World markets tumble and all of Italy goes on lockdown

Here's the latest on the coronavirus outbreak.
Image: South Korean soldiers spray disinfectants inside an apartment complex which is under cohort isolation after mass infection of coronavirus disease (COVID-19) in Daegu
South Korean soldiers spray disinfectants inside an apartment complex that is under isolation in Daegu on Monday. Kim Kyung-Hoon / Reuters

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World stocks tumbled with investors bracing for the economic fallout of the epidemic, with a shocking all-out oil price war adding to anxiety.

Wall Street suffered its worst day since the financial crisis of 2008 as the Dow plummeted more than 2,000 points by Monday's closing bell, and London's FTSE 100 plunged to a three-year low after oil prices cratered by 30 percent overnight.

Meanwhile, Italian Prime Minister Guiseppe Conte announced Monday that the containment measures introduced Sunday for the Lombardy region in the country's north would be applied to the whole nation. More than 9,000 people have been confirmed to have the virus in Italy so far while Germany and Spain also saw spikes in the number of cases Monday.

The number of confirmed U.S. cases of coronavirus has risen to more than 650 on Monday, including 26 deaths.

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Netanyahu says anyone entering Israel from abroad will be isolated for 14 days

Israeli Prime Minister Benjamin Netanyahu announced Monday that anyone entering the country from abroad, including citizens, would be isolated for 14 days.

"This is a tough decision, but it is essential to maintain public health — and public health precedes everything," Netanyahu said. The rule will be in place for at least two weeks. 

Netanyahu made the announcement during a series of discussions with other leaders regarding the coronavirus outbreak. He also said he was working on plans to maintain the Israeli economy.

Drive-in coronavirus testing in Germany

Dr. Roxana Sauer, dressed in a protective suit, demonstrates the procedure of taking a nasal swab from a visitor in his car to test for possible coronavirus at the Kreissklinik Gross Gerau regional clinic on Monday in Germany. The clinic recently began offering the drive-in service as a means to prevent possibly infected patients from coming in contact with other hospital visitors or staff. The number of confirmed coronavirus cases in Germany has risen sharply in recent days to over 900.Alex Grimm / Getty Images

 

Dow tanks by 2,000 points, White House invites Wall Street executives to meet

The White House is inviting Wall Street executives to discuss the response to the new coronavirus outbreak, an administration official told CNBC.

President Donald Trump is expected to attend the meeting, which is scheduled to be held Wednesday. Invitations were being sent out as of Monday afternoon, the official told CNBC.

The Washington Post first reported the gathering.

The meeting was arranged amid a punishing market rout spurred by fears about the impact of the coronavirus. The Dow Jones Industrial Average tanked 2,000 Monday afternoon, on pace for its worst day since December 2008. 

Trump to weigh coronavirus stimulus options Monday — including paid sick leave

White House and administration officials will present President Donald Trump with a set of economic stimulus options as early as this afternoon, including a plan to offer paid sick leave to those affected by the coronavirus and assistance for the hardest hit industries.

Despite Trump's continued downplaying of the effects of the virus — tweeting that a steep drop in oil prices is good for consumers, and blaming the news media for the plunging stocks — advisers are preparing to brief the president when he returns to the White House from a Florida fundraiser on a menu of options to shore up the economy, according to people familiar with the discussions.

Read the full story here.

CDC: People over 80 at highest risk

People over age 80, especially those with underlying health problems, are at highest risk for complications from the new coronavirus, the Centers for Disease Control and Prevention said Monday.

"The risk increases with age," the CDC's Dr. Nancy Messonnier said Monday during a call with reporters.

At particular risk are people with chronic diseases, such as diabetes, heart disease or lung disease.

These individuals should take extra precautions to avoid crowds and stock up on supplies in case of a quarantine, Messonnier said.

Those supplies include prescription drugs, over-the-counter medicines or supplies to treat fever or cough, and household items and groceries. 

European stocks have worst day since Brexit

European stock exchanges took a hammering Monday as crude oil prices plunged and Italy chose to contain 16 million people as part of a wider effort to control the spread of the virus.

The Stoxx 600, which includes a basket of European stocks, closed the day in bear territory, or down 20 percent from a 52-week high. It's the worst performance since Britain voted to leave the European Union in June 2016.

Traders were responding to the increase in fatalities connected to the virus, and also a steep drop in oil prices as Russia and Saudi Arabia entered an all-out price war, following a disagreement on crude oil output cuts.

Biden: Trump 'shouldn't say another word' on coronavirus

Joe Biden told NBC News on Monday that President Donald Trump "shouldn't say another word" about coronavirus "because he's diminishing confidence exponentially.”

The presidential candidate and former vice president said he would lean on the CDC to communicate reliable information to the public, and for advice on whether to continue holding large political rallies amid coronavirus fears.

Trump "should let the experts ... he should let the CDC speak," Biden said. 

In a tweet Monday morning, Trump compared coronavirus outbreak numbers to annual flu deaths. Health experts have warned such comparisons can be problematic because the flu is reasonably predictable while there is still a lot that is unknown about the new coronavirus and COVID-19, the disease it causes.

The scene in Venice

A woman walks through a mostly empty St. Mark's Square in Venice on Monday. Across Italy, museums and archaeological sites were closed, weddings were canceled and restaurants were told to keep patrons more than 3 feet apart. The country has counted 7,375 cases of COVID-19 virus and 366 deaths, more than any other country outside of Asia.Anteo Marinoni / LaPresse via AP