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~~Wall Street Set to Plunge With Global Markets in Turmoil: Live Updates~~	Wall Street Plunges With Global Markets in Turmoil: Live Updates
2020-03-18 13:18:10 UTC	2020-03-18 13:50:08 UTC (32 minutes later)
Stocks tumbled on Wednesday, as the coronavirus continued its relentless spread, governments ramped up efforts to contain it and investors continued to wait on lawmakers in Washington to take action on proposals to bolster the American economy.	Stocks tumbled on Wednesday, as the coronavirus continued its relentless spread, governments ramped up efforts to contain it and investors continued to wait for lawmakers in Washington to take action on proposals to bolster the American economy.
S&P 500 ~~futures~~ ~~tumbled,~~ ~~hitting~~ ~~their~~ ~~lowest~~ ~~limits~~ ~~for~~ ~~trading~~ ~~before~~ ~~the~~ ~~market~~ ~~opened.~~ Major European markets were 4 to 5 percent lower, following a late-day slump in Asian shares.	The S&P 500 fell more than 5 percent. Major European markets were 4 to 5 percent lower, following a late-day slump in Asian shares.
The significant drops represented another swing in sentiment on Wall Street. Stocks jumped on Tuesday as the White House called for urgent action to pump $1 trillion into the economy. But the calls so far haven’t been met with tangible action in the Senate. Treasury Secretary Steven Mnuchin met with Republican lawmakers on Tuesday and warned them that the unemployment rate in the United States could approach 20 percent without the intervention of robust economic stimulus measures.	The significant drops represented another swing in sentiment on Wall Street. Stocks jumped on Tuesday as the White House called for urgent action to pump $1 trillion into the economy. But the calls so far haven’t been met with tangible action in the Senate. Treasury Secretary Steven Mnuchin met with Republican lawmakers on Tuesday and warned them that the unemployment rate in the United States could approach 20 percent without the intervention of robust economic stimulus measures.
~~~~But~~ the renewed selling on Wednesday showed how fragile any gains have become as long as the virus continues to spread and the number of cases continues to grow at a staggering rate.~~	And the renewed selling on Wednesday showed how fragile any gains have become as long as the virus continues to spread and the number of cases continues to grow at a staggering rate. Analysts continue to downgrade their expectations for the global economy and corporate profits as measures to contain the virus become more extreme.
“We remain of the view that equity prices are only likely to find a floor once evidence emerges that the measures to contain the virus are proving successful,” analysts at Capital Economics wrote in a note Tuesday. “That is what happened in China, where equities had started to recover after their sharp falls in January, before the virus spread rapidly elsewhere.”	“We remain of the view that equity prices are only likely to find a floor once evidence emerges that the measures to contain the virus are proving successful,” analysts at Capital Economics wrote in a note Tuesday. “That is what happened in China, where equities had started to recover after their sharp falls in January, before the virus spread rapidly elsewhere.”
They noted that companies have yet to start revising their earnings expectations lower, and the global financial crisis showed that such revisions can take three months to show up after the stock markets’ peak. The analysts also attributed a recent tick up in bond yields partly to distressed selling, when companies need to get out of their holdings and dump them at any cost.	They noted that companies have yet to start revising their earnings expectations lower, and the global financial crisis showed that such revisions can take three months to show up after the stock markets’ peak. The analysts also attributed a recent tick up in bond yields partly to distressed selling, when companies need to get out of their holdings and dump them at any cost.
~~The~~ turmoil was evident in other markets as well. The British pound fell to its lowest level in 35 years against the American dollar, and oil prices tumbled. U.S. crude prices tumbled to a 17-year low to about $25.44 per barrel. Brent crude priced below $30 a barrel for the first time since 2016. Gold fell, as did bond prices.	Wednesday’s turmoil was evident in other markets as well. The British pound fell to its lowest level in 35 years against the American dollar, and oil prices tumbled. U.S. crude prices tumbled to a 17-year low to about $25.44 per barrel. Brent crude priced below $30 a barrel for the first time since 2016. Gold fell, as did bond prices.
World leaders are using military metaphors to describe their mobilizations to combat the economic effects of the coronavirus pandemic. “We must act like any wartime government and do whatever it takes to support our economy,” Prime Minister Boris Johnson of Britain said yesterday.	World leaders are using military metaphors to describe their mobilizations to combat the economic effects of the coronavirus pandemic. “We must act like any wartime government and do whatever it takes to support our economy,” Prime Minister Boris Johnson of Britain said yesterday.
As a share of their economies, the emergency spending packages recently announced in Britain, France, Germany and Spain resemble wartime efforts, explains today’s DealBook newsletter.	As a share of their economies, the emergency spending packages recently announced in Britain, France, Germany and Spain resemble wartime efforts, explains today’s DealBook newsletter.
Relatively speaking, the $1 trillion fiscal package currently being debated by Congress would need to be three or four times larger to match them. The U.S. budget deficit is currently running around 5 percent of G.D.P.; it reached 27 percent during World War II.	Relatively speaking, the $1 trillion fiscal package currently being debated by Congress would need to be three or four times larger to match them. The U.S. budget deficit is currently running around 5 percent of G.D.P.; it reached 27 percent during World War II.
