TSX, Dow sink into bear market as investors rush for the exits in pandemic panic

Stocks plunged around the world, oil tumbled and the stress in U.S. credit markets deepened after the World Health Organization called the virus spread a pandemic and the Trump administration remained unable to detail any stimulus measures to combat the economic fallout.

The latest bout of virus-fomented turmoil tipped Dow Jones Industrial Average into a bear market, ending the longest bull run in the history of American equities. The blue-chip slumped 5.9 per cent Wednesday and ended 20 per cent below its February closing record. The S&P 500 dipped into bear territory before closing 19 per cent below its high.

Canada’s stock market has gone from a bull market to bear in just 14 trading days, wiping out $454.2 billion (US$330.6 billion) in value on the escalating spread of the coronavirus and plunging oil prices.

The benchmark S&P/TSX Composite Index slumped 20 per cent from its Feb. 20 closing peak,

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Ban on European travel to U.S. will batter airlines, already roiled by coronavirus By Reuters

By Lisa Baertlein and David Shepardson

LOS ANGELES/WASHINGTON (Reuters) – The new U.S. ban on foreign citizens entering the country if they have traveled to Europe in recent weeks will heap more pressure on airlines already reeling from the coronavirus pandemic, hitting European carriers the hardest, analysts said.

The 30-day restrictions from Friday, which exclude Britain, are similar to those that went into effect targeting China on Feb. 1, and come after the outbreak’s rapid spread across the European continent and in the United States.

Industry watchers warned the move could also create chaos at dozens of airports across Europe as passengers attempt a last-minute rush to fly to the United States before the ban takes effect.

Flights from Europe can still operate to a limited number of U.S. airports with enhanced screening under measures announced on Wednesday evening. But only U.S. citizens, permanent residents and immediate family members will

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Boeing internal memo: Limit travel, overtime, and hiring—and preserve cash

Boeing is implementing new cost-cutting measures as the aerospace giant struggles with the economic fallout from the growing worldwide coronavirus outbreak and its ongoing effort getting the 737 Max back into service

“The year ahead is shaping up to be as challenging for our business as any in the recent past,” Boeing CEO David Calhoun and CFO Greg Smith say in an internal message announcing the steps to employees Wednesday. 

“It’s critical for any company to preserve cash in challenging periods,” the memo says. 

To that end, the company is limiting non-essential travel, discretionary spending, overtime, and hiring.

Meanwhile, three workers at Boeing’s Everett plant, where it assembles twin-aisle jetliners, have tested positive for coronavirus. 

“The affected employees will remain in quarantine and receive medical care until they’ve made a full recovery and are no longer infectious,” Boeing spokeperson Bradley Akubuiro tells Fortune. “There is no impact on … Read More