These are the best ways to avoid catching the coronavirus on airplanes, experts say

Getty ImagesPracticing good hand hygiene is the best way people can protect themselves from coronavirus during a flight, a medical expert specializing in air transport told CNBC. However, he said the risk remained if passengers were close to somebody on board who was unwell during the journey. That means anyone worried about exposure should avoid touching their own face and frequently wash and dry their hands — or use alcohol-based hand sanitizer if they aren’t able to access hand washing facili


Getty ImagesPracticing good hand hygiene is the best way people can protect themselves from coronavirus during a flight, a medical expert specializing in air transport told CNBC.
However, he said the risk remained if passengers were close to somebody on board who was unwell during the journey.
That means anyone worried about exposure should avoid touching their own face and frequently wash and dry their hands — or use alcohol-based hand sanitizer if they aren’t able to access hand washing facili
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These are the best ways to avoid catching the coronavirus on airplanes, experts say

Getty Images

Practicing good hand hygiene is the best way people can protect themselves from coronavirus during a flight, a medical expert specializing in air transport told CNBC. David Powell, medical advisor at the International Air Transport Association (IATA), told CNBC the risk of catching any serious viral infection during a flight is “very low” as the air on planes is purified with surgical-grade filters. However, he said the risk remained if passengers were close to somebody on board who was unwell during the journey. “We know that this virus has spread in the vast majority of cases through close contact with someone who is unwell at the time,” he explained to CNBC’s “Capital Connection” on Wednesday. “So that risk is what remains, and there are simple things you can do to reduce that risk, but through the air supply the risk is low.” Powell said that amid the coronavirus crisis in China, the most crucial way to minimize exposure to the infection was to practice good hand hygiene. “Respiratory viruses transmit mostly through droplet spread — which is coughing or sneezing on somebody — or in some cases by fomite spread, which means you contaminate a surface which another person then immediately touches,” he explained. “So hand hygiene is the primary thing.” That means anyone worried about exposure should avoid touching their own face and frequently wash and dry their hands — or use alcohol-based hand sanitizer if they aren’t able to access hand washing facilities.

According to Powell, another way to stop the spread of any virus on board an airplane is to observe “cough etiquette.” “So (that means) coughing or sneezing into a tissue, and if you can’t do that then cough into your elbow and then immediately clean your hands,” he advised. “And then of course, not flying when you are yourself unwell.” While taking preventative measures to reduce potential exposure to coronavirus could be effective, Powell said travellers should take action if they noticed a fellow passenger appeared to be ill on a flight. “If somebody nearby you is unwell on the aircraft, you should bring that to the attention of the crew because there are established procedures they can take to separate that person and minimize risk to others,” he explained. He also urged anyone suffering with potential coronavirus symptoms to seriously rethink their travel plans. “It does appear from all the information I’ve seen that the commonest first symptom of this illness is fever, and quite a high fever, typically over 38 degrees (Celsius),” Powell told CNBC. “So if anybody’s got a high temperature they certainly shouldn’t travel, and that’s advice that we’ve given long before this outbreak.” He also noted that face masks were an “ineffective protection” against coronavirus, and would only be advised for those who were caring for someone who was unwell or coughing and sneezing themselves. Medical experts around the world have also suggested that hand washing is the most effective way people can protect themselves from coronavirus. “One of the most important ways of stopping respiratory outbreaks such as this is washing hands,” David Heymann, who led WHO’s infectious disease unit at the time of the SARS epidemic, said at a press briefing in London last week.


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Bitcoin hits highest price this year, above $10,000, as Fed Chair Powell discusses cryptocurrencies

In the early morning on Wednesday, bitcoin hit $10,489.78, the highest price it has logged since September, according to data from Coindesk. Bitcoin hit its highest level this year and also in five months on Wednesday, jumping above $10,000 and continuing the recent bull run for the cryptocurrency. He acknowledged that Facebook’s Libra project was a “wake-up call” that a digital currency could come “fairly quickly” and in a way that is “quite widespread and systemically important.” But he said t


In the early morning on Wednesday, bitcoin hit $10,489.78, the highest price it has logged since September, according to data from Coindesk.
Bitcoin hit its highest level this year and also in five months on Wednesday, jumping above $10,000 and continuing the recent bull run for the cryptocurrency.
He acknowledged that Facebook’s Libra project was a “wake-up call” that a digital currency could come “fairly quickly” and in a way that is “quite widespread and systemically important.”
But he said t
Bitcoin hits highest price this year, above $10,000, as Fed Chair Powell discusses cryptocurrencies Cached Page below :
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Bitcoin hits highest price this year, above $10,000, as Fed Chair Powell discusses cryptocurrencies

Industry participants have attributed a number of factors to the rise of bitcoin, including some investors viewing the cryptocurrency as a sort of safe-haven asset in times of uncertainty.

In the early morning on Wednesday, bitcoin hit $10,489.78, the highest price it has logged since September, according to data from Coindesk. That’s a more than 44% increase from the start of the year. It comes after bitcoin logged its best January performance in seven years .

Bitcoin hit its highest level this year and also in five months on Wednesday, jumping above $10,000 and continuing the recent bull run for the cryptocurrency.

“External factors contributing to the rise above $10K include global uncertainty around the Coronavirus outbreak,” Vijay Ayyar, head of business development at cryptocurrency exchange Luno, told CNBC by email.

The new coronavirus, which originated in Wuhan, China, has claimed the lives of over a thousand people with the number of cases reported in excess of 44,000. Businesses were shut for longer than usual during the recent Lunar New Year holiday with some employees only just returning to work. Economists have raised concerns about the potential negative effect on the global economy.

