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How Will The Pandemic
Change Our World?
What’s
News
World-Wide
rump signed a roughly
T $2 trillion economic-
rescue package into law,
hours after House lawmak-
ers hustled back to the
Capitol to approve the ag-
gressive response to the
coronavirus pandemic. A1
 The U.S. surpassed
100,000 confirmed cases of
the virus, led by a continued
jump in infections in New
York and in new hot spots
across the country. A7
 U.K. Prime Minister
Johnson became the first
leader of a major govern-
ment to announce testing
positive for the virus. A1
 The Trump administra-
tion is preparing to sus-
pend collection of import
tariffs for three months to
give U.S. firms financial re-
lief amid the pandemic. A9
 States are exploring ways
to expand voting by mail and
early voting ahead of the
November election to make
sure balloting proceeds if
the pandemic persists. A5
 A retired Venezuelan
general surrendered to
U.S. counternarcotics au-
thorities a day after prose-
cutors indicted him. A13
Business & Finance
 Trump ordered GM to
sharply ramp up the pro-
duction of ventilators to
treat coronavirus patients,
turning to a wartime pres-
idential power that he had
been reluctant to use. A1
 Major U.S. stock indexes
posted double-digit gains
for the week, but they sank
Friday and remain down
more than 20% in 2020. B1
 Measures to curb the
coronavirus could lower
GDP in the U.S. and other
developed countries by a
quarter, the OECD said. A7
 The Fed is reviewing new
ways to support financing
for state and local govern-
ments amid the pandemic. A9
 Boeing is set to emerge
as a big winner of the stim-
ulus package, even if the
company declines to seek
direct taxpayer help. B1
 China cleared Goldman
and Morgan Stanley to take
majority control of their lo-
cal securities businesses. B10
 The SEC is giving public
companies additional time
to file annual reports and
other major disclosures. B10
NOONAN
My Corona (or Is It
Schmutz?) A17
NOTICE TO READERS
The World Health Organiza-
tion has said it is safe to
handle newspapers during
the coronavirus pandemic.
The Wall Street Journal’s
printing plants and delivery
services, though, are taking
precautions, frequently
cleaning equipment and fa-
cilities while reducing human
contact with the newspaper.
A digital version of the print
edition also can be viewed at
https://www.wsj.com/itp.
CONTENTS
Books..................... C7-12
Business News...... B3
Design & Decor. D10-11
Food......................... D6-8
Gear & Gadgets D12-13
Heard on Street...B12
s 2020 Dow Jones & Company, Inc.
All Rights Reserved
WSJ
REVIEW
THE WALL STREET JOURNAL WEEKEND
* * * * * * * * SATURDAY/SUNDAY, MARCH 28 - 29, 2020 ~ VOL. CCLXXV NO. 73
Trump Signs Record Stimulus Law
House-approved relief
package of $2 trillion
offers aid to combat
damage of pandemic
WASHINGTON—President
Trump signed a roughly $2 tril-
lion economic-rescue package
into law, hours after House law-
makers hustled back to the
By Siobhan Hughes,
Natalie Andrews
and Lindsay Wise
Capitol to pass the aggressive
response to the coronavirus
pandemic that has staggered
the U.S. economy.
The bill is the largest relief
package in U.S. history and ex-
tends aid to many struggling
Alone in St. Peter’s Square, the Pope Streams a Prayer to the World for the Pandemic’s End
on
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VATICAN/EPA/SHUTTERSTOCK
m rp
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EXTRAORDINARY: Pope Francis delivered Friday an ‘Urbi et Orbi’ blessing, usually given only at Christmas and Easter, praying to end the coronavirus outbreak.
EXCHANGE
n-
no
PANIC ATTACK
Why market panics
happen—and what
investors can do
about it. B1
Global Gold Rush Has Bankers
Searching for Bars
i i
Shortage spooks preppers and investors
alike; ‘looking through the cupboard’
It’s an honest-to-God
doomsday scenario and the ul-
timate doomsday-prepper mar-
ket is a mess.
Markets..................... B11
Obituaries............... A13 By Liz Hoffman,
Opinion.............. A15-17
Amrith Ramkumar
Sports....................... A14
Style & Fashion D2-5 and Joe Wallace
U.S. News............. A2-3
Weather................... A14
As the coronavirus pan-
demic takes hold, investors
> and bankers are encountering
severe shortages of gold bars
and coins. Dealers are sold out
or closed for the duration.
Credit Suisse Group AG, which
has minted its own bars since
1856, told clients this week not
A Guide to
Superior Slumber
OFF DUTY
WSJ.com HHHH $5.00
Americans through direct pay-
ments and expanded unemploy-
Normally, a civil servant—
the disbursing officer for the
President orders GM goods tied to national defense.
For weeks he had said that the
ment insurance. The package payment center—would sign to make ventilators, threat of invoking the DPA was
provides loans and grants to federal checks, said Don Ham- invoking wartime act sufficient. Previously he lik-
businesses, augments drained mond, a former senior Treasury ened using the DPA to nation-
state coffers and sends addi- Department official. as outbreak worsens alizing American business. He
tional resources to sapped The measure passed the reversed course Friday, saying
health-care providers.
“I want to thank Democrats
Senate 96-0 earlier in the week
and had overwhelming support
BY MICHAEL C. BENDER
AND MIKE COLIAS
GM was “wasting time” in ne-
gotiations with the federal
and Republicans for coming to- in the House as well. But it government.
gether and putting America needed to clear one last hurdle WASHINGTON— President With the number of con-
first,” Mr. Trump said Friday in on Friday after Rep. Thomas Trump ordered General Motors firmed cases of Covid-19—the
the Oval Office. He added, in a Massie (R., Ky.) tried to force a Co. to sharply ramp up the disease caused by the new cor-
nod to the size of the package: recorded vote, arguing it would production of ventilators to onavirus—topping 100,000 in
“I never signed anything with a be irresponsible to use a voice treat coronavirus patients, the U.S. on Friday, worries
T on it.” vote on such a large bill. This turning to a wartime presiden- about a ventilator shortage
Mr. Trump has told people angered many fellow lawmak- tial power that he had been re- have grown all the more ur-
he wants his signature to ap- ers, who said making them luctant to use. gent.
pear on the direct-payment show up in person risked Mr. Trump on Friday in- GM was already working to-
checks that will go out to many spreading coronavirus and voked the Defense Production ward wide-scale ventilator pro-
Americans in the coming Please turn to page A6 Act, or DPA, which dates back duction through a collabora-
weeks, according to an admin- to the Korean War and gives tion struck last week with
istration official. The White  Fed reviews ways to support the president powers to re- medical-device firm Ventec Life
House didn’t comment. financing for states............... A9 quire businesses to produce Please turn to page A8
.
ly
Five Lives. Five Countries.
Researchers
Probe Ways
How Virus Swept the Globe.
Infection
Confusion and dread as loved ones fought a relentless pandemic
Attacks Body
BY SUMATHI REDDY
Raju Sarker had been sick in his dormi- ployer that morning to go to the hospital, It starts, most often, with a
tory for two days, staying away from the nor about his cough, persistent and draining. cough or a sneeze.
Singapore construction site where he The next day, he ignored her calls altogether. Thousands of tiny, often in-
worked. He had a headache and chills. His He’d speak to her when he felt a little better, visible droplets of saliva or mu-
stomach didn’t feel right. He was exhausted. he thought, and texted: “I’ll call you later.” cus disperse in the air. You walk
But on a phone call At the hospital, doc- by—within 6 feet of the of-
with his wife on Feb. 5, tors sent him straight fender—and inadvertently in-
the 39-year-old put on This article was reported by Niharika to the intensive-care hale the droplets.
a brave face. She was Mandhana in Singapore, Drew unit. A mysterious new The novel coronavirus that
Hinshaw in Warsaw, Kim Mackrael in
back home in Bangla- virus had emerged in causes Covid-19 begins like
Ottawa, Eric Sylvers in Milan and
desh, two months from China and begun most other respiratory viruses.
Suryatapa Bhattacharya in Tokyo, and
giving birth. Mr. Sarker, springing up in neigh- But scientists are still studying
was written by Ms. Mandhana.
hoping for a baby girl, boring countries, in- how the virus in some patients
had been thinking cluding Singapore. Mr. progresses to the lungs, causing
about what his firstborn would call him: Sarker didn’t know much about it, except viral pneumonia, difficulty
Baba, or perhaps Abba. that since Lunar New Year in January, he breathing, and even death.
“Don’t worry,” he said, ending the conver- and his team, which installed information- The race to understand what
sation in under two minutes. He didn’t tell technology infrastructure in data centers happens in the body when
his wife he had borrowed $250 from his em- Please turn to page A10 someone gets infected comes as
global death tolls spiral, pa-
tients flood emergency rooms,
Britain’s Boris Johnson and hospitals clamor for sup-
plies. Doctors have been forced
to learn much about how the
i Tests Positive for Virus virus works as they go.
There are some things scien-
tists know based on how simi-
lar respiratory viruses work.
BY MAX COLCHESTER aise with his team “thanks to That coupled with recent case
AND BOJAN PANCEVSKI the wizardry of modern tech- reports from patients in China
nology.” and Washington state have
to bother asking. In London, LONDON—British Prime The 55-year-old’s diagnosis given scientists a basic under-
bankers are chartering private Minister Boris Johnson be- raises questions about whether Please turn to page A13
jets and trying to finagle mili- came the first leader of a ma- other senior British politicians
tary cargo planes to get their jor government to announce and officials leading the pan-
bullion to New York exchanges.
It’s getting so bad that Wall
he has tested positive for the
new coronavirus, highlighting
demic response have been in-
fected. Later, leading members THE
CORONAVIRUS
Street bankers are asking Can- a challenge many governments of his coronavirus team—
PANDEMIC
ada for help. The Royal Cana- may face as they seek to con- Health Secretary Matt Hancock
dian Mint has been swamped front an unprecedented peace- and Chief Medical Officer for
with requests to ramp up pro- time crisis. England Chris Whitty—said
duction of gold bars that could Mr. Johnson said his symp- they were isolating at home af-
be taken down to New York. toms were mild and that he ter Mr. Hancock tested positive The U.S. surpasses 100,000
With staff reduced at the would continue to lead the and Mr. Whitty said he had de- confirmed cases, A7
Royal Canadian Mint because country while he confined veloped symptoms. The heir to MIT project will track
of the virus, the government- himself to his residence for a the British throne, Prince patients via their phones, A9
owned company is producing week. “I am working from Charles, said Wednesday he
only one variation of bullion home,” said Mr. Johnson in a had the virus. Italy’s slow progress is a
bars, according to Amanda video he posted online, adding The prime minister’s illness warning to the West, A12
Please turn to page A2 that he would continue to li- Please turn to page A12
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
A2 | Saturday/Sunday, March 28 - 29, 2020
THE NUMBERS | By Jo Craven McGinty
What Will It Take to Flatten the Curve?
By now
you’ve heard
the phrase
“flatten the
curve.”
It refers to
the quest to slow transmis-
sions of Covid-19 so the ac-
cumulating number of infec-
tions looks like a gentle
slope instead of a vertigi-
nous spike.
The matter is urgent, ac-
cording to infectious-disease
experts who’ve modeled
strategies to curb the
spread. Reining in the virus,
they say, requires immediate
and drastic social distancing.
To be effective, the interven-
tions must last for months—
not just days or weeks—and
to avoid overloading hospi-
tals, they must cut transmis-
sions by more than half.
If instead the virus is al-
lowed to multiply unchecked,
a deluge of patients is ex-
pected to overwhelm health-
care systems that aren’t
equipped to handle the num-
ber of people who will need
treatment.
Already, the U.S. has con-
firmed more than 100,000
cases, a figure that has dou-
bled or tripled every three
days for nearly a month.
With widespread trans-
missions, even a fraction of
critically ill patients could
strain hospitals. Experts at
Imperial College London in
NEW YORK CITY
Subway Operator
Dies; Arson Possible
A New York City subway op-
erator was killed and 16 passen-
gers injured early Friday in a
train-car fire under investigation
as one in a string of possible ar-
sons in subway stations, police
officials said.
Police, paramedics and fire-
fighters responded to 911 calls
reporting the fire on a north-
bound 2 train at the 110th
Street subway station at Lenox
Avenue in Manhattan’s Harlem
neighborhood just after 3 a.m.,
according to transit and New
York Police Department officials.
Heavy smoke and fire was re-
ported coming from the second
car of the train, NYPD Deputy
