President Donald Trump’s televised address on Wednesday was clearly aimed at calming the U.S. public, as well as the stock market, about the novel coronavirus and the disease it causes, Covid-19.
It had the opposite effect, as the impact from Covid-19 only seemed to get bigger. There are now more than 1,300 known cases in the U.S. (more on that in a minute) and 130,000 globally. Following the speech, the NBA and MLB suspended their seasons. Movie star Tom Hanks announced via social media that he and his wife, actress Rita Wilson, had tested positive for Covid-19 while in Australia. The S&P 500 and the Dow Jones Industrial Average both fell nearly 10% Thursday.