NEW YORK — The number of confirmed cases of the new coronavirus worldwide surpassed 200,000 for the first time Wednesday and the damage being seeded in the global economy is growing more clear by the day. Furloughs and job cuts, from dog walkers to oilfield workers, have begun. Governments around the world are pushing drastic countermeasures to help workers, particularly those who live paycheck to paycheck.
Following are developments Wednesday affecting various levels of the economy, businesses and workers:
MARKETS ROIL: The S&P 500 sank 5 % on Wall Street Wednesday, as fears of a prolonged coronavirus-induced recession take hold. The Dow Jones Industrial Average erased virtually all its gains since President Donald Trump’s 2017 inauguration. The CBOE Volatility Index, Wall Street’s fear gauge, appears to have broken from its tether.
European stock indexes lost more than 4% following broad losses in Asia.
CRISIS TO COME: The U.N.’s International Labor Organization…
Source news reuters.com, click here to read the full news.