Posted on 02/25/2020 11:33:06 AM PST by Zhang Fei
The COVID-19 illness has not become a global pandemic, according to the World Health Organization, but it’s starting to act like an economic one. And the financial costs are mounting.
Near-panic over a spreading coronavirus sheared more than 1,000 points off the Dow Jones Industrial Average DJIA, -3.12% on Monday, with more and more companies having followed in Apple’s AAPL, -2.78% footsteps by warning of lower sales and supply disruptions that could cause even more damage in the next few months.
Just a few weeks ago, most economic forecasters were predicting a small impact from the viral outbreak in China. Since then the virus has made its way to South Korea, Italy and other countries, raising the prospect that it will spread worldwide.
The U.S. economy has been shielded from direct impacts of the virus, but the side effects are becoming more evident each day. Declining travel. Fewer foreign tourists. Supply bottlenecks for automobile makers and tech companies. The closure in China of popular American retail chain stores such as Starbucks SBUX, -3.01% and McDonald’s MCD, -0.65% . And so on.
Goldman Sachs on Monday raised its estimate of the economic damage to the U.S. for the third time in as many weeks. The bank now predicts the virus will shave eight-tenths of a percentage point from U.S. growth in the first quarter — double its original estimate. That’s a fairly big chunk of growth.
The truth, of course, is that no one really knows how much the disease will cost, especially if most countries that encounter the virus take the same steps as China in quarantining millions of people and shutting down large parts of their economies. The globe hasn’t suffered from a true pandemic since the Spanish flu in 1918 swept the world and killed up to an
(Excerpt) Read more at marketwatch.com ...
Just stocked up on 30 days supply of food. If it turnes out to be nothing, I can still use it.
I guess this was a Deep State October surprise that got out a little early!
The hysteria is proceeding to Wall Street to give the Chinese a long overdue well deserved ass kicking. Trump is realigning the Far East economy with India and others who are more friendly to us.
Of course, if they cant get rid of Trump by impeaching him, they will just allow an illness to infect a bunch of folks and say “ITS TRUMPS FAULT”
Can you say "H-1B"?
86% of the US $22T/year GDP has nothing to do with the rest of the world or trade.
I stay away from people as a habit, so I think I will be fine. Even my job involves staying away from people.
PT needs to go on tv tommorrow.
This is a very unique virus, and I am also very concerned. I wasn’t worried about a lot of other viruses and outbreaks, but this one is different, for a variety of reasons.
excuse for profit-taking and to get rid of all the weak fish/small investors in order to re-buy shares at cheaper prices.
Yes, viral lab and a wet market.
Thanks for the $10,000 these stupid hysteric have cost my 401k in the last 2 days.
Dear MORONS
Total death Coronvirus world wide: 2711
https://www.worldometers.info/coronavirus/
Total deaths annually in just the US from Flu:
While the impact of flu varies, it places a substantial burden on the health of people in the United States each year. CDC estimates that influenza has resulted in between 9 million – 45 million illnesses, between 140,000 – 810,000 hospitalizations and between 12,000 – 61,000 deaths annually since 2010.
Yep. Everybody panic!!! The State of Fear is alive and well in the world. We’re all gonna die, it’s much much worse than anyone can possibly imagine, we’re doomed! Sheesh. It’s wise to be prepared, but fomenting fear is not wise.
excuse for profit-taking and to get rid of all the weak fish/small investors in order to re-buy shares at cheaper prices.
I sold all my stock when I retired.
Wall Street is just Las Vegas without the floor shows or free drinks.
People can make money investing in stocks. But you have to know what you are doing. I did not want to spend my retirement years learning the ins and outs of the market or to stand by as the big boys play monopoly with my investment dollars.
The apparent overreaction to this virus by so many countries makes one wonder if the insiders don't know something that is not available to the rest of us? -Tom
Bump
80,000 people died from regular flu last year- what is all the hype about with this coronovirus?
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