Coronavirus panic spreads as death toll rises
The Centers for Disease Control and Prevention on Sunday confirmed a fifth case of coronavirus in the United States, CNN reported. The latest two cases were in California. Both patients are being treated in hospitals, authorities said. All five of the U.S. patients had recently traveled to Wuhan, the city in central China at the heart of the outbreak of the flu-like virus. Chinese health officials on Sunday warned that the virus can spread before infected people have symptoms, potentially increasing the challenge of containing its spread. The death toll in China has risen to at least 80, with more than 2,700 confirmed infections, according to The Associated Press.
Chinese officials released data Sunday offering an early indication of the effect of the deadly outbreak on the world's second largest economy. Liu Xiaoming, vice minister of transport, said overall travel had declined on the first day of the Lunar New Year by 29 percent compared to a year ago, CNBC reported. Rail travel was down by nearly 42 percent. In an effort to contain the virus, authorities have banned most travel in parts of central China where the epidemic started. The government has urged people to stay home and canceled big public events. On Sunday, China Railway Chengdu also announced the suspension of several high-speed train routes, including some to Shanghai.
World stocks dropped on Monday as concerns mounted about possible economic fallout from the outbreak, Reuters reported. The MSCI All-Country World Index, which follows shares in 47 countries, fell by 0.4 percent to its lowest in two weeks. The pan-European STOXX 600 index fell by 1.4 percent. U.S. stock index shares also were down sharply several hours before the opening bell as investors sought safe-haven assets, including Treasury notes.
The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.
-
What’s the best way to use your year-end bonus?the explainer Pay down debt, add it to an emergency fund or put it toward retirement
-
10 concert tours to see this winterThe Week Recommends Keep cozy this winter with a series of concerts from big-name artists
-
What are portable mortgages and how do they work?the explainer Homeowners can transfer their old rates to a new property in the UK and Canada. The Trump administration is considering making it possible in the US.
-
US mints final penny after 232-year runSpeed Read Production of the one-cent coin has ended
-
Warner Bros. explores sale amid Paramount bidsSpeed Read The media giant, home to HBO and DC Studios, has received interest from multiple buying parties
-
Gold tops $4K per ounce, signaling financial uneaseSpeed Read Investors are worried about President Donald Trump’s trade war
-
Electronic Arts to go private in record $55B dealspeed read The video game giant is behind ‘The Sims’ and ‘Madden NFL’
-
New York court tosses Trump's $500M fraud fineSpeed Read A divided appeals court threw out a hefty penalty against President Trump for fraudulently inflating his wealth
-
Trump said to seek government stake in IntelSpeed Read The president and Intel CEO Lip-Bu Tan reportedly discussed the proposal at a recent meeting
-
US to take 15% cut of AI chip sales to ChinaSpeed Read Nvidia and AMD will pay the Trump administration 15% of their revenue from selling artificial intelligence chips to China
-
NFL gets ESPN stake in deal with DisneySpeed Read The deal gives the NFL a 10% stake in Disney's ESPN sports empire and gives ESPN ownership of NFL Network