Ayyar also pointed to recent comments by Federal Reserve Chair Jerome Powell, that seemed to acknowledge the potential power of digital currencies, as another factor behind the surge in the last 24 hours.

In his testimony in front of Congress on Tuesday, Powell was asked about central bank digital currencies and the Fed’s view on a digital dollar. He acknowledged that Facebook’s Libra project was a “wake-up call” that a digital currency could come “fairly quickly” and in a way that is “quite widespread and systemically important.” But he said that there are still “many questions that need to be answered around digital currency for the United States.”

Libra has faced backlash from politicians and regulators around the world concerned that a private company with over 2 billion users could issue a currency. A number of Facebook’s partners have also dropped out of the project.

There have been growing calls for the U.S. to issue a digital dollar particularly as China has acknowledged that it’s working on a digital yuan.

Meanwhile, the bitcoin community is also looking forward to an event which as been dubbed the “halvening” which is taking place in May. It is a change written into bitcoin’s underlying code. This is when rewards for so-called miners, which are key parts of the bitcoin network, are halved. The effect is to essentially reduce the supply of the cryptocurrency coming onto the market. Previous “halvening” events have preceded price rises in bitcoin.


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What to watch today: Dow to rise, Bernie takes New Hampshire, Powell back on the Hill

(CNBC)On today’s economic calendar, Fed Chairman Jerome Powell will be back on Capitol Hill today, this time before the Senate Banking Committee in the second day of his semi-annual testimony on monetary policy. The Mortgage Bankers Association is out with its weekly report on mortgage applications at 10 a.m. (Reuters)Shares of Lyft (LYFT) were down over 4% in the premarket despite a strong fourth-quarter report. The company’s earnings beat estimates on revenue and active riders and a lower-than


(CNBC)On today’s economic calendar, Fed Chairman Jerome Powell will be back on Capitol Hill today, this time before the Senate Banking Committee in the second day of his semi-annual testimony on monetary policy.
The Mortgage Bankers Association is out with its weekly report on mortgage applications at 10 a.m.
(Reuters)Shares of Lyft (LYFT) were down over 4% in the premarket despite a strong fourth-quarter report.
The company’s earnings beat estimates on revenue and active riders and a lower-than
What to watch today: Dow to rise, Bernie takes New Hampshire, Powell back on the Hill Cached Page below :
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What to watch today: Dow to rise, Bernie takes New Hampshire, Powell back on the Hill

After a decline that took the major averages well off their Tuesday session highs, U.S. stock futures point to a strong Wednesday open as investors become slightly less concerned about the coronavirus. The S&P 500 and Nasdaq did manage to eke out record closes Tuesday despite the fall from their highs, and both are up in six of the past seven sessions. (CNBC)

On today’s economic calendar, Fed Chairman Jerome Powell will be back on Capitol Hill today, this time before the Senate Banking Committee in the second day of his semi-annual testimony on monetary policy. The Mortgage Bankers Association is out with its weekly report on mortgage applications at 10 a.m. ET, while the Energy Department releases its usual Wednesday look at oil inventories at 10:30 a.m. ET. (CNBC)

* Bitcoin hits highest price this year, above $10,000 as Powell discusses cryptocurrencies (CNBC)

* Powell says Fed ‘closely monitoring’ coronavirus for hit to China and the world (CNBC)

Earnings reports out before the opening bell include CVS Health (CVS), Molson Coors (TAP), Moody’s (MCO), and Teva Pharmaceutical (TEVA). After-the-bell reports will come today from Altice US (ATUS), Applied Materials (AMAT), Cisco Systems (CSCO), Equifax (EFX), International Flavors (IFF), Marathon Oil (MRO), MGM Resorts (MGM), Redfin (RDFN), and TripAdvisor (TRIP).

Shares of Bed Bath & Beyond (BBBY) were losing about a quarter of their value in the premarket after the home goods retailer said same-store sales were down a greater-than-expected 5.4% in December and January. The company blamed increased promotional pricing, lower store traffic and issues with inventory management. (Reuters)

Shares of Lyft (LYFT) were down over 4% in the premarket despite a strong fourth-quarter report. The company’s earnings beat estimates on revenue and active riders and a lower-than-expected loss per share. However, Lyft did not give an update on its profitability timeline as its competitor Uber (UBER) did during its earnings report last week. (CNBC)


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Stock market live updates: Dow up 200, oil pops, Powell on how the Fed will fight a downturn

10:31 am: How the Fed will fight the next downturn – ‘large-scale asset purchases’Powell says Fed must use forward guidance, purchases in future downturn. And low rates are not really a choice anymore: They are a fact of reality. Which is forward guidance – which says it will keep rates low – and then it’s also large-scale asset purchases of longer-term securities to drive longer-term rates down and support the economy. Shares of Shopify gained more than 9% in premarket trading after the e-comme


10:31 am: How the Fed will fight the next downturn – ‘large-scale asset purchases’Powell says Fed must use forward guidance, purchases in future downturn.
And low rates are not really a choice anymore: They are a fact of reality.
Which is forward guidance – which says it will keep rates low – and then it’s also large-scale asset purchases of longer-term securities to drive longer-term rates down and support the economy.
Shares of Shopify gained more than 9% in premarket trading after the e-comme
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Stock market live updates: Dow up 200, oil pops, Powell on how the Fed will fight a downturn

Traders work on the floor at the New York Stock Exchange (NYSE) in New York, U.S., January 10, 2020. Brendan McDermid | Reuters

This is a live blog. Check back for updates.

