Coronavirus Death Reported And How It Will Affect Markets
This ARTICLE On The First Death Of The Coronavirus Death Reported And How It Will Affect Markets Was PUBLISHED On March 1st, 2020
Everyone saw it coming. The first Coronavirus Death Reported in Washington State over the weekend.
- This breaking news came after the stock markets closed on Friday
- The Dow Jones Industrial Average was down as much as 1,100 points on Friday
- However, due to confidence that the worst is over with the coronavirus, the market rebounded and was just down 300 points
- Many investors saw that the market bottomed and went into a buying frenzy hoping the market will skyrocket next week
- Unfortunately, many experts are fearing the worse and expecting the stock markets to selloff again due to the bad news over the weekend
- However, after the market close, more bad news comes over the wires
- The first death in the United States was reported in Washington State
- A man in his 50’s died from the coronavirus late Monday night
- Another Washington resident checked in to the hospital and tested positive of the coronavirus
- More cases of the coronavirus were reported over the weekend
- One in Rhode Island and another one in Chicago
- Investors are nervous about the markets on Monday and how the recent news will affect the equity markets
- The Trump Administration had multiple press conferences over the weekend to reassure the public that everything will be fine over time and the public should not panic
- However, Washington State Governor Jay Inslee declared a state of emergency for the entire state of Washington just after the death of a man in his 50’s was announced
- Panic instantly spread, not just in the state of Washington, but throughout the country
- The Dow dropped over 3,500 last week due to the coronavirus scare
- This was a 13% drop in a week, making it the largest single week drop since the 2008 financial crisis
- Any drop over 10% is considered a market correction
- Any drop over 20% is considered a Bear Market
- Nervous investors are very nervous about tomorrow and how much the stock markets will selloff
- The good news for homebuyers and homeowners refinancing their home loans, the market selloff is plummeting mortgage rates
In this article, we will discuss and cover the first Coronavirus Death Reported in Washington State. This is the first death reported in the United States.
Washington State Governor Declares State Of Emergency Due To Coronavirus Death Reported
Right after the announcement of a man in his 50’s has died due to the coronavirus, Washington Governor Jay Inslee declared a state of emergency on Saturday.
According to Michael Gracz of Gustan Cho Associates, the state of emergency means the following:
The declaration directs state agencies to use all resources necessary to prepare for and respond to an outbreak and allows the use of the Washington National Guard if necessary. A governor’s state of emergency allows the state to get the resources they need.
Governor Jay Inslee said the following:
This is a time to take common-sense, proactive measures to ensure the health and safety of those who live in Washington state. Washingtonians can be assured we’ve taken this threat seriously and have been working in collaboration with our health care partners to develop plans and procedures to prepare for what could likely be a worldwide pandemic. Our priority now is to slow the spread of this virus.
Number Of Coronavirus Cases In The United States
To date, there has been four unknown origins coronavirus cases reported in the United States. By unknown origins, it means the coronavirus has been transmitted among the general public in U.S. soil. The four cases are two cases in the state of California, one in the state of Oregon, and one in the state of Washington. The news of the man that died in Washington is the first death reported in the United States. Experts are expecting more cases in the coming days, weeks, months. The Trump Administration said they are doing everything humanly possible to slow the virus. This includes travel restrictions from Iran. The Trump Administration advised Americans not to travel to certain areas of South Korea and Italy until more information is known about the virus. The Trump Administration also put a ban on foreigners who traveled to Iran in the past 14 days. President Trump said he is planning on closing the Southern Border until further notice.
President Trump said the following:
Additional cases in the United States are likely, but healthy individuals should be able to fully recover. If you’re healthy, you will probably go through a process and you’ll be fine.
President Trump said he is not worried about the stock market correction. The market will fix itself, Trump said. This is a developing story. Gustan Cho Associates Mortgage News will update our viewers as more news on this topic arises in the coming days and weeks.