Coronavirus live updates: New York cases surge, Fed announces funding moves

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 183,000, according to Johns Hopkins University.
  • Global deaths: At least 7,167, according to Johns Hopkins University.
  • U.S. cases: At least 4,661, according to Johns Hopkins University.
  • U.S. deaths: At least 85, according to Johns Hopkins University.

The WHO urged Europe to ratchet up its efforts when tackling the coronavirus pandemic, pointing to a decline in the rate of new cases in China as evidence that bold action does work to reduce the spread.

As of Tuesday, more than 185,000 cases of the coronavirus had been reported worldwide, according to data compiled by Johns Hopkins University, with 7,330 deaths.

Europe has become the epicenter of the COVID-19 outbreak, with one-third of globally reported cases now stemming from the region. Italy has recorded the most cases of COVID-19 in the region, with nearly 28,000 confirmed infections and 2,158 deaths nationwide. —Sam Meredith

Stocks swung wildly Tuesday as Wall Street struggled to recover from its worst day in more than 30 years amid more monetary stimulus and progress on a possible treatment for the coronavirus.

The S&P 500 was up 3.8% after briefly trading lower on the day. The Nasdaq Composite gained 4.1%. It was also down earlier in the session. The Dow Jones Industrial Average traded more than 500 points higher, or about 2.5%. The 30-stock average was briefly up more than 600 points and traded more than 200 points lower at one point. It also dipped below 20,000 for the first time since February 2017. —Fred Imbert

Billionaire Mark Cuban said Tuesday that government assistance to companies hit by the coronavirus pandemic should come with provisions to curb income inequality between executives and workers.

Cuban said on Twitter that any incentives used by those companies to pay executives — including equity or re-pricing existing stock options — should not be allowed unless all employees benefit.

“If we are going to bail out companies we need to make sure all employees benefit from a turnaround, not just execs,” he said. —Jesse Pound

The COVID-19 outbreak in New York state has spread to at least 1,374 people, hospitalizing 19% of them and killing at least 12, New York Gov. Andrew Cuomo announced Tuesday.

Cuomo said at least 264 New Yorkers, or 19% of the known cases, have been hospitalized with COVID-19. The number of New Yorkers hospitalized with the virus is higher than average, Cuomo said during a press briefing Tuesday on the COVID-19 outbreak spreading throughout the state.

The state is scrambling to expand its hospital capacity to handle an influx of cases before infections peak here, he said. New York currently has 53,000 hospital beds and 3,000 ICU beds, far short of what state health officials are predicting will be needed, he said. They estimate the state will need between 18,600 to 37,200 ICU beds and at least 55,000 hospital beds at the peak of the outbreak across the state, which he predicted will take about 45 days. —Berkeley Lovelace Jr., Noah Higgins-Dunn

Source: https://www.cnbc.com/2020/03/17/coronavirus-live-updates.html

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