10:31 am: How the Fed will fight the next downturn – ‘large-scale asset purchases’

Powell says Fed must use forward guidance, purchases in future downturn. “Our traditional tool, of course, is interest rates. And low rates are not really a choice anymore: They are a fact of reality. So we will have less room to cut. That means it’s much more likely that we’ll have to turn to the tools that we used in the financial crisis when we hit the lower bound. Which is forward guidance – which says it will keep rates low – and then it’s also large-scale asset purchases of longer-term securities to drive longer-term rates down and support the economy. We will use those tools, I believe we will use them aggressively should the need arise to do so. There’s no need to do that now. But we will use those tools aggressively. — Franck

10:21 am: Powell calls addressing inequality ‘an important national priority’

Federal Reserve Chairman Jerome Powell offered his take on income inequality, saying addressing the issue should be “an important national priority” as the economic expansion continues. “It’s been a particularly good time to be at the top end of the income spectrum,” the central bank chief told members of the Senate Banking Committee. “This is not our self-image as a country. It’s something we need to address.” Powell noted that mobility, or the chances of moving from lower income strata to the upper levels, is low now, due at least in part to a workforce not well enough equipped to handle the increasing technical nature of jobs. “We want, of course, prosperity to be broadly shared. It comes down to really education and training that enables people to do well in the modern economy, which is a globalized economy that is less about manufacturing. Manufacturing jobs are more technical than what they were. We need a workforce that can benefit from technology and globalization,” he said. – Cox

10:01 am: Dow reaches high of the day, up 250

The Dow has hit a new high for the session and a new all-time high, up more than 250 points to 29,535.98. Credit a turnaround in Apple shares and gains in Cisco, which reports after the bell. Powell has not said anything with a market impact so far. -Melloy

9:49 am: Powell has begun his testimony before the Senate

Follow this blog for any comments from the Fed chief that impacts markets.

9:31 am: Dow jumps 200 points to a record high

The Dow Jones Industrial Average climbed 202 points at the open, hitting a new all-time high, as investors shrugged off fears around the coronavirus. Big industrial names Dow.Inc and Caterpillar were the biggest winners in the 30-stock index, gaining 2% each. The S&P 500 rose 0.5%, headed for its third consecutive day of gains. — Li

9:23 am: Oil jumps 2.5% on easing coronavirus fears, production cut hopes

Oil prices jumped more than 2% on Wednesday as China reported the lowest daily number of new coronavirus cases since late January, easing concerns about a drop off in demand for oil. Prices also got a boost as traders hope for deeper production cuts from OPEC, after the cartel said Wednesday that worldwide demand for oil will be 230,000 barrels per day less than previously thought thanks to the coronavirus. U.S. West Texas Intermediate crude rose 2.4% to trade at $51.16, while international benchmark Brent crude gained 3% to trade at $55.62. Both contracts, however, are still trading in bear market territory. —Stevens

9:03 am: Here are Wednesday’s biggest analyst calls of the day

8:36 am: Shopify rises following strong fourth quarter results.

Shares of Shopify gained more than 9% in premarket trading after the e-commerce company beat expectations for the fourth quarter and projected higher than expected revenue for 2020. The company reported 43 cents in adjusted earnings per share and $505.2 million in revenue, with its subscriptions solutions segment growing by 37%. Analysts expected 24 cents in earnings per share and $482.1 million in revenue, according to Refinitiv. The company also said it expects revenues to be between $2.13 billion and $2.16 billion in 2020, about 35% higher than last year. Wall Street expected guidance of $2.12 billion, according to FactSet. —Pound

8:35 am: Sentiment readings bouncing back

The percentage of bullish investors has bounced back to where it was before the coronavirus outbreak rattled the market, Peter Boockvar of Bleakley Advisory Group said in a note. Boockvar was citing data from Investors Intelligence. “Bottom line, after seeing extreme bull readings in a variety of metrics literally days before the virus outbreak, the pullback in stocks rung some of that optimism out but it’s coming back rather quickly. Buy on the dip remains firmly embedded in the mentality of the investor as we know,” Boockvar wrote. —Pound

8:32 am: Wynn, Las Vegas Sands jump on Bank of America upgrade

Shares of Wynn Resorts and Las Vegas Sands popped 3.2% and 2.2%, respectively, in premarket trading on Wednesday after Bank of America upgraded the casino stocks to buy from neutral. The firm said the casino companies, which have been hit from heightened fear about the Chinese coronavirus, will rebound as the number of virus cases meaningfully deadline. This is a reversal for Bank of America, which last month downgraded Wynn Resorts due to fear about the virus. The firm said the next catalyst for the stocks will be the reopening of casinos in Macao, which government officials closed for 15 days. —Fitzgerald

8:30 am: Micron jump 3% as UBS says stock can rally 31%

Shares of chipmaker Micron rose nearly 3% in the premarket after UBS updated them to a buy. “As cyclical concerns evaporate, structural dynamics should carry the day,” the analysts said. The firm also lifted its target on the stock to $75 per share from $47 per share, which is 31% higher than where it closed Tuesday. UBS also raised its full-year estimates on Micron, saying it has “closed the gap with other major semiconductor companies.” Shares of Micron have rallied 41% over the last year. —Stevens

8:27 am: CVS gains more than 2%

Shares of CVS Health rose nearly 3% in Wednesday’s premarket trading after the company’s fourth-quarter earnings topped analyst expectations on the top and bottom line. Adjusted earnings per share came in at $1.73 while revenue rose to $66.9 billion. Consensus estimates were for $1.68 per share in earnings and $63.97 billion, respectively, according to Refinitiv. Same-store sales rose 3.2% during the quarter, while sales in the pharmacy unit grew 4.1%. In September, a federal judge signed off on the company’s $69 billion merger with insurer Aetna, which CVS has said will lead to double-digit growth. —Stevens

