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Nervous Market Opens Higher But Can’t Hold Gains In Choppy Trading

San Francisco Orders People to Stay Home Except for Urgent Needs

San Francisco will require people to stay home except for essential needs as it tries to stop the spread of the coronavirus in one of the hardest-hit regions of the country.

The order will take effect at midnight local time Tuesday, Mayor London Breed said in a tweet. Stores and essential government functions will remain open.

At least five other counties in the Bay Area will adopt similar measures, the San Francisco Chronicle reported Monday, including in the heart of Silicon Valley. The requirements are a step beyond the statewide limitations ordered by Governor Gavin Newsom, who on Sunday shut all bars and advised senior citizens to stay home.

Russia bans entry of foreign nationals, stateless people from March 18 to May 1

MOSCOW (Reuters) – Russia will ban the entry of foreign nationals and stateless people from March 18 to May 1 in response to the coronavirus outbreak, the government said on Monday.

The ban will not apply to diplomatic representatives, airplane crew members and some other categories of people, it said.

Russia has reported 93 cases of the virus so far.

Coronavirus: what the new government advice means for your family

On this edition of the Sky News Daily podcast with Jonathan Samuels, we discuss the Prime Minister’s “drastic” new coronavirus measures. What will they mean for you and your family? And how long will they last?

We’re joined by Sky’s science correspondent, Thomas Moore, and City AM comment and features editor, Rachel Cunliffe.

Plus: as airline bookings collapse and borders are closed because of COVID-19, we consider the pressure facing the aviation industry with Paul Charles, from the PC Agency, and Ian King, Sky’s business presenter.

Trump Endorses Social Distancing, Amplifying U.S. Virus Warnings

President Donald Trump said Monday that Americans should avoid gathering in groups of more than 10 people and should stop eating out at restaurants and bars, as the U.S. intensifies its fight against the coronavirus outbreak.

Trump also said at a news conference children should be schooled at home. His remarks came after many Americans had already taken it upon themselves to begin “social distancing,” and several state and local leaders including Muriel Bowser, the mayor of Washington, D.C., ordered schools closed and restaurants to limit service.

The president said the U.S. may be fighting the outbreak until August or longer.

“Someday soon, hopefully, it will end and we’ll be back to where it was,” he said, but he acknowledged: “It’s bad. It’s bad. We’re going to hopefully be a best case and not a worst case.”

There have been more than 4,000 cases of the virus in the U.S. and 71 deaths from the disease, according to Johns Hopkins University.

Coronavirus: Okanagan Regional Library cancels programming, branches still open

The Okanagan Regional Library says it will be cancelling all  programming for an indefinite period of time, due to concerns related to COVID-19.

“Much of the planned programming over the next few weeks was special children’s programming occurring over the spring break period. These programs are normally very popular, and our library spaces are generally small,” said chief executive officer Don Nettleton in a statement, posted to its website.

Gold Prices Fall As Dollar Stands Tall

Gold prices fell on Tuesday as investors liquidated profitable positions to cover losses elsewhere. A firmer dollar also weighed on the precious metal.

The U.S. dollar is strengthening despite the Federal Reserve cutting rates twice over the past two weeks to near zero.

Spot gold tumbled 2.9 percent to $1,471.72 per ounce, after having slumped over 5 percent on Monday to its lowest since November 2019. U.S. gold futures were down 1 percent at $1,472.30.

Investors preferred cash over holding any asset as countries and major central banks ramped up measures to protect their economies from the outbreak, which has infected more than 182,000 people globally.

“As the virus spreads, the case for a coordinated and synchronized global fiscal stimulus is becoming stronger by the hour,” International Monetary Fund Managing Director Kristalina Georgieva said.

U.S. President Donald Trump on Monday said the coronavirus outbreak could last until July or August and that the economy “may be” heading for recession.

The G7 leaders have pledged to do “whatever is necessary” to fight the coronavirus pandemic, ranging from deploying fiscal measures to supporting efforts to develop a vaccine.

“We are committed to doing whatever is necessary to ensure a strong global response through closer cooperation and enhanced coordination of our efforts,” the leaders said in a joint statement.

Nervous Market Opens Higher But Can’t Hold Gains In Choppy Trading

The market opened higher Tuesday after a nail-biting night on the futures market and following a massive selloff the day before with increasingly widespread restrictions and closures across the country to prevent the spread of the coronavirus Monday was the worst day for the markets since 1987 crash.

The Dow opened up 2% but lost ground almost immediately. It was barely up – 0.1% – after a half hour.

The Trump administration is looking to ask Congress for and $850 billion stimulus package today – which would include $50 billion for the airline industry.

Entertainment stock were mixed with exhibition having another down day after thousands of theaters closed. AMC Entertainment was down 22%, Cinemark 15% and Imax 9%.

Disney was also struggling to see positive territory, off 2.5%. ViacomCBS was down 5.5%.

Stocks with some bounce included Comcast, up 2%; Charter up 1.8%; AT&T up 1.5%.