JetBlue bans passenger who notified crew after landing that he'd tested positive for coronavirus - CNN

(CNN) — JetBlue banned a passenger who flew from New York to Florida while awaiting the results of a coronavirus test and notified the crew after landing that they came back positive, the airline said.

The passenger left John F Kennedy International Airport and landed at West Palm Beach on Wednesday night. He did not disclose to anyone at JetBlue that he was awaiting results of a coronavirus test, the airline said.

On arrival, the passenger told the crew that he'd been notified the test was positive and cleaning immediately started for the areas he went through based on security camera footage, the Port Authority of New York and New Jersey said. They included gates, security checkpoints, check-in counters and kiosks, elevators and restrooms.

"Last night's event put our crewmembers, customers, and federal and local officials in an unsettling situation that could have easily been avoided, and as such, this customer will not be permitted to fly on JetBlue in the future," the airline said in a statement Thursday.

The Centers for Disease Control and Prevention has asked people feeling unwell, those who believe they may have coronavirus or those who are awaiting test results to avoid travel until they are cleared by a medical professional.

Palm Beach International Airport is operating normally a day after the incident, spokeswoman Lacey Larson said. It had temporarily closed down Concourse A for cleaning after passengers aboard the flight went through that area.

All health guidelines were followed for the patient and passengers aboard the flight were assessed, said Capt. Albert Borroto of Palm Beach Fire and Rescue, which responded to the scene.

"Passengers in the vicinity of the positive patient were advised of monitoring procedures. The rest of the passengers were released to go home and given directions ... to call the health department with any medical concerns," he said.

The condition of the passenger or where he's being quarantined is unclear.

CNN's Anna Sturla, Tina Burnside and Sheena Jones contributed to this report

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2020-03-13 09:04:57Z
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Dow falls 2300 points - worst one-day loss since 1987 crash - Al Jazeera English

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1. Dow falls 2300 points - worst one-day loss since 1987 crash  Al Jazeera English
2. Dow has worst day since '87, S&P, Nasdaq hit bear market  Fox Business
3. Wall Street's roller coaster week continues: Live updates  CNN
4. Asian shares sink after pandemic news  Japan Today
5. Dow has another record point drop on Thursday as coronavirus cases spread  The Denver Channel
6. View Full Coverage on Google News

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2020-03-13 05:49:47Z
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Why the Dow is at risk of the worst week in its 124-year history as coronavirus fear grips Wall Street - MarketWatch

Get ready for the worst week ever for stocks — ever. The Dow Jones Industrial Average is on the verge of carving out history on Friday, but for all the wrong reasons if you are a bullish investor.

The threat of the spread of the novel coronavirus has injected a dose of never-before-seen volatility on Wall Street and a brutal stretch for stocks that seems likely to produce the worst weekly decline for the Dow DJIA, -9.98% since the blue-chip gauge was created in 1896 by Charles Dow.

It won’t take much to achieve that dubious distinction. The Dow is off 18.03% so far this week and would book the worst weekly decline for the index — which turns 124 years old on May 26 — if it surpasses the 18.15% drop in the week ended Oct. 10, 2008, at the height of the financial crisis that ushered in the 2007-’09 recession (see table attached)

Week ending	Weekly % change for the Dow Jones Industrial Average
Oct. 10, 2008	-18.15%
March 12, 2020	-18.03%*
July 7, 1933	-16.66%
May 18,1940	-15.48%
Oct. 8, 1932	-15.15%
	Source: Dow Jones Market Data *active

This time the culprit behind potentially the record-setting decline for the Dow is a viral outbreak that was first identified in Wuhan, China, in late December and has already infected 128,000 people and claimed 4,720 lives, according to data compiled by Johns Hopkins University.