Chief Brian McGee said.
After Fire Department of
New York firefighters put out
the fire, officers tended to three
men and one woman suffering
from smoke inhalation. A 36-
year-old man identified as a
train operator by transit officials
was discovered on the tracks
and taken to Mount Sinai Hospi-
tal, where he was pronounced
dead.
Arson investigators are prob-
ing several other fires at three
other subway stations, according
to police officials.
no
—Ben Chapman
Global
Gold Rush
Is On
Continued from Page One
Bernier, a senior sales man-
ager. She said the mint has re-
ceived “unprecedented levels
of demand,” largely from U.S.
banks and brokers.
The price of gold futures
rose about 9% to roughly
$1,620 a troy ounce this
week—that is 31.1034768
grams, per the U.K. Royal
Mint—and neared a seven-year
high. Only on a handful of oc-
casions since 2000 have gold
prices risen more in a single
week, including immediately
after Lehman Brothers filed for
bankruptcy in September 2008.
“When people think they
can’t get something, they want
it even more,” says George
Gero, 83, who’s been trading
gold for more than 50 years,
now at RBC Wealth Manage-
ment in New York. “Look at
toilet paper.”
Gold has been prized for
thousands of years and today
goes into items ranging from
jewelry to dental crowns to
electronics. For decades, the
value of paper money was
pinned to gold; tons of it sat in
Fort Knox to reassure Ameri-
cans their dollars were worth
collaboration with the World
Health Organization project
that 4.4% of Covid-19 infec-
tions will require hospital-
ization. Of that number, 30%
will need critical care, such
as a ventilator. And half of
the critically ill patients will
die.
I
n the absence of inter-
ventions, that means 2.2
million Americans and
510,000 Britons could die,
according to the projections,
with hospitals’ critical-care
capacity exceeded as early as
the second week of April.
“The world is facing the
most serious public health
crisis in generations,” Neil
Ferguson, director of Impe-
rial College’s MRC Centre for
Global Infectious Disease
Analysis, said in a statement.
(He developed symptoms
last week and self-isolated.)
The Imperial College re-
searchers evaluated two
strategies to flatten the
curve: mitigation focused on
slowing but not stopping the
virus’s spread and suppres-
sion aimed at reducing the
average number of person-
to-person transmissions to
less than one. (It’s currently
around 2.2.)
Only suppression—the
most disruptive interven-
tion—would prevent the
health-care systems in the
U.S. and U.K. from being
on
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The St. Simons Island, Ga., home of Hall of Fame golfer Davis Love III was destroyed by fire early Friday morning. No injuries were reported.
GEORGIA
Golfer Love’s Home
Is Destroyed in Fire
n-
The house of Hall of Fame
golfer Davis Love III was de-
stroyed by fire Friday morning in
a blaze that couldn’t be con-
something. Today they just
have to trust. President Nixon
unpegged the dollar from gold
in 1971.
The government still holds
lots of gold in Fort Knox,
though not as much as it did
decades ago. The Federal Re-
serve Bank of New York has a
massive gold stash. That gold
isn’t released on the open mar-
ket, though; it’s held as na-
tional reserve. London is the
hub of physical gold trading
that often changes hands.
Gold is popular with surviv-
alists and conspiracy theorists
but it is also a sensible addi-
tion to investment portfolios
because its price tends to be
relatively stable. It is espe-
cially in-demand during eco-
nomic crises as a shield
against inflation. When the
Federal Reserve floods the
economy with cash, like it is
doing now, dollars can get less
valuable.
“Gold is the one money that
can’t be printed,” said Roy Se-
bag, CEO of Goldmoney Inc.,
which has one of the world’s
largest private stashes, worth
about $2 billion. (He’d rather
not say where, for obvious rea-
sons.)
There are two ways to own
gold: in bars or coins or jew-
elry stored in bank vaults, or
in futures contracts traded on
an exchange, which guarantee
the holder a certain amount of
gold at a certain price on a
certain date.
Those contracts trade on
U.S. NEWS
Interventions such as banning public gatherings can spread out
a pandemic, preventing hospitals from being overloaded.
Without intervention
Number of daily cases
With
intervention
0
Days since first case
Source: Centers for Disease Control and Prevention
overwhelmed, they predict.
Suppressing the virus, ac-
cording to their model,
would require population-
wide social distancing com-
bined with home isolation of
people with symptoms and
school and university clos-
ings. The interventions
would need to begin before
hospitals become over-
whelmed and remain in place
for at least five months—
perhaps longer.
Abandoning the strategy
before a vaccine or other
treatment is developed and
administered, they warn,
could allow the pandemic to
rebound.
The evidence of that po-
U.S. WATCH
trolled, even with 16 firefighters
arriving within minutes, the fire
chief said. No one was injured.
Mr. Love, a former PGA
champion and two-time Ryder
Cup captain, is one of the most
prominent figures at Sea Island.
It is part of the “Golden Isles”
about 40 miles north of the
CME Group Inc.’s Comex divi-
sion of the New York Mercan-
tile Exchange. The problem?
Much of the world’s gold is in
London and has been since the
17th century, when the Bank of
England set up a vault.
Today, the Bank of England
says it has the second-largest
collection of gold in its vault,
behind only the New York Fed.
The disruptions this week
pushed the gold futures price,
on the New York exchange, as
much as $70 an ounce above
the price of physical gold in
London. Typically, the two
trade within a few dollars of
each other.
That gulf sparked a high-
stakes game of chicken in the
New York futures market this
week. Sharp-eyed traders
CORRECTIONS  AMPLIFICATIONS
The State Department of-
fered a total of $60 million for
the arrest and capture of sev-
eral people charged with drug
trafficking and conspiring with
terrorists: $15 million for Vene-
zuelan President Nicolás Ma-
duro, $10 million for each of
four other top current and for-
mer officials, and $5 million for
a senior member of the Revolu-
tionary Armed Forces of Co-
lombia, or FARC. In some edi-
tions Friday, a World News
Readers can alert The Wall Street Journal to any errors in news articles by
emailing wsjcontact@wsj.com or by calling 888-410-2667.
Capacity of U.S.
health-care system
tential outcome is the 1918
flu pandemic, when trans-
missions resurged after in-
terventions were lifted.
The researchers acknowl-
edge there are many uncer-
tainties, but they believe this
strategy is the one most
likely to ensure new infec-
tions won’t exceed U.S. and
U.K. hospitals’ critical-care
capacity—although they de-
clined to estimate how many
people might still die if
these precautions are taken.
“That’s just too difficult to
give a clear answer to at the
present time,” said Steven
Riley, a professor of infec-
tious-disease dynamics at
Imperial College London who
Florida state line. He runs a PGA
Tour event at Sea Island Golf
Club, and the area is home to
several PGA Tour players.
Glynn County Fire Chief R.K.
Jordan says the emergency call
was placed from the horse barn
at Mr. Love’s house at 5:18 a.m.
—Associated Press
started snapping up physical
delivery contracts, figuring
banks would have trouble find-
ing enough gold to make good
and they would be able to
squeeze them for cash. That
set off a scramble by banks.
Goldmoney’s Mr. Sebag said
bankers were offering him
$100 or more per ounce over
the London price to get their
hands on some of his New
York gold.
Wade Brennan, a former
gold trader at Scotiabank who
now runs an investment firm
called Kilo Capital, said he had
heard from bankers in the U.S.
who were literally checking the
corners of their vaults for any
gold that might have been
overlooked. “Everyone’s looking
through the cupboard,” he said.
article about the charges incor-
rectly said the State Depart-
ment offered a total of $65 mil-
lion for the arrest and capture
of Mr. Maduro and four current
and former officials.
Dave Matthews was booked
for a live-stream performance
on Twitter on Thursday, March
26. A Life & Arts article Thurs-
day about what to watch incor-
rectly said the performance
was scheduled for Wednesday.
* ***
worked on the analysis. “If
we look at China, they have
achieved very low levels of
incidence, so we would fore-
cast very few deaths in the
near future.”
T
he less aggressive
strategy of mitigation
modeled by the re-
searchers calls for home iso-
lation of people with symp-
toms of Covid-19, voluntary
home quarantine of con-
firmed cases, and social dis-
tancing of people older than
70 (the group most at risk).
Policies for isolation and
quarantine would endure for
three months, while require-
ments for social distancing
of those over age of 70
would remain in place for
one month longer.
If this were done, the re-
searchers predicted around
1.1 million Americans and
250,000 Britons would die,
and demand for hospital
critical-care beds would ex-
ceed the supply by a factor
of eight.
“Perhaps our most signifi-
cant conclusion is that miti-
gation is unlikely to be feasi-
ble without emergency
surge-capacity limits of the
U.K. and U.S. health-care sys-
tems being exceeded many
.
times over,” the researchers
ly
wrote in their analysis.
They acknowledge that no
public-health intervention as
WISCONSIN
Defendant Unfit for
Trial in 1976 Killings
A judge ruled that an 83-
year-old man charged with killing
a camping couple in a Wisconsin
park in 1976 isn’t mentally com-
Getting gold to New York,
where it can be sent on to gold
dealers, jewelers, dentists and
electronics makers, is a heavy
lift in the best of times, and, it
turns out, quite tricky during a
pandemic.
Most gold bars are stowed
in the cargo hold of passenger
planes. Security firms such as
Loomis Group, which arrange
the flights and meet planes on
the tarmac, don’t like to move
more than about five tons on
any flight, in case the plane
crashes and because of high
insurance costs. From there,
the haul is trucked under
heavy guard to New York
warehouses.
For those able to deliver,
there is big money to be made.
In normal times, it costs
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THE WALL STREET JOURNAL.
disruptive or enduring as
what they recommend has
been attempted previously,
and they didn’t analyze the
social or economic hardships
such extreme measures
might cause.
But one way to reduce the
disruption, they said, would
be to implement adaptive re-
strictions that are eased or
tightened as transmissions
of the virus ebb and flow, us-
ing the number of cases at
any given time as a trigger
to switch interventions on or
off.
In a study published this
week, researchers at Harvard
T.H. Chan School of Public
Health who examined inter-
mittent distancing found
that an “on” threshold of
37.5 cases per 10,000 people
would keep the number of
critical-care patients below
0.89 per 10,000 adults.
“The need for intense so-
cial distancing is very
strong,” said Marc Lipsitch,
a professor of epidemiology
at Harvard T.H. Chan School
of Public Health who con-
tributed to the work. “People
who get infected today take
an average of around three
weeks before they are sick
enough to need intensive
care, if they’re going to get
that sick.”
We have to act now, he
said, to protect ourselves
three weeks from now.
petent to stand trial.
Marinette County Court Judge
James Morrison ruled Thursday
that Raymand Vannieuwenhoven
didn’t understand the proceedings
and couldn’t assist in his own de-
fense against two counts of first-
degree murder.
Mr. Vannieuwenhoven was
charged last year in the fatal
shootings of David Schuldes, 25,
and Ellen Matheys, 24, in Silver
KYLE JURGENS//GLYNN COUNTY FIRE DEPARTMENT/ASSOCIATED PRESS
Cliff, about 200 miles north of Mil-
waukee. Investigators didn’t have
any major leads until 2018, when
a Virginia lab identified the genea-
logical background of the suspect.
—Associated Press
TEXAS
Man Is Accused
Of Threatening Pelosi
A Texas man remained jailed
Friday on federal charges that
he made online posts threaten-
ing Democrats, including U.S.
House Speaker Nancy Pelosi.
Gavin Perry, 27, of Wichita
Falls, was charged Wednesday
with transmitting a threatening
communication in interstate
commerce. Prosecutors said he
wrote on Facebook that Demo-
crats, including Rep. Pelosi, “will
be removed at any cost neces-
sary and yes that means by
death.” Court records didn’t list a
lawyer who could speak for him.
—Associated Press
around 20 cents to fly an
ounce of gold, just under 20
cents to melt the bars down
and refabricate them to match
New York’s delivery standards,
and another 10 cents or so in
financing costs, according to a
retired senior gold trader.
(London bars are heavier than
those in demand in New York.)
So if New York prices are $1
an ounce higher than in Lon-
don, a bank can make $80,000
moving five metric tons of
gold—almost risk-free. At
Tuesday’s prices, the same
load would net $11 million in
profit, minus the cost of char-
tering the jet.
——Anna Isaac, Jacquie
McNish and Alistair
MacDonald contributed to
this article.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, March 28 - 29, 2020 | A3

