Market swings and a wave of cancellations as virus spreads
A wild start to the month on U.S. markets is becoming the new normal due to uncertainty over the coronavirus outbreak which is now being classified as a pandemicMarch 11, 2020, 6:42 PM7 min readWASHINGTON — Seven weeks after the first case of COVID-19 was confirmed in the U.S., the outbreak is now classified as a pandemic and it’s doing widespread damage to critical economic sectors of the global economy. Airlines are cutting capacity, people are working from home, major public events that raise millions of dollars for local communities have been canceled, including the St. Patrick’s Day parade in Boston and Chicago, and the New York Auto Show. The Associated Press is publishing a running tally of the effects of the coronavirus on people, businesses, and the economy. ————— VOLATILE IS THE NEW NORMAL: Wild swings in U.S. markets are becoming the new normal. Gyrations of 1,000 points or more on the Dow is occurring almost daily. In the first three days of this week, the Dow has fallen 2,000, risen 1,700, and plunged again Wednesday, with the Dow falling more than 1,300 points by the afternoon. Goldman Sachs says the longest bull market in history will end soon.