminated objects and then infecting ourselves with the germs is not typically how the virus spreads. But it can happen. A number of studies of flu, rhinovirus, coronavirus and other microbes have shown that respiratory illnesses, including the new coronavirus, can spread by touching contaminated surfaces, particularly in places like day care centers, offices and hospitals. But a long chain of events has to happen for the disease to spread that way. The best way to protect yourself from coronavirus — whether it’s surface transmission or close human contact — is still social distancing, washing your hands, not touching your face and wearing masks. | |
| A study by European scientists is the first to document a strong statistical link between genetic variations and Covid-19, the illness caused by the coronavirus. Having Type A blood was linked to a 50 percent increase in the likelihood that a patient would need to get oxygen or to go on a ventilator, according to the new study. | |
| The unemployment rate fell to 13.3 percent in May, the Labor Department said on June 5, an unexpected improvement in the nation’s job market as hiring rebounded faster than economists expected. Economists had forecast the unemployment rate to increase to as much as 20 percent, after it hit 14.7 percent in April, which was the highest since the government began keeping official statistics after World War II. But the unemployment rate dipped instead, with employers adding 2.5 million jobs, after more than 20 million jobs were lost in April. | |
| If air travel is unavoidable, there are some steps you can take to protect yourself. Most important: Wash your hands often, and stop touching your face. If possible, choose a window seat. A study from Emory University found that during flu season, the safest place to sit on a plane is by a window, as people sitting in window seats had less contact with potentially sick people. Disinfect hard surfaces. When you get to your seat and your hands are clean, use disinfecting wipes to clean the hard surfaces at your seat like the head and arm rest, the seatbelt buckle, the remote, screen, seat back pocket and the tray table. If the seat is hard and nonporous or leather or pleather, you can wipe that down, too. (Using wipes on upholstered seats could lead to a wet seat and spreading of germs rather than killing them.) | |
| If you’ve been exposed to the coronavirus or think you have, and have a fever or symptoms like a cough or difficulty breathing, call a doctor. They should give you advice on whether you should be tested, how to get tested, and how to seek medical treatment without potentially infecting or exposing others. | |
| Health officials have said that at least one person in Travis County, where the city is incorporated, is being tested for coronavirus. But Dr. Mark Escott, the interim health authority for Austin Public Health, said there was no evidence that closing the festival would make the community safer. | Health officials have said that at least one person in Travis County, where the city is incorporated, is being tested for coronavirus. But Dr. Mark Escott, the interim health authority for Austin Public Health, said there was no evidence that closing the festival would make the community safer. |
| Conference organizers have promised to screen workers before the event and make more hand-washing and sanitizing stations available, Dr. Escott said. They have also discussed limiting the number of people allowed into venues, he added. | Conference organizers have promised to screen workers before the event and make more hand-washing and sanitizing stations available, Dr. Escott said. They have also discussed limiting the number of people allowed into venues, he added. |
| Many local restaurants, retailers and other small businesses operate so leanly that some owners fear the U.S. coronavirus outbreak may be catastrophic for them. | Many local restaurants, retailers and other small businesses operate so leanly that some owners fear the U.S. coronavirus outbreak may be catastrophic for them. |
| Some members of Congress are considering policies to assist small businesses and their employees, including federal loans to cover outbreak-related losses and reimbursement for workers who need to take sick leave. | Some members of Congress are considering policies to assist small businesses and their employees, including federal loans to cover outbreak-related losses and reimbursement for workers who need to take sick leave. |
| “Small businesses are on the front line of this crisis,” said Amanda Ballantyne, executive director of Main Street Alliance, a public policy group for small businesses. | “Small businesses are on the front line of this crisis,” said Amanda Ballantyne, executive director of Main Street Alliance, a public policy group for small businesses. |