To be sure, there are number of other factors that helped to contribute to the Dow, the S&P 500 SPX, -9.51% and the Nasdaq Composite COMP, -9.43% indexes falling into a bear market — widely defined as a drop of at least 20% from a recent peak — at the fastest pace from a record high in their histories. It took 19 trading days for the Dow to tumble into a bear market, which it did on Wednesday, and 16 sessions for the Nasdaq and S&P 500.

Chief among those factors, however, has been uncertainty due the novel virus that traders, strategists and economists are finding hard to model for, market participants say.

Fear of the spread of the disease known as COVID-19 has forced curbs on everything from public gatherings, travel, professional sports outings to Broadway, and it feels as if the impact of the outbreak is just getting revved up.

Thursday’s equity drop was also marked by a mostly sell-everything mood on Wall Street, as investors appeared to want to eschew not just stocks but also bonds and gold, usually considered safe havens during times of stock-market stresses.

Gold for April delivery GCJ20, -0.87% tumbled by $52, or 3.2%, to settle at $1,590.30 an ounce on Thursday, while the 10-year Treasury note TMUBMUSD10Y, 0.892% saw its yields, which move opposite to prices, rise, when they should have been falling.

The odd trading action, reflected to some that buyers for assets of all stripes were few and far between.

The tumult came even after the Federal Reserve attempted to address disruptions in the U.S. bond market and in other parts of the market by injecting hundreds of billions of dollars into the financial system. The European Central Bank was seen disappointing market participants by not doing enough to limit the economic impact of the viral outbreak that has exploded in Italy, forcing the country into a state of total lockdown.

Ultimately, it isn’t apparent how it all shakes out.

But one thing is clear, it will go down in history as one of the ugliest periods for equities in history, if the recent downtrend isn’t halted soon.

There were few economists or strategists who would have predicted this outcome 19 trading days ago, but many are now predicting that the recession is an almost a certainty. So, now investors are looking at the end of the longest bull market in history, which had run to a record-setting 11 years until Wednesday, and a record-long economic expansion which will turn 12 in June.

“So far, the news has all been bad and getting worse, but if, for instance, an effective treatment is announced, the Dow could rally 3,000 points in a single session,” wrote Stephen Todd, popular financial blogger, who writes Todd Market Forecast’s.

Perhaps it’s fitting then that the Dow books its worst week on Friday, March 13, during a period where the market is rightfully spooked.

“Trading these markets is crazy as even I was getting scared of the volatility in my [profit and loss statements] yesterday. Maybe because it’s my own money now and not the banks!!” wrote Stephen Innes, chief market strategist at AxiCorp, in a research note late Friday.

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2020-03-13 05:12:00Z
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Stock market attempts to claw back from Thursday depths after Fed announces 'big bazooka' to help ease Treasury market problems - MarketWatch

U.S. stocks bounced off Thursday lows after the Federal Reserve announced that it would offer $505 billion in a key area of the short-term funding market to help cure dislocations in Treasury trading, amid growing coronavirus anxieties. The measure is part of a broad package of easing measures. The Fed said it would offer $500 billion in a three-month repo operations on both Wednesday and Thursday. It also said it would offer $500 billion in a one-month repo operation tomorrow. In addition, the New York Fed added it would conduct one-month and three-month operations for $500 billion every week for the remainder of the month. The S&P 500 index SPX, -6.57% was off 4.7% at 2,613, but had been at a low of 2,500.65, while the Dow Jones Industrial Average DJIA, -7.05% was off 4.9% at 23,395, after hitting a nadir at 21,297, on track for its worst percentage loss since the 1987 crash at that point. Experts on CNBC described the action by the Fed as a "big bazooka," or at least an opening salvo in the central bank's attempt to help alleviate market dislocations, amid the COVID-19 outbreak. The Fed is expected to meet next week in a two-day meeting March 17-18, where it is expected to cut federal-fund rate, after already delivering an emergency cut on March 3--reducing rates by a half a percentage point.

