U.S. stocks plunged again Thursday amid global concern about the coronavirus and fears it is beginning to spread in the U.S.
The Dow Jones Industrial Average dropped 900 points by mid-morning and other indexes slumped.
President Trump is assuring the public that he has the outbreak under control. He says the markets will rebound and blamed rhetoric from his 2020 Democratic rivals, in part, for the tumult on Wall Street.
Investors have clearly cited the coronavirus, however. It is spreading to new countries and disrupting global supply chains.
U.S. officials said a California patient who tested positive for the coronavirus did not travel to China or other hard-hit places, meaning it may be the first case of community transmission in the U.S.
The new virus was discovered in Hubei Province, China, in December. It causes an illness known as COVID-19 that can lead to respiratory distress and organ failure.
China has reported over 78,000 cases to the World Health Organization, including more than 2,800 deaths.
Outside of China, there have been 3,400 cases in 44 countries and over 50 deaths. For the past two days, the number of cases reported in the rest of the world has exceeded the amount reported in China.
WHO Director-General Tedros Ghebreyesus said countries reporting new cases have a window of opportunity to stamp it out.
“We are at a decisive point,” Mr. Tedros said.
Cases in South Korea have surged to over 1,700, with 13 deaths, and Italy is reporting nearly 530 cases and 14 deaths, according to a Johns Hopkins University tracker.
Iran has reported 245 cases and 26 deaths, meaning at least one out of every 10 patients is dying.
Mike Ryan, director of WHO’s emergencies program, said the virus entered Iran “unseen and undetected,” so the high death toll probably isn’t linked to poor clinical care.
“I suspect this is more to do with surveillance and detection of cases at this point,” he said. “We would expect as surveillance steps up in Iran, that more cases [that are] identified are in the milder range.”
WHO also said it is working “extremely closely” with the International Olympic Committee as Tokyo prepares to host the 2020 Summer Games in late July and early August.
“To my understanding, no decision has or will be taken in the near term regarding the future of the Olympics,” Dr. Ryan said.
He said WHO is providing risk assessments and other advice to the IOC.
• Tom Howell Jr. can be reached at thowell@washingtontimes.com.
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