| Some places are already feeling the effects. Patrick Day, who runs two board game stores in King County, Wash., the site of the largest U.S. outbreak of the disease, said his business had very little slack to absorb staffing shortages or the reduced foot traffic he was beginning to see. | Some places are already feeling the effects. Patrick Day, who runs two board game stores in King County, Wash., the site of the largest U.S. outbreak of the disease, said his business had very little slack to absorb staffing shortages or the reduced foot traffic he was beginning to see. |
| Other places are seeing the impact on their supply chains. Larry Birnbaum, who owns the Lightbulb Store in Hackensack, N.J., which manufactures and distributes LED products, said 95 percent of his stock comes from China, and nothing has arrived in the last month. | Other places are seeing the impact on their supply chains. Larry Birnbaum, who owns the Lightbulb Store in Hackensack, N.J., which manufactures and distributes LED products, said 95 percent of his stock comes from China, and nothing has arrived in the last month. |
| On average, Mr. Birnbaum said, he orders $100,000 in LED light bulbs from China every month. He was told by the factory that it wouldn’t be able to ship his latest order until “maybe” the end of April or beginning of May. | On average, Mr. Birnbaum said, he orders $100,000 in LED light bulbs from China every month. He was told by the factory that it wouldn’t be able to ship his latest order until “maybe” the end of April or beginning of May. |
| “Maybe is a scary word,” Mr. Birnbaum said. “I’ve been in the lighting business for 47 years. I’ve never seen anything like this.” | “Maybe is a scary word,” Mr. Birnbaum said. “I’ve been in the lighting business for 47 years. I’ve never seen anything like this.” |
| Ford Motor told its employees on Tuesday to stop all domestic air travel in the United States, and to use videoconferences as much as possible for critical meetings. | Ford Motor told its employees on Tuesday to stop all domestic air travel in the United States, and to use videoconferences as much as possible for critical meetings. |
| The Bank of Canada cut rates on Wednesday by 50 basis points, to 1.25 percent, after the Fed’s move on Tuesday. Hong Kong’s monetary authority also cut rates on Wednesday, as did central banks in the United Arab Emirates, Qatar and Bahrain. | The Bank of Canada cut rates on Wednesday by 50 basis points, to 1.25 percent, after the Fed’s move on Tuesday. Hong Kong’s monetary authority also cut rates on Wednesday, as did central banks in the United Arab Emirates, Qatar and Bahrain. |
| The London Book Fair, one of the publishing industry’s biggest international events of the year, was canceled on Wednesday because of concerns related to the coronavirus in Europe. | The London Book Fair, one of the publishing industry’s biggest international events of the year, was canceled on Wednesday because of concerns related to the coronavirus in Europe. |
| General Electric said the coronavirus outbreak would probably cost it as much as $300 million in operating profit in the first quarter. It described the virus’s impact as an “evolving variable.” | General Electric said the coronavirus outbreak would probably cost it as much as $300 million in operating profit in the first quarter. It described the virus’s impact as an “evolving variable.” |
| The Hannover Messe, a major industrial technology fair in Germany scheduled for April, was postponed because of coronavirus concerns; it will now take place in July. | The Hannover Messe, a major industrial technology fair in Germany scheduled for April, was postponed because of coronavirus concerns; it will now take place in July. |
| Amazon learned that an employee in one of its office buildings in the South Lake Union neighborhood of Seattle had tested positive for the virus, the company said in an email to its staff late Tuesday. | Amazon learned that an employee in one of its office buildings in the South Lake Union neighborhood of Seattle had tested positive for the virus, the company said in an email to its staff late Tuesday. |
| Reporting was contributed by Geneva Abdul, Neal E. Boudette, Niraj Chokshi, Julie Creswell, Tiffany Hsu, Sophia June, Jeanna Smialek, Alan Rappeport, Ana Swanson, Karen Weise and Daisuke Wakabayashi. | Reporting was contributed by Geneva Abdul, Neal E. Boudette, Niraj Chokshi, Julie Creswell, Tiffany Hsu, Sophia June, Jeanna Smialek, Alan Rappeport, Ana Swanson, Karen Weise and Daisuke Wakabayashi. |