Dow rallies over 1,000 points, switching course from previous rough week

welcome back to Cheddar business. A second person has died in the U. S. After being infected with the Corona virus. The epidemic has now infected almost 90,000 people. But some experts warn the numbers from a few countries could be unreliable. Joining us now is Dr Hamish Dal Gia, infectious disease expert Dr Adalja. Thanks so much for joining us when the Corona virus was first discovered. Did you think that it would get to this point? I did, because this virus had efficient transmission by the respiratory route. So we knew from the start that this was not going to be containable, that this was going to be a problem for all of the countries of the world. So for those who followed viruses, this follow the trajectory of 2009 H one n one, where we had over a 1,000,000,000 people infected in six months. So this doesn't come as a surprise, and we should expect to see more spread. And health officials, for good reason, have tried to be very careful with labels. So it's not to create any panic more than necessary. So remind us the difference between an epidemic and a pandemic. on what will be the extra precautions that would have to be taken if this does become a pandemic. Epidemic was really something that's geographically restricted. An outbreak of an infectious disease that's geographically restricted a pandemic means that it is not geographically restricted. It's in many parts of the world, and for all intents and purposes, we are in the beginning of a Corona virus pandemic. Whether or not there's been an official declaration, there is no difference in terms of preparation or or anything that happens. It's really a semantic issue, and we've been treating this as a pandemic from the start. So I've been calling it a pandemic, and I think that's really what it is. If you actually look and see where this is all spread, Doctor, where are we now? When it comes to vaccines or potential vaccines, what's the timeline here? Well, right now, there's been vaccine candidates delivered to the N. I H to start clinical trials, which are going to commence shortly. However, you have to remember that it's a long haul between starting a clinical trial and actually manufacturing a vaccine at high enough levels to be able to vaccinate virtually the world. So I think we're looking at 12 to 18 months before we actually have a vaccine. The vaccine will not impact the first wave of this virus explained to us how the transmissible nature or the spread ability of this virus is concerning, especially compared to the flu. Where for Cove in 19 each person who gets it is likely to pass it on. To say to people versus the regular flu is which is passing on to one person. So what is the difference in that trans miss ability there? Well, right now we're seeing it. Probably the transmissibility is around two for this, and flu is usually somewhere between one and two people that you might. In fact, sometimes it could be higher. It's important to remember that that transmissibility statistic, what we call the are not is not a ah fixed like magical number. It it really has to do with the person that's being infected, and it's an average that we get. So there are some people that will infect more people than others. Some people who will infect know people, so it's important to not put too much emphasis on that number. The fact that it's about that it's around two just means that this makes it much harder to control, that it is transmissible and that we're going to see community widespread, similar to what we saw in Washington state. How concerned should the general viewer general citizen here in the United States be about getting Corona virus? Because there's no population immunity? We are going to see a lot of infections in the United States may be over. 40% of the population may become infected with this virus, but you have to remember, for the vast, vast majority of people who get this, it is going to be like a severe flu. It is not going to be life threatening. Most cases are going to be mild and not require hospitalization. So for the individual person, I think this is something they're going to have to cope with and be ready for. But it should not be thought of as the end of the world for them or something that's going to be uniformly fatal because most almost all cases air going to recover. We initially saw mortality rates of roughly 2% with regard to the outbreak in China, but we know those those figures have changed. Doctor, is there any sort of realistic idea of a mortality rate? If 40% of the population were to get some form of this, it's going to be likely be less than 1%. How much less? We don't quite know. Because we have to get testing ramped up so that we could start identifying the mild cases so we can understand the true denominator of how many people are infected and that will bring the case fatality ratio down. When we do that kind of testing, I think you're looking at something that maybe around a severe seasonal flu s so that's around 0.1%. But we really need to get the testing out there and identify these mild cases so that we can remove this uncertainty over this key variable. As people have been trying to prepare for this, we've seen price gouging on face masks and other so called remedies or prevention techniques. But the surgeon general tweeted over the weekend that people should actually stop buying masks. So what is the actual effectiveness of a mask? Should we be saving these for people who are infected. What is the what? The consensus around masks here. For the general public, there is no benefit to having masks. They are not worn properly by most people. They're not 100% protective in there. This pent up demand for them is causing supply constraints for hospitals who actually need them. So we should not be buying masks. If you're a member of the general public health care workers, patients who are sick, those of the people who benefit from having to mass, not the general public. And we need to stop this hoarding and panic buying, which is goingto maybe make us have more difficulties down the road. So then what should consumers you, and perhaps a good weight? Oh, discretion would be Dr to ask you if you've changed your behavior at all in the last several weeks as a result of this Corona virus outbreak. I haven't. I know that I'm gonna be someone that's going to take care of some of these patients, but in my general personal habits, I have not changed anything at this point. I traveled internationally last week. I'll be traveling this week by plane and I'm not going to be wearing a mask. All right. Dr. Amos Adalja, infectious disease expert Doctor, It's always great to have you on the show. Thanks so much for joining us and safe travels. Thanks.

