Dow drops over 1,000 as outbreak threatens global economy
The Dow Jones Industrial Average slumped more than 1,000 points Monday in the worst day for the stock market in two years as investors worry that the spread of a viral outbreak that began in China will weaken global economic growth.
Traders sought safety in U.S. government bonds, gold and high-dividend stocks like utilities and real estate. The yield on the 10-year Treasury fell to the lowest level in more than three years.
Technology companies, whose supply chains have been disrupted, accounted for much of the broad market slide, which wiped out all of the Dow’s and S&P 500’s gains for the year.
More than 79,000 people worldwide have been infected by the new coronavirus. China, where the virus originated, still has the majority of cases and deaths. The country’s economy has been hardest hit as businesses and factories lie idle and people remain homebound because the government has severely restricted travel and imposed strict quarantine measures to stop the virus from spreading. Economists have cut growth estimates for the Chinese economy.
As concern grows, China, South Korea report more cases
BEIJING — China and South Korea on Tuesday reported more cases of a new viral illness that has been concentrated in North Asia but is creating worrisome, increasing clusters in the Middle East and Europe.
China reported 508 new cases and another 71 deaths, 68 of them in the central city of Wuhan, where the epidemic began in December. The updates bring mainland China’s totals to 77,658 cases and 2,663 deaths.
South Korea now has the second-most cases with 60 reported Tuesday morning, bringing its total to 893. South Korea has reported a near 15-fold increase in infections with the new coronavirus in a week, as health workers continue to find batches in the southeastern city of Daegu and nearby areas, where panic has brought towns to an eerie standstill.
Of the 60 new cases reported by South Korea’s Centers for Disease Control and Prevention, 49 came from Daegu and the surrounding areas of North Gyeongsang province.
The country also reported its eight fatality, a man in his 60s who was linked to a hospital in Cheongdo, where a slew of infections has been reported among patients at a mental ward.
‘A new day’: Harvey Weinstein convicted, led away in cuffs
NEW YORK — Former Hollywood producer Harvey Weinstein was convicted of rape and sexual assault against two women and led off to prison in handcuffs Monday in what his foes hailed as a landmark moment for the legal system and a long-overdue reckoning for the man vilified as the biggest monster of the #MeToo era.
The 67-year-old Weinstein had a look of resignation on his face as he heard the verdict: guilty on two charges, not guilty on a set of more serious ones.
While it was not the across-the-board victory prosecutors and his accusers had hoped for, it could put the stooped and feeble-looking Weinstein behind bars for the rest of his life. The charges carry up to 29 years in prison.
District Attorney Cyrus Vance Jr. saluted the women who came forward against the once-feared studio boss, saying they “changed the course of history in the fight against sexual violence” and “pulled our justice system into the 21st century.”
“This is the new landscape for survivors of sexual assault in America, I believe, and it is a new day. It is a new day because Harvey Weinstein has finally been held accountable for crimes he committed,” Vance said.
Worried Democrats rush to slow front-runner Sanders
HILTON HEAD ISLAND, S.C. — Worried Democrats on Monday intensified their assault against the party’s presidential front-runner, Bernie Sanders, as the Vermont senator marched toward South Carolina’s weekend primary eyeing a knockout blow.
At least three leading candidates, Joe Biden, Pete Buttigieg and Mike Bloomberg, reinforced their anti-Sanders rhetoric with paid attack ads for the first time. And a new political group was spending big to undermine Sanders’ standing with African American voters.
“Socialist Bernie Sanders is promising a lot of free stuff,” says a brochure sent to 200,000 black voters in South Carolina by The Big Tent Project, a new organization trying to derail Sanders’ candidacy. “Nominating Bernie means we reelect Trump. We can’t afford Bernie Sanders.”
The multi-pronged broadside just five days before South Carolina’s first-in-the-South primary represents the Democrats’ most aggressive attempt to knock Sanders down. It reflects growing concern within his party that the self-described democratic socialist is tightening his grip on the presidential nomination while they fear he’s too extreme to defeat President Donald Trump this fall.
It also underscores the precarious state of Biden’s campaign. The former vice president has long been viewed as the unquestioned front-runner in South Carolina because of his support from black voters. But as the contest nears, Sanders is also making a strong play here. If he can eat into Biden’s base of support, that would raise fundamental questions about the future of Biden’s candidacy.
Pioneering NASA mathematician Johnson dies
Katherine Johnson, a mathematician who calculated rocket trajectories and earth orbits for NASA’s early space missions and was later portrayed in the 2016 hit film “Hidden Figures,” about pioneering black female aerospace workers, has died. She was 101.
Johnson died Monday of natural causes at a retirement community in Newport News, Virginia, family attorney Donyale Y. H. Reavis told The Associated Press.
NASA Administrator Jim Bridenstine said in a statement that Johnson “helped our nation enlarge the frontiers of space even as she made huge strides that also opened doors for women and people of color.”
Johnson was one of the “computers” who solved equations by hand during NASA’s early years and those of its precursor organization, the National Advisory Committee for Aeronautics.
Johnson and other black women initially worked in a racially segregated computing unit in Hampton, Virginia, that wasn’t officially dissolved until NACA became NASA in 1958. Signs had dictated which bathrooms the women could use.
By wire sources