Global markets skid after Wall St. rout over US virus cases surging; Another 1.5M laid-off US workers seek benefits
Global shares were lower after an overnight rout on Wall Street as investors were spooked by reports of rising coronavirus cases in the U.S.
The Dow Jones industrials lost more than 1,800 points, or nearly 7% in a retreat after more than two months of robust gains. Fear that a so-called “second wave,” is already coming has punctured bubbling optimism for a quick economic recovery. Yuri Kageyama reports from Tokyo.
U.S. Jobs: About 1.5 million laid-off workers applied for unemployment benefits last week, evidence that many Americans are still losing their jobs even as the economy appears to be slowly reopening and recovering. Though there has been a decline in applications for jobless aid since a peak in mid-March when the coronavirus struck hard, the pace of layoffs remains historically high, reports Christopher Rugaber.
Racial Bias: The field of economics is facing an upheaval, with African American scholars decrying bias in the profession and presenting evidence that leading journals have failed to publish sufficient research documenting racial inequalities, Josh Borak reports
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Indian capital’s crematoriums overwhelmed with virus dead; Alarming rise in US cases as states ease lockdowns
India’s morgues are filling with the dead and graveyards and crematoriums are overwhelmed.
As it has painfully been elsewhere in the world, the virus has made honoring those who have passed away in New Delhi a hurried affair, largely devoid of the rituals that give it meaning for mourners in their grief.
All one man could do was place his mother’s wrapped corpse on a wooden pyre and along with a handful of relatives watch it burn, reports Sheikh Saaliq from New Delhi. “I never thought I would watch my mother go like this,” the grieving man said.
The capital has officially reported close to 1,100 deaths from the coronavirus, but cemeteries and crematoriums in the city say the actual number is several hundred higher.
US Infections: States are rolling back lockdowns, but the coronavirus isn’t done with America. Cases are rising in nearly half the states, according to an AP analysis, a worrying trend that could intensify as people return to work and venture out during the summer, reports Mike Stobbe.
Blood of the Recovered: Scientists are beginning a new study to tell if the blood plasma of COVID-19 survivors might help prevent infection in the first place. Doctors already are using survivor plasma as a treatment for many hospitalized patients, even as research still is underway to tell if it really works, reports AP medical writer Lauran Neergaard. The plasma harbors virus-fighting antibodies.
More from AP’s Global and U.S. teams:
- White House: President Trump is back to business as usual three months after bowing to the realities of a pandemic that put large swaths of life on pause. But Trump’s campaign is again scheduling mass arena rallies, and he is back to spending summer weekends at his New Jersey golf club even as a model cited by the White House projects tens of thousands of more deaths by the end of September.
- Syria’s Meltdown: The war-ravaged nation is crumbling under the weight of years-long Western sanctions, government corruption and infighting, the pandemic and an economic downslide made worse by the financial crisis in Lebanon, Syria’s main link to the outside world.
- Argentina’s Woes: The percentage of Argentines in poverty could reach as high as 45% this year as the pandemic worsens already grave economic problems.
- US Farmworkers Town: Among the numerous rural areas across the U.S. that have recently experienced outbreaks are migrant farmworker communities in Florida.
- LA Homeless: The number of homeless people counted across Los Angeles County jumped nearly 13% over the past year to more than 66,000. Authorities fear that figure will spike again once the impact of the pandemic is felt.
- Masks with a Window: In the One Good Thing series – face coverings are making it hard for people who read lips to communicate. That has spurred a slew of startups making masks with plastic windows.