U.S. NEWS

SARAH BLESENER FOR THE WALL STREET JOURNAL

The Charging Bull, usually ringed by crowds snapping photos, was pretty much on its own in lower Manhattan, as New York banned all large gatherings to prevent the spread of the coronavirus.

New York Feels ‘Like the Twilight Zone’

Before dawn on Wednesday, Mr. Levy said. “That energy Thousands of restaurants rush hour, the daily White over the building’s PA system. Brooklyn, where more than
Brian Levy, a union electrician, you get from New York—it’s and small businesses are shut- House news briefing projected “This is the cleanest and half the city lives. On warm af-
drove to work in Manhattan’s all the people. Now there’s no tered, leaving tens of thou- from one of Times Square’s clearest I’ve ever seen it,” said ternoons, Prospect Park in
Financial District from his people. It feels like you are in sands of workers without jobs. largest LED screens. Netta Arnold, a therapist from Brooklyn is thronged with cy-
home on Long Island. The a quiet, sleepy town.” Sent home on the orders of The shop windows in Mid- Orange, N.J., who was among clists, runners and children

.
commute, normally clogged by The eerie silence that has Gov. Andrew Cuomo, office town’s Diamond District were just a handful of people wait- playing roller hockey.

traffic, took half as long—the settled over New York is all the
roads were nearly empty. more striking because of the
chaos unfolding, largely out of
By Rebecca Davis sight, in the city’s hospitals,
O’Brien, Will Parker
and Charles Passy
which officials say are running
out of room and equipment.
onof Broadway still advertise for
The wails of ambulances pierce
From his perch working on the air of quiet neighborhoods;
us l,
workers no longer crowd Mid-
town lunch stands.
The tourist engines of the
city have shut down. The lights
canceled shows. The sidewalk
outside Macy’s flagship store, in
normally jam-packed Herald
bare—no diamonds, just un-
adorned necklace stands. It
was the same in a nearly de-
serted Chinatown: Nearly all
the noodle shops, tea houses,
restaurants and other busi-
nesses were closed. On China-
town’s “Funeral Row,” the
ly
ing for a commuter train.
Even in normal times, New
Yorkers have a particular under-
standing of personal space.
They generally will tolerate be-
ing pressed tight against strang-
ers in a packed subway car, but
bristle at a stranger who sits
The city shutdown—manda-
tory, but difficult to enforce—
has touched off disputes about
proper social-distancing prac-
tices. Set foot on a basketball
court, or post a picture from a
crowded sidewalk, and you’ll
hear about it.

the upper floors of 222 Broad- nearly empty subway trains
way, Mr. Levy looks out on a si- transport health-care workers
al a
e
lent city: darkened windows, around the clock.
deserted streets, shuttered New York City has ground
businesses. Blocks south, as to a near halt as it battles the
ci on
Square, is so quiet you can hear
nearby HVAC systems humming.
The few sightseers remaining
step freely into the streets to
capture views of a deserted New
storefront shelves at Fook On
Sing Funeral Supplies Inc. were
empty. Normally, the windows
there are full of miniature
models of sports cars and man-
too close if the train is empty.
The coronavirus has altered
and magnified this dynamic.
Some sidewalks aren’t wide
enough to allow passing pe-
“I just want people to get
with the program,” said Jan
Combopiano, a voting-rights
activist from Brooklyn.
The shutdown also has

markets opened on Wednesday new coronavirus pandemic.
morning, an empty cobblestone The scope and speed of the
plaza gave the New York Stock change to the streetscape—
Exchange the air of a mauso- and the growing human toll—
leum. There is no morning has left many New Yorkers
er rs
York City. Police officers leave
their cars to take selfies in the
middle of empty intersections.
“It’s like 6 a.m. on a Sunday
morning, but all the time.”
sions, so the dead may enjoy
these luxuries in the afterlife.
The dim corridors of Penn
Station typically teem with
commuters. Now, the daily
destrians to keep the 6-foot
distance recommended by offi-
cials, so they turn their heads,
or step aside with a solemn
nod, or veer into the streets.
drawn people together.
Jim Walton, a veteran
Broadway actor who grew up
in Indiana, said the virus has
made New Yorkers more

rush hour at the Oculus trans- reaching for comparisons with
portation hub in the shadow of past moments of collective
the World Trade Center. trauma, such as 9/11 and su-
“It’s like the Twilight Zone,” perstorm Sandy in 2012.
m e
said Brian O’Flaherty, an of- racket of rolling luggage, As New Yorkers have with- friendly, in a small-town way.
fice-building manager still squeaking sneakers and buzz- drawn from Manhattan offices, “I’ve waved and smiled at peo-
commuting from Long Island. ing conversation has been re- activity has picked up in other ple as if we’re all in this to-
During Tuesday’s evening placed with soft jazz, played boroughs such as Queens and gether,” he said.

Police Practices Are Changing Admit Rates Edge Up

m rp

At Ivy League Schools

As Pandemic Grips the Country
co Fo

BY MELISSA KORN coveted entry ticket is

awarded. A 2018 civil trial laid
BY ZUSHA ELINSON Some of the nation’s most bare Harvard’s admission
AND BEN CHAPMAN selective colleges became practices, including the high
slightly less selective this year, offer rates for legacies, certain
Law and order is changing as Harvard University, Dart- racial minorities and recruited
across America during the novel mouth College and the Univer- athletes. And the Varsity Blues
coronavirus pandemic, as police sity of Pennsylvania posted in- college-admissions scandal
pull back on arrests for small- creased acceptance rates for heightened skepticism over
time crimes and focus on break- the first-year class that will whether the admissions pro-
ing up gatherings that pose begin in the fall. cess is truly meritocratic.
health risks, while coping with Harvard admitted 1,980 Yale’s acceptance rate
the perils of a job that can’t be candidates, or 4.9% of the edged up to 6.5% from 6.2% as
CHARLES REX ARBOGAST/ASSOCIATED PRESS

done with social distancing. 40,248 who applied. Last year, that school continues to grow
n-

In Houston, three officers it offered spots to 30 fewer its undergraduate student

have tested positive for the students, while receiving al- body, and Penn’s acceptance
coronavirus after apprehend- most 3,100 additional applica- rate rose to 8.1% from 7.7%.
ing a mentally ill man on the tions, for a record-low 4.6% Brown University and
no

