This article is from the source 'nytimes' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at https://www.nytimes.com/2020/03/13/business/stocks-surge-trump-coronavirus-tests.html
The article has changed 14 times. There is an RSS feed of changes available.
| Version 9 | Version 10 |
|---|---|
| Stocks Surge After Trump Promises Speedier Coronavirus Testing | Stocks Surge After Trump Promises Speedier Coronavirus Testing |
| (about 5 hours later) | |
| The stock market roared back to life on Friday, with the S&P surging 9.3 percent after President Trump said the government would speed up coronavirus testing for Americans. In doing so, he delivered investors exactly the message they had been waiting to hear — a half-hour before the market closed. | The stock market roared back to life on Friday, with the S&P surging 9.3 percent after President Trump said the government would speed up coronavirus testing for Americans. In doing so, he delivered investors exactly the message they had been waiting to hear — a half-hour before the market closed. |
| Just one day after tumbling 9.5 percent in what was its worst day in more than 30 years, the S&P 500 stock index rose by roughly the same amount. The market was up throughout the day, then dipped when the president started speaking, only to change direction once he began discussing the administration’s efforts to speed testing. Millions of virus testing kits would become available, he said — though he added that he did not think so many would be needed. | Just one day after tumbling 9.5 percent in what was its worst day in more than 30 years, the S&P 500 stock index rose by roughly the same amount. The market was up throughout the day, then dipped when the president started speaking, only to change direction once he began discussing the administration’s efforts to speed testing. Millions of virus testing kits would become available, he said — though he added that he did not think so many would be needed. |
| For investors starved for reassuring news, those promises were enough to ignite a rally that sent the S&P 500 to its best one-day performance since 2008. | For investors starved for reassuring news, those promises were enough to ignite a rally that sent the S&P 500 to its best one-day performance since 2008. |
| Mr. Trump was surrounded by medical professionals and the executives of some of the biggest private companies, including the retail and drugstore behemoths Walmart, Target and CVS; the Swiss health care pharmaceutical giant Roche; and the testing companies Lab Corp and Quest Diagnostics. | Mr. Trump was surrounded by medical professionals and the executives of some of the biggest private companies, including the retail and drugstore behemoths Walmart, Target and CVS; the Swiss health care pharmaceutical giant Roche; and the testing companies Lab Corp and Quest Diagnostics. |
| The leaders of these companies, Mr. Trump said, had agreed to help with efforts to test people for the coronavirus. And as each chief executive spoke, the market climbed a little higher, starting around 3:34 p.m. | The leaders of these companies, Mr. Trump said, had agreed to help with efforts to test people for the coronavirus. And as each chief executive spoke, the market climbed a little higher, starting around 3:34 p.m. |
| “When Trump started talking, stocks went down, and it was like a repeat of his Oval Office address,” said William Delwiche, an investment strategist at Baird, a financial firm based in Milwaukee. | “When Trump started talking, stocks went down, and it was like a repeat of his Oval Office address,” said William Delwiche, an investment strategist at Baird, a financial firm based in Milwaukee. |
| Mr. Delwiche was referring to the president’s speech on Wednesday evening, which disappointed investors and sent stock market futures tumbling during and after his remarks. The next morning, the market plunged so far and so fast that it had to be halted after tumbling 7 percent. It closed down 9.5 percent for the day, its worst single-day drop since the stock market crash of 1987. | Mr. Delwiche was referring to the president’s speech on Wednesday evening, which disappointed investors and sent stock market futures tumbling during and after his remarks. The next morning, the market plunged so far and so fast that it had to be halted after tumbling 7 percent. It closed down 9.5 percent for the day, its worst single-day drop since the stock market crash of 1987. |
| On Friday, stocks started turning “in a hurry” once the president yielded the podium to public-health doctors and business leaders, Mr. Delwiche said. “It’s not just politicians being leaders, it’s doctors being leaders and business people being leaders.” | On Friday, stocks started turning “in a hurry” once the president yielded the podium to public-health doctors and business leaders, Mr. Delwiche said. “It’s not just politicians being leaders, it’s doctors being leaders and business people being leaders.” |
| Shares of Google also jumped more than 9 percent after Mr. Trump said the administration was working with the company to develop a website to determine whether an individual needed a test — a move aimed at avoiding overwhelming the health system with people who are ill but do not necessarily need to be tested for coronavirus. Google later said the site would initially only be used around San Francisco, “with the hope of expanding it more broadly over time.” | Shares of Google also jumped more than 9 percent after Mr. Trump said the administration was working with the company to develop a website to determine whether an individual needed a test — a move aimed at avoiding overwhelming the health system with people who are ill but do not necessarily need to be tested for coronavirus. Google later said the site would initially only be used around San Francisco, “with the hope of expanding it more broadly over time.” |
