The Coronavirus has impacted the stock market which in turn like a domino effect has impacted businesses.
Many workers are being told by their companies to work from home to help keep workers from being exposed to the virus.
However, not only has the stock market taken significant damage but Russia and Saudia Arabia have an oil price war going on.
According to NBC News,
Wall Street took a beating Monday as collapsing oil prices and fears about the impact of the coronavirus almost nudged the American economy out of the longest bull market in history, exactly 11 years to the day since it began.
The Dow Jones Industrial Average closed the day with a loss of around 2,000 points Monday, part of a global market rout that saw spiraling sell-offs in the energy sector amid the biggest drop for crude oil since the Gulf War in 1991.
The blue-chip Dow saw its biggest points drop ever, down 7.8 percent, with the S&P 500 and the Nasdaq down by 7.6 percent and 7.2 percent respectively for one of the worst days since the financial crisis.
Crude oil prices cratered by 25 percent after the world's producing countries failed to strike a deal at a meeting between oil cartel members in Vienna last week. The stalemate continued over the weekend, with Saudi Arabia and Russia reportedly planning to ramp up production on their own terms after the current deal expires at the end of the month.
By Monday morning, traders on Wall Street were bracing for a meltdown — which came just minutes into the day's trading, after the S&P plunged past the 7 percent decline milestone, triggering a circuit breaker that halted all action on the New York Stock Exchange for 15 minutes.
The continued sell-off after trading resumed prompted action from the White House, with Wall Street executives scheduled to meet with President Donald Trump on Wednesday to discuss the response to the outbreak.
From Fox Business:
U.S. Treasurys were the beneficiary of the flight to safety with heavy buying pushing longer-dated yields lower by more than 30 basis points. Overnight, the benchmark 10-year yield fell to a record low of 0.38 percent before bouncing to 0.501 percent at the close. Likewise, the 30-year yield plunged below 1 percent for the first time ever, and was down 27.8 basis points to 0.938 percent.
The drop in Treasury yields accompanies expectations the Federal Reserve will cut rates by 100 basis points at its March 18 meeting, lowering its key interest rate to a range between 0 and 25 basis points.
Our world is under a lot of stress and panic. I just hope the COVID-19 becomes part of the past quickly so we can go back to our lives like it was. Too many people act like sheep to the media and its showing in our whole world as a whole.