street last week who had flu- acceptance rate. Princeton University both
like symptoms. Dartmouth, meanwhile, ac- posted drops in their admis-
“You can’t exercise social cepted 8.8% of applicants, up sion rates: Brown slid to 6.9%
distancing when you’re taking from a record-low 7.9% last from 7.1% last year, and
police action,” said Houston year. And Columbia Univer- Princeton edged down to 5.6%
Police Chief Art Acevedo. “It’s sity’s admit rate rose to 6.1% from 5.8%.
part of the risk we take.” A Chicago officer tells a cyclist that park trails are closed, part of efforts to fight the coronavirus. from 5.3%, as applications Cornell University this year
In New York City, 236 police dropped by almost 2,500 and said it would no longer issue
employees have tested posi- the ripple effects of paring 45% fewer arrests to date in “Who’s scared of coronavirus?” the school admitted around public statements highlighting
tive, and 8.9% of the New York back law-enforcement, mass March compared with the His lawyer, Patrick Coyne, 220 more students. its admission figures. Stanford
Police Department’s uniformed layoffs and lockdown orders. March 2019 period. New York said the situation is far differ- The eight campuses making University took that tack be-
officers called in sick Wednes- With more people at home, City had a 42% drop last week ent than when the video was up the Ivy League, as well as a ginning two years ago, saying
day, more than three times as police expect domestic vio- when compared the same made on March 10. “Everything number of other highly selec- at the time that it hoped “to
high as a normal day. lence to rise. With many shops week last year. In Los Angeles has changed at warp speed, tive colleges, notified appli- help de-emphasize the per-
Large agencies such as New closed, burglaries and thefts County, arrests dropped from but that should not work retro- cants Thursday evening of ceived importance of low ad-
York’s can use overtime and could increase, too. around 300 a day in normal actively and convert a tasteless who secured a slot for the mit rates at colleges and uni-
staggered shifts to cover for To help slow the spread of times to about 60. and impulsive act into a crimi- coming fall’s first-year class. versities.”
sick or quarantined officers, the virus, police chiefs are di- In cities and states where nal terrorist threat,” he said. This is a challenging period “While metrics such as ap-
but most of the nation’s 18,000 recting their officers not to ar- residents have been ordered to Like many on the front lines for colleges, as the coronavi- plication numbers and admis-
police departments can’t. rest people for minor offenses stay at home, and nonessential of the pandemic, police are rus pandemic has scrambled sions rates are an area of fo-
“If you’ve got a department and instead cite and release businesses have been ordered struggling with short supplies enrollment projections for cus for many as they review
of 50 officers and you get 10 them. In Philadelphia, police are to close, officers are shifting of face masks. They also are their next classes. It is unclear annual activity in higher edu-
of them that get it, that’s re- delaying arrests for nonviolent their time and energy to polic- scrambling to sanitize squad how many students will be cation, Cornell’s thorough and
ally a difficult issue,” said Tom crimes such as drug offenses ing a new social order. cars that are occupied by a va- able to travel for the start of holistic review processes mean
Manger, retired police chief of and prostitution. In Los Angeles, riety of officers and suspects. the next academic year, that no one applicant’s
Montgomery County, Md. “On where eight officers have tested Officers on dangerous as- whether residence halls will be chances can be guided by ‘av-
the flip side, most depart- positive, petty criminals aren’t signments are faced with deci- open, and whether families erages,’ ” said Jonathan Bur-
ments are seeing many fewer being jailed in some cases.
‘You can’t exercise sions about whether to wear can afford tuition payments dick, vice president for enroll-
calls for service and the crime “We are encouraging citing social distancing protective gear or not. Frederick amid rapidly deteriorating ment.
rates are really plummeting and releasing individuals for Frazier, a Dallas police detec- economic conditions. Cornell’s move comes amid
because no one’s out.” low-level nonviolent offenses
when you’re taking tive, said he chose not to wear Some schools moved stu- a growing push to highlight
So far, crime has fallen on and that is so we limit every- police action,’ gloves last week when a fugitive dents over to the admit pile metrics of a school’s quality
the empty streets of most big body’s exposure,” said Josh task force he is part of searched from the wait list or “deny” beyond exclusivity, like stu-
U.S. cities, including San Fran- Rubenstein, a spokesman for the for violent offenders. “We’re not group at the last minute, to dent diversity, retention and
cisco, the first major city to Los Angeles Police Department. used to those gloves with our help ensure they can enroll a graduation rates and job pros-
order residents to stay at Dallas police will no longer Officers in New York City are weapons,” he said. full class. pects.
home. Serious crimes in New show up in person to take re- patrolling parks to enforce so- But some of the fugitives Acceptance rates can con- The class that will enter
York City were down last week ports for car break-ins, graffiti cial distancing, visiting restau- were taking no chances, he tinue to shift as schools turn these storied institutions in
compared with a year ago, ex- and other minor offenses. Res- rants and bars to make sure said. As they closed in to arrest to their wait lists to round out the fall looks remarkably dif-
cept for a 50% increase in car idents must file reports online. they are closed, and checking an alleged marijuana dealer in their classes, so numbers ferent from what the schools
thefts. In Chicago, both violent Two officers there have tested supermarkets and public spaces East Dallas who was wanted aren’t considered final until had just a decade or two ago,
and property crime are positive. to make sure crowds are sparse. for pointing a gun at a police the start of the school year. in terms of racial diversity,
slightly below normal levels. In Chicago, arrests during In Warrenton, Mo., police officer, Det. Frazier could see The uptick in acceptance their families’ educational
In Dallas, violent and property the past week were down 46%, arrested 26-year-old Cody Pfis- that the suspect was wearing rates at many exclusive backgrounds and socioeco-
crimes fell last week compared and traffic stops and investi- ter for making a terrorist bright blue surgical gloves as schools reverses a yearslong nomic status. At Harvard,
with the previous week. gatory stops were down 60% threat after he posted a widely he plied his trade. “Man, I don’t trend that had generated a roughly 23% of new students’
Law-enforcement officials compared with a year ago. shared video of himself licking want to catch corona!” the man frenzy of competition—and families have annual incomes
are paying close attention to In Dallas, there have been items at a Walmart and saying, said, according to Det. Frazier. scrutiny over just how each below $65,000.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
A4 | Saturday/Sunday, March 28 - 29, 2020
WASHINGTON
WIRE
Dispatches from the
Nation’s Capital
BY GABRIEL T. RUBIN
NANCY PELOSI TRIED TO
BAN LOBBYING by firms that
receive funds as part of the cor-
onavirus stimulus package, but
the provision tucked into page
728 of House Democrats’ draft
proposal quickly caught the eye
of lobbyists who were assured
by Hill contacts that the provi-
sion had no chance of being in-
cluded in the final legislation
hammered out by the Senate.
“The corporation may not carry
out any Federal lobbying activi-
Sanders Backers
Want Him to
Stay in the Race
BY ELIZA COLLINS
Supporters of Bernie Sand-
ers want him to stay in the
presidential contest, despite an
unlikely path to the Democratic
nomination after a string of
primary losses in March.
The Vermont senator would
have to completely upend the
race by capturing more than
60% of the remaining dele-
gates to overtake former Vice
President Joe Biden and earn
the party’s nomination to face
President Trump in November.
Mr. Biden’s allies have called
for unity, but Mr. Sanders has
shown no sign of leaving the
race and has deflected ques-
tions about how long he will
continue.
In interviews with more
than two dozen Sanders sup-
porters, many of them ac-
knowledged his second bid for
the Democratic nomination
was unlikely to be successful.
But nearly all said they saw no
reason for him to exit now,
and most of those in states
with primaries still to come
said they planned to vote for
the senator.
Backers said the coronavi-
rus pandemic that has shut
down much of the U.S. high-
lights the need for many of
Mr. Sanders’s signature issues,
such as a Medicare for All
health insurance program.
They hope that his continued
presence in the race will pres-
sure the Democratic Party and
Mr. Biden to adopt more of
Mr. Sanders’s policies.
“I think he should not give
up, even if it looks like he’s
no
not going to be the nominee.
He needs to continue to advo-
cate for what we believe in,”
said Luis Yofe, 67 years old,
who works in the travel in-
dustry and lives in Dallas.
“For us to be enthusiastic, Bi-
den and the party will have to