| On Friday evening, House Speaker Nancy Pelosi told Democratic lawmakers she had reached an agreement with the Trump administration on a coronavirus relief package. The House was planning to pass it Friday night. The stimulus could help assuage investors’ fears that the economy is on the verge of a recession, especially as dozens of companies ask employees to work from home and cities impose restrictions on people’s movement, which in turn could affect consumer spending. | On Friday evening, House Speaker Nancy Pelosi told Democratic lawmakers she had reached an agreement with the Trump administration on a coronavirus relief package. The House was planning to pass it Friday night. The stimulus could help assuage investors’ fears that the economy is on the verge of a recession, especially as dozens of companies ask employees to work from home and cities impose restrictions on people’s movement, which in turn could affect consumer spending. |
| Investors hate uncertainty and had been looking for some decisive action from the federal government as the coronavirus outbreak, which began in China and has continued to grow exponentially, reaching the status of a pandemic earlier this week. The lack of clarity around the scope and severity of the global outbreak, along with limited and sporadic testing in the United States, had sent financial markets into a tailspin in recent weeks. | Investors hate uncertainty and had been looking for some decisive action from the federal government as the coronavirus outbreak, which began in China and has continued to grow exponentially, reaching the status of a pandemic earlier this week. The lack of clarity around the scope and severity of the global outbreak, along with limited and sporadic testing in the United States, had sent financial markets into a tailspin in recent weeks. |
| Updated June 24, 2020 | |
| 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. | 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 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. | 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. | 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. | 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. | 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. | 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. |
| 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. | 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. |
| 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 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. | 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. |
| At times, the markets acted inconsistently, plunging and then rising, and then plunging again, as each day brought new measures to contain the outbreak and new worries that the economy, workers and businesses would take a hit as a result of them. | At times, the markets acted inconsistently, plunging and then rising, and then plunging again, as each day brought new measures to contain the outbreak and new worries that the economy, workers and businesses would take a hit as a result of them. |
| Extensive efforts by governments and central banks to steady the ship have so far managed to forestall any major breakdowns in the financial system, but the question now is whether Americans will keep spending. | Extensive efforts by governments and central banks to steady the ship have so far managed to forestall any major breakdowns in the financial system, but the question now is whether Americans will keep spending. |
| The latest survey of consumer sentiment by the University of Michigan released on Friday showed that Americans were already slightly less confident in early March compared with February, as fears about coronavirus and its impact on the stock market began to spread. The university will release its next round of data at the end of the month. | The latest survey of consumer sentiment by the University of Michigan released on Friday showed that Americans were already slightly less confident in early March compared with February, as fears about coronavirus and its impact on the stock market began to spread. The university will release its next round of data at the end of the month. |
| Consumer spending is the lifeblood of the United States economy, and the psychology of the market is deeply entwined with the psychology of the consumer. The daily spending of millions of people — eating out, buying products, traveling — contributes directly to the profits of companies whose stocks investors trade. And when stocks climb, it feeds the confidence of those spenders. But that virtuous cycle can turn vicious: Slower spending pushes down stocks, and falling stocks push down spending. | Consumer spending is the lifeblood of the United States economy, and the psychology of the market is deeply entwined with the psychology of the consumer. The daily spending of millions of people — eating out, buying products, traveling — contributes directly to the profits of companies whose stocks investors trade. And when stocks climb, it feeds the confidence of those spenders. But that virtuous cycle can turn vicious: Slower spending pushes down stocks, and falling stocks push down spending. |
| “Generally, the consumer confidence numbers are fairly correlated to the stock market,” said Jurrien Timmer, director of global macro at Fidelity Investments. “Between everyone feeling very unsettled by the health emergency or whatever you want to call it, there’s a feedback loop on the markets as well.” | “Generally, the consumer confidence numbers are fairly correlated to the stock market,” said Jurrien Timmer, director of global macro at Fidelity Investments. “Between everyone feeling very unsettled by the health emergency or whatever you want to call it, there’s a feedback loop on the markets as well.” |