8:23 am: Powell slated to testify before the Senate at 9:30 am ET

Federal Reserve Chairman Jerome Powell is scheduled to return to Capitol Hill on Wednesday for a second day of testimony on monetary policy, the economy and financial statutes. The Senate Banking Committee hearing is set to begin at 9:30 a.m. ET and include Powell’s already-published prepared remarks before a Q&A session. In his testimony before the House Financial Services Committee on Tuesday, Powell said that the current, low level of interest rates is appropriate given tame inflation, low unemployment and modest economic growth. But he cautioned that low interest rates, while a positive for business borrowing, could hamstring the Fed’s ability to stimulate the economy in the event of a future downturn. —Franck

8:21 am: Bed Bath & Beyond plummets 25% on disappointing guidance

Shares of Bed Bath & Beyond tanked 25% during Wednesday’s premarket trading after the company said that same-stores sales in December and January fell 5.4%. The company said that sales were hurt by additional promotions, inventory issues and falling store traffic. “We are experiencing short-term pain in our efforts to stabilize the business, including the pressures of store traffic trends coupled with our own executional challenges,” CEO Mark Tritton said. Shares of the retailer gained more than 50% in 2019, but are down 14% so far this year. —Stevens

8:15 am: Futures rise despite coronavirus


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Watch Fed Chairman Jerome Powell testify before the Senate live

Federal Reserve Chairman Jerome Powell returns to Capitol Hill on Wednesday for a second day of testimony. The central bank leader will address the Senate Banking Committee a day after speaking to the House Committee on Financial Services. In his Tuesday appearance, Powell pronounced the U.S. economy healthy and said the current stance of policy and interest rates is conducive to supporting growth. However, he said the Fed is continuing to monitor the coronavirus for its impact on China and the


Federal Reserve Chairman Jerome Powell returns to Capitol Hill on Wednesday for a second day of testimony.
The central bank leader will address the Senate Banking Committee a day after speaking to the House Committee on Financial Services.
In his Tuesday appearance, Powell pronounced the U.S. economy healthy and said the current stance of policy and interest rates is conducive to supporting growth.
However, he said the Fed is continuing to monitor the coronavirus for its impact on China and the
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Watch Fed Chairman Jerome Powell testify before the Senate live

[The stream is slated to start at 9:30 pm ET. Please refresh the page if you do not see a player above at that time.]

Federal Reserve Chairman Jerome Powell returns to Capitol Hill on Wednesday for a second day of testimony.

The central bank leader will address the Senate Banking Committee a day after speaking to the House Committee on Financial Services.

In his Tuesday appearance, Powell pronounced the U.S. economy healthy and said the current stance of policy and interest rates is conducive to supporting growth. However, he said the Fed is continuing to monitor the coronavirus for its impact on China and the global economy.

During mostly amicable questioning from House members, Powell addressed a range of topics, from the Community Reinvestment Act to his views on financial markets and income inequality.

Read more:

Federal Reserve’s Patrick Harker says interest rates should ‘hold steady for a while’

What to look for from Fed Chair Powell’s testimony

End of financial ‘Ice Age’ will take US interest rates below zero, strategist predicts

Subscribe to CNBC on YouTube.


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Treasury yields rise ahead of Powell’s testimony on Capitol Hill

Federal Reserve Board Chairman Jerome Powell speaks during a press conference following the January 28-29 Federal Open Market Committee meeting, in Washington, DC on January 29, 2020. U.S. government debt yields rose Tuesday morning as investors awaited Federal Reserve Chairman Jerome Powell’s testimony to lawmakers about the state economic growth and employment in the United States. The yield on the benchmark 10-year Treasury note was higher at around 1.585%, while the yield on the 30-year Trea


Federal Reserve Board Chairman Jerome Powell speaks during a press conference following the January 28-29 Federal Open Market Committee meeting, in Washington, DC on January 29, 2020.
U.S. government debt yields rose Tuesday morning as investors awaited Federal Reserve Chairman Jerome Powell’s testimony to lawmakers about the state economic growth and employment in the United States.
The yield on the benchmark 10-year Treasury note was higher at around 1.585%, while the yield on the 30-year Trea
Treasury yields rise ahead of Powell’s testimony on Capitol Hill Cached Page below :
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Treasury yields rise ahead of Powell's testimony on Capitol Hill

Federal Reserve Board Chairman Jerome Powell speaks during a press conference following the January 28-29 Federal Open Market Committee meeting, in Washington, DC on January 29, 2020.

U.S. government debt yields rose Tuesday morning as investors awaited Federal Reserve Chairman Jerome Powell’s testimony to lawmakers about the state economic growth and employment in the United States.

The yield on the benchmark 10-year Treasury note was higher at around 1.585%, while the yield on the 30-year Treasury bond was also higher at around 2.048%. Bond yields rise as prices fall.

As part of the Fed chair’s semiannual report, Powell will begin his two-day stint on Capitol Hill before the House Financial Services Committee at 10 a.m.

Though most investors Tuesday morning didn’t expect to hear Powell divert from the Fed’s recent commentary about healthy growth and tame inflation, some wondered whether he would take the opportunity to address items including the coronavirus, repo operations and the central bank’s balance sheet.

“It’s still an opportunity for a surprise, and given an expected perma-dovish Fed is one of the two pillars of this rally, we need to watch Powell’s comments closely,” wrote Tom Essaye, editor of the Sevens Report.

“If we are going to get a surprise from Powell, it’s likely to come from one of two areas: The Repo operations and the Wuhan virus situation,” he added. “If Powell implies that he thinks the repo operations are inflating equity prices, and as such need to end, the market will take that as a negative.”