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2020-03-12 17:39:28Z
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Airline Shares Drop Sharply After Trump Imposes Travel Limits - The New York Times

Airline stocks tumbled on Thursday after President Trump prohibited most travelers from 26 European countries from visiting the United States for 30 days.

The three big U.S. carriers that fly trans-Atlantic routes — United Airlines, Delta Air Lines and American Airlines — fell by 10 percent or more in morning trading.

Already reeling from a steep decline in bookings because of the coronavirus outbreak, the airlines now stand to lose millions of dollars in revenue from trans-Atlantic flights, which account for a big chunk of their international business.

Over the next four weeks, the ban will result in the cancellation of more than 6,700 flights, the equivalent of two million seats, in each direction, according to an analysis by OAG, an aviation data provider.

Delta is the airline most hurt by the ban, operating 17 percent of affected flights, according to OAG. United is next, with 14 percent, followed by Lufthansa, with 13 percent. American ranked fourth, operating about 8 percent of affected flights.

Confusion reigned after Mr. Trump’s announcement, with frantic travelers struggling to understand the consequences of the ban and airlines racing to adjust operations on little notice ahead of its implementation on Friday night.

“This action will hit U.S. airlines, their employees, travelers and the shipping public extremely hard,” said Nicholas Calio, president of Airlines for America, an industry group. “However, we respect the need to take this unprecedented action and appreciate the administration’s commitment to facilitate travel and trade.”

But others in the industry were more critical. Sara Nelson, the president of the Association of Flight Attendants, the union representing workers at United, said in an interview that the airline industry was “pretty blindsided” by Mr. Trump’s announcement.

“It created total pandemonium,” Ms. Nelson said. “Airline employees had no idea what this meant and for some it was completely disrupting their lives. They weren’t even sure if they were going to have a job in the next 24 hours or get home.”

Get an informed guide to the global outbreak with our daily coronavirus newsletter.

Among flight attendants, there is widespread fear about job losses, she added. “The trajectory that this is on right now is beyond job loss, it’s about whether or not the industry can actually operate,” Ms. Nelson said. “You can’t operate a flight when no one wants to be on it.”

Even before the ban, investors were reassessing the financial prospects of airlines, several of which sought bankruptcy protection in the last two decades.

“The airlines are in cash preservation mode, and we fully expect to see credit facilities extended and increased in the next week,” Helane Becker, an airline analyst with Cowen, wrote in a research note on Thursday. “We previously stated U.S. airline bankruptcies were unlikely and in the near-term that still remains the case BUT if bookings do not improve in the next three months things could deteriorate quickly.”

United borrowed $2 billion this week and Delta raised $1 billion last week. American raised $500 million two weeks ago.

Delta said on Wednesday night that it would waive change fees for all customers traveling to, from or through Europe and the United Kingdom through May. American Airlines, which operates 15 daily flights from the parts of Europe affected by the ban, said that it was “committed to taking care of any affected customers by assisting them with rebooking" and that it was reaching out to those affected.

Travel and tourism between the United States and Europe, including areas not covered by the ban, is a business totaling roughly $130 billion annually, according to U.S. government data.

Trans-Atlantic flights accounted for about 17 percent of United’s 2019 passenger revenues, or $7.3 billion. For Delta, the share was 15 percent, or $6.3 billion, and for American it was 11 percent, or $4.6 billion.

European airline stocks also fell sharply. And shares of the aircraft manufacturer Boeing, which has also been hurt by the grounding of the 737 Max and cuts in orders, were down by more than 10 percent on Thursday after dropping 18 percent on Wednesday.

In addition to Mr. Trump’s travel ban affecting the 26 European countries that make up the Schengen Area, the State Department warned Americans that they should reconsider all international travel, the most severe caution it can offer short of “do not travel.”

At an investor conference on Tuesday, the chief executives of Delta, United and American said that years of streamlining operations had prepared them to weather the effects of a crisis like the coronavirus outbreak.

