RETAILERS AND BUSINESSES PREPARING FOR SIGNIFICANT LOSSES
AND SHORTAGES.
LET’S GET THAT AND
MORE FROM JO LING
KENT.
>> Reporter: TONIGHT,
WALL STREET SINKING
DEEPER INTO THE RED AS
FEARS OF CORONAVIRUS
GROW.
>> THAT’S A WRAP ON AN
UGLY WEEK.
>> Reporter: THE DOW
HAVING THE WORST WEEK
SINCE THE 2008
FINANCIAL CRISIS
PLUMMETING 12% IN JUST
FIVE DAYS.
THE PRESIDENT REACTING
LATE TODAY.
>> WELL, I THINK IT’S
JUST PEOPLE DON’T
KNOW.
IT’S THE UNKNOWN.
I THINK THEY ARE NOT
VERY HAPPY WITH THE
DEMOCRATS CANDIDATE
WHEN THEY SEE THEM.
I THINK THAT HAS AN
IMPACT.
>> Reporter: ALSO
CALLING ON THE FEDERAL
RESERVE TO INTERVENE.
>> I HOPE THE FED GETS
INVOLVED.
YOU KNOW, I’M NOT A
BIG FAN OF THE FED,
YOU KNOW THAT.
THEY MAKE A LOT OF
MISTAKES.
>> Reporter: THE FED
CHAIR TRIED TO
REASSURE NERVOUS
INVESTORS.
JEROME POWELL SAYING
THE FUNDAMENTALS OF
THE U.S. ECONOMY
RESTRAINS STRONG BUT
THE CORONAVIRUS
IMPOSES EVOLVING RISKS
TO ECONOMIC ACTIVITY.
AS THE VIRUS SPREADS,
RETAILERS ARE
PREPARING WITH 58% OF
PEOPLE SAY THEY ARE
LIKELY TO AVOID PUBLIC
AREAS LIKE MALLS AND
MOVIE THEATERS AT THE
OUTBREAK GETS WORSE.
>> I’M NOT GOING TO
JUST GO INTERACT WITH
LARGE, NEW CROWDS, IF
I DON’T HAVE TO UNTIL
WE HEAR MORE.
>> Reporter: AND THEN
THERE ARE BIG BOX
STORES LIKE TARGET,
WALMART AND DOLLAR
TREE WHICH ARE AT A
HIGHER RISK FOR
POTENTIALLY RUNNING
OUT OF SOME PRODUCTS
AS SOON AS LATE APRIL
ACCORDING TO WELLS
FARGO SECURITY.
THAT’S BECAUSE AT THE
PORT OF LONG BEACH
CANCELLATIONS FOR
CARGO SHIPS BRINGING
GOODS FROM CHINA HAVE
DOUBLED COMPARED TO
LAST YEAR.
WHAT DOES THIS MEAN
FOR SHOPPERS?
>> WHAT THIS MEANS FOR
THE PORT IS LOSS OF
VOLUME.
WHEN IT MEANS FOR
CONSUMERS IS YOUR
PRODUCTS MAY NOT BE ON
THE SHELVES.
WHAT IT MEANS FOR THE
COMMUNITY IS PEOPLE
AREN’T GOING TO WORK.
>> Reporter: WE ARE
ALREADY FEELING THE
RIPPLE EFFECT OF
CORONAVIRUS ON JOBS.
HERE AT THE QUIET PORT
AT LONG BEACH, THE
UNION IS SAYING 50% OF