Fed Vice Chair Randal Quarles, Minneapolis Fed President Neel Kashkari and Federal Reserve Bank of St. Louis President James Bullard are all set to comment at separate events on Tuesday.


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Coronavirus live updates: Fed’s Powell ‘closely monitoring’ outbreak; 13th case in US; WHO says outbreak is ‘very grave threat’

— Lovelace10:16 am: WHO officials hold press conference at Geneva research forumWorld Health Organization officials are holding a press conference to update the public on the coronavirus outbreak, which has killed more people than SARS. Watch the live press conference here. — Will FeuerA shop assistant restocks boxes of masks following the outbreak of a new coronavirus, in Hong Kong, China February 1, 2020. Watch the live press conference here. — Bursztynsky8 am: Wall Street shrugs off coronavir


— Lovelace10:16 am: WHO officials hold press conference at Geneva research forumWorld Health Organization officials are holding a press conference to update the public on the coronavirus outbreak, which has killed more people than SARS.
Watch the live press conference here.
— Will FeuerA shop assistant restocks boxes of masks following the outbreak of a new coronavirus, in Hong Kong, China February 1, 2020.
Watch the live press conference here.
— Bursztynsky8 am: Wall Street shrugs off coronavir
Coronavirus live updates: Fed’s Powell ‘closely monitoring’ outbreak; 13th case in US; WHO says outbreak is ‘very grave threat’ Cached Page below :
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Coronavirus live updates: Fed's Powell 'closely monitoring' outbreak; 13th case in US; WHO says outbreak is 'very grave threat'

Medical workers in protective suits move a patient at an isolated ward of a hospital in Caidian district following an outbreak of the novel coronavirus in Wuhan, Hubei province, China February 6, 2020. China Daily | Reuters

This is a live blog. Check back for updates. Total confirmed cases: More than 43,100

Total deaths: At least 1,018

10:35 am: World Health Organization names the new coronavirus: Covid-19

The flu-like coronavirus that has sickened more than 43,100 people in over two dozen countries now has a name: Covid-19. The CO stands for corona, the VI for virus and the D for disease, Tedros Adhanom Ghebreyesus, director-general of the WHO, announced at news conference at the agency’s headquarters in Geneva. Tedros said the agency needed to find a name that did not refer to a geographical location, animals, an individual or a group of people. — Lovelace

10:16 am: WHO officials hold press conference at Geneva research forum

World Health Organization officials are holding a press conference to update the public on the coronavirus outbreak, which has killed more people than SARS. The WHO’s global research and innovation forum met for the first time Tuesday at the organization’s headquarters in Geneva. Tedros Adhanom Ghebreyesus, director-general of the WHO, announced the forum last week. Attendees include representatives of China and other member states, infectious disease experts, bioethicists, and major research funders, according to the preliminary agenda. The mission of the forum is to establish a common understanding of the virus and to agree upon research priorities and framework moving forward. The forum will continue through Wednesday. Watch the live press conference here. — Will Feuer

A shop assistant restocks boxes of masks following the outbreak of a new coronavirus, in Hong Kong, China February 1, 2020. Tyrone Siu | Reuters

10:11 am: Top CDC official holds press conference

Dr. Anne Schuchat, a top official at the Centers for Disease Control and Prevention, is holding a press conference in Washington about the outbreak, which has killed more people than SARS. Schuchat, the principal deputy director of the CDC, is speaking at the National Press Club. Watch the live press conference here. — Will Feuer

9:55 am: Toymakers brace for coronavirus hit

Analysts at UBS said the outbreak will potentially disrupt supply chains for major toy companies, adding that about 85% of the U.S. toy industry’s sales are supplied from China. While toymakers like Hasbro and Mattel have worked to decrease their reliance on factories in the region, more than half of their toys are currently produced in China. During Hasbro’s fourth-quarter earnings call, Deb Hancock, senior vice president of investor relations, said “it’s challenging to quantify the potential magnitude at this time, as it will depend on how long it takes to contain the outbreak.” The company did not provide an estimated financial impact, but Hancock said “If it takes a significant period of time to control, there could be a larger impact of our business.” Mattel reports earnings Thursday. — Sarah Whitten

8:53 am: China’s Huanggang says virus situation in city remains severe

The Communist Party boss of China’s Huanggang city, which has been hard hit by the coronavirus outbreak, said the virus situation in city was still severe. The city continues to face shortages of medical supplies such as face masks and protective goggles, Liu Xuerong told a news conference carried live on state television. — Reuters

8:50 am: Powell stresses that the Fed is ‘closely monitoring’ coronavirus

Federal Reserve Chairman Jerome Powell said the U.S. central bank is “closely monitoring” the new coronavirus, its impact on China and the effect that it could have on global economic growth. In his semiannual testimony before Congress, Powell said the new threat comes just as trade uncertainties have diminished, though the U.S. economy appears “resilient” to global headwinds. — Cox

8:10 am: Fast-tracking vaccine still means at least one year

British scientist Dr. Robin Shattock told CNBC the public shouldn’t expect a coronavirus vaccine to hit the market until early next year, despite recent advances. “The closest we’ll get to making this available will be early next year, or later,” Shattock, head of mucosal infection and immunity at the Department of Medicine at Imperial College London, said on “Squawk Box.” “It still requires a lot of testing to see if these vaccines are safe and then see if they work,” he added. Shattock is part of a team in the U.K. exploring potential coronavirus vaccinations. The group has started animal testing and hopes to move on to human testing “within a period of months,” he said. — Bursztynsky