United’s president, Scott Kirby, said that the company’s net bookings to Europe were already down 100 percent in recent days, about half of that coming from cancellations. The airline, he said, was preparing for its worst-case scenario — a sustained decline in revenue for the rest of the year — even though it didn’t expect that to happen.

“The financial impact of our dire scenario is worse than the post-9/11 decline in demand,” he said. “We, of course, hope that it will be better, but we’re not willing to count on that.”

Natalie Kitroeff contributed reporting.

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2020-03-12 16:27:05Z
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Stocks plunge into bear market territory - CNN

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1. Stocks plunge into bear market territory  CNN
2. Dow losses reach nearly 9%, putting it on track for worst one-day decline since 1987 crash  CNBC
3. Wall Street enters bear market as Europe travel ban stuns investors  Reuters
4. The Bear Is Back With Less Regard for Sentiment  Bloomberg
5. Stocks Sink on Virus Fears, Triggering Trading Halt  QuickTake by Bloomberg
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2020-03-12 15:44:17Z
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Dow Drops 1900 Points: Stocks In Meltdown After Temporary Trading Halt - NPR

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After weeks of turmoil over the economic toll of the coronavirus, U.S. stock indexes entered a bear market, signaling an end to their 11-year winning streak. Jeenah Moon/Getty Images hide caption

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Jeenah Moon/Getty Images

Updated at 11:12 a.m. ET

The stock market extended its relentless, breathtaking drop Thursday — moving deeper into bear territory — with major U.S. indexes sinking as much as 8%. Stocks fell so fast, it triggered a 15-minute halt in trading for the second time this week.

The Dow Jones Industrial Average plunged more than 1,900 points, or 8%. The S&P 500 and the Nasdaq were each down about 7%.

Those indexes are now down at least 24% from record highs set just last month.

The market tumble came hours after President Trump announced a 30-day ban on travel from European countries (but not the United Kingdom) to the United States.

Trump said it was an effort to stem the spread of the coronavirus, but the move caused confusion on both sides of the Atlantic and drew skepticism from several health experts. And it was also another blow to airlines, hotels and tourist attractions that have already taken a beating.

Thursday's stock market drop followed a nearly 6% percent plunge in the Dow on Wednesday, when the blue chip index entered a bear market, defined as falling 20% from its peak. The S&P 500 is now also in a bear market, ending an 11-year winning streak.

In addition to the travel ban, Trump also announced measures to overcome "temporary economic disruptions" caused by the disease. The proposals include a $50 billion program to provide low-interest loans to small businesses affected by the coronavirus.

Congressional Democrats also unveiled a legislative stimulus package aimed at easing the economic damage. Their plan includes expanded unemployment reimbursement for states, extra money for food security for low-income children and federally funded family and sick leave for people affected by the virus.

The coronavirus pandemic has had far-reaching and quickly developing economic impacts.

Thursday morning, Princess Cruises, which has had several ships hit by coronavirus outbreaks, announced it will pause operations of its 18 cruise ships globally for 60 days. The move is in response "to the unpredictable circumstances evolving from the global spread of COVID-19," the company said.

The airline industry has also been hard hit by travel cancelations and travel restrictions. "I would say we're in the middle of a very significant impact, some would say devastating impact, to the airline industry," JetBlue CEO Robin Hayes told NPR.

Wednesday night, the NBA suspended the rest of its season after a player on the Utah Jazz preliminarily tested positive for the coronavirus.

The European Central Bank became the latest to try to offset the effects of the crisis, announcing a series of stimulus measures to help banks and other businesses. But, unlike the Federal Reserve and the Bank of England, the ECB failed to cut interest rates.

"The spread of the coronavirus has been a major shock to the growth prospects of the global economy and the euro area economy, and it has heightened market volatility," ECB President Christine Lagarde told a news conference, according to Reuters.

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2020-03-12 15:26:44Z
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