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CDC warns U.S. on coronavirus; stock losses deepen

Credit: Reuters Studio
Published on February 25, 2020 - Duration: 02:27s

CDC warns U.S. on coronavirus; stock losses deepen

The U.S. Centers for Disease Control and Prevention on Tuesday alerted Americans to prepare for the possible spead of the coronavirus to the U.S., sparking another sharp drop on Wall Street.

Conway G.

Gittens has more.

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CDC warns U.S. on coronavirus; stock losses deepen

U.S. health officials on Tuesday issued the most serious coronavirus warning so far to Americans since the outbreak started in China.

The CDC warned that the outbreak reaching the U.S. is now inevitable and Americans should prepare for the possibility that life could be disrupted.

That warning helped knock Wall Street off its feet for a fourth straight session Tuesday… Investors ran for cover and flocked to the perceived safety of U.S. government bonds.

The demand was so intense the yield on the benchmark 10-year note fell to an all-time low.

During his trip to India, President Trump tried to offer reassurance the U.S. is working with global partners to contain the coronavirus and is preparing for a potential outbreak at home.

SOUNDBITE (ENGLISH): U.S. PRESIDENT DONALD TRUMP, SAYING: "And as you know, we approved, I approved $2.5 billion for just that purpose and also for working to getting a vaccine." But back on Capitol Hill, Democratic lawmakers said that was not enough.

At least $3.1 billion in new funding is needed, says Senate Minority Leader Chuck Schumer.

SOUNDBITE (ENGLISH): SENATE MINORITY LEADER CHUCK SCHUMER (D)-NEW YORK, SAYING: "With no plan to deal with this potential health crisis, the administration last night issued an emergency budget request.

It was too little, and too late.

Four words describe the administration's response to the coronavirus - towering and dangerous incompetence." In seeking the funding, Secretary of the U.S. Health and Human Services Alex Azar told a senate subcommittee the U.S. needs to provide aide to state and local governments, help develop treatments and expand the stockpile of protective equipment like surgical masks... SOUNDBITE (ENGLISH): SENATOR JOHN KENNEDY, (R) LOUISIANA, SAYING: "How many face masks do have?" SOUNDBITE (ENGLISH) ALEX AZAR, HEALTH AND HUMAN SERVICES SECRETARY, SAYING: "We currently 30 million and 90 respirators in the strategic national stockpile." SOUNDBITE (ENGLISH): SENATOR JOHN KENNEDY, (R) LOUISIANA, SAYING: "How many do we need?" SOUNDBITE (ENGLISH) ALEX AZAR, HEALTH AND HUMAN SERVICES SECRETARY, SAYING: "Dr. Kadlec mentioned to the Senate this morning of needing approximately 300 million ofr healthcare workers." Even if the U.S. is successful in containing the spread of the virus here… wall street is clearly growing worried that with outbreaks beyond China, in South Korea, Iran and Italy - the disruption to the global economy can't be avoided and could be long-lasting.

After the stock market Monday suffered its biggest sell-off in two years, the Dow tumbled another three percent in Tuesday afternoon trade.

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