8 am: Wall Street shrugs off coronavirus fears

U.S. stock index futures pointed to a higher open on Tuesday as Wall Street shrugged off concerns over the economic impact of the coronavirus outbreak. Around 7:45 a.m. ET, Dow Jones Industrial Average futures were up 87 points. S&P 500 and Nasdaq 100 futures traded higher as well. Fears over the economic fallout from the outbreak have also been offset by positive economic indicators. Jobs data released last week easily beat analyst expectations while U.S. manufacturing and services activity show signs of improvement. — Imbert, Smith

7:51 am: Robot with coronavirus advice hits Times Square

A 5-foot tall robot with a friendly face rolled into Times Square on Monday to help provide information about the new coronavirus to tourists. Curious passersby stopped, filled out a short questionnaire on an iPad-like touch screen attached to the robot’s chest, and even had a conversation with the machine. Promobot was created by a Philadelphia-based start-up that makes autonomous service robots for businesses and is run by a group of Russians. “We did a special software to detect coronavirus symptoms,” the company’s chief business development officer, Oleg Kivorkutsev, told Reuters. — Reuters

An ambulance drives away from the Diamond Princess cruise ship as it sits docked at Daikoku Pier where it is being resupplied and newly diagnosed coronavirus cases taken for treatment as it remains in quarantine after a number of the 3,700 people on board were diagnosed with coronavirus, on February 11, 2020 in Yokohama, Japan. Carl Court | Getty Images

7:30 am: 13th case confirmed in the US among China evacuees

The first confirmed case of novel coronavirus has been found among hundreds of people who were evacuated from China to military bases around the United States, it was reported Monday. Four evacuees at Marine Corps Air Station Miramar in San Diego had been in federal quarantine after showing symptoms of the virus but on Sunday, federal health officials said the people had tested negative and were sent back to the base, where they joined more than 200 people who are under a 14-day quarantine. On Monday morning, however, officials with the Centers for Disease Control and Prevention informed county health officials that “further testing revealed that one of the four patients tested positive” for novel coronavirus and the person was returned to hospital isolation, UC San Diego Health said in a statement. Another evacuee from Miramar also was hospitalized for evaluation Monday afternoon, UC San Diego Health said. “Both patients are doing well and have minimal symptoms,” the statement said. This is the seventh confirmed case of novel coronavirus in California and the 13th in the United States. — Associated Press

5:30 am: China’s top virus expert reportedly says outbreak may peak this month

China’s fast-spreading coronavirus may peak in February, before cases then start to plateau and ease over the coming months, Beijing’s top economic adviser told Reuters. Zhong Nanshan, a leading epidemiologist who become known around the world for his role tackling the SARS epidemic in 2003, said the situation in China was already showing signs of improving, pointing to the number of new cases falling overnight. He added that he believes the outbreak would peak either by the middle or the end of February before the number of cases would then start to fall. Zhong had previously predicted an earlier peak for the coronavirus, Reuters reported.

4:25 am: WHO chief says outbreak ‘holds a very grave threat’ for world


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Stock market live updates: Follow Fed Chair Powell’s comments here, Dow up 130 to record

And as the underlying level of reserves rises due to our bill purchases, the need for repo will decline. – Franck10:34 am: Dow hits recordThe Dow just joined the S&P 500 and the Nasdaq Composite at record levels, up more than 130 points to session highs. -Melloy9:30 am: Stocks open higherThe Dow Jones Industrial Average opened up 0.42% or more than 120 points on Tuesday. The S&P 500 rose 0.43% or 14 points and the Nasdaq Composite rose 50 points at the open. —Cox8:05 am: Dow set to rise more tha


And as the underlying level of reserves rises due to our bill purchases, the need for repo will decline.
– Franck10:34 am: Dow hits recordThe Dow just joined the S&P 500 and the Nasdaq Composite at record levels, up more than 130 points to session highs.
-Melloy9:30 am: Stocks open higherThe Dow Jones Industrial Average opened up 0.42% or more than 120 points on Tuesday.
The S&P 500 rose 0.43% or 14 points and the Nasdaq Composite rose 50 points at the open.
—Cox8:05 am: Dow set to rise more tha
Stock market live updates: Follow Fed Chair Powell’s comments here, Dow up 130 to record Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-02-11  Authors: fred imbert jeff cox pippa stevens, fred imbert, jeff cox, pippa stevens
Keywords: news, cnbc, companies, etf, fed, level, stocks, record, dow, testimony, live, updates, points, powell, china, coronavirus, powells, market, open, follow, stock, comments


Stock market live updates: Follow Fed Chair Powell's comments here, Dow up 130 to record

Kevin Plank, founder and chief executive officer of Under Armour Inc., speaks during the 2017 Consumer Electronics Show (CES) in Las Vegas, Nevada, U.S., on Friday, Jan. 6, 2017. Patrick T. Fallon | Bloomberg | Getty Images

This is a live blog. Check back for updates.

