Coronavirus live updates: Siegel says virus holding Dow back, US confirms 15th case as global cases soar above 60,300

This is a live blog. Please check back for updates.

Total confirmed cases: More than 60,300
Total deaths: At least 1,369

Longtime stock bull Jeremy Siegel told CNBC’s “Squawk Box”  the Dow Jones Industrial Average would easily crack 30,000 if it weren’t for the market uncertainty around the coronavirus outbreak. “If there is good news on this virus front, we would pop above 30,000 I think without question,” said the Wharton Finance professor, as stocks were falling. The Dow was still less than 2% away from 30,000. The Dow closed at a record of 29,551 on Wednesday. —Belvedere

High-end fashion retailer Ralph Lauren said it has closed about two-thirds of its stores in mainland China, saying that it expects a larger impact to its business in China and other parts of Asia than previously anticipated. It attributed the new outlook “to significantly reduced travel and retail traffic.” It said its fourth-quarter fiscal 2020 sales are expected to be hit by $55 million to $70 million, with operating income in Asia lowered by $35 million to $45 million. And it could become worse if the coronavirus outbreak widens. Earlier this month, Ralph Lauren had told analysts it had closed about half of its roughly 110 locations in China. It said China represents about 4% of its overall business. —Thomas

The United States does “not have high confidence in the information coming out of China” regarding the count of coronavirus cases, a senior administration official told CNBC’s Eamon Javers. The official also noted that China “continues to rebuff American offers of assistance.” The New York Times reported last week that Chinese authorities had shown little interest in accepting help from the U.S. — Lovelace

World health officials are scrambling to determine just how widespread the new coronavirus is as Chinese authorities reported a surge in new cases overnight after changing how it counts confirmed infections. “How big is the iceberg?” Dr. Mike Ryan, executive director of the World Health Organization’s emergencies program, said at a news conference at the agency’s headquarters in Geneva. “We do know, and we all accept, that there is transmission occurring at some level in communities,” he said. “We’ve all seen those clusters, we’ve all seen those super spreading events. The question is how much is happening outside what we see?” — Lovelace

Source: https://www.cnbc.com/2020/02/13/coronavirus-latest-updates.html

You may like

In the news
Load More