Market Selloff: Jerome Powell Issues Statement, Coronavirus Update

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Let's take a look at the markets. 

First and foremost, there are over 83,000 confirmed cases, with 2,800 deaths.

At least 56 countries have now reported cases of the virus.

New infections outside of China have now started outpacing infections within China. South Korea announced 571 new cases as of early Friday. That pushes the total amount of cases over 2,300 in the country.

The World Health Organization said that it reached a “decisive point” in the outbreak fight. It raised its assessment of the global coronavirus risk to high from very high, which is the most serious assessment in its new four-stage alert system.

Google said that an employee working out of its Zurich, Switzerland office had tested positive for the virus.

The company confirmed to CNBC that the employee had worked out of the Zurich office for a limited time before they showed any symptoms.

“The fundamentals of the U.S. economy remain strong,” said Federal Reserve chairman Jerome Powell. “However, the coronavirus poses evolving risks to economic activity. The Federal Reserve is closely monitoring developments and their implications for the economic outlook. We will use our tools and act as appropriate to support the economy.”

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