10:45 am: Some interesting ETF highs Tuesday

10:41 am: Powell: It’s ‘too early to say’ how much coronavirus will impact US economy

The Fed chairman thinks more information is needed before determining how the coronavirus outbreak will hurt the U.S. economy. “The question for us is what will be the effects for the U.S. economy? Will they be persistent? Will they be material?” Powell said while testifying in front of Congress. “I think it’s just too early to say. We have to resist the temptation to speculate on this. So, we’ll be watching that carefully.” Global capital markets have been grappling with the outbreak as investors assess which companies and countries will take a hit from it. Powell also noted: “I think we know there will be effects on China through some part of the first half of the year and China’s close neighbors and major trading partners.” —Imbert

10:36 am Powell on the balance sheet expansion

“Our expectation is that we will continue our bill purchases at least through— at least into the second quarter and continue repo operations at least through — into April. The sense is that we’re building up a level of reserves to a level that will mean that we don’t have to be involved in open market operations on an ongoing basis. And that’s going to take that period of time. And as the underlying level of reserves rises due to our bill purchases, the need for repo will decline. And sometime around the middle of the year we’ll reach that level of ample reserves. And from that point forward, the balance sheet will grow at trend demand for our liabilities.” – Franck

10:34 am: Dow hits record

The Dow just joined the S&P 500 and the Nasdaq Composite at record levels, up more than 130 points to session highs. The Dow’s new record level is 29,415.39. -Melloy

10:22 am: Powell giving his opening statement

Fed Chairman Jerome Powell is giving his opening statement to the U.S. House Financial Services Committee, which was first released at 8:30 a.m. For a summary of that statement, click here. A live stream of Powell’s testimony can also be found here.

10:16 am: Momentum ETF hits all-time high

The iShares Momentum ETF (MTUM) hit new intraday all-time high led by RingCentral, SBA Communications, Seattle Genetics, and Roku. RingCentral is up more than 8%, on pace for its best day since October and SBA Communications is up more than 7% on pace for its best day since January 2016. —Francolla

9:52 am: China stocks rising despite coronavirus concerns

The iShares China Large-Cap ETF (FXI) is up 1.7%, on pace for its 6th positive day in 7 and on pace for its best day since Feb 4th when the ETF gained 2.69%. Month-to-date, FXI is up 6.2%. Top holdings in the fund include Tencent and China Construction Bank. —Francolla

9:42 am: Stocks well off their highs ahead of Powell testimony

The S&P 500 and the Nasdaq Composite set new records shortly after the open but they have since pared those gains. The Dow was last up about 65 points. One notable laggard dragging down the market was Facebook, which was down more than 2%. Powell Q&A before Congress starts at 10 a.m. ET. -Melloy

9:30 am: Stocks open higher

The Dow Jones Industrial Average opened up 0.42% or more than 120 points on Tuesday. The S&P 500 rose 0.43% or 14 points and the Nasdaq Composite rose 50 points at the open. Apple and Amazon are among the biggest contributors to the gains at the open. —Fitzgerald

9:27 am: Here are Tuesday’s biggest analyst calls of the day

Pivotal downgrades Facebook to sell from hold

Oppenheimer raises its price target on Nvidia to $300 from $250

JPMorgan downgrades World Wrestling Entertainment to neutral from overweight

Credit Suisse upgrades Boston Beer to outperform from neutral

RBC raises its price target on Advanced Micro Devices to $63 from $53

Cowen upgrades Jack in the Box to outperform from market perform

Credit Suisse upgrades L Brands to neutral from underperform

DA Davidson upgrades CrowdStrike to buy from neutral CNBC Pro subscribers can read more here. —Bloom

8:55 am: European stocks are on fire

The Stoxx 600, the broadest measure of European stocks, climbed 0.8% to a record high on Tuesday. The index is also up more than 4% this month, outperforming the S&P 500, which is up 3.9% in February. European stocks have been on fire this year as ECB President Christine Lagarde lobbies for more fiscal stimulus in the region, particularly from Germany. —Imbert, Pisani

8:43 am: Ray Dalio says coronavirus impact on market is probably exaggerated

Bridgewater founder and billionaire investor Ray Dalio said Tuesday that the impact from the coronavirus may be overdone. The virus, which has now killed more than 1,000 people, “probably had a bit of an exaggerated effect on the pricing of assets,” Dalio told attendees at the annual Milken Conference in Abu Dhabi on Tuesday. “Because of the temporary nature of that, I would expect more of a rebound. It most likely will be something that in another year or two will be well beyond what everyone will be talking about,” he added. —Stevens

8:40 am: Coronavirus death toll tops 1,000

As of Monday night, the Chinese government said there were 2,478 new confirmed cases of coronavirus and 108 additional deaths, bringing the total numbers to 42,638 cases and 1,016 deaths in the country. “With 99% of cases in China, this remains very much an emergency for that country, but one that holds a very grave threat for the rest of the world,” WHO chief Tedros Adhanom Ghebreyesus said during opening remarks of a meeting between more than 400 researchers and national authorities, Reuters reported Tuesday. The virus has spread to at least 25 other nations. — Stevens

8:32 am: Futures largely unchanged following release of Powell’s remarks

Federal Reserve Chairman Jerome Powell’s remarks before Congress were released at 8:30 am and we are seeing a muted reaction so far. If anything, futures have come off slightly with Dow futures up only 90 points after being up more than 100 points before the testimony was released. Powell, in his semiannual testimony before Congress, will say that the U.S. economy appears “resilient,” that the Fed is closely monitoring the coronavirus, and that the “current stance of monetary policy will likely remain appropriate,” according to remarks. Traders will now focus on the Q&A portion of his testimony, which begins at 10 a.m. ET. -Melloy

8:19 am: Sprint, T-Mobile deal approved by judge

A U.S. District judge ruled in favor of the proposed merger between Sprint and T-Mobile. Sprint’s stock soared more than 60% in extended trading, while T-Mobile shares gained 8.8%. —Pound

8:12 am: Under Armour drops 13%

Shares of Under Armour slid 13% during Tuesday’s premarket trading after the company said its 2020 revenue would be hurt by the coronavirus outbreak. China is one of the athletic retailer’s fastest growing markets, so weakness in the region could hurt top-line growth. The comments came as the company reported fourth quarter results. Earnings per share came in at 10 cents which was in-line with estimates, according to Refinitiv, but the company’s $1.441 billion in revenue fell short of expectations. —Stevens

8:09 am: Powell to talk economy, policy before House panel

Federal Reserve Chairman Jerome Powell appears Tuesday before the House Financial Services Committee as part of his mandated semiannual testimony before Congress. On tap will be comments about general economic conditions, the state of monetary policy and the Fed’s view on international developments including the coronavirus. Powell then will take questions from committee members. It’s off to the Senate tomorrow for the central bank chief. —Cox

8:05 am: Dow set to rise more than 100 points as coronavirus fears dim


Company: cnbc, Activity: cnbc, Date: 2020-02-11  Authors: fred imbert jeff cox pippa stevens, fred imbert, jeff cox, pippa stevens
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Powell stresses that Fed is ‘closely monitoring’ coronavirus for hit to China and the world

The Federal Reserve is “closely monitoring” the coronavirus, its impact on China and the effect that it could have on global economic growth, Chairman Jerome Powell said Tuesday. In his semiannual testimony before Congress, Powell said the new threat comes just as trade uncertainties have diminished, though the U.S. economy appears “resilient” to global headwinds. Despite the threat from the virus, he said Fed policy is well positioned after a series of rate cuts in 2019. He did, though, express


The Federal Reserve is “closely monitoring” the coronavirus, its impact on China and the effect that it could have on global economic growth, Chairman Jerome Powell said Tuesday.
In his semiannual testimony before Congress, Powell said the new threat comes just as trade uncertainties have diminished, though the U.S. economy appears “resilient” to global headwinds.
Despite the threat from the virus, he said Fed policy is well positioned after a series of rate cuts in 2019.
He did, though, express
Powell stresses that Fed is ‘closely monitoring’ coronavirus for hit to China and the world Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-02-11  Authors: ylan mui jeff cox, ylan mui, jeff cox
Keywords: news, cnbc, companies, rate, fed, rates, monitoring, semiannual, threat, stresses, closely, powell, hit, china, coronavirus, world, policy, economy, remarks, series


Powell stresses that Fed is 'closely monitoring' coronavirus for hit to China and the world

The Federal Reserve is “closely monitoring” the coronavirus, its impact on China and the effect that it could have on global economic growth, Chairman Jerome Powell said Tuesday.

In his semiannual testimony before Congress, Powell said the new threat comes just as trade uncertainties have diminished, though the U.S. economy appears “resilient” to global headwinds.

Despite the threat from the virus, he said Fed policy is well positioned after a series of rate cuts in 2019.

“As long as incoming information about the economy remains broadly consistent with this outlook, the current stance of monetary policy will likely remain appropriate,” he said.

He did, though, express some misgivings about rates being so low, not only with his own Fed but in other central banks around the world. The Fed last year held a series of public hearings to discuss policy options in the future, in particular how to handle economic downturns.

“This low interest rate environment may limit the ability of central banks to reduce policy interest rates enough to support the economy during a downturn,” he said.

Powell’s remarks recapped the Fed’s 61-page semiannual report that lawmakers received on Friday. He said the economy is growing at a “moderate” pace, and he noted that the fundamentals supporting household spending are still “solid.”

Markets reacted little to the remarks, which strongly resembled the messages coming from Powell and his fellow officials over the past several months. Wall Street was indicating a 100-point Dow industrials gain at the open.

“Interest rates aren’t going up under his watch without more inflation and that is music to the stock market’s ears,” said Chris Rupkey, chief financial economist at MUFG Union Bank.


Company: cnbc, Activity: cnbc, Date: 2020-02-11  Authors: ylan mui jeff cox, ylan mui, jeff cox
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Watch Fed Chair Jerome Powell speak to Congress live

Please refresh the page if you do not see a player above at that time.] Federal Reserve Chairman Jerome Powell appears Tuesday before the House Committee on Financial Services as part of his semiannual testimony to Congress. Powell said in prepared remarks that the Fed remains on hold in its interest rate stance following three cuts in 2019. Also, he said the central bank is continuing to watch developments regarding the coronavirus and its impact on global growth. Read more:Powell stresses that


Please refresh the page if you do not see a player above at that time.]
Federal Reserve Chairman Jerome Powell appears Tuesday before the House Committee on Financial Services as part of his semiannual testimony to Congress.
Powell said in prepared remarks that the Fed remains on hold in its interest rate stance following three cuts in 2019.
Also, he said the central bank is continuing to watch developments regarding the coronavirus and its impact on global growth.
Read more:Powell stresses that
Watch Fed Chair Jerome Powell speak to Congress live Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-02-11  Authors: jeff cox
Keywords: news, cnbc, companies, rate, fed, watch, chair, testimonymarkets, youtube, live, congress, testimony, worldwhat, speak, powell, reserve, coronavirus, jerome, timefederal


Watch Fed Chair Jerome Powell speak to Congress live

[The stream is slated to start at 10 am ET. Please refresh the page if you do not see a player above at that time.]

Federal Reserve Chairman Jerome Powell appears Tuesday before the House Committee on Financial Services as part of his semiannual testimony to Congress.

Powell said in prepared remarks that the Fed remains on hold in its interest rate stance following three cuts in 2019. Also, he said the central bank is continuing to watch developments regarding the coronavirus and its impact on global growth.

Read more:

Powell stresses that Fed is ‘closely monitoring’ coronavirus for hit to China and the world

What to look for from Fed Chair Powell’s testimony

Markets are putting pressure on the Federal Reserve for at least one rate cut

Subscribe to CNBC on YouTube.


Company: cnbc, Activity: cnbc, Date: 2020-02-11  Authors: jeff cox
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