October 1987 crash in historical perspective
On 19 October 1987, following three days of decline in the New York stock market, the Hong Kong market dropped 10.5 per cent after a rise of 89 per cent in the previous 12 months.
New York Governor Andrew Cuomo on Monday extended a shutdown in the epicenter of America’s deadly coronavirus pandemic until near the end of the month.
Cuomo said the COVID-19 death rate in the state was “effectively flat” for the past two days but announced that schools and non-essential businesses must stay shut until April 29.
He further said, “Now is not the time to be lax,” ,
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Fines for violating social distancing guidelines would be increased from $500 to $1,000, he added.
As of Monday, the outbreak has killed 4,758 people in New York state, Cuomo said, an increase of 599 from Sunday.
On Saturday, New York announced 630 deaths in one day — it’s highest daily total of the epidemic so far.
“If the curve is turning it’s because the rate of infection is going down, if the rate of infection is going down it’s because social distancing is working.”
“If we are plateauing then we are plateauing at a very high level and there’s tremendous stress on the health care system,” Cuomo added.
New York has borne the brunt of the spread of COVID-19 in the United States.
Across the country there have been almost 339,000 cases, according to a running tally by Johns Hopkins University.
Globally, there have been over 13.4 lakh confirmed cases of COVID-19. At least 74,600 people have died so far.
The US has the highest number of confirmed cases followed by Spain, Italy, Germany and France. The outbreak is having a major impact on global economy and the stock market.
Authorities began the week by telling frightened communities to brace for one of the worst periods yet in an outbreak that has not yet reached its peak.
They also warned that between 100,000 and 240,000 people could die in the United States, even in a best-case scenario with social distancing guidelines being observed.
Nine states — all controlled by Republican governors — have still not yet ordered total lockdowns, much to the frustration of public health experts.
(With inputs from agency)
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