Coronavirus live updates: Worst financial crisis since 1929, JPMorgan give $1,000 bonuses

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.

The IRS will move the national income tax filing day to July 15, three months after the normal deadline for Americans to send in their returns.

The move announced by Treasury Secretary Steven Mnuchin is the latest in a series of highly unusual emergency measures to deal with the financial fallout of the coronavirus pandemic.

Mnuchin said the extension will give “all taxpayers and business this additional time” to file returns and make tax payments “without interest or penalties.” —Dan Mangan, Darla Mercado

J.C. Penney has withdrawn its earnings outlook due to the uncertainty surrounding COVID-19.

The department store chain announced Friday it is not providing an updated outlook at this time.

On Wednesday, Penney said it would close all of its stores across the country at least until April 2 in the fight against the pandemic. 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. —Lauren Thomas

Shake Shack founder Danny Meyer told CNBC that it’s going to take some time 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. —Kevin 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.

Stephen Isaacs, chairman of the investment committee at Alvine Capital Management, told CNBC that having entered the crisis with “record levels of leverage” and 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.” —Elliott Smith

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

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