Thursday, March 12, 2020
NHL plans to suspend season due to coronavirus
CNBC PUBLISHED THU, MAR 12 2020
KEY POINTS
The NHL plans to suspend its season due to the spread of the coronavirus.
The decision comes less that a day after a flurry of game cancellations and season suspensions from all over the sports world.
Major League Soccer and the NBA have also suspended their seasons.
A general view of the arena bowl prior to NHL action between the Winnipeg Jets and the St. Louis Blues in Game One of the Western Conference First Round during the 2019 NHL Stanley Cup Playoffs at the Bell MTS Place on April 10, 2019 in Winnipeg, Manitoba, Canada. Jonathan Kozub | NHLI | Getty Images
The National Hockey League is expected to suspended its 2019-2020 regular season due to concerns surrounding the coronavirus, a person with knowledge of the situation told CNBC.
The person asked not to be identified as the league has not made an official announcement, which is expected later Thursday. The NHL did not immediately respond to a request for comment.
he New York Post first reported the NHL would suspend its season, which would come after a flurry of cancellations in the sports world.
Earlier Thursday, Major League Soccer announced the suspension of its season for 30 days due to the fast-spreading outbreak. Organizers also announced the PGA Tour will play without fans until at least April 5.
Late Wednesday, the NBA suspended its season after a Utah Jazz player tested positive tested positive for COVID-19.
Within the U.S., at least 1,300 coronavirus cases have been confirmed, according to data compiled from Johns Hopkins University.
Earlier this week, the NHL and other major sports leagues changed locker room access to reduce the risk of spreading the novel coronavirus.
More sports shut down as virus fears grip US
Issued on: 12/03/2020 Los Angeles (AFP)
Swathes of the North American sports world went into lockdown on Thursday as fears over the coronavirus outbreak forced leagues to halt play and bar spectators from high-profile events.
A day after the NBA shocked US sport by announcing an indefinite suspension of the basketball season, Major League Soccer followed suit by announcing a 30-day halt to the competition.
The United States Soccer Federation has also cancelled upcoming international friendlies and training camps at all levels, scrapping two US men's games against the Netherlands and Wales later this month.
Two US women's fixtures -- against Australia in Utah on April 10 and another against Brazil in San Jose California on April 14 -- were also axed.
In Florida, the ATP/WTA Miami Open was called off as Miami-Dade County Mayor Carlos Gimenez declared a state of emergency over the outbreak.
The hardcourt tennis tournament, one of the world's top events outside of the Grand Slams, was scheduled to begin with qualifying on March 23 and run through April 5.
The decision followed the cancellation of the Indian Wells tournament due to take place in California this week. ATP Tour chiefs in London later declared a six-week suspension of the tennis calendar.
Other sports, meanwhile, were preparing to stage events without spectators following warnings from US health officials that large gatherings of fans posed a risk of escalating the outbreak.
- Golf fans locked out -
The opening leg of IndyCar's 2020 season will get under way on Sunday against a backdrop of empty viewing stands after spectators were banned by city officials in St. Petersburg, Florida.
"I don't make this decision lightly," said St. Petersburg Mayor Rick Kriseman after announcing the lockout.
"I strongly believe life must carry on, as best we are able. But the reality now is that's just not possible. I am disappointed. I love this race. But I love this city and our residents more."
In golf, meanwhile, the PGA Tour announced a ban on spectators at all of its events starting with Friday's second round at The Players Championship in Ponte Vedra Beach in Florida.
The specator runs all the way up to the final tune-up event before next month's Masters at Augusta, the opening major of the seasons.
"I feel pain for the spectators," said South Africa-born Slovakian golfer Rory Sabbatini on Thursday. "I hope we can get this under control and get everybody back out there.
"It makes you realize how interconnected the entire planet is these days. It makes you realize in the global picture how really small we are."
The swathe of cancellations, suspensions and spectator lockouts is unprecedented in the history of modern US sport, with only the shutdown following the September 11, 2001 attacks coming close to matching the present turmoil.
- Positive case 'tipping point' -
Sports team officials said Thursday that the shutdown became inevitable after the disclosure on Wednesday that Utah Jazz basketball player Rudy Gobert had tested positive for the virus.
The NBA immediately announced all play in the league had been suspended until further notice.
"I thought for the past week that as soon as a player tested positive, it could be a tipping point," said Jorge Mas, one of the co-owners of David Beckham's MLS team Inter Miami.
Inter Miami had been due to play their first ever home game this weekend.
Mas said while fans and players would be disappointed, the MLS and its teams had been left with no other choice.
"(The players) were looking forward to opening up at home for the first time in front of a raucous crowd but they understand this is beyond our control," Mas said. "It's the right and correct decision."
Major League Baseball chiefs, meanwhile, were expected to hold a conference call with its teams over how to proceed with the season, due to get under way later this month.
Inter Miami owner Mas believes a shutdown in baseball is inevitable.
"I think MLB will also postpone their opening day. It's the prudent thing to do," Mas said.
© 2020 AFP
CNBC PUBLISHED THU, MAR 12 2020
KEY POINTS
The NHL plans to suspend its season due to the spread of the coronavirus.
The decision comes less that a day after a flurry of game cancellations and season suspensions from all over the sports world.
Major League Soccer and the NBA have also suspended their seasons.
A general view of the arena bowl prior to NHL action between the Winnipeg Jets and the St. Louis Blues in Game One of the Western Conference First Round during the 2019 NHL Stanley Cup Playoffs at the Bell MTS Place on April 10, 2019 in Winnipeg, Manitoba, Canada. Jonathan Kozub | NHLI | Getty Images
The National Hockey League is expected to suspended its 2019-2020 regular season due to concerns surrounding the coronavirus, a person with knowledge of the situation told CNBC.
The person asked not to be identified as the league has not made an official announcement, which is expected later Thursday. The NHL did not immediately respond to a request for comment.
he New York Post first reported the NHL would suspend its season, which would come after a flurry of cancellations in the sports world.
Earlier Thursday, Major League Soccer announced the suspension of its season for 30 days due to the fast-spreading outbreak. Organizers also announced the PGA Tour will play without fans until at least April 5.
Late Wednesday, the NBA suspended its season after a Utah Jazz player tested positive tested positive for COVID-19.
Within the U.S., at least 1,300 coronavirus cases have been confirmed, according to data compiled from Johns Hopkins University.
Earlier this week, the NHL and other major sports leagues changed locker room access to reduce the risk of spreading the novel coronavirus.
More sports shut down as virus fears grip US
Issued on: 12/03/2020 Los Angeles (AFP)
Swathes of the North American sports world went into lockdown on Thursday as fears over the coronavirus outbreak forced leagues to halt play and bar spectators from high-profile events.
A day after the NBA shocked US sport by announcing an indefinite suspension of the basketball season, Major League Soccer followed suit by announcing a 30-day halt to the competition.
The United States Soccer Federation has also cancelled upcoming international friendlies and training camps at all levels, scrapping two US men's games against the Netherlands and Wales later this month.
Two US women's fixtures -- against Australia in Utah on April 10 and another against Brazil in San Jose California on April 14 -- were also axed.
In Florida, the ATP/WTA Miami Open was called off as Miami-Dade County Mayor Carlos Gimenez declared a state of emergency over the outbreak.
The hardcourt tennis tournament, one of the world's top events outside of the Grand Slams, was scheduled to begin with qualifying on March 23 and run through April 5.
The decision followed the cancellation of the Indian Wells tournament due to take place in California this week. ATP Tour chiefs in London later declared a six-week suspension of the tennis calendar.
Other sports, meanwhile, were preparing to stage events without spectators following warnings from US health officials that large gatherings of fans posed a risk of escalating the outbreak.
- Golf fans locked out -
The opening leg of IndyCar's 2020 season will get under way on Sunday against a backdrop of empty viewing stands after spectators were banned by city officials in St. Petersburg, Florida.
"I don't make this decision lightly," said St. Petersburg Mayor Rick Kriseman after announcing the lockout.
"I strongly believe life must carry on, as best we are able. But the reality now is that's just not possible. I am disappointed. I love this race. But I love this city and our residents more."
In golf, meanwhile, the PGA Tour announced a ban on spectators at all of its events starting with Friday's second round at The Players Championship in Ponte Vedra Beach in Florida.
The specator runs all the way up to the final tune-up event before next month's Masters at Augusta, the opening major of the seasons.
"I feel pain for the spectators," said South Africa-born Slovakian golfer Rory Sabbatini on Thursday. "I hope we can get this under control and get everybody back out there.