adopt, in the platform for the
general election, some of the
key principles that Bernie is
advocating.”
Mr. Biden has adopted some
policies in a nod to liberals, in-
cluding an expanded free-col-
lege program. Mr. Sanders has
said the proposal doesn’t go
far enough.
“I’m happy to talk with him,
and I’ve indicated that I also
hear his supporters,” Mr. Bi-
den said on ABC’s “The View”
this week. “He’s had very
strong support from young
Virus Pushes Trump to a Rose Garden Campaign Strategy
BY GERALD F. SEIB
Sometimes presidents
choose to adopt a Rose Gar-
den strategy to campaign for
re-election, opting to make
their case
 with the
White House
THIS as a dramatic
WEEK backdrop.
President
Trump was
forced to adopt such a strat-
egy because of the coronavi-
rus, and he worked this week
to make the most of it. Mean-
ties,” the House draft said.
It was one of several condi-
tions on federal aid to corpora-
tions in Pelosi’s bill. Others in-
cluded bans on stock buybacks,
restrictions on executive pay
and a ban on paying dividends
to shareholders until the federal
assistance was fully repaid.
Some of those corporate-ac-
countability conditions were ulti-
mately included in the Senate
legislation.
Some legal experts saw the
lobbying provision as a Demo-
cratic messaging effort that
wouldn’t have survived legal
scrutiny. “It’s highly likely to be
struck down as unconstitutional
under the ‘unconstitutional con-
ditions’ doctrine,” because it vio-
lates corporations’ First Amend-
ment rights to petition the
government, said Robert Kelner,
a partner at Covington & Burling
who advises companies on lob-
bying-disclosure rules.
Lobbying by firms that re-
ceive bailout money was contro-
versial during the financial crisis,
too, and had uneven outcomes:
Major banks continued to em-
ploy lobbyists, while American
International Group took a
yearslong break from lobbying
people, and I hear them.”
Democratic Party officials
are set to meet in mid-July to
decide on their platform and on
nominate the candidate who
will take on Mr. Trump in the
general election. To win the
nomination on the first ballot
us l,
at the convention, a candidate
must earn 1,991 delegates, a
al a
e
majority of those awarded
through state caucuses and
primaries. As of Thursday af-
ci on
ternoon, Mr. Biden had
roughly 300 more delegates
than Mr. Sanders.
But since the coronavirus
crisis prompted some states to
er rs
delay their contests, Mr. Biden
is unlikely to sew up the nomi-
nation quickly if Mr. Sanders
remains in the race.
m e
In an interview with NPR
Friday, Mr. Sanders said it
would be “a very steep road”
m rp
to overtake Mr. Biden.
The uncertainty caused by
Covid-19, the illness caused by
the new coronavirus, has given
some hope to a handful of Mr.
co Fo
Sanders’s supporters that he
still has a shot at the nomina-
tion. They say that the crisis
has highlighted the need for a
Medicare for All system be-
cause millions of people who
lose their jobs because of the
illness could also lose their
health insurance.
“I think that the Covid stuff
is maybe the absolute best
possible thing for his cam-
paign right now,” said Kirsten
Southwell, 29, a senior de-
n-
‘He needs to continue
to advocate for what
we believe in,’ said
one supporter.
signer at the Art Institute of
Chicago. “I think it really con-
firms a lot of the things that
Bernie has talked about.”
Ms. Southwell and others
are hoping that voters will see
Mr. Sanders’s reaction to the
crisis and go for him in
droves, giving him the signifi-
cant margins he would need in
every state going forward.
Mr. Sanders returned to
Vermont on Thursday after
voting the night before on a
roughly $2 trillion stimulus
package aimed at bolstering
the U.S. economy as it strug-
while, his real campaign is
chugging along in virtual
form below the radar screen.
Technically, Mr. Trump is
using a pressroom strategy,
because the White House
briefing room rather than
the Rose Garden just beyond
its doors has become his fo-
rum for staying in front of
voters. He now makes almost
daily appearances there for a
late-afternoon briefing and
jousting session with White
House reporters.
Other officials, including
Vice President Mike Pence
P W L C 10 11 12
after feeling pressure from Con-
gress. It restarted in 2014 after
it had repaid its $182 billion
bailout.
BILL HAGERTY, the former
ambassador to Japan now run-
ning for Senate in Tennessee, is
following President Trump’s lead
and referring to the coronavirus
as the “Wuhan coronavirus” or
the “foreign virus,” terms re-
jected by public-health experts
like Anthony Fauci. The Republi-
can Hagerty was supposed to
hold a telephone town hall
meeting on Wednesday with
White House adviser Larry Kud-
low, and the event’s press re-
lease referred to the “Wuhan
coronavirus” numerous times in
quotes from Hagerty and Kud-
low. The event was postponed.
Hagerty has ratcheted up his
anti-China rhetoric since leaving
Japan, including writing a Breit-
bart op-ed last week blaming
China for the virus’s spread.
Trump says terms like “Chi-
nese virus” aren’t racist, but told
Fox News on Tuesday that he
would stop saying it: “I decided
we shouldn’t make any more of
a big deal out of it.” Trump has
taken issue with some Chinese
Bernie Sanders greeted the crowd at a rally in Spartanburg, S.C., at the end of February. Below, a Sanders volunteer yelled at passing cars
in Dearborn Heights, Mich., earlier this month. Some supporters acknowledged the Vermont senator’s bid was unlikely to be successful.
gles with the spread of the
coronavirus. Aides say the
campaign’s focus is on the
day-to-day operation and re-
sponding to the pandemic
rather than what Mr. Sanders’s
future holds.
The campaign hasn’t put up
a TV ad in more than a week
and has stopped soliciting do-
nations via email to fund its op-
eration, instead pulling in
money to support organizations
that are involved in coronavirus
relief. However, the campaign is
still accepting donations on its
website and recurring funds are
still being pulled in. The Ver-
mont senator is doing frequent
virtual briefings, at times
bringing on progressive law-
makers and activists.
Mr. Sanders hasn’t indi-
cated any intention to quit the
race. His spokesman said re-
cently that he would partici-
pate in a presidential debate
in April if the Democratic Na-
tional Committee held one.
“He is being extremely
presidential and he’s showing
us exactly the way a leader
would act in this moment,”
said Katherine Abegg, 43, a
textile research and develop-
ment manager who lives in
Brooklyn.
Ms. Abegg wasn’t alone in
her passion for Mr. Sanders.
Eleven of the 25 people inter-
viewed by The Wall Street
Journal said they would have
and government health ex-
perts, are on hand too, but
Mr. Trump is the clear star
of the show. On Monday, his
appearance stretched for al-
most two hours.
That has caused TV net-
works to debate whether to
continue airing the briefings
live. Meantime, the president
stirred controversy this week
by using that setting to argue
for reopening the country’s
businesses sooner rather than
later, sparking a backlash
from experts who fear such a
move is simply too risky.
H T G K R F A M 1 2 3 4 5 6 7 8 9 O I X X **** THE WALL STREET JOURNAL.
POLITICS
government attempts to blame current economic conditions are Forward is running spots in
the U.S. military for the virus, exceptional and akin to wartime, Georgia attacking the state’s
which experts agree began its so normal spending rules don’t GOP Sens. Kelly Loeffler and
spread in Wuhan. Hagerty told apply. “Larger deficits are not David Perdue, both up for elec-
the Journal that he believes the only an inevitability, but are, un- tion this year. Both have denied
Chinese government was to fortunately, a necessity,” the allegations that they profited
blame for the crisis, and that Committee for a Responsible from information about the vi-
the U.S. “cannot allow them to Federal Budget said. rus’s expected damage by sell-
rewrite history by deflecting ing stocks after they received a
blame for this deadly illness.” CONGRESSIONAL OVER- briefing from health officials.
His former employer seems to
agree: the State Department
SIGHT becomes a casualty of
the pandemic. The House Judi-
Republicans see the threat of
coronavirus-related ads: a pro-
scuttled a G-7 joint statement
because it didn’t call the corona-
ciary Committee canceled a
March 31 hearing with Attorney
Trump Super PAC has sent
cease-and-desist letters to TV
virus the “Wuhan Virus.” General Bill Barr. That hearing stations in swing states to try
would have been Congress’s to block them from airing ads
DEFICIT CONCERNS have first chance to question him about Trump’s response to the
been thrown out the window in about the handling of Trump as- virus.
a time of crisis, and proponents sociate Roger Stone’s sentenc-
of larger government programs ing, which prompted all of the MINOR MEMOS: Sports bet-
feel vindicated. “It’s actually a front-line Justice Department ting site puts odds on Trump
fascinating progressive moment, prosecutors to resign from the using words like “tremendous”
because what it’s shown is that case. Many in Congress worry and “not our fault” in coronavi-
all of these issues have never that oversight of the Trump ad- rus daily press briefings.… New
been about how are you going ministration’s coronavirus re- York Gov. Andrew Cuomo ap-
to pay for it,” Rep. Alexandria sponse will be impeded by so- pears on his brother Chris’s CNN
Ocasio-Cortez said on a Bernie cial-distancing measures that show, says “Mom told me I had
Sanders campaign live stream. could keep Congress out of ses- to.”… Senators struggle with
