On Wednesday, March 18, 2020, announced that it will temporarily close its world famous trading floor and transition towards electronic trading after two people tested positive for the Wuhan virus at screenings it held this week.
According to the exchange, all-electronic trading will commence on March 23. The facilities that will be closing are the NYSE equities trading floor and NYSE American Options trading floor in New York. Additionally, the NYSE Arca Options trading floor in San Francisco will be closing.
These closures were spurred by positive Wuhan virus tests of two people, according to an account Stacey Cunningham, President of the NYSE, related to CNBC.
The stock market has a history of closures, during events such as World War II and in the aftermath of 9/11, but this is the first time the physical trading floor of the Big Board has shut down independently as electronic trading proceeds.
“We implemented a number a number of safety precautions over the past couple of weeks, and starting on Monday this week we started pre-emptive testing of employees and screening of anyone who came into the building,” Cunningham announced on “Closing Bell.” “If that screening warranted additional testing, we tested people and they were sent home and not given access to the building. A couple of those test cases have come back positive.”
“While those people were not in the building this week and the building had been cleaned and addressed prior to start of trading on Monday, I think it’s reflective we’re seeing things evolve,” Cunningham continued.
Wall Street has experienced considerable volatility during the Wuhan virus crisis. Earlier this week, a market-wide circuit breaker was set off twice by the NYSE due to the massive sell-off, which generated brief pauses in trading.
The exchange announced in a release that it was carrying out its business continuity plan and “trading and regulatory oversight of all NYSE-listed securities will continue without interruption.”
CME Group closed its Chicago trading floor last week as a precautionary measure due to the Wuhan virus outbreak.
As of Wednesday, the number of cases of the Wuhan virus reached over 212,000 and the confirmed cases in America are now at 7,324, per reports from John Hopkins University. So far, 115 people have died from the virus in the U.S.
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Humanitarian Organization Deploys Field Hospital to New York City
Samaritan’s Purse, a humanitarian aid organization based in North Carolina, announced on March 27, 2020 that they are sending a convoy of trucks carrying one of their Emergency Field Hospitals to New York City.
New York City is the epicenter of the Wuhan virus pandemic in America. Samaritan’s Purse staff is already on the field making preparations and a team of medical personnel, made up of doctors, nurses, and other healthcare specialists, are currently heading to the city.
Right now, New York City hospital are being strained with patients and are running out of beds and ventilators. One hospital is already placing two patients on a single ventilator machine. So far, north of 23,000 people in New York City have the Wuhan virus with the number of new cases nearly doubling every three days.
Samaritan’s Purse plans on adding 68 beds, which includes an ICU and a respiratory care unit.
The organization is also responding to the Wuhan virus crisis in Cremona, Italy, which is the worst affected area outside of United States.
Samaritan’s Purse donated 55,000 masks this week to hospitals and health facilities across North Carolina.
Franklin Graham, the President of the Samaritan’s Purse, declared:
God has called Samaritan’s Purse to rush into crisis areas to save lives and to share the Good News that Jesus Christ paid for our sins on the Cross and rose from the grave to save all who put their faith in Him. No matter where we go, our goal is the same—to be the hands and feet of Jesus, and to share His love with those in need.
Samaritan’s Purse action shows how America’s vigorous civil society is tacking this crisis.
Despite what state worshippers say, America’s civil society is ready to help out.
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