President Trump is scheduled to meet with airline executives on Wednesday, as industry representatives lobbied Congress for a bailout for the industry.	President Trump is scheduled to meet with airline executives on Wednesday, as industry representatives lobbied Congress for a bailout for the industry.
Get an informed guide to the global outbreak with our daily coronavirus	Get an informed guide to the global outbreak with our daily coronavirus
newsletter.	newsletter.
The industry has proposed a more than $50 billion rescue package. The Trump administration has said that it wants to help airlines, and intends to include aid for them in a broader $850 billion package of economic stimulus measures that it is proposing as a response to the outbreak.	The industry has proposed a more than $50 billion rescue package. The Trump administration has said that it wants to help airlines, and intends to include aid for them in a broader $850 billion package of economic stimulus measures that it is proposing as a response to the outbreak.
Separately, Democratic leaders in the House spoke with airline chief executives by phone Tuesday afternoon after hearing from Treasury Secretary Steven Mnuchin, who has been a central point of contact within the administration.	Separately, Democratic leaders in the House spoke with airline chief executives by phone Tuesday afternoon after hearing from Treasury Secretary Steven Mnuchin, who has been a central point of contact within the administration.
In Tuesday’s call, the airline executives and members of Congress specifically discussed limiting executive bonuses and share buybacks, and protecting employees from layoffs or furloughs. They also discussed protecting collective bargaining and reversing any union concessions when the industry recovers. The airlines indicated that furloughs would be a last resort, according to a person familiar with the call, but unauthorized to discuss it publicly.	In Tuesday’s call, the airline executives and members of Congress specifically discussed limiting executive bonuses and share buybacks, and protecting employees from layoffs or furloughs. They also discussed protecting collective bargaining and reversing any union concessions when the industry recovers. The airlines indicated that furloughs would be a last resort, according to a person familiar with the call, but unauthorized to discuss it publicly.
Airlines for America, an industry association, asked the federal government on Monday for a $58 billion bailout, equally split between grants and loans and loan guarantees, for passenger and cargo airlines. It is also seeking help in the form of a temporary tax break.	Airlines for America, an industry association, asked the federal government on Monday for a $58 billion bailout, equally split between grants and loans and loan guarantees, for passenger and cargo airlines. It is also seeking help in the form of a temporary tax break.

The European Central Bank on Wednesday rejected statements by a member of its policymaking panel who had suggested the bank could not do any more to combat the coronavirus crisis.	The European Central Bank on Wednesday rejected statements by a member of its policymaking panel who had suggested the bank could not do any more to combat the coronavirus crisis.
“The E.C.B. stands ready to adjust all of its measures, as appropriate, should this be needed to safeguard liquidity conditions in the banking system and to ensure the smooth transmission of its monetary policy in all jurisdictions,” the bank said, in an unusual repudiation of one of its own officials.	“The E.C.B. stands ready to adjust all of its measures, as appropriate, should this be needed to safeguard liquidity conditions in the banking system and to ensure the smooth transmission of its monetary policy in all jurisdictions,” the bank said, in an unusual repudiation of one of its own officials.
The central bank was reacting to comments by Robert Holzmann, president of the Austrian National Bank, who is also a member of its own governing council.	The central bank was reacting to comments by Robert Holzmann, president of the Austrian National Bank, who is also a member of its own governing council.
In an interview published on Wednesday, Mr. Holzmann told the Vienna newspaper Der Standard that “monetary policy has reached its limits” and that it was up to governments to deal with the consequences of the crisis.	In an interview published on Wednesday, Mr. Holzmann told the Vienna newspaper Der Standard that “monetary policy has reached its limits” and that it was up to governments to deal with the consequences of the crisis.
After the interview was published, Mr. Holzmann retracted those remarks. “Monetary policy is a long way from reaching its limits,” he said in a statement issued by the Austrian central bank.	After the interview was published, Mr. Holzmann retracted those remarks. “Monetary policy is a long way from reaching its limits,” he said in a statement issued by the Austrian central bank.
The European Central Bank has been struggling with communication gaffes since its president, Christine Lagarde, made comments last week that were interpreted to mean that the bank would not protect a country like Italy should its borrowing costs rise to unsustainable levels.	The European Central Bank has been struggling with communication gaffes since its president, Christine Lagarde, made comments last week that were interpreted to mean that the bank would not protect a country like Italy should its borrowing costs rise to unsustainable levels.
Treasury Secretary Steven Mnuchin warned Republican senators on Tuesday that the unemployment rate in the United States could approach 20 percent without the intervention of robust economic stimulus measures, according to people familiar with the discussion.	Treasury Secretary Steven Mnuchin warned Republican senators on Tuesday that the unemployment rate in the United States could approach 20 percent without the intervention of robust economic stimulus measures, according to people familiar with the discussion.
The comments came while Mr. Mnuchin was making the White House’s pitch to lawmakers to back a $1 trillion fiscal stimulus package that would include $250 billion of checks being sent to Americans suffering from the fallout of the coronavirus epidemic.	The comments came while Mr. Mnuchin was making the White House’s pitch to lawmakers to back a $1 trillion fiscal stimulus package that would include $250 billion of checks being sent to Americans suffering from the fallout of the coronavirus epidemic.
