Wall Street slumps, government bonds hammered as stimulus high fades
Reuters: Wall Street resumed a steep slide today while bond markets rushed to price in the sheer scale of government support programs and handouts announced over the past 24 hours, all aimed at softening the economic shock of coronavirus. Dire trading conditions continued to make two-way trading difficult and exaggerated the moves as investors piled into cash with the selloff in government bonds in particular drawing European Central Bank support for the Italian debt market. The Dow Jones industrial average fell 1,048 points, or nearly 5%, at the open. By 10:45 a.m. Iowa time, the Dow was down 1,340, or 6.3%.
U.S.-Canada border closing to ‘nonessential’ traffic due to pandemic
CNBC: The United States border with Canada will temporarily close to “nonessential traffic” due to the coronavirus pandemic, the leaders of both countries said this morning. The U.S.-Canada is the world’s longest border between two countries. The closing will affect tourism, but not trade, or workers involved in so-called essential work.
There aren’t enough ventilators to cope with the coronavirus
New York Times: As the United States braces for an onslaught of coronavirus cases, hospitals and governments are confronting a grim reality: There are not nearly enough lifesaving ventilator machines to go around, and there is no way to solve the problem before the disease reaches full throttle. Desperate hospitals say they can’t find anywhere to buy the medical devices, which help patients breathe and can be the difference between life and death for those facing the most dire respiratory effects of the coronavirus.
Some U.S. schools closed for virus are not going back for the rest of academic year
CNN: As students across the country adjust to learning outside of their classrooms, some states are preparing for the disruption to last the rest of the school year as the coronavirus outbreak continues. Florida has canceled all tests for the year, Kansas has decided to keep schools closed, Arizona plans to announce the suspension of makeup days and California said parents should be prepared for their state to be next.
– Deutsche Bank forecasts severe global recession in first half of the year (MarketWatch)
– UK paves way for multibillion-pound bailout of airlines (Reuters)
– General Mills says demand rises as consumers stockpile (Washington Post)
– U.S. crude hits 18-year low as social lockdowns spread (Reuters)