Stephanie Kelton, a Sanders- sion. work from home, too: Illinois’s
backing economist, says there Tammy Duckworth forgets to
are plenty of other major pro- CORONAVIRUS ATTACK mute conference call with Dem-
grams that could be pursued ADS from Democratic groups ocratic Senate caucus, tells her
without spending offsets, includ- debut against senators accused toddler to “go potty and wash
ing canceling medical debt. of selling stocks ahead of the your hands then mommy will
Fiscal conservatives say that market’s steep decline. Majority come downstairs.”
.
ly
FROM TOP: VICTOR J. BLUE FOR THE WALL STREET JOURNAL, ZUMA PRESS
a difficult time voting for Mr.
Biden in November and
planned to write in a name at
the top of their ballot, leave it
blank or stay home on Elec-
tion Day.
Most of those who said
they would not cast their bal-
lots for Mr. Biden said they
lived in states that were likely
to vote for the Democrat any-
way.
However, some Sanders
supporters in Arizona, a 2020
battleground state, Idaho and
Tennessee, both of which gen-
erally vote Republican, also
said they wouldn’t cast ballots
for Mr. Biden.
An aide to Mr. Biden de-
clined to comment beyond
pointing to polling that shows
the former vice president
leading Mr. Trump in swing
counties.
One Sanders supporter, 58-
year-old Brenda Wilson of
Cleveland, said Mr. Sanders
should exit the race soon. Ms.
Wilson said she is likely to
cast her ballot for Mr. Biden
when Ohio votes in June. “I
still love him,” she said of Mr.
Sanders, adding that if he re-
mains in the race, he could
hurt Mr. Biden’s chances
against Mr. Trump.
“I’m a true believer if there’s
a stronger candidate, we should
go with you,” she said.
—Ken Thomas
contributed to this article.
Still, in political terms, and the Trump campaign say going investment in data and
the approach appears to be they have 550,000 trained technological infrastructure,”
paying dividends. Mr. volunteers. Last Saturday, asserts Ken Farnaso, deputy
Trump’s job-approval rating the campaign says, support- press secretary for the
has ticked up in a series of ers made 1.5 million calls Trump campaign.
polls. In the rolling Gallup from their homes to other Former Vice President Joe
survey, his weekly average voters, urging them to visit Biden is reacting in kind.
has moved into positive ter-
ritory with 49% approving of
the Centers for Disease Con-
trol and Prevention website
The presumptive Democratic
nominee has geared up his
his performance while 45% for virus guidance—while own version of a Rose Gar-
disapprove. also touting Mr. Trump’s re- den strategy by setting up a
Meantime, his campaign cord and urging supporters mini TV studio in his Dela-
says it is utilizing digital to register to vote online if ware home, from which he
tools to reach voters while they can. has delivered an online
much of the nation is shut- “The Trump Campaign speech, held a conference
tered. Between them, the Re- has a significant advantage call with reporters and con-
publican National Committee because of our early and on- ducted televised interviews.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
States Weigh
Expansion of
Vote-by-Mail
BY ALEXA CORSE
AND DUSTIN VOLZ
WASHINGTON—States are
exploring ways to expand vot-
ing by mail and early voting
ahead of the November gen-
eral election to make sure bal-
loting proceeds if the corona-
virus pandemic persists.
Election officials from state
and local governments across
the country held conference
calls over the past week with
the Department of Homeland
Security and other agencies on
the logistical, financial and le-
gal obstacles to rolling out ex-
panded vote-by-mail initia-
tives, according to people who
participated in the calls.
A call on March 20 featuring
the U.S. Postal Service looked
at the feasibility of implement-
ing widespread mail voting, in-
cluding the costs for mail-in
ballot services and whether
they could be reduced. Another
call this week included the U.S.
Centers for Disease Control
and Prevention to assess the
coronavirus threat over the
rest of the year.
Officials want
balloting options if
the coronavirus
pandemic persists.
Early voting and voting by
mail have increased across the
country over the past two de-
cades. Election experts said
the coronavirus pandemic
could supercharge that trend,
overhauling how elections are
conducted and accelerating
the shift away from voting in
person at a local polling site
on Election Day.
DO YOU LIKE
SAVING MONEY?
no
* * * *
The relief package passed
by Congress on Friday offers
$400 million to the states for
coronavirus contingencies in-
volving elections, including
voting by mail if states choose.
Democrats had pushed to man-
date vote-by-mail options in
every state, but were rebuffed
by Republicans, who said the
matter should be left to the
states.
State and federal officials
said that rapidly moving to
vote-by-mail systems within a
matter of months poses formi-
dable challenges, among them
how to quickly print, process
and count ballots and guard
against tampering.
Giving all U.S. voters the
option to vote by mail for the
November general election
could cost as much as $1.4 bil-
lion, generally on top of what
states already spend, accord-
ing to the Brennan Center for
Justice, a public-policy think
tank.
“It’s not necessarily possi-
ble for every jurisdiction in
the country to ramp up to full
vote by mail by November,”
said Ben Hovland, chairman of
the U.S. Election Assistance
Commission, a federal group
that promotes best practices
for elections, and one of the
officials discussing options
with states. “I think it’s fair
for every jurisdiction to expect
an increase in vote by mail in
us l,
2020, so we’re having a lot of
conversations about what they
al a
e
can do to prepare for that.”
The discussions are taking
place in part through commu-
ci on
nication channels the Depart-
ment of Homeland Security set
up with state officials after the
2016 election to confront cy-
bersecurity threats to elec-
er rs
tions.
In looking for voting alter-
natives, election officials are
m e
m rp
co Fo
n-
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Saturday/Sunday, March 28 - 29, 2020 | A5
POLITICS
JASON REDMOND/AFP/GETTY IMAGES
Election workers sorting vote-by-mail ballots by party for the presidential primary at King County Elections in Renton, Wash., this month.
seeking advice from counter- Mailing It In vote early, like some did for
parts in Colorado, Washington Democratic presidential candi-
More voting is done early and by mail—a trend likely to get a
and elsewhere that already dates who then dropped out
boost from coronavirus.
rely heavily on mail-in voting. before primary day.
Colorado Director of Elections Share of U.S. general election States with the highest share “If you want to have the
Judd Choate said last week votes that were: of early voting, vote by mail safest election, you have peo-
that nearly a dozen states Absentee Vote Early and absentee voting, 2016 ple show up on Election Day,”
have contacted him asking for ballots by mail vote said Mr. Ashcroft, a Republi-
advice since the outbreak be- can.
40% Ore. 100.0 %
gan. Others say voting by mail
All states allow some voters Wash. 97.7 can pose other challenges,
to cast mail ballots, but a third such as for voters with certain
of states apply conditions for 30 Colo. 94.4 vision disabilities.
residents to use that method, Ariz. 75.0 Casting ballots by smart-
.
such as being away on Election phone or laptop is discouraged
ly
Day or having a disability. 20 Nev. 69.3
by cybersecurity experts as
Some states conduct all-mail Utah 69.3 vulnerable to tampering. Vot-
elections, though they gener- ing by mail gained renewed at-
10 Fla. 68.2
on ally also offer in-person voting tention as a reliable way to
and ballot drop-off sites. N.M. 67.4 vote after the intelligence
The coronavirus has already agencies’ assessment about
0 Tenn. 66.0
caused some states to delay Russian interference in the
primary elections. Ohio or- ’04 ’06 ’08 ’10 ’12 ’14 ’16 N.C. 65.2 2016 presidential election.
dered its polls not to open for Source: U.S. Election Assistance Commission Even those who support a
its March 17 primary and state rapid expansion of mail voting
lawmakers passed a plan to gia’s secretary of state said ab- by federal law, so they need to said scaling up wouldn’t be
extend voting by mail until sentee-ballot request forms get contingencies under way. easy.
April 28. will be mailed to every regis- Missouri Secretary of State “Our election infrastructure
Coronavirus is now counted tered voter ahead of the Jay Ashcroft said that while he right now is not currently pre-
by state officials as an accept- state’s May 19 primary. Wash- is open to changes, a decision pared for the dramatic in-
able reason to vote by mail in ington, D.C., said Friday it will shouldn’t be rushed. He said crease in mail voting that
West Virginia’s May 12 pri- encourage mail-in ballots for his concerns include logistics we’re going to have to antici-
mary. Maryland is conducting its June 2 primary. and protecting mail ballots pate and allow,” said Wendy
an April 28 special congressio- Election officials need from tampering. And, he said, Weiser, head of the Democracy
nal election by mail to limit months to prepare options for there could be problems for Program at the Brennan Cen-
coronavirus exposure. Geor- the November vote, a date set voters who mail ballots or ter.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A6 | Saturday/Sunday, March 28 - 29, 2020 * ****** THE WALL STREET JOURNAL.

