The US Stock Market surged Monday despite growing fears of a potential Coronavirus outbreak on US soil; with the Dow Jones jumping 1300 points at the closing bell.
“The Dow Jones Industrial Average traded 1,126 points higher, or 4.4%. The S&P 500 and the Nasdaq Composite climbed 3.9% and 3.7%, respectively. Those gains would snap a seven-day losing streak for the Dow and the S&P 500,” reports CNBC.
“The market has been conditioned to buy on any weakness,” said Keith Buchanan, a prominent manager at GLOBALT. “I think we’ll look back at these past few years at some point as some level of complacency.”
“Buying the dip takes more bravery now,” Buchanan added.
CORONAVIRUS in NYC: Manhattan Woman Diagnosed with Coronavirus After Traveling to Iran
New York Governor Andrew Cuomo confirmed the state’s first case of Coronavirus in Manhattan over the weekend; raising health concerns over a potential outbreak in the country’s largest city.
“We have learned of the 1st positive case of COVID-19 in NY. The patient contracted the virus while in Iran & is isolated. There is no reason for undue anxiety—the general risk remains low in NY. We are diligently managing this situation &will provide info as it becomes available,” posted the Governor on social media.
We have learned of the 1st positive case of COVID-19 in NY. The patient contracted the virus while in Iran & is isolated
There is no reason for undue anxiety—the general risk remains low in NY. We are diligently managing this situation &will provide info as it becomes available. pic.twitter.com/rLnObvrg3R
— Andrew Cuomo (@NYGovCuomo) March 2, 2020
“The patient has respiratory symptoms, but is not in serious condition and has been in a controlled situation since arriving to New York,” Governor Cuomo said in a statement.
“Gov. Andrew M. Cuomo on Sunday confirmed New York State’s first case of the coronavirus, saying that a woman contracted the virus while traveling in Iran and is now in New York City isolated in her home,” writes the New York Times. “A woman in her 30s who had traveled in Iran contracted the virus and is now isolated at home.”
Read the full report here.
Source: New York Times
BREAKING: CDC Says Coronavirus Will Likely ‘Become a Global Pandemic,' Urges Americans to Prepare
Officials at the Centers for Disease Control confirmed Tuesday afternoon that the deadly Coronavirus will likely “become a global pandemic” in the coming days.
“Current global circumstances suggest it’s likely this virus will cause a pandemic,” Anne Schuchat, principal deputy director of the Centers for Disease Control and Prevention told reporters.
“It’s not so much a question of if this will happen any more, but rather more a question of when this will happen and how many people in this country will become infected and how many of those will develop severe or more complicated disease,” she added.
The virus has infected more than 80,000 people -mostly in China- and killed upwards of 3,000. Recent outbreaks in Italy and Iran have drastically increased the likelihood of a major outbreak somewhere in the United States.
“We must use this time to continue to prepare for the event of community transmission in the United States,” Schuchat said. “Part of that preparation is educating the public and our state, local and private sector partners about what transition from aggressive containment measures to community measures or community mitigation would look like should we end up there.”
Read the full report here.