Economic toll of virus goes global and hits close to home


A currency trader walks by a screen showing the Korea Composite Stock Price Index (KOSPI) at the foreign exchange dealing room in Seoul, South Korea, Wednesday, March 4, 2020. Asian stock markets were mostly higher Wednesday after Wall Street sank despite an emergency U.S. interest cut aimed at defusing fears a virus outbreak might depress global economic activity. (AP Photo/Lee Jin-man)

Global stock markets are rebounding from record-setting declines after President Donald Trump said he would ask Congress for a tax cut and other measures to ease the financial burden of the coronavirus outbreak.

Yet the spread of the virus is disrupting operations of the world’s largest economic powerhouses, as well as small businesses and employees.

All major airlines are cutting capacity and more companies are reporting their first cases of employees becoming infected, including Boeing at a facility in Washington state.

Because of uncertainty about the duration and severity of the outbreak, companies are also withdrawing financial guidance. That includes Vail Resorts, where visits are down moderately, but the company said that could get worse.

Copyright 2020 Nexstar Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Michigan Headlines

More Michigan

StormTracker 6 Radar