Coronavirus live updates: IRS moves tax filing deadline, panicked wealthy flee for the Hamptons

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 245,000, according to data compiled by Johns Hopkins University.
  • Global deaths: At least 10,031, according to Hopkins data.
  • US cases: At least 14,250, according to Hopkins.
  • US deaths: At least 205, according to the CDC and state health officials.

Wealthy New Yorkers fleeing the city are driving up the prices of rentals in the Hamptons and Hudson Valley, with rates more than tripling for some properties.

As New York imposes strict stay-home guidelines and the number of coronavirus cases skyrockets, New Yorkers who can afford it are decamping to more rural locales. Brokers say they’re getting barraged with calls from families wanting rentals immediately, some for two weeks, some for up to a year.

“This is unprecedented,” said Delyse Berry, of Upstate Down, a Hudson Valley real estate advisory and management firm. “It’s like a panic. I have never placed so many people in rentals in one week, and at these prices, ever. Even in the summer.” —Robert Frank

Due to the COVID-19 outbreak, dozens of retailers, big and small, have said their stores will temporarily go dark through at least the end of the month, likely choosing that initial time frame because they have already paid March rent in full. The list includes everyone from Nike and Apple to start-ups Allbirds and Glossier. 

The consequences of still having to pay rent on a location that is not in business could deal a huge blow to some retailers that are already strained for cash. Typically, rent is one of a retailer’s biggest expense items. Couple that with the fact that many retailers’ sales are about to shrink drastically, so long as consumers are holed up and home and stocking up on groceries and household essentials, not discretionary items like shoes and shirts.

The closures raise a huge question. In some of these instances, stores are closing as the shopping mall itself remains open for business, per the landlord’s decision. Retailers are left wondering: Do we still have to pay? —Lauren Thomas

Stocks slashed their earlier gains as investors concluded a week that featured wild swings. Wall Street has been grappling with fears over the coronavirus’ economic blow, fueling historic market volatility.

The Dow Jones Industrial Average traded 40 points higher, or 0.2% after rallying more than 400 points earlier in the day. The S&P 500 dipped 0.2%. The Nasdaq Composite traded 1.1% higher after jumping more than 2%. —Fred Imbert, Pippa Stevens

New York Gov. Andrew Cuomo ordered non-essential businesses to keep 100% of their workforce at home as coronavirus cases across the state surged by 2,950 overnight to 7,102.

“When I talk about the most drastic action we can take, this is the most drastic action we can take,” Cuomo said at a press conference in Albany. —Will Feuer, Noah Higgins-Dunn

Source: https://www.cnbc.com/2020/03/20/coronavirus-latest-updates.html

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