Despite President Trump’s attempt at reassuring Americans that the potentially deadly coronavirus isn’t a major threat to the USA or the stock market, NBC News reported that the “Wall Street plunged for a second straight day,” on Tuesday. The news source said that the “Dow Jones Industrial Average dropped by more than 877 points in mid-afternoon trading after U.S. health officials warned the spread of coronavirus to America was not a matter of “it” but “when.”
During a morning briefing on Tuesday, Dr. Nancy Messonnier, who is head of Centers for Disease Control and Prevention’s National Center for Immunization and Respiratory Diseases, stated that “it’s not so much a question of if this will happen anymore, but rather more a question of exactly when this will happen and how many people in this country will have severe illness.” As of right now, countries worldwide are defenseless against Covid-19 which means there is no way to stop the spread, but only contain it. Unfortunately, this has not only taken a toll on people’s health and wellness, but also the U.S. economy.
NBC News also shared that “with the Dow falling by more than three percent and the S&P 500 and the Nasdaq index both down by around 2.5 percent, investors have fled the market to bury their funds in safe havens.” While many are worried that the coronavirus could continue to negatively impact the stock market, President Trump tweeted earlier that “We are in contact with everyone and all relevant countries. CDC & World Health have been working hard and very smart. Stock Market starting to look very good to me!”
To further suppress the fear and worry that the coronavirus could spread here in the U.S., White House Economic Council Director Larry Kudlow said during an interview with CNBC that “We have contained this. I won’t say [it’s] air-tight, but it’s pretty close to air-tight.”
More on the Spread of the Coronavirus in the U.S.
As of right now, the “U.S. public-health systems have sought to contain the virus by isolating confirmed cases while monitoring close contacts of the patients for signs of infection,” reports The Wall Street Journal. However, experts are saying that “if the virus spreads more widely in the U.S., it might become difficult or impossible to contain it with the current methods” which means modifications would need to be made. This might include “closing schools, canceling mass gatherings, and requiring employees to work from home.”
While there is still much uncertainty surrounding the coronavirus and its ability to spread in the U.S., it appears one issue that is known is that “state and local health departments lack the test kits they need to rapidly diagnose coronavirus infections because federal health authorities are still working out kinks in the testing.” For now, the only thing Americans can do is continuously check for updates on the virus and take precautionary measures to prevent from catching any type of virus or illness that could potentially weaken their immune system.