Trump suspends travel from Europe to U.S. for 30 days
President Donald Trump says he is suspending travel from over two dozen European countries to the U.S. for 30 days beginning Friday as he seeks to combat a viral pandemic. Trump made the announcement Wednesday in an Oval Office address to the nation, blaming the European Union for not acting quickly enough to address the novel coronavirus and saying U.S. clusters were “seeded” by European travelers.
Trump says the restrictions won’t apply to the United Kingdom, and the U.S. will monitor the situation to determine if travel can be reopened earlier. The White House has also canceled a planned trip by the president to Nevada and Colorado this week, “out of an abundance of caution.”
Stock futures are pointing to more losses in U.S. stock markets Thursday with Trump’s speech appearing to disappoint investors. Shares tumbled in Europe and Asia after the World Health Organization declared a coronavirus pandemic and the Dow Jones Industrial Average fell into bear market territory. Thailand’s exchange halted trading for a half-hour after the benchmark hit its 10% limit down. Benchmarks in Paris, London and Frankfurt all opened more than 5% lower.
Futures for the S&P 500 moved from a loss of 0.4% just before Trump spoke from the Oval Office at 9 p.m. EST to a loss of 3.3% an hour later. Futures for the Dow Jones Industrial Average were showing a drop of 3.5%.
The declines in the futures markets follow steep losses in regular trading Wednesday as investors become increasingly worried that responses from government and central banks will be insufficient to prevent the outbreak from severely impacting the global economy. The Dow’s drop of 1,464 points dragged it 20% below the record set last month.
COVID-19 Economy FAQs
What’s the latest on the extra COVID-19 unemployment benefits?
As of now, those $600-a-week payments will stop at the end of July. For many, unemployment payments have been a lifeline, but one that is about to end, if nothing changes. The debate over whether or not to extend these benefits continues among lawmakers.
With a spike in the number of COVID-19 cases, are restaurants and bars shutting back down?
The latest jobs report shows that 4.8 million Americans went back to work in June. More than 30% of those job gains were from bars and restaurants. But those industries are in trouble again. For example, because of the steep rise in COVID-19 cases in Texas, Gov. Greg Abbott, a Republican, increased restrictions on restaurant capacities and closed bars. It’s created a logistical nightmare.
Which businesses got Paycheck Protection Program loans?
The numbers are in — well, at least in part. The federal government has released the names of companies that received loans of $150,000 or more through the Paycheck Protection Program.
Some of the companies people are surprised got loans include Kanye West’s fashion line, Yeezy, TGI Fridays and P.F. Chang’s. The companies you might not recognize, particularly some smaller businesses, were able to hire back staff or partially reopen thanks to the loans.
You can find answers to more questions on unemployment benefits and COVID-19 here.
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