Coronavirus Week in Review: Top 10 Things That Happened
The stock market had the most wild ride in history. The week culminated with a declaration of emergency by Trump.
Week in Review 10 Key Points
The WHO finally declared the coronavirus a global pandemic. It was obvious to anyone with a bit of common sense weeks ago.
The NBA and NFL both suspended the season indefinitely after a Utah Jazz player tested positive for the coronavirus.
39 states in the US have declared states of emergency. There are numerous school closures and business disruptions.
Trump addressed the nation Wednesday night and delivered a terrible performance in trying to reassure the nation. In his speech, Trump suspended travel from the EU, more specifically the passport free Schengen Area.
Stocks crashed over 9% on Thursday. A bear market officially started.
75% of companies note supply chain disruptions as coronavirus cases growing outside of China at an exponential rate.
On Friday Trump declared a National Emergency. In contrast to Wednesday, he gave an excellent speech accompanied by US business leaders and the market rose over 9%.
The bond market was in a state of stress all week. There are major liquidations in bond funds and the bid-ask spreads in the 30-year bond are the biggest on record. Even Friday stock market rally did not calm the bond market.
Gold, normally a safe haven, followed the bond market. Higher treasury yields are generally seen as bad for gold.
Bitcoin crashed 50% in a 24 hour period on March 12-13 and recovered a bit of those losses.
1: Officially a Pandemic
The World Health Organization says the Coronavirus, COVID-19 Is Now Officially A Pandemic.
The COVID-19 viral disease that has swept into at least 114 countries and killed more than 4,000 people is now officially a pandemic, the World Health Organization announced Wednesday.
"This is the first pandemic caused by a coronavirus," WHO Director-General Tedros Adhanom Ghebreyesus said at a briefing in Geneva.
Also note that Trump Classifies Coronavirus Info.
That was not a smart move. It creates frears of "What is Trump hiding?"
2: NBA and NHL Suspend Seasons
On March 11, I noted NBA Suspends All Games, Sports Jackass of the Year Awarded
I gave the "Sports Jackass of the Year" award" to Utah Jazz superstar Rudy Gobert who mocks the coronavirus by touching every microphone, recorder and reporter in the media room two days ago. The next day he tested positive for the virus and the NBA suspended the season. The NHL suspended the season the following day.
3: 39 States in the US Have Declared States of Emergency
Washington, California, Maryland, Kentucky, Utah, New York, Florida, Oregon, Indiana, New Jersey, Colorado, Iowa, Ohio, Pennsylvania, Illinois, Massachusetts, North Carolina, Michigan, Arizona, Connecticut, Louisiana, Virginia, Delaware, Montana, Nevada, Arkansas, Kansas, Wisconsin, Tennessee, Alabama, New Hampshire, South Carolina, Idaho, Nebraska, Missouri, Minnesota, Georgia, New Mexico, Texas.
School closures and other disruptions are far too numerous to mention.
Note that New York will Establish a "Containment Area" Using the National Guard.
Case map courtesy of the New York Times.
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