"It makes you realize how interconnected the entire planet is these days. It makes you realize in the global picture how really small we are."
The swathe of cancellations, suspensions and spectator lockouts is unprecedented in the history of modern US sport, with only the shutdown following the September 11, 2001 attacks coming close to matching the present turmoil.
- Positive case 'tipping point' -
Sports team officials said Thursday that the shutdown became inevitable after the disclosure on Wednesday that Utah Jazz basketball player Rudy Gobert had tested positive for the virus.
The NBA immediately announced all play in the league had been suspended until further notice.
"I thought for the past week that as soon as a player tested positive, it could be a tipping point," said Jorge Mas, one of the co-owners of David Beckham's MLS team Inter Miami.
Inter Miami had been due to play their first ever home game this weekend.
Mas said while fans and players would be disappointed, the MLS and its teams had been left with no other choice.
"(The players) were looking forward to opening up at home for the first time in front of a raucous crowd but they understand this is beyond our control," Mas said. "It's the right and correct decision."
Major League Baseball chiefs, meanwhile, were expected to hold a conference call with its teams over how to proceed with the season, due to get under way later this month.
Inter Miami owner Mas believes a shutdown in baseball is inevitable.
"I think MLB will also postpone their opening day. It's the prudent thing to do," Mas said.
© 2020 AFP
Violence as Chile marks right-winger Pinera's two years in power
Issued on: 12/03/2020
A demonstrator with a placard that reads "Get out Pinera"
takes part in a protest against Chile's government in Santiago,
Chile, March 11, 2020. © Cristobal Saavedra Voguel, REUTERS
Text by:NEWS WIRES
Students clashed with riot police in Chile's capital Santiago during protests that marked the second anniversary of conservative President Sebastian Pinera taking office on Wednesday.
The protests coincided with the 30th anniversary of Chile's return to democracy after Augusto Pinochet's 1973-1990 dictatorship.
During a ceremony in Santiago, Pinera said that 30 years of democratic rule in Chile had been a "fertile" period that dragged eight million Chileans out of poverty.
But he also recognized shortcomings and inequalities that hurt "the soul of our nation."
"We have not sufficiently taken into account the fears and shortcomings of our middle class. We have not progressed strongly enough towards full equality between men and women. We have not fought with sufficient will against the abuses and the privileges of others," said Pinera.
Fueled by outrage at Pinera and the Chilean elite that controls most of the country's wealth, the South American nation has seen since October its worst social unrest since the transition to democracy in 1990.
Thirty people have been killed in the protests, many as a result of a heavy-handed police response condemned as repressive by UN investigators. Thousands have been wounded.
The main aim of the continuing protests is to pressure Pinera to expand social reforms he has already proposed.
The most serious of Wednesday's disturbances occurred outside the landmark National Institute school in the center of Santiago, just a few blocks from the presidential palace, where police fired tear gas and water cannon to disperse stone-throwing students.
The demonstration gained momentum through the afternoon, when other protesters joined the students.
"Before, we protested in Plaza Italia, and now we are here," said Rodrigo Lagos, a teacher, referring to the square where most of the protests have begun.
"If (Pinera) doesn't leave the easy way, he's going to have to leave the hard way," added the 46-year-old.
The clashes disrupted traffic through the center of Santiago for several hours.
Similar incidents took place elsewhere in the capital, as demonstrators responded to social media appeals to protest against Pinera.
Several metro stations were shut because of the violence, and some transport routes to the south of the city were suspended.
(AFP)
The Chilean government celebrated 30 years of democracy in the country. Students, however, staged massive protests to call out the president’s response to income inequality.
As Chile celebrated three decades of democracy on Wednesday, students across the national capital ramped up protests against President Sebastian Pinera over income inequality in the country.
"We must combat violence and care for our democracy," said Pinera, in a speech at the presidential palace. "Democracy is never guaranteed."
Read more: Chile president under fire over gender violence remarks
Chile has seen a series of mass protests against inequality since October last year, when the government attempted to raise metro fares. Pinera has been under fire for the strong police response to these protests, including a liberal use of tear gas.
Students have taken an active part in these civil disobedience protests, even blocking public transportation by sitting with their legs dangling over the lines at multiple metro stations. One of the top trending topics on Twitter in Chile has been #FueraPinera or "Pinera Out."
Chilean dictator Augusto Pinochet handed over power to Patricio Aylwin on March 11, 1990, which marked the country's return to democracy after Pinochet came to power in 1973. Numerous cases of government excesses — including torture and killings — were reported during this period.
Brutal beating by Chilean police caught on CCTV
Multiple cases of police brutality have been reported during protests against Pinera, who has been in office for two years. Many opposition legislators chose to boycott the celebratory event at the presidential palace in light of the authorities' response to protesters.
Pinera addressed the protests during his speech, as he talked about the "many problems that have caused great pain to the soul of our nation and that undoubtedly require the commitment and contribution of all Chileans."
see/rc (Reuters, dpa)
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AUDIOS AND VIDEOS ON THE TOPIC
New clashes between protesters and police in Chile
Date 12.03.2020
Related Subjects Chile
Keywords Chile, protests, income inequality, student protests
UNLIKE TRUMP
Canada’s Justin Trudeau is self-isolating while his wife waits on coronavirus test results
PUBLISHED THU, MAR 12 2020
KEY POINTS
Canadian Prime Minister Justin Trudeau is self-isolating at home while his wife, Sophie Gregoire, awaits the results of a test for COVID-19, the disease caused by coronavirus, a spokesperson said Thursday.
“The doctor’s advice to the Prime Minister is to continue daily activities while self-monitoring, given he is exhibiting no symptoms himself,” Cameron Ahmad, Trudeau’s communications director, wrote in a statement.
The rapidly evolving pandemic has threatened to bring global economic activity to a virtual stand-still. It has also sparked fears in the U.S. and elsewhere that major decision-makers could be infected.
Canada’s Prime Minister Justin Trudeau and his wife Sophie Gregorie Trudeau arrive for The Throne Speech at the Senate of Canada on December 5, 2019 in Ottawa.
Dave Chan | AFP | Getty Images
Canadian Prime Minister Justin Trudeau is self-isolating at home while his wife, Sophie Gregoire, awaits the results of a test for COVID-19, the disease caused by coronavirus, a spokesperson said Thursday.
“The doctor’s advice to the Prime Minister is to continue daily activities while self-monitoring, given he is exhibiting no symptoms himself,” Cameron Ahmad, Trudeau’s communications director, wrote in a statement. “However, out of an abundance of caution, the Prime Minister is opting to self-isolate and work from home until receiving Sophie’s results.”
Canada’s Justin Trudeau is self-isolating while his wife waits on coronavirus test results
PUBLISHED THU, MAR 12 2020
KEY POINTS
Canadian Prime Minister Justin Trudeau is self-isolating at home while his wife, Sophie Gregoire, awaits the results of a test for COVID-19, the disease caused by coronavirus, a spokesperson said Thursday.
“The doctor’s advice to the Prime Minister is to continue daily activities while self-monitoring, given he is exhibiting no symptoms himself,” Cameron Ahmad, Trudeau’s communications director, wrote in a statement.
The rapidly evolving pandemic has threatened to bring global economic activity to a virtual stand-still. It has also sparked fears in the U.S. and elsewhere that major decision-makers could be infected.
Canada’s Prime Minister Justin Trudeau and his wife Sophie Gregorie Trudeau arrive for The Throne Speech at the Senate of Canada on December 5, 2019 in Ottawa.
Dave Chan | AFP | Getty Images
Canadian Prime Minister Justin Trudeau is self-isolating at home while his wife, Sophie Gregoire, awaits the results of a test for COVID-19, the disease caused by coronavirus, a spokesperson said Thursday.
“The doctor’s advice to the Prime Minister is to continue daily activities while self-monitoring, given he is exhibiting no symptoms himself,” Cameron Ahmad, Trudeau’s communications director, wrote in a statement. “However, out of an abundance of caution, the Prime Minister is opting to self-isolate and work from home until receiving Sophie’s results.”
Gregoire recently returned from a speaking engagement in London and began exhibiting “mild flu-like symptoms including a low fever” late on Wednesday, according to the statement. Gregoire is also self-isolating at home and her symptoms have subsided.
There have been 117 confirmed cases of coronavirus in Canada, according to data from Johns Hopkins University.
