Coronavirus live updates: Senate cancels recess to address crisis, professional sports upended

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 127,800, according to data compiled by Johns Hopkins University.
  • Global deaths: At least 4,718, according to data compiled by Johns Hopkins University.
  • US cases: At least 1,323, according to data compiled by Johns Hopkins University.
  • US deaths: At least 38, according to data compiled by Johns Hopkins University.

The Federal Reserve stepped into financial markets for the second day in a row and the third time this week, this time dramatically ramping up asset purchases amid the turmoil created by the coronavirus.

“These changes are being made to address highly unusual disruptions in Treasury financing markets associated with the coronavirus outbreak,” the New York Fed said in an early afternoon announcement amid a washout on Wall Street that was heading toward the worst day since 1987.

Stocks were off their lows following the announcement though some of the gains were pared as the market digested the moves. —Cox

The National Hockey League is expected to suspended its 2019-2020 regular season due to concerns surrounding the coronavirus, a person with knowledge of the situation told CNBC.

The person asked not to be identified as the league has not made an official announcement, which is expected later Thursday. The NHL did not immediately respond to a request for comment. —Young

The Senate will cancel its recess planned for next week as Congress tries to pass a plan to respond to the economic effects of the coronavirus outbreak, Majority Leader Mitch McConnell said Thursday.

“Notwithstanding the scheduled state work period, the Senate will be in session next week,” the Kentucky Republican said in a tweet. “I am glad talks are ongoing between the Administration and Speaker Pelosi. I hope Congress can pass bipartisan legislation to continue combating the coronavirus and keep our economy strong.” —Pramuk

The pan-European Stoxx 600 had plummeted 11% by the close, with travel and leisure stocks sinking 12.8% following Trump’s announcement of a ban on European travel.

The U.K.’s FTSE 100 lost 9.8%, France’s CAC 40 shed 12.3% and Germany’s DAX fell 12.2%. Italian stocks finished nearly 17% lower, which was also the worst single-day loss for the FTSE MIB. —Ellyatt

Source: https://www.cnbc.com/2020/03/12/coronavirus-live-updates.html

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