THE CORONAVIRUS PANDEMIC

How Fast the Economy Crashed—
And Washington Responded
The Fed and Congress sped up the response to the coronavirus
pandemic using strategies tested a decade ago in the financial crisis
By Jacob M. Schlesinger century Great Depression. $2 trillion to subdue the
and Hanna Sender One big difference: speed. disaster. The final big piece
Washington has this time wasn’t enacted until Febru-
There are similarities done in weeks what took a ary 2009.
between the financial crisis year and a half back then. This year, Congress has in
of 2008 and the coronavirus The first signs of the March alone passed three
pandemic of 2020. A sudden, financial crisis emerged in laws throwing about the
jarring breakdown in the August 2007, when securities same amount of money at the

MARK J. TERRILL/ASSOCIATED PRESS

economy and markets, backed by subprime problem, barely two months
followed by a massive mortgages plunged. Congress after the first officially
response from policy makers and the White House reported coronavirus death
to try to prevent a 21st- ultimately allocated about in China.

Total funds authorized by Congress

$2.25 trillion
Since China reports first death Since early signs of the
from coronavirus (Jan. 11, 2020) financial crisis* (Aug. 7, 2007)
2.00 The USNS Mercy Navy hospital ship entered the Port of Los Angeles Friday to help with patients.
Eleven weeks after coronavirus Eighty weeks after the crisis
1.75 outbreak, Congress passes
$2 trillion Coronavirus Aid, Relief,
and Economic Security Act.
began, President Barack Obama
signs into law the $787 billion
American Recovery and
President Lawmakers Learn
Social Distancing
Grandstander named
@RepThomasMassie. wants to
1.50

1.25
Reinvestment Act.
Signs Big vote against the new Save Our
Workers Bill,” Mr. Trump wrote
on Twitter earlier Friday.

1.00
*BNP Paribas becomes first major financial
institution to report major mortgage-related
$700 billion
Troubled Asset
Stimulus Friday’s House vote on the
economic-relief package took
place against an unusual back-
Mr. Massie was unbowed.
“I swore an oath to uphold
the constitution, and I take
distress by freezing subprime mortgage funds. drop, with lawmakers spread that oath seriously,” the law-
Sources: Congressional Budget Office; White House Relief Program Continued from Page One throughout the chamber and maker tweeted. “Is it too much
0.75 would needlessly stall aid to advised to use hand sanitizer, to ask that the House do its
Americans. to avoid elevators and to keep job, just like the Senate did?”
0.50 To prevent a delay, House proper social distance. The uncertainty prompted
$8 billion preparedness
Speaker Nancy Pelosi (D., Calif.) “People who can see the many lawmakers to begin driv-
bill and $100 billion
$300 billion worked with House Minority chamber now will see that we ing and flying to Washington
stimulus bill
0.25 mortgage- Leader Kevin McCarthy (R., Ca- are keeping a distance from well before dawn.
guarantee bill lif.) and House Majority Leader one another, not out of hostil- Republican Rep. Tom Reed
Steny Hoyer (D., Md.,) to as- ity but out of love for one an- left his home in Corning, N.Y.,

.
0 $152 billion stimulus bill
semble a flotilla of rank-and-file other and that we may keep at 3 a.m. to make it to the

ly
0 100 200 300 400 500 days legislators to stop Mr. Massie. one another healthy and safe,” Capitol by the time debate
DAYS SINCE THE CRISIS BEGAN Many Democrats and Republi- said House Majority Leader started. Rep. Joe Kennedy (D.,
cans boarded red-eye flights Steny Hoyer (D., Md.) on Fri- Mass.) said he got in his car at
on back to Washington or took day. 4 a.m. to drive to Washington.
Back then, the Federal Reserve was first to act, and for months took the lead as politicians
long road trips to reach the House members were “Once we vote, I’m driving right
hesitated to deal with the unpopular cause of aiding the banks. In retrospect, the Fed was also
quorum—216—needed to out- called to the vote because Rep. back,” he tweeted.
behind the curve, because it had to improvise measures. This time, the central bank has been
flank Mr. Massie. His maneuver Thomas Massie (R., Ky.) had Other lawmakers on flights
able to quickly pull off the shelf a tested crisis tool kit.
would have succeeded only if said he would try to force a back to the nation’s capital
us l,

