Wall Street has seen better days, and thanks to the contributing factors that stem from the spread of the coronavirus the United States markets saw a loss of more than $5 trillion dollars. This is the worst it has been for the last 7 years. In fact, when the markets opened on Monday morning the sell-off was so intense that circuit breakers stopped the trading automatically.
The coronavirus has set off a reaction in the markets that is so negative it could potentially lead to a serious recession. Of course, this entire economic disaster can’t be attributed to the coronavirus alone, but other untimely factors such as international disagreements, and the decrease in oil prices also lead to this downwards spiral of events.
This is one of the worst predicaments Donald Trump has been faced within his time as president and he was considering a tax cut for those who can not go to work due to coronavirus related concerns. Not only is the virus costing the United States billions in medical supplies and testing material, but it is now seriously affecting the market system. The entire nation watches as this public disaster turns into an economic one and everyone wants to know what is being done to prevent the spread of this virus and when things can start picking up again.
There is a lot of panic by the general public but the government and healthcare professionals are doing everything they can to try and reduce the spread of the virus and to help calm everyone’s nerves. Vaccines are being tested, but it could take many months, up to even a year for the entire process to be completed and for the vaccine to be safe enough for human use. If the process of approving a vaccine is rushed, then the side effects could potentially be worse than the virus itself and result in even more of a reason to panic.
How many countries have been affected by the coronavirus?
Over 113,000 people have been sickened by the virus and 97 countries have reported the virus has spread to them. The virus was originally growing most rapidly in China, as that is where it originated, but now it seems to be picking up speed in the United States and Europe.
Every county in the European Union has reported having the coronavirus and there has even been a total lockdown in Italy in which residents are not allowed to leave their home unless it is for work reasons, health reasons, or to purchase necessary living supplies. If residents are found breaking these rules, they can face serious legal consequences and can be questioned by police officers.
Anyone who seems to be developing a fever, a dry cough, or any other unexplained respiratory illnesses should not wait and see if it will go away on its own, but rather, they should go and get checked up immediately. The more precaution everyone takes the faster the virus will stop spreading and the sooner the public and the economy can bounce back into working order again.