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CORONAVIRUS IN THE NEWS: March 16 | 5:13 p.m.


Dow tumbles nearly 3,000 points — worst point drop in history
CNN Business: It was another ugly day for U.S. stocks. The Dow today recorded its worst one-day point drop in history and its worst performance on a percentage basis since Oct. 19, 1987, also known as “Black Monday.” Stocks fell to session lows in the final hour of trading, as President Donald Trump said the outbreak could last until July or August. The Dow dropped more than 3,000 points at its worst; it finished down 2,997 points, or 12.9%. The S&P 500 finished down nearly 12%, and the Nasdaq Composite ended down 12.3%.

U.S. airlines seek $50 billion government bailout after coronavirus outbreak
Reuters: Major airlines sought a U.S. government bailout of more than $50 billion today as the White House moved urgently to draft a financial assistance package in the wake of the steep falloff in U.S. travel demand. Airlines for America, the trade group representing American Airlines, United Airlines, Delta Air Lines, Southwest Airlines and others, said the industry needs $25 billion in grants, $25 billion in loans and significant tax relief to survive.

Treasury to help advance funds to employers for paid sick leave
Wall Street Journal: Treasury Secretary Steven Mnuchin said his agency would advance funds to businesses so they can meet paid sick-leave requirements under a new House bill to combat the novel coronavirus. In a statement late Saturday night, Mnuchin said employers will be able to use cash deposited with the Internal Revenue Service to pay sick-leave wages. For businesses that wouldn’t have sufficient taxes to draw from, the Treasury would make advances to cover the costs, he said. Mnuchin said the measures were aimed at helping businesses that may have cash-flow problems related to disruptions from the virus.

– Some European banks shut branches to limit coronavirus spread (Reuters)
– Starbucks goes from sip and stay to grab and go (New York Times)

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