Trudeau will spend Thursday in briefings, phone calls and virtual meetings from home, Ahmad said, including a discussion with a federal committee Trudeau announced earlier in March to coordinate the government’s response to the public health crisis.
The rapidly evolving pandemic has threatened to bring global economic activity to a virtual stand-still. It has also sparked fears in the U.S. and elsewhere that major decision-makers could be infected.
Earlier on Thursday, media reports said that a Brazilian official who dined with President Donald Trump at his Florida golf resort over the weekend has tested positive for coronavirus. Trump said he’s not concerned.
Those reports came after Trump had contact with two U.S. congressmen before they self-quarantined over coronavirus fears. At least one of those lawmakers has since tested negative.
Former Vice President Joe Biden, the leading contender for the Democratic nomination, formed a coronavirus committee on Wednesday to advise his campaign on minimizing risk from the pandemic.Both Biden and his rival Sen. Bernie Sanders canceled rallies this week in Ohio because of coronavirus. Health officials have warned against holding large public gatherings, where the virus can spread to many people rapidly.
Health officials say older individuals and those with chronic health problems are more vulnerable to coronavirus. While Trump, Biden and Sanders are all in their 70s, Trudeau is 48.
Coronavirus has infected more than 127,749 people around the world and killed at least 4,717.
Canada PM working from home as wife tested for COVID-19
Issued on: 12/03/2020
Ottawa (Canada) (AFP)
Canadian Prime Minister Justin Trudeau and his wife announced they were self-isolating Thursday as she undergoes tests for the new coronavirus after returning from a speaking engagement with "mild flu-like symptoms."
Sophie Gregoire-Trudeau's symptoms have subsided since she recently got back from Britain, but as a precaution the prime minister "will spend the day in briefings, phone calls and virtual meetings from home," according to a statement.
Trudeau also cancelled a meeting Thursday and Friday with Canada's provincial and territorial leaders in Ottawa, but still planned to speak with them and world leaders by phone about measures being taken to curb the spread of the virus in Canada.
Gregoire-Trudeau's symptoms had included "a low fever late last night." She immediately sought medical advice and testing.
Trudeau has exhibited no symptoms, and was advised by doctors "to continue daily activities while self-monitoring."
"However, out of an abundance of caution, the prime minister is opting to self-isolate and work from home until receiving Sophie's results," said his office.
Since the novel coronavirus first emerged in late December 2019, 127,070 cases have been recorded in 115 countries and territories, killing 4,687 people, according to an AFP tally compiled at 1200 GMT on Thursday based on official sources.
Canada has so far reported more than 100 cases in six provinces, and one death.
© 2020 AFP
There have been 117 confirmed cases of coronavirus in Canada, according to data from Johns Hopkins University.
Trudeau will spend Thursday in briefings, phone calls and virtual meetings from home, Ahmad said, including a discussion with a federal committee Trudeau announced earlier in March to coordinate the government’s response to the public health crisis.
The rapidly evolving pandemic has threatened to bring global economic activity to a virtual stand-still. It has also sparked fears in the U.S. and elsewhere that major decision-makers could be infected.
Earlier on Thursday, media reports said that a Brazilian official who dined with President Donald Trump at his Florida golf resort over the weekend has tested positive for coronavirus. Trump said he’s not concerned.
Those reports came after Trump had contact with two U.S. congressmen before they self-quarantined over coronavirus fears. At least one of those lawmakers has since tested negative.
Former Vice President Joe Biden, the leading contender for the Democratic nomination, formed a coronavirus committee on Wednesday to advise his campaign on minimizing risk from the pandemic.Both Biden and his rival Sen. Bernie Sanders canceled rallies this week in Ohio because of coronavirus. Health officials have warned against holding large public gatherings, where the virus can spread to many people rapidly.
Health officials say older individuals and those with chronic health problems are more vulnerable to coronavirus. While Trump, Biden and Sanders are all in their 70s, Trudeau is 48.
Coronavirus has infected more than 127,749 people around the world and killed at least 4,717.
Canada PM working from home as wife tested for COVID-19
Issued on: 12/03/2020
Ottawa (Canada) (AFP)
Canadian Prime Minister Justin Trudeau and his wife announced they were self-isolating Thursday as she undergoes tests for the new coronavirus after returning from a speaking engagement with "mild flu-like symptoms."
Sophie Gregoire-Trudeau's symptoms have subsided since she recently got back from Britain, but as a precaution the prime minister "will spend the day in briefings, phone calls and virtual meetings from home," according to a statement.
Trudeau also cancelled a meeting Thursday and Friday with Canada's provincial and territorial leaders in Ottawa, but still planned to speak with them and world leaders by phone about measures being taken to curb the spread of the virus in Canada.
Gregoire-Trudeau's symptoms had included "a low fever late last night." She immediately sought medical advice and testing.
Trudeau has exhibited no symptoms, and was advised by doctors "to continue daily activities while self-monitoring."
"However, out of an abundance of caution, the prime minister is opting to self-isolate and work from home until receiving Sophie's results," said his office.
Since the novel coronavirus first emerged in late December 2019, 127,070 cases have been recorded in 115 countries and territories, killing 4,687 people, according to an AFP tally compiled at 1200 GMT on Thursday based on official sources.
Canada has so far reported more than 100 cases in six provinces, and one death.
© 2020 AFP
Dow cuts losses by more than half after Fed announces new dramatic funding actions to combat crisis
PUBLISHED WED, MAR 12, 2020
Steve Grasso: Markets looking for clarity
U.S. stocks recovered some of their steep losses on Thursday after the Federal Reserve announced extraordinary funding actions to ease strained capital markets in the wake of the coronavirus sell-off.
The Dow Jones Industrial Average traded 826 points lower, or 3.5% after plummeting more than 9% for its worst drop since the 1987 market crash. It was on pace for the sixth-worst decline for the Dow in history, according to FactSet. Even the worst one-day drop of 2008 financial crisis did not reach this magnitude.
The S&P 500 traded down 4.4%, joining the Dow in a bear market on Thursday. The main U.S. stock benchmark is now down 22% from its record set just last month. At one point, however, the S&P 500 was down more than 9%. The Nasdaq Composite recovered slightly, trading about 4.5% lower after plummeting more than 7%.
The Fed announced it will ramp up its overnight funding operations to more than $500 billion.
Stocks have been under pressure were initially under pressure since President Donald Trump failed to quell concerns over the possible economic slowdown stemming from the coronavirus.
It got so bad, that trading was halted briefly after the open for 15 minutes as markets hit the mandated “circuit-breaker” threshold used by U.S. exchanges. Not much was immune to the market plunge. Small-cap benchmark the Russell 2000 index cratered by 10%. Gold fell. Oil plunged. Credit market spreads widened significantly. Only U.S. Treasuries were higher. Even bitcoin dropped.
“We are going into a global recession,” said Mohamed El-Erian, chief economic adviser at Allianz, on CNBC’s “Squawk Box.” “After what’s been happening the last few days, we are going to see a spread of economic sudden stops.”
“The trouble with economic sudden stops is it’s not easy to restart an economy,” El-Erian said. He believes the selling won’t stop until the bear market hits down 30%.
In his address, Trump announced travel from Europe will be suspended for 30 days as part of the government’s response to the coronavirus outbreak. Trump also said the administration would provide financial relief for workers who are ill, caring for others due to the virus or are quarantined.
These moves were not specific enough for investors, however, who were looking for a more robust fiscal response to curb potentially slower economic growth stemming from the coronavirus.
“President Trump in an extraordinary Oval Office address didn’t offer up major new ideas on stimulus and only said he’d propose a vague payroll tax holiday to Congress without strongly standing up for any firm size/magnitude,” wrote Ernie Tedeschi, policy economist for Evercore ISI, in a note. “This effectively kicks the issue to Congress which is still planning to go on recess next week.”
Cruise line shares dropped sharply. Royal Caribbean traded 26.6% lower while Carnival and Norwegian Cruise Line slid 19% and 27.6%, respectively. Airline shares such as United, Delta and American all fell more than 12%.
The Cboe Volatility Index (VIX), widely considered the best fear gauge on Wall Street, jumped to more than 67 and hit its highest level since 2008.
Trading was halted for 15 minutes shorty as an initial 7% drop triggered “circuit breakers” at the New York Stock Exchange and Nasdaq. Before the open, futures contracts overnight tied to the major indexes fell to their so-called limit down thresholds, sliding 5%. These limit down levels act as a floor for selling until regular trading begins. They are used to ensure orderly markets.
Also causing concern about how pervasive the virus could already be in this country was the announcement Wednesday that the National Basketball Association is suspending its season after a Utah Jazz player tested positive for coronavirus. Movie actor Tom Hanks and his wife, Rita Wilson, also said they tested positive for the coronavirus.
“The crux of the angst investors are feeling as the coronavirus spreads surrounds what might happen to consumer spending,” wrote Scott Wren, senior global market strategist at Wells Fargo Investment Institute.
“Consumers sitting at home and not out spending money because they fear catching the coronavirus is the ultimate negative outcome,” he added. “It has been the U.S. consumer who has been driving the recovery bus during this long expansion.”
Thursday’s plunge came after yet another wild session on Wall Street and the demise of the Dow’s record-setting bull market run that began in March 2009. The blue-chip index tumbled 1,464.94 points, or 5.9%, to close at 23,553.22. The 30-stock average closed in a bear market, putting to end an expansion that started in 2009 amid the financial crisis.
The S&P 500 and Nasdaq Composite fared slightly better on Wednesday, down 4.89% and 4.7% respectively. Those two indexes also remain just outside of bear market territory albeit down at least 19% from their respective record closes.
“These markets have been impossible to predict,” said David Lafferty, chief market strategist at Natixis Investment Managers. “I think of them as kind of wind-sock markets. They’re just changing with whatever way sentiment is. There’s no fundamentals under these markets right now.”
Investors continued to blame the spread and economic impact of the coronavirus for the last month’s steep losses. The virus, which has now infected more than 124,000 people worldwide and killed at least 4,589, threatens to disrupt countries like Italy that have taken aggressive action to slow its spread. Italian Premier Giuseppe Conte announced late Wednesday that all the country’s stores except pharmacies and groceries will be closed in a move deemed both necessary to safeguard human health and a threat to the country’s output.
Wall Street worries that such measures could tip the global economy into recession, especially if Washington decides the disease is rampant enough in the U.S. to warrant similar measures. The World Health Organization declared COVID-19 a pandemic earlier on Wednesday.
—CNBC’s Eustance Huang contributed to this report.
Fed to pump more than $1 trillion in dramatic ramping up of market intervention
CNBC PUBLISHED THU, MAR 12 2020
KEY POINTS
The Fed announced a bold new initiative Thursday in an effort to calm market tumult.
In all, the new moves pump in up to $1.5 trillion into the financial system in an effort to combat potential freezes brought on by the coronavirus.
This was the second day in a row and the third time this week the Fed has stepped in.
Stocks staged a sharp turnaround from earlier losses, though some of those gains were pared.
The Federal Reserve has stepped into financial markets for the second day in a row and the third time this week, this time dramatically ramping up asset purchases amid the turmoil created by the coronavirus.
“These changes are being made to address highly unusual disruptions in Treasury financing markets associated with the coronavirus outbreak,” the New York Fed said in a statement released early Thursday afternoon amid a washout on Wall Street that was heading toward the worst day since 1987.
Stocks were off their lows following the announcement though some of the gains were pared as the market digested the moves.
One part of the announcement saw the Fed widen the scale for its $60 billion worth of money Treasury purchases, which to now had been confined to short-term T-bills.
Under the new regime, the Fed will extend its purchases “across a range of maturities” to include bills, notes, Treasury Inflation-Protected Securities and other instruments. The central bank will begin purchasing coupon-bearing securities, something market participants have been clamoring for since late 2019.
The purchases start Thursday and will continue through April 13.
The second part of the new operations will see the New York Fed desk offer $500 billion in a three-month repo operation and a one-month operation. The offerings will happen on a weekly basis through the remainder of the program.
PUBLISHED WED, MAR 12, 2020
Steve Grasso: Markets looking for clarity
U.S. stocks recovered some of their steep losses on Thursday after the Federal Reserve announced extraordinary funding actions to ease strained capital markets in the wake of the coronavirus sell-off.
The Dow Jones Industrial Average traded 826 points lower, or 3.5% after plummeting more than 9% for its worst drop since the 1987 market crash. It was on pace for the sixth-worst decline for the Dow in history, according to FactSet. Even the worst one-day drop of 2008 financial crisis did not reach this magnitude.
The S&P 500 traded down 4.4%, joining the Dow in a bear market on Thursday. The main U.S. stock benchmark is now down 22% from its record set just last month. At one point, however, the S&P 500 was down more than 9%. The Nasdaq Composite recovered slightly, trading about 4.5% lower after plummeting more than 7%.
The Fed announced it will ramp up its overnight funding operations to more than $500 billion.
Stocks have been under pressure were initially under pressure since President Donald Trump failed to quell concerns over the possible economic slowdown stemming from the coronavirus.
It got so bad, that trading was halted briefly after the open for 15 minutes as markets hit the mandated “circuit-breaker” threshold used by U.S. exchanges. Not much was immune to the market plunge. Small-cap benchmark the Russell 2000 index cratered by 10%. Gold fell. Oil plunged. Credit market spreads widened significantly. Only U.S. Treasuries were higher. Even bitcoin dropped.
“We are going into a global recession,” said Mohamed El-Erian, chief economic adviser at Allianz, on CNBC’s “Squawk Box.” “After what’s been happening the last few days, we are going to see a spread of economic sudden stops.”
“The trouble with economic sudden stops is it’s not easy to restart an economy,” El-Erian said. He believes the selling won’t stop until the bear market hits down 30%.
In his address, Trump announced travel from Europe will be suspended for 30 days as part of the government’s response to the coronavirus outbreak. Trump also said the administration would provide financial relief for workers who are ill, caring for others due to the virus or are quarantined.
These moves were not specific enough for investors, however, who were looking for a more robust fiscal response to curb potentially slower economic growth stemming from the coronavirus.
“President Trump in an extraordinary Oval Office address didn’t offer up major new ideas on stimulus and only said he’d propose a vague payroll tax holiday to Congress without strongly standing up for any firm size/magnitude,” wrote Ernie Tedeschi, policy economist for Evercore ISI, in a note. “This effectively kicks the issue to Congress which is still planning to go on recess next week.”
Cruise line shares dropped sharply. Royal Caribbean traded 26.6% lower while Carnival and Norwegian Cruise Line slid 19% and 27.6%, respectively. Airline shares such as United, Delta and American all fell more than 12%.
The Cboe Volatility Index (VIX), widely considered the best fear gauge on Wall Street, jumped to more than 67 and hit its highest level since 2008.
On Wednesday, the Dow ended its historic 11-year bull market run by closing in bear-market territory. A bear market marks a 20% decline from all-time highs. Now the S&P 500 is in one.
Trading was halted for 15 minutes shorty as an initial 7% drop triggered “circuit breakers” at the New York Stock Exchange and Nasdaq. Before the open, futures contracts overnight tied to the major indexes fell to their so-called limit down thresholds, sliding 5%. These limit down levels act as a floor for selling until regular trading begins. They are used to ensure orderly markets.
Also causing concern about how pervasive the virus could already be in this country was the announcement Wednesday that the National Basketball Association is suspending its season after a Utah Jazz player tested positive for coronavirus. Movie actor Tom Hanks and his wife, Rita Wilson, also said they tested positive for the coronavirus.
“The crux of the angst investors are feeling as the coronavirus spreads surrounds what might happen to consumer spending,” wrote Scott Wren, senior global market strategist at Wells Fargo Investment Institute.
“Consumers sitting at home and not out spending money because they fear catching the coronavirus is the ultimate negative outcome,” he added. “It has been the U.S. consumer who has been driving the recovery bus during this long expansion.”
Thursday’s plunge came after yet another wild session on Wall Street and the demise of the Dow’s record-setting bull market run that began in March 2009. The blue-chip index tumbled 1,464.94 points, or 5.9%, to close at 23,553.22. The 30-stock average closed in a bear market, putting to end an expansion that started in 2009 amid the financial crisis.
The S&P 500 and Nasdaq Composite fared slightly better on Wednesday, down 4.89% and 4.7% respectively. Those two indexes also remain just outside of bear market territory albeit down at least 19% from their respective record closes.
“These markets have been impossible to predict,” said David Lafferty, chief market strategist at Natixis Investment Managers. “I think of them as kind of wind-sock markets. They’re just changing with whatever way sentiment is. There’s no fundamentals under these markets right now.”
Investors continued to blame the spread and economic impact of the coronavirus for the last month’s steep losses. The virus, which has now infected more than 124,000 people worldwide and killed at least 4,589, threatens to disrupt countries like Italy that have taken aggressive action to slow its spread. Italian Premier Giuseppe Conte announced late Wednesday that all the country’s stores except pharmacies and groceries will be closed in a move deemed both necessary to safeguard human health and a threat to the country’s output.
Wall Street worries that such measures could tip the global economy into recession, especially if Washington decides the disease is rampant enough in the U.S. to warrant similar measures. The World Health Organization declared COVID-19 a pandemic earlier on Wednesday.
—CNBC’s Eustance Huang contributed to this report.
Fed to pump more than $1 trillion in dramatic ramping up of market intervention
CNBC PUBLISHED THU, MAR 12 2020
KEY POINTS
The Fed announced a bold new initiative Thursday in an effort to calm market tumult.
In all, the new moves pump in up to $1.5 trillion into the financial system in an effort to combat potential freezes brought on by the coronavirus.
This was the second day in a row and the third time this week the Fed has stepped in.
Stocks staged a sharp turnaround from earlier losses, though some of those gains were pared.
The Federal Reserve has stepped into financial markets for the second day in a row and the third time this week, this time dramatically ramping up asset purchases amid the turmoil created by the coronavirus.
“These changes are being made to address highly unusual disruptions in Treasury financing markets associated with the coronavirus outbreak,” the New York Fed said in a statement released early Thursday afternoon amid a washout on Wall Street that was heading toward the worst day since 1987.
Stocks were off their lows following the announcement though some of the gains were pared as the market digested the moves.
One part of the announcement saw the Fed widen the scale for its $60 billion worth of money Treasury purchases, which to now had been confined to short-term T-bills.
Under the new regime, the Fed will extend its purchases “across a range of maturities” to include bills, notes, Treasury Inflation-Protected Securities and other instruments. The central bank will begin purchasing coupon-bearing securities, something market participants have been clamoring for since late 2019.
The purchases start Thursday and will continue through April 13.
The second part of the new operations will see the New York Fed desk offer $500 billion in a three-month repo operation and a one-month operation. The offerings will happen on a weekly basis through the remainder of the program.
In addition, the Fed will continue to offer at least $175 billion in overnight repos and $45 billion in two-week operations. Repos are short-term operations in which financial institutions provide high-quality collateral in exchange for cash reserves they use to operate.
The extraordinary moves come amid extreme market turmoil created by uncertainty over the coronavirus spread. Government bond yields earlier this week cascaded to record lows amid reports of liquidity issues in the market and fears of a global recession.
Markets have been looking for action by the Fed, which instituted an inter-meeting interest rate cut last week that did nothing to quell concerns. The Fed on Monday increased the limits for its ongoing repo operations, then Wednesday expanded the limits an announced a $50 bill term offering that attracted heavy interest earlier in the day Thursday.
The extraordinary moves come amid extreme market turmoil created by uncertainty over the coronavirus spread. Government bond yields earlier this week cascaded to record lows amid reports of liquidity issues in the market and fears of a global recession.
Markets have been looking for action by the Fed, which instituted an inter-meeting interest rate cut last week that did nothing to quell concerns. The Fed on Monday increased the limits for its ongoing repo operations, then Wednesday expanded the limits an announced a $50 bill term offering that attracted heavy interest earlier in the day Thursday.
Brazilian official who posed for photo with Trump tests positive for coronavirus, reports say
The official, Fabio Wajngarten, posted an Instagram image of himself posing with Trump and Vice President Mike Pence, who is leading the White House’s coronavirus task force.
“Let’s put it this way, I’m not concerned,” Trump said Thursday.
A photo showing Brazil government official (r) posing for a photo next to President Donald Trump and Vice President Mike Pence at Mar-A-Lago has tested positive for the 2019 novel coronavirus.
Rep. Matt Gaetz, R-Fla., flew on Air Force One with Trump on Monday on a flight from Orlando, Fla., to Joint Base Andrews in Maryland. Gaetz reportedly learned on that flight that he had been in contact with a person who was diagnosed with coronavirus. He said he would self-quarantine about an hour after he got off the plane with Trump.
CNBC PUBLISHED THU, MAR 12 2020
KEY POINTS
A Brazilian official who met and dined with President Donald Trump at Mar-a-Lago over the weekend has tested positive for the coronavirus, according to media reports.
KEY POINTS
A Brazilian official who met and dined with President Donald Trump at Mar-a-Lago over the weekend has tested positive for the coronavirus, according to media reports.
The official, Fabio Wajngarten, posted an Instagram image of himself posing with Trump and Vice President Mike Pence, who is leading the White House’s coronavirus task force.
“Let’s put it this way, I’m not concerned,” Trump said Thursday.
A photo showing Brazil government official (r) posing for a photo next to President Donald Trump and Vice President Mike Pence at Mar-A-Lago has tested positive for the 2019 novel coronavirus.
A Brazilian official who met and dined with President Donald Trump at Mar-a-Lago over the weekend has tested positive for the coronavirus, according to media reports Thursday — but Trump said he’s “not concerned.”
The official, Fabio Wajngarten, posted an Instagram image of him posing with Trump and Vice President Mike Pence, who is leading the White House’s coronavirus task force. It was not clear when that photo was taken, or by whom; it was posted on Wajngarten’s account four days ago, according to Instagram.
“I did hear something about that,” Trump told reporters Thursday, when asked about the matter. “We had dinner together in Florida at Mar-a-Lago with the entire delegation. I don’t know, if the press [said he was there, then] he was there.”
Trump appeared to shift his focus to Brazil’s president, Jair Bolsonaro, as he continued his response.
“But we did nothing very unusual. We sat next to each other for a period of time, had a great conversation. He’s doing a terrific job in Brazil, and we’ll find out what happens. I guess they’re being tested right now?” Trump said. Bolsonaro was also present at Mar-a-Lago days earlier, according to the reports.
Pressed for comment on the reports, Trump added: “Let’s put it this way, I’m not concerned.”
Wajngarten is Bolsonaro’s press secretary.
It is unclear if Trump has previously been in direct contact with anyone who has tested positive for the coronavirus. But he has recently interacted with multiple U.S. officials who went into self-quarantine after learning that they had been in contact with an individual who was since diagnosed with the disease.
Re. Doug Collins, R-Ga., shook hands with Trump last Friday when the president traveled to Atlanta to visit the Centers for Disease Control and Prevention, where officials there briefed him on their responpse to coronavirus.
The official, Fabio Wajngarten, posted an Instagram image of him posing with Trump and Vice President Mike Pence, who is leading the White House’s coronavirus task force. It was not clear when that photo was taken, or by whom; it was posted on Wajngarten’s account four days ago, according to Instagram.
“I did hear something about that,” Trump told reporters Thursday, when asked about the matter. “We had dinner together in Florida at Mar-a-Lago with the entire delegation. I don’t know, if the press [said he was there, then] he was there.”
Trump appeared to shift his focus to Brazil’s president, Jair Bolsonaro, as he continued his response.
“But we did nothing very unusual. We sat next to each other for a period of time, had a great conversation. He’s doing a terrific job in Brazil, and we’ll find out what happens. I guess they’re being tested right now?” Trump said. Bolsonaro was also present at Mar-a-Lago days earlier, according to the reports.
Pressed for comment on the reports, Trump added: “Let’s put it this way, I’m not concerned.”
Wajngarten is Bolsonaro’s press secretary.
It is unclear if Trump has previously been in direct contact with anyone who has tested positive for the coronavirus. But he has recently interacted with multiple U.S. officials who went into self-quarantine after learning that they had been in contact with an individual who was since diagnosed with the disease.
Re. Doug Collins, R-Ga., shook hands with Trump last Friday when the president traveled to Atlanta to visit the Centers for Disease Control and Prevention, where officials there briefed him on their responpse to coronavirus.
Rep. Matt Gaetz, R-Fla., flew on Air Force One with Trump on Monday on a flight from Orlando, Fla., to Joint Base Andrews in Maryland. Gaetz reportedly learned on that flight that he had been in contact with a person who was diagnosed with coronavirus. He said he would self-quarantine about an hour after he got off the plane with Trump.
TRUMP HARMS NORWEGIAN AIR
Norwegian Air to cut 4,000 flights, lay off half its employees as coronavirus hamstrings travel
PUBLISHED THU, MAR 12 2020
Travel restrictions and falling demand due to the virus are increasingly hurting the airline industry’s ability to fly.
U.S. President Donald Trump has ordered sweeping restrictions on travel from the European mainland for the next 30 days in a bid to halt the spread of coronavirus.
Norwegian Air Shuttle Boeing 737-800 aircraft with registration LN-DYE as seen with passengers boarding on the airplane for departure at Ålesund Airport, Vigra AES ENAL in Møre og Romsdal county, Norway. Nicolas Economou | NurPhoto via Getty Images
Norwegian Air will scrap 4,000 flights and temporarily lay off around half its employees due to the ongoing coronavirus outbreak, the company said on Thursday.
Travel restrictions and falling demand due to the virus are increasingly hurting the airline industry’s ability to fly.
U.S. President Donald Trump has ordered sweeping restrictions on travel from the European mainland for the next 30 days in a bid to halt the spread of coronavirus.
A pioneer in transatlantic budget travel since 2013, the ban is another severe blow to Norwegian, the largest foreign airline serving the New York region and several other U.S. cities.
Norwegian Air to cut 4,000 flights, lay off half its employees as coronavirus hamstrings travel
PUBLISHED THU, MAR 12 2020
KEY POINTS
Norwegian Air will scrap 4,000 flights and temporarily lay off around half its employees due to the ongoing coronavirus outbreak, the company said on Thursday.
Norwegian Air will scrap 4,000 flights and temporarily lay off around half its employees due to the ongoing coronavirus outbreak, the company said on Thursday.
Travel restrictions and falling demand due to the virus are increasingly hurting the airline industry’s ability to fly.
U.S. President Donald Trump has ordered sweeping restrictions on travel from the European mainland for the next 30 days in a bid to halt the spread of coronavirus.
Norwegian Air Shuttle Boeing 737-800 aircraft with registration LN-DYE as seen with passengers boarding on the airplane for departure at Ålesund Airport, Vigra AES ENAL in Møre og Romsdal county, Norway. Nicolas Economou | NurPhoto via Getty Images
Norwegian Air will scrap 4,000 flights and temporarily lay off around half its employees due to the ongoing coronavirus outbreak, the company said on Thursday.
Travel restrictions and falling demand due to the virus are increasingly hurting the airline industry’s ability to fly.
U.S. President Donald Trump has ordered sweeping restrictions on travel from the European mainland for the next 30 days in a bid to halt the spread of coronavirus.
A pioneer in transatlantic budget travel since 2013, the ban is another severe blow to Norwegian, the largest foreign airline serving the New York region and several other U.S. cities.
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Jeremy Siegel calls for federal support for companies: ‘We need bold measures’
ANOTHER CAPITALIST ECONOMIST CALLS FOR SOCIALISM
FOR BUSINESS DURING THIS CORONAVIRUS CRISIS OF CAPITALISM
DEMANDS ACTION BY THE FEDERAL GOVERNMENT
THE CENTRAL STATE MUST ACT TO SAVE CAPITALISM
KEYNESIAN SOLUTIONS TO MARKET PROBLEMS
Jeremy Siegel calls for federal support for companies: ‘We need bold measures’
PUBLISHED THU, MAR 12 2020Jesse Pound@JESSERPOUND
KEY POINTS
Wharton professor Jeremy Siegel said that a federal relief program should include a fund that would allow banks to ensure that they could meet the liquidity needs of companies drawing on credit lines.
KEY POINTS
Wharton professor Jeremy Siegel said that a federal relief program should include a fund that would allow banks to ensure that they could meet the liquidity needs of companies drawing on credit lines.
“We’re talking about good businesses that are not going to get revenue for three months, four months, whatever time it is, because of the virus,” Siegel said.
The professor said the crisis was not at the same level as the financial crisis and that the economy could bounce back faster from a recession.
Wharton’s Jeremy Siegel: There’s light at the end of this dark tunnel
Wharton professor Jeremy Siegel said Thursday that the federal government should consider dramatic measures to support the economy during the coronavirus outbreak, including a $2,000 tax credit for individuals and a fund to backstop lines of credit for companies.
“I think we need bold measures ... I think some big move by the government would be most welcome,” Siegel said on CNBC’s “Squawk on the Street,” echoing comments made by CNBC’s Jim Cramer earlier.
Equity markets plunged again on Thursday, with all three major U.S. stock indexes trading more than 20% below their recent highs. President Donald Trump said Wednesday night that the government was restricting travel between the U.S. and Europe and that he would ask Congress for economic relief measures domestically.
Siegel said that a relief program should include a fund that would allow banks to ensure that they could meet the liquidity needs of companies drawing on credit lines.
“The idea we’re assuring the financial health to keep businesses going. Now, if we have 60 days, 90 days, 120 days of cessation, how many businesses would need to go on a line of credit? If that is assured, they will survive when confidence gets back and the economy gets back,” Siegel said.
The professor said that he didn’t think the help from the government should extend to supporting companies that are struggling for reasons other than the virus, such as the energy industry, where a global price war on oil has combined with weakening demand due to the virus to drive prices lower.
“I’m not for really bailing those out because I don’t think they’re systemic to the health of the economy. That’s a macroeconomic force on oil that needs to be corrected,” Siegel said. “We’re talking about good businesses that are not going to get revenue for three months, four months, whatever time it is, because of the virus ... Those are the ones that we have to make sure that it’s because of the virus alone that their existence and employment of tens of millions of people is note going to be threatened.”
The professor said the crisis was not at the same level as the financial crisis and that the economy could bounce back faster from a recession.
He also said that strong actions by the government to support the economy could allow policymakers to focus on the health care side of combating the virus.
“Once you take those off the table ... then we can all concentrate on the health measures that we all need to engage in now,” Siegel said.
Cramer slams government on coronavirus:
THIS MORNING ON SQUAWK ON THE STREET CNBC'S JIM CRAMER CALLS FOR SOCIALISM TO PROP UP BUSINESS SO THEY CAN PAY THEIR WORKERS,
AND NOT HAVE TO WORRY ABOUT DEBT, CALLS FOR THE FED TO ANNOUNCE
DEBT FORGIVENESS FOR 90 DAYS
TWITTER CALLS HIM A COMMUNIST
Cramer slams government on coronavirus: ‘They know nothing,’ evoking his epic 2007 Fed rant
PUBLISHED THU, MAR 12 2020 Kevin Stankiewicz@KEVIN_STANK
KEY POINTS
CNBC’s Jim Cramer blasted the U.S. government’s response to the coronavirus on Thursday, arguing “this is the time for radical action.”
“They know nothing. We know more than they do, and that’s not acceptable either,” he said.
Cramer said he is worried that multiple companies in the S&P 500 could go bankrupt within four weeks.
CNBC’s Jim Cramer blasted the U.S. government’s response to the coronavirus on Thursday, arguing “this is the time for radical action.”
“They know nothing. They know nothing. We know more than they do, and that’s not acceptable either,” Cramer said, hearkening back to his famous 2007 rant about the Federal Reserve before the financial crisis.
“I want the federal government to know more than me. I knew more than they did in 2007, and I know more than they do now and it is disappointing,” he said on “Squawk on the Street.”
Later Thursday, President Donald Trump said that markets will be “just fine.” Trump made the comment as he was meeting with Irish Prime Minister Leo Varadkar.
Cramer said he is worried that multiple companies in the S&P 500 could go bankrupt within four weeks due to the economic slowdown caused by the coronavirus.
“Are we going to sit here and let so many companies go bankrupt because of an illness? I think that is stupid,” Cramer said. “Once we settle that out and stop worrying about money, we can worry about health simultaneously. Right now we can’t do both.”
Cramer argued the government should temporarily suspend all manner of tax collection.
“Everyone owes the government at all time. Everyone in this country, individuals, corporations. That has to be suspended right now so they have more money,” Cramer said.
“Are these radical actions? You bet they are,” he added. “This is the time for radical action and the action can be done by the federal government.”
About 30 minutes later, Cramer took a phone call live on CNBC at 9:38 a.m. ET. After hanging up, he said he believes the government is debating some big options to tackle the economic and financial markets crisis due to the outbreak.
“You’re going to get clarity,” he said.
Cramer’s comments come after Trump’s prime-time address on Wednesday, in which the president announced travel restrictions that would curtail travel from most of Europe to the U.S. for 30 days in an attempt to slow the coronavirus pandemic.
Trump also said he will be asking Congress to provide payroll tax relief for Americans and instructing the Small Business Administration to “provide capital and liquidity” for small businesses.
Jim Cramer believes the White House is debating big plans to combat coronavirus and ease markets
PUBLISHED THU, MAR 12 2020
Matthew J. Belvedere@MATT_BELVEDERE
KEY POINTS
CNBC’s Jim Cramer said Thursday that he believes the government is debating some big options to tackle the economic and financial markets crisis arising from the coronavirus pandemic.
KEY POINTS
CNBC’s Jim Cramer said Thursday that he believes the government is debating some big options to tackle the economic and financial markets crisis arising from the coronavirus pandemic.
Cramer made these comments after the S&P 500′s first-level, 7% down circuit breakers kicked in and paused trading for 15 minutes and following a call he took live on CNBC.
“I think that’s about to change,” Cramer said about the uncertainty about what further actions the Trump administration may take to deal with the coronavirus fallout.
CNBC’s Jim Cramer said Thursday that he believes the government is debating some big options to tackle the economic and financial markets crisis arising from the coronavirus pandemic.
Cramer made these comments after the S&P 500′s first-level, 7% down circuit breakers kicked in and paused trading for 15 minutes and following a call he took live on television around 9:38 a.m. ET on CNBC’s “Squawk on the Street.”
“I think that’s about to change,” Cramer said about the uncertainty about what further actions the Trump administration may take to deal with the coronavirus fallout.
“I think that they will perhaps consider the idea that the federal government does not need to be paid during this period so therefore the people, the working people, get paid and are protected,” the “Mad Money” host said.
“I think they are debating the notion about whether they should have a trust fund ... also debating the notion right now about whether the Federal Reserve should be able to guarantee credit lines,” Cramer said. “The Treasury trust fund would indeed, perhaps, take advantage of the lower rates and make it so that people feel their credit lines would be backed up.”
“I believe that some of these plans that I mentioned are being debated right now and I feel better,” he said. “You’re going to get clarity.”
Later Thursday, President Donald Trump said that markets will be “just fine.” Trump made the comment as he was meeting with Irish Prime Minister Leo Varadkar.
About 30 minutes before he took the phone call, Cramer blasted the U.S. government’s response to the coronavirus, arguing “this is the time for radical action.”
“They know nothing. They know nothing. We know more than they do, and that’s not acceptable either,” Cramer said, hearkening back to his famous 2007 rant about the Federal Reserve before the financial crisis.
“I want the federal government to know more than me. I knew more than they did in 2007, and I know more than they do now and it is disappointing,” he said.
Cramer said he’s worried about companies going bankrupt from the economic damage cause by the coronavirus. “Are we going to sit here and let so many companies go bankrupt because of an illness? I think that is stupid.”
Trump’s address Wednesday night failed to ease concerns about the possible economic from downturn the coronavirus. Wall Street opened sharply lower Thursday, with the S&P 500 down about 6% midmorning after reopening from the circuit breaker trading pause.
In his prime-time address from the White House, Trump announced a ban on most travelers to the U.S. from much of Europe for the next 30 days. He also said he will be asking Congress to provide payroll tax relief for Americans and instructing the Small Business Administration to “provide capital and liquidity” for small businesses.
Goodbye Winter Grime, Hello Safe Spring Cleaning!
https://www.poison.org/articles/2015-mar/spring-cleaning
The Bottom Line
A clean home provides a healthy environment for your family, but household cleaning products can contain hazardous chemicals. Acid, alkali, bleach, polish, detergent? It’s important to be aware of the most common cleaner ingredients, what they are intended (and not intended) to do, and how to use them safely.
The Full Story
Spring cleaning can be more of a safety challenge than everyday cleaning. It could involve rearranging things in the home and leaving multiple cleaning products out longer than usual. It's wise to anticipate that it will be tiring and disruptive and to plan for safety in advance. Leaving cleaners containing strong chemicals within reach can lead to poisoned children who not only get these products on their skin, but swallow, inhale, or get them in their eyes, resulting in serious toxicity or injury.
Familiarize yourself with these major categories of household cleaners along with their dangers if handled by children or improperly used by adults:
Acids
Acids used in cleaners can be very mild to very strong. Acid-containing household cleaning products include toilet bowl cleaners, tub and tile cleaners, tarnish removers, and metal cleaners. Always read labels carefully when choosing acid-based products for cleaning!
Mild acid cleaners include those with acetic acid (such as in vinegar) or citric acid (found in lemons and other citrus fruits). Cleaners made with these mild ingredients are generally safe for use around children and pets. They are used to dissolve hard water spots on glassware and other surfaces, eliminate soap scum from sinks, bathtubs, and shower doors and to remove mild rust stains. Phosphoric acid is stronger than acetic or citric acid and is in many bathroom tub, tile, and toilet bowl cleaners. Some other mild acids found in household cleaners are gluconic acid, glycolic acid and levulinic acid. These mild acid cleaners are of low toxicity to humans aside from irritant effects to the skin and eyes.
Strongly acidic cleaners can be very dangerous. They are likely to be corrosive, meaning they can "gnaw" away at metal - or human tissue. These include toilet bowl cleaners, rust removers, concrete cleaners and others with hydrochloric acid, oxalic acid, sodium acid sulfate, or sulfuric acid. All of these are poisonous and can injure skin with direct contact, or eyes and lungs if in direct contact or by strong fumes.
Always follow label directions to avoid injury. Never mix household cleaning products! For example, mixing an acid toilet bowl cleaner with bleach will result in formation of very irritating chlorine fumes that might cause serious breathing problems. Make sure to ventilate the area in which you are working thoroughly by opening a door or window and using an exhaust fan.
Alkalis
Alkalis include sodium bicarbonate (baking soda), sodium carbonate (also called washing soda or soda ash), and trisodium phosphate (TSP). These are produced as drain cleaners, oven cleaners, scouring powders, and all-purpose cleaners.
Mild alkalis like sodium bicarbonate are not caustic and are generally safe to use around children and pets.
Moderate alkalis include ammonia and sodium borate (borax). Ammonia is added to many household cleaners for its grease-cutting ability. Ammonia should never be mixed with chlorine or bleach products! This can release a highly irritating gas, chloramine. In fact, never mix any cleaning chemicals since it might lead to a chemical reaction and release poisonous fumes.
Strong alkalis are in products such as oven cleaners, lye (caustic soda or sodium hydroxide), and drain cleaners. They are very caustic and can cause chemical burns on the skin and in the lungs if strong fumes are inhaled. Lye gives off toxic fumes and can cause skin burns and severe eye injuries including blindness if the liquid or fumes come in close contact with the eyes.Trisodium phosphate (TSP) isn’t commonly found in cleaners now since most phosphates have been phased out due to environmental impact concerns. However it can still be found in cleaning products sold primarily through home improvement stores.
Bleaches
Bleaching agents are used as disinfectants, stain removers, and for control of mold and mildew. To be labelled as a disinfectant, the U.S. Environmental Protection Agency standards require that the product must destroy 99.9% of disease-causing organisms within 5 to 10 minutes.
Some bleaching products might not list the word "bleach" on the label, so it’s important to recognize other names for chemical bleaching agents. These include sodium hypochlorite, calcium hypochlorite, hydrogen peroxide, and sodium carbonate peroxide.
Chlorine (as hypochlorite) bleach is a widely available, affordable, and effective disinfectant agent. Chlorine bleach can be irritating to the skin and eyes. The fumes are also irritating to the lungs if inhaled. Plain sodium hypochlorite household bleach is likely to cause limited vomiting if unintentionally swallowed in small amounts. However, some sodium hypochlorite bleach products now have added sodium hydroxide that can make swallowing, skin, or eye exposure more dangerous by causing chemical burns. Bleaches with sodium hydroxide often have the word "ultra" on the product label.
Polishes and Waxes
Furniture polishes and waxes often contain chemicals called hydrocarbons, such as mineral oil, as solvents. When swallowed, coughing and vomiting can follow, resulting in the oily substance getting into the lungs, which is called aspiration. Aspiration can lead to lung inflammation and severe breathing problems.
Many polishes and waxes are packaged in pressurized aerosol cans that must be protected from extreme heat to prevent explosion.
Detegents
Detergents brerak up and remove grease and dirt. The most significant ingredients in detergents are "surfactants," a short version of "surface active agents." Chemicals called "builders" are sometimes added to increase the efficiency of detergents. When a builder is added, the product is labelled as heavy-duty or all-purpose.
Liquid and granular regular laundry detergents can cause nausea, vomiting, and diarrhea if swallowed but generally don't cause serious poisoning. However, serious poisoning can occur in children after unintentionally swallowing concentrated liquid laundry detergent packaged as small, single-use units ("pods"). Severe vomiting, drowsiness, aspiration, and respiratory distress requiring breathing tubes can develop after swallowing or biting into these packets.
Liquid hand dishwashing detergents are safe to use around children and pets.
If your child swallows or drinks a cleaner or detergent, use the webPOISONCONTROL® online tool for guidance or call Poison Control at 1-800-222-1222 right away.
For More Information
Caution with Caustics (The Poison Post®)
Non-toxic or minimally toxic home cleaners you can make yourself. (Make sure to follow the same safe use guidelines as with any cleaner!) (University of Utah)
The U.S. Environmental Protection Agency ChemView (Use this database to get information on chemical health and safety data received by EPA and EPA's assessments and regulatory actions for specific chemicals under the Toxic Substances Control Act [TSCA])
References
American Association of Poison Control Centers. (2012). News Release: AAPCC and poison centers issue warning about concentrated packets of laundry detergent. Alexandria, VA.
New Mexico State University Department of Extension Family and Consumer Sciences. (2012). Selection and use of home cleaning products, Guide G-304. Las Cruces, NM: Koukel.
Stöppler MC, Shiel Jr., WC. (2014). 10 spring cleaning tips for a healthier home.
U.S. Consumer Product Safety Commission Office of Information and Public Affairs. (2011). Lock up poisons. (CPSC Publication No. 382). Bethesda, MD.
Valdez AL, Casavant MJ, Spiller HA, Chounthirath T, Xiang H, Smith GA. Pediatric exposure to laundry detergent pods. Pediatrics. 2014;134(6):1127-35.
https://www.poison.org/articles/2015-mar/spring-cleaning
The Bottom Line
A clean home provides a healthy environment for your family, but household cleaning products can contain hazardous chemicals. Acid, alkali, bleach, polish, detergent? It’s important to be aware of the most common cleaner ingredients, what they are intended (and not intended) to do, and how to use them safely.
The Full Story
Spring cleaning can be more of a safety challenge than everyday cleaning. It could involve rearranging things in the home and leaving multiple cleaning products out longer than usual. It's wise to anticipate that it will be tiring and disruptive and to plan for safety in advance. Leaving cleaners containing strong chemicals within reach can lead to poisoned children who not only get these products on their skin, but swallow, inhale, or get them in their eyes, resulting in serious toxicity or injury.
Familiarize yourself with these major categories of household cleaners along with their dangers if handled by children or improperly used by adults:
Acids
Acids used in cleaners can be very mild to very strong. Acid-containing household cleaning products include toilet bowl cleaners, tub and tile cleaners, tarnish removers, and metal cleaners. Always read labels carefully when choosing acid-based products for cleaning!
Mild acid cleaners include those with acetic acid (such as in vinegar) or citric acid (found in lemons and other citrus fruits). Cleaners made with these mild ingredients are generally safe for use around children and pets. They are used to dissolve hard water spots on glassware and other surfaces, eliminate soap scum from sinks, bathtubs, and shower doors and to remove mild rust stains. Phosphoric acid is stronger than acetic or citric acid and is in many bathroom tub, tile, and toilet bowl cleaners. Some other mild acids found in household cleaners are gluconic acid, glycolic acid and levulinic acid. These mild acid cleaners are of low toxicity to humans aside from irritant effects to the skin and eyes.
Strongly acidic cleaners can be very dangerous. They are likely to be corrosive, meaning they can "gnaw" away at metal - or human tissue. These include toilet bowl cleaners, rust removers, concrete cleaners and others with hydrochloric acid, oxalic acid, sodium acid sulfate, or sulfuric acid. All of these are poisonous and can injure skin with direct contact, or eyes and lungs if in direct contact or by strong fumes.
Always follow label directions to avoid injury. Never mix household cleaning products! For example, mixing an acid toilet bowl cleaner with bleach will result in formation of very irritating chlorine fumes that might cause serious breathing problems. Make sure to ventilate the area in which you are working thoroughly by opening a door or window and using an exhaust fan.
Alkalis
Alkalis include sodium bicarbonate (baking soda), sodium carbonate (also called washing soda or soda ash), and trisodium phosphate (TSP). These are produced as drain cleaners, oven cleaners, scouring powders, and all-purpose cleaners.
Mild alkalis like sodium bicarbonate are not caustic and are generally safe to use around children and pets.
Moderate alkalis include ammonia and sodium borate (borax). Ammonia is added to many household cleaners for its grease-cutting ability. Ammonia should never be mixed with chlorine or bleach products! This can release a highly irritating gas, chloramine. In fact, never mix any cleaning chemicals since it might lead to a chemical reaction and release poisonous fumes.
Strong alkalis are in products such as oven cleaners, lye (caustic soda or sodium hydroxide), and drain cleaners. They are very caustic and can cause chemical burns on the skin and in the lungs if strong fumes are inhaled. Lye gives off toxic fumes and can cause skin burns and severe eye injuries including blindness if the liquid or fumes come in close contact with the eyes.Trisodium phosphate (TSP) isn’t commonly found in cleaners now since most phosphates have been phased out due to environmental impact concerns. However it can still be found in cleaning products sold primarily through home improvement stores.
Bleaches
Bleaching agents are used as disinfectants, stain removers, and for control of mold and mildew. To be labelled as a disinfectant, the U.S. Environmental Protection Agency standards require that the product must destroy 99.9% of disease-causing organisms within 5 to 10 minutes.
Some bleaching products might not list the word "bleach" on the label, so it’s important to recognize other names for chemical bleaching agents. These include sodium hypochlorite, calcium hypochlorite, hydrogen peroxide, and sodium carbonate peroxide.
Chlorine (as hypochlorite) bleach is a widely available, affordable, and effective disinfectant agent. Chlorine bleach can be irritating to the skin and eyes. The fumes are also irritating to the lungs if inhaled. Plain sodium hypochlorite household bleach is likely to cause limited vomiting if unintentionally swallowed in small amounts. However, some sodium hypochlorite bleach products now have added sodium hydroxide that can make swallowing, skin, or eye exposure more dangerous by causing chemical burns. Bleaches with sodium hydroxide often have the word "ultra" on the product label.
Polishes and Waxes
Furniture polishes and waxes often contain chemicals called hydrocarbons, such as mineral oil, as solvents. When swallowed, coughing and vomiting can follow, resulting in the oily substance getting into the lungs, which is called aspiration. Aspiration can lead to lung inflammation and severe breathing problems.
Many polishes and waxes are packaged in pressurized aerosol cans that must be protected from extreme heat to prevent explosion.
Detegents
Detergents brerak up and remove grease and dirt. The most significant ingredients in detergents are "surfactants," a short version of "surface active agents." Chemicals called "builders" are sometimes added to increase the efficiency of detergents. When a builder is added, the product is labelled as heavy-duty or all-purpose.
Liquid and granular regular laundry detergents can cause nausea, vomiting, and diarrhea if swallowed but generally don't cause serious poisoning. However, serious poisoning can occur in children after unintentionally swallowing concentrated liquid laundry detergent packaged as small, single-use units ("pods"). Severe vomiting, drowsiness, aspiration, and respiratory distress requiring breathing tubes can develop after swallowing or biting into these packets.
Liquid hand dishwashing detergents are safe to use around children and pets.
If your child swallows or drinks a cleaner or detergent, use the webPOISONCONTROL® online tool for guidance or call Poison Control at 1-800-222-1222 right away.
For More Information
Caution with Caustics (The Poison Post®)
Non-toxic or minimally toxic home cleaners you can make yourself. (Make sure to follow the same safe use guidelines as with any cleaner!) (University of Utah)
The U.S. Environmental Protection Agency ChemView (Use this database to get information on chemical health and safety data received by EPA and EPA's assessments and regulatory actions for specific chemicals under the Toxic Substances Control Act [TSCA])
References
American Association of Poison Control Centers. (2012). News Release: AAPCC and poison centers issue warning about concentrated packets of laundry detergent. Alexandria, VA.
New Mexico State University Department of Extension Family and Consumer Sciences. (2012). Selection and use of home cleaning products, Guide G-304. Las Cruces, NM: Koukel.
Stöppler MC, Shiel Jr., WC. (2014). 10 spring cleaning tips for a healthier home.
U.S. Consumer Product Safety Commission Office of Information and Public Affairs. (2011). Lock up poisons. (CPSC Publication No. 382). Bethesda, MD.
Valdez AL, Casavant MJ, Spiller HA, Chounthirath T, Xiang H, Smith GA. Pediatric exposure to laundry detergent pods. Pediatrics. 2014;134(6):1127-35.
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