Coronavirus live updates: Stocks crater amid anxiety; Amazon, Microsoft each donate $1M

This is CNBC’s live blog covering all the latest news on the coronavirus outbreak. All times below are in Eastern time. This blog will be updated throughout the day as the news breaks. 

  • Global cases: More than 111,300, according to data compiled by Johns Hopkins University.
  • Global deaths: At least 3,892, according to data compiled by Johns Hopkins University.
  • US cases: At least 566, according to data compiled by Johns Hopkins University.
  • US deaths: At least 22, according to Johns Hopkins University.

The Food and Drug Administration and the Federal Trade Commission issued warning letters to televangelist Jim Bakker and six other companies for reportedly selling unapproved coronavirus drugs and treatment products. “The FDA considers the sale and promotion of fraudulent COVID-19 products to be a threat to the public health,” FDA Commissioner Stephen M. Hahn said in the statement. The products include teas, essential oils, tinctures and colloidal silver, which had been previously cited as not safe or effective for treating any disease, according to a press release. —Higgins-Dunn

All schools in the northern Spanish city of Vitoria-Gasteiz will be closed for two weeks in an effort to slow the spread of coronavirus, regional authorities said on Monday. “All education activities are suspended in the city of Vitoria for two weeks…from kindergarten to universities,” a spokesman for the education department of the Basque Country told Reuters. With nearly 150 confirmed cases the Basque Country, of which Vitoria is the regional capital, is among the worst-hit areas in Spain, which has registered 999 cases and more than 20 deaths from the outbreak. —Reuters

CNBC’s Jim Cramer said financial turmoil from the coronavirus shows that monetary policy is no longer an appropriate solution. “This is just the need for fiscal policy,” Cramer said on “Squawk on the Street.” “Monetary policy is over.” Last week, the Federal Reserve cut interest rates by a half percentage point in response to the growing economic threat from COVID-19. Cramer has been critical of that decision, arguing the government should actually be stepping up to provide financial help to small and medium-sized businesses who may see significant challenges from the disease’s spread. Those businesses should have an opportunity to access zero-interest loans, for example, Cramer said Monday. —Stankiewicz

U.S. Health Secretary Alex Azar said President Donald Trump’s administration is working aggressively on the coronavirus disease spreading worldwide after he was asked on a media conference call to respond to the stock market plunging on coronavirus fears. “It’s been a very aggressive, whole of government approach at the state, local and federal level,” Azar told reporters. “We’re taking COVID-19 incredibly seriously,” he also said, using the official name for the virus. —Reuters


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