5.5% Federal Funds Target Rate Since China reports first death Since early signs of the
the House lacked a quorum or formal roll-call vote on the re- posted photos on social media,
from coronavirus (Jan. 11, 2020) financial crisis (Aug. 7, 2007) if he had support from one-fifth lief package, which drew a rare including one of a group of
al a
e
of the lawmakers to insist on a rebuke from President Trump lawmakers sitting on a nearly
5.0
Dec  roll call. Neither was the case. toward a fellow Republican. empty plane, in rows 6 feet
New short-term funding loan program “We have our differences, “Looks like a third rate apart.
ci on

4.5
but we also know what is im-
portant to us,” Mrs. Pelosi said
4.0
March  when she joined Mr. McCarthy penned draft. at once,” he Mr. Schumer said.
Covers Bear Stearns losses loans to at a news conference after the “We weren’t throwing stuff,” At about 9:23 p.m., Mr.
3.5 investment banks and securities dealers vote. “America’s families are Mr. McConnell, of Kentucky, McConnell issued a statement
er rs

Sept  important to us.” said in an interview. “It was saying he had asked GOP com-
3.0
Converts Morgan Stanley The vote came at a tense cordial. But aggressive.” mittee chairmen to write final
March -4  Goldman Sachs to banks aid to AIG time. The Capitol is awash in Mrs. Pelosi started talking legislative text reflecting the
2.5
Cuts rates revives anxiety over the novel coronavi- about her House version of the compromises they had reached
m e

financial crisis measures Nov  rus, and two additional mem- bill and what she planned to in- with Democrats, and to deliver
2.0 Pumps bers of the House—Reps. Mike clude: expanded unemployment it later that evening. But a 10
$8 billion
Kelly (R., Pa.) and Joe Cunning- insurance, aid to states and p.m. statement from Mr.
m rp

1.5 Oct  into credit

Loans to money- markets ham (D., S.C.) announced Friday help for cash-strapped em- Schumer’s office warned that
market mutual funds they tested positive for the ill- ployer pension plans. Democrats weren’t on board.
1.0 new commercial paper ness. In all, at least five lawmak- It was, in part, a negotiating Republicans blamed Mrs.
lending facility
ers have contracted Covid-19, tactic. Her aim was to put pres- Pelosi, whom Mr. Schumer had
0.5
Note: Target rate is reported as a range from Dec. 16, 2008. including one, Rep. Ben McAd- sure on Republicans to meet been keeping apprised of the
co Fo

0
Source: Board of Governors of the Federal Reserve ams (D., Utah), who is on oxy- Democrats’ demands for changes talks. Democrats pointed the
gen support in the hospital. to the Senate legislation. She finger at Mr. McConnell for
0 100 200 300 400 500 days In the most dramatic moment also saw it as a back-up bill producing new legislative text
DAYS SINCE THE CRISIS BEGAN of the floor debate, Rep. Haley should Senate negotiations falter. prematurely.
Stevens (D., Mich.) donned pink As the House speaker Tensions soared after news
One reason for the speed by authorities is that markets latex gloves as she delivered an walked out of the meeting, re- at a closed-door GOP lunch on
impassioned plea to pass the porters overheard her give a Sunday that Sen. Rand Paul (R.,
and the economy have crumbled much faster this time. bill, talking beyond her minute grim update to a staffer: “We Ky.) had become the first sena-
of allotted time and shouting are so far apart.” tor to test positive for Covid-19.
The decline also appears to be much Another difference: politicians worry when her own leader, Mr. Hoyer, Mrs. Pelosi, who shepherded Within hours, two more Repub-
deeper. At the low point of the great much less about the budget deficit. As urged her to suspend so he two earlier emergency coronavi- licans, Sens. Mike Lee and Mitt
recession, gross domestic product Congress weighed a big stimulus bill in could extend her more time, rus bills through Congress with Romney of Utah, entered quar-
contracted by an annualized 8%. Now, the early 2009, lawmakers labored to keep while some Republicans jeered. Mr. Mnuchin, had wanted a antine because of close contact
median “pessimistic forecast” for a group the price below $1 trillion—a number Lawmakers are already dis- “four-points” leadership meeting with Mr. Paul. Two other Repub-
n-

of economists surveyed last week by The they feared would look excessive. The cussing what could be needed in earlier on. She had called Mr. licans were already quarantined.
Wall Street Journal was a 10% drop for the $787 billion measure was considered by a subsequent economic-relief McConnell on Tuesday, March 17, Democrats agreed at their
quarter ending June 30. Morgan Stanley many economists to be too tepid for the package—which would be the and asked for one, arguing that own lunch to block the 3 p.m.
sees a more severe decline, saying Sunday scale of the crisis. In the coronavirus fourth to address the health cri- reaching agreement between the procedural vote. Mr. Schumer
no

that GDP could fall 30.1% for that period.
Real GDP, annualized growth rate
Quarterly
4%
2 Baseline
0
–2
ECONOMISTS’
–4 MEDIAN FORECASTS
The Wall Street
Journal last week
–6
asked 34 leading
economists for
–8 their forecasts
–10
2007 ’09 ’11 ’13 ’15 ’17 ’19
For all the talk of polarization, the
political stars are better aligned now for
crisis response. In 2008, the country was
led by a weak, lame duck president, George
W. Bush. President Obama took over in
2009, facing staunch GOP opposition to his
stimulus strategy. Those factors delayed
and limited legislation. President Trump
enjoys strong support from his party, and
his re-election rests on containing the
economic fallout. Democrats tend to be
more supportive of big spending programs,
regardless of who controls the White House.
The coronavirus crisis is still unfolding,
and there are mounting signs the economic
destruction could be far worse. In the
depths of the last recession, the number of
weekly initial claims filed for unemploy-
ment insurance never came close to a
million. A record 3.28 million Americans
filed for jobless benefits for the week ended
March 21—nearly five times the previous
record high set during the early 1980s
recession.
debate, the deficit gets scant mention. sis. Mrs. Pelosi has said she two Democrats, Mr. McConnell informed Mr. McConnell, but the
Total federal government deficit wants to see more worker-safety and Mr. McCarthy of California GOP leader ultimately pressed
protections, along with access to ahead, knowing it would fail.
$2.5 t̀rillion Decision free health care for those who Privately, Mr. McConnell
Economics
become sick from the virus. wasn’t worried talks would fall
Optimistic Company estimates
Just five days earlier, the
Lawmakers are apart. He didn’t think there was
made in mid-March
2.0 third relief package had hit a already discussing a time for the usual legislative
snag, and such a quick turn- gamesmanship. Not now that
Moody’s
around on the legislation
subsequent virus- Covid-19 had arrived in the Sen-
Analytics
Pessimistic $1.5
J.P. Morgan
seemed to be out of reach, ac- relief package. ate. “Every day that goes by, anx-
cording to interviews with Sen- iety rises, jobs are lost,” he said.
ate leaders in both parties, On Monday, Democrats
Sources: other lawmakers, senior House blocked another procedural
1.0
Commerce Congressional Democratic and GOP aides, and would be the most efficient ap- motion. Anger boiled over on
Department Budget Office administration officials familiar proach. Mr. McConnell said no. the Senate floor. When Sen. Su-
(GDP); Wall forecast made
Street Journal on March 6 with the negotiations. Republican frustration with san Collins (R., Maine) asked to
survey of 34 0.5 In a meeting March 22 a previous piece of coronavirus- speak and Mr. Schumer ob-
economists March among the top four congressio- relief legislation, which Mr. jected, Ms. Collins marched
18-19 (forecasts);
Congressional nal leaders in Senate Majority McConnell told members to over and pointed her finger at
Budget Office
0
Leader Mitch McConnell’s of- “gag and vote for it anyway,” Mr. Schumer’s face. “This is ap-
(deficit); the fice, Mrs. Pelosi and the Sen- also motivated the Senate GOP palling!” she exclaimed.
firms (forecasts) 2007 ’09 ’11 ’13 ’15 ’17 ’19 ’21
ate’s top Democrat, Chuck to take a more active role in Behind the scenes, Mr.
Schumer, ticked off objections the new round of talks. Schumer and Mr. Mnuchin were
to the measure as it stood. In So Mr. McConnell assigned a making progress. Around 7
Initial Jobless Claims particular, they raised the issue handful of GOP working groