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.Â
- Global cases: More than 245,000, according to data compiled by Johns Hopkins University.
- Global deaths: At least 10,031,Â according toÂ data compiled by Johns Hopkins University.
- US cases: At least 14,250, according to data compiled by Johns Hopkins University.
- US deaths: At least 205, according to the CDC and state health officials.
The department store chain announced Friday morning that it is not providing an updated outlook at this time.
Earlier in the week, on Wednesday, Penney said it would close all of its stores across the country until April 2, at least, to try to help halt the spread of the new coronavirus. It did not clarify whether or not it would be paying workers during this time. A spokesperson declined to comment.
Penney is also postponing its analyst day, which had been set for April 7, until future notice.Â âLauren Thomas
Famed restaurateur Danny Meyer told CNBC that it’s going to take a while for restaurants to reopen once the coronavirus pandemic has slowed.
“It’s going to take a good month or so to recruit our teams back and to get train them, trained before we could serve like we used to,” Meyer said on “Squawk on the Street.”
Meyer’s Union Square Hospitality Group laid off about 2,000 workers on Wednesday. âKevin Stankiewicz
Financial markets are facing their worst crisis since 1929, a veteran analyst has told CNBC, as top economists downgrade their forecasts to point to an impending global recession.
Fears over the economic fallout from the coronavirus pandemic have sent global markets into a tailspin, and though stocks across Europe, the U.S., and Asia looked to be heading for some welcome reprieve on Friday, Stephen Isaacs, chairman of the investment committee at Alvine Capital Management, told CNBC that having entered the crisis with “record levels of leverage” and record levels of overbought stocks, the situation was “unprecedented.”
“We came into this with all sorts of problems hiding within the momentum of a massive bull market, which again leads me to feel extremely concerned that the selling is only abating temporarily, and that we are still looking, unfortunately at a very, very difficult situation,” Isaacs told CNBC’s “Squawk Box Europe.”Â âElliott Smith
The move is intended to help the internet run smoothly as traffic spikes due to more people in the region being forced to stay at home.
Google subsidiary YouTube said it was “making a commitment to temporarily switch all traffic in the EU to standard definition by default” in a media statement on Friday. It said the move would be for a preliminary period of 30 days.Â âChloe Taylor