Mr. Mnuchin said that the jobless rate could go up by 5, 10 or 15 percentage points if there is no intervention, according to two people familiar with his comments. The jobless rate currently sits at 3.5 percent.	Mr. Mnuchin said that the jobless rate could go up by 5, 10 or 15 percentage points if there is no intervention, according to two people familiar with his comments. The jobless rate currently sits at 3.5 percent.
Monica Crowley, a spokeswoman for Mr. Mnuchin, said that the Treasury secretary’s comments were not a projection and that because Congress was taking additional action, he did not believe the unemployment rate would reach 20 percent.	Monica Crowley, a spokeswoman for Mr. Mnuchin, said that the Treasury secretary’s comments were not a projection and that because Congress was taking additional action, he did not believe the unemployment rate would reach 20 percent.
“During the meeting with Senate Republicans today, Secretary Mnuchin used several mathematical examples for illustrative purposes, but he never implied this would be the case,” Ms. Crowley said in a statement.	“During the meeting with Senate Republicans today, Secretary Mnuchin used several mathematical examples for illustrative purposes, but he never implied this would be the case,” Ms. Crowley said in a statement.
The Trump administration has spoken with large technology companies about how their access to geolocation data from smartphones can aid in the response to the coronavirus pandemic.	The Trump administration has spoken with large technology companies about how their access to geolocation data from smartphones can aid in the response to the coronavirus pandemic.
At a recent meeting, a group of tech companies discussed the use of anonymous, aggregated geolocation data to respond to the spread of the virus with the White House and other administration officials, according to two people with knowledge of the matter. They also discussed how that would intersect with user privacy, the people said.	At a recent meeting, a group of tech companies discussed the use of anonymous, aggregated geolocation data to respond to the spread of the virus with the White House and other administration officials, according to two people with knowledge of the matter. They also discussed how that would intersect with user privacy, the people said.
The Centers for Disease Control asked during the meeting about the prospect of using the data to track demand for hospitals around the country, which are expected to be deluged by patients, one of the people said. The conversations were first reported by The Washington Post.	The Centers for Disease Control asked during the meeting about the prospect of using the data to track demand for hospitals around the country, which are expected to be deluged by patients, one of the people said. The conversations were first reported by The Washington Post.
The possible use of geolocation data raises questions about user privacy, especially as policymakers are increasingly asking about the power of major tech companies like Amazon, Facebook and Google.	The possible use of geolocation data raises questions about user privacy, especially as policymakers are increasingly asking about the power of major tech companies like Amazon, Facebook and Google.
But analysis of aggregated data would be different from aggressive measures to track individual patients using their phones. In Israel, for example, the government has moved to use cellphone data to retrace the steps of virus patients.	But analysis of aggregated data would be different from aggressive measures to track individual patients using their phones. In Israel, for example, the government has moved to use cellphone data to retrace the steps of virus patients.
The coronavirus pandemic is exposing the fragile situations of gig economy workers — the Uber and Lyft drivers, food-delivery couriers and TaskRabbit furniture builders who are behind the convenience-as-a-service apps that are now part of everyday life. Classified as freelancers and not full-time employees, these workers have few protections like guaranteed wages, sick pay and health care, which are benefits that are critical in a crisis.	The coronavirus pandemic is exposing the fragile situations of gig economy workers — the Uber and Lyft drivers, food-delivery couriers and TaskRabbit furniture builders who are behind the convenience-as-a-service apps that are now part of everyday life. Classified as freelancers and not full-time employees, these workers have few protections like guaranteed wages, sick pay and health care, which are benefits that are critical in a crisis.
While gig economy companies like Uber and DoorDash have promoted themselves as providing flexible work that can be lifelines to workers during economic downturns, interviews with 20 ride-hailing drivers and food delivery couriers in Europe and the United States over the past week showed that the services have been anything but that.	While gig economy companies like Uber and DoorDash have promoted themselves as providing flexible work that can be lifelines to workers during economic downturns, interviews with 20 ride-hailing drivers and food delivery couriers in Europe and the United States over the past week showed that the services have been anything but that.
Instead, as the fallout from the virus spreads, gig workers’ earnings have plummeted and many have become disgruntled about the lack of health care. Public health agencies have recommended social isolation to insulate people from the outbreak, but these workers must continue interacting with others to pay their bills.	Instead, as the fallout from the virus spreads, gig workers’ earnings have plummeted and many have become disgruntled about the lack of health care. Public health agencies have recommended social isolation to insulate people from the outbreak, but these workers must continue interacting with others to pay their bills.
BMW of Germany became the last major European carmaker to shut down manufacturing in Europe, saying on Wednesday its factories would remain closed until April 19. The company will also stop production in South Africa. Toyota also said on Wednesday that it would close its European plants.	BMW of Germany became the last major European carmaker to shut down manufacturing in Europe, saying on Wednesday its factories would remain closed until April 19. The company will also stop production in South Africa. Toyota also said on Wednesday that it would close its European plants.