Coronavirus brings stock market its worst day since 1987

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Concern about coronavirus, and the Trump administration's reaction to it, sent markets sliding to their worst day in more than three decades.

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Trump reiterated his proposal to suspend the payroll tax even as key members of Congress remained skeptical about its multi-billion-dollar cost and scant prospects of turning things around quickly.For an employee making $25,000 a year, the deduction hiatus would leave an extra $60 in take-home pay every two weeks.

New victims include the ushers, ticket takers, janitors and food service workers in Southern California sports venues, including Dodger Stadium, Angel Stadium, Staples Center, Banc of California Stadium, Dignity Health Sports Park and Honda Center. Major League Baseball pushed back the season opener by at least two weeks, while the National Basketball Assn., the National Hockey League and Major League Soccer suspended their games indefinitely.

“I am concerned that this is more far-reaching than 9/11,” said Lori Bassani, president of the union that represents American Airlines flight attendants. After those attacks two decades ago, flights were halted nationwide for three days. Americans’ reluctance to fly lasted months. The drop in demand resulted in heavy losses to airlines.

 

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