Video above: Coronavirus may infect over 40% of U.S. population, infections disease expert saysThe Dow Jones Industrial Average soared nearly 1,300 points, or 5%, Monday as stocks roared back from a seven-day rout on hopes that central banks will take action to shield the global economy from the effects of the coronavirus outbreak.The huge gains clawed back some of the ground lost last week in a massive selloff that gave stocks their worst stretch since the financial crisis of 2008.Technology companies led the broad gains, which gave the Dow its biggest-ever point gain and biggest percentage increase since March 2009. The S&P 500 index jumped 4.6%, its best day since December 2018.European benchmarks were mostly higher, and Asian markets rose broadly.The virus outbreak that began in central China has been shutting down industrial centers, emptying shops and severely crimping travel all over the world. More companies are warning investors that their finances will take a hit because of disruptions to supply chains and sales.Amid the worsening outlook, investors are increasingly anticipating that the Federal Reserve and other major central banks around the world will lower interest rates or take other steps to shield the global economy from the effects of the outbreak."Investors have convinced themselves that global central banks will likely be even more accommodative in order to short-circuit any psychological damage, " said Sam Stovall, chief investment strategist at CFRA.Bill Nelson, chief economist at the Bank Policy Institute and a former Fed economist, said the Fed and other major central banks, possibly including China's, could announce coordinated rate cuts by Wednesday morning. The cut would at least be a half-point and perhaps even three-quarters, he said."The only way to get a positive market reaction is to deliver more than expected," he said.The International Monetary Fund and World Bank announced simultaneously Monday that they are ready to help countries affected by the coronavirus through their emergency lending programs and other tools."We will use our available instruments to the fullest extent possible," the IMF managing director, Kristalina Georgieva, and World Bank President David Malpass said in a joint statement. "International cooperation is essential."There were signs that the economic impact was continuing to mount. A measure of China's manufacturing output plunged last month to its lowest level on record, as the viral outbreak closed factories and disrupted supply chains.And the Organization for Economic Development, a research organization made up of mostly advanced economies, said Monday that the viral outbreak "presents the global economy with its greatest danger since the financial crisis" in 2008.

Video above: Coronavirus may infect over 40% of U.S. population, infections disease expert says

The Dow Jones Industrial Average soared nearly 1,300 points, or 5%, Monday as stocks roared back from a seven-day rout on hopes that central banks will take action to shield the global economy from the effects of the coronavirus outbreak.

The huge gains clawed back some of the ground lost last week in a massive selloff that gave stocks their worst stretch since the financial crisis of 2008.

Technology companies led the broad gains, which gave the Dow its biggest-ever point gain and biggest percentage increase since March 2009. The S&P 500 index jumped 4.6%, its best day since December 2018.

European benchmarks were mostly higher, and Asian markets rose broadly.

The virus outbreak that began in central China has been shutting down industrial centers, emptying shops and severely crimping travel all over the world. More companies are warning investors that their finances will take a hit because of disruptions to supply chains and sales.

Amid the worsening outlook, investors are increasingly anticipating that the Federal Reserve and other major central banks around the world will lower interest rates or take other steps to shield the global economy from the effects of the outbreak.

"Investors have convinced themselves that global central banks will likely be even more accommodative in order to short-circuit any psychological damage, " said Sam Stovall, chief investment strategist at CFRA.

Bill Nelson, chief economist at the Bank Policy Institute and a former Fed economist, said the Fed and other major central banks, possibly including China's, could announce coordinated rate cuts by Wednesday morning. The cut would at least be a half-point and perhaps even three-quarters, he said.

"The only way to get a positive market reaction is to deliver more than expected," he said.

The International Monetary Fund and World Bank announced simultaneously Monday that they are ready to help countries affected by the coronavirus through their emergency lending programs and other tools.

"We will use our available instruments to the fullest extent possible," the IMF managing director, Kristalina Georgieva, and World Bank President David Malpass said in a joint statement. "International cooperation is essential."

There were signs that the economic impact was continuing to mount. A measure of China's manufacturing output , as the viral outbreak closed factories and disrupted supply chains.

And the Organization for Economic Development, a research organization made up of mostly advanced economies, the viral outbreak "presents the global economy with its greatest danger since the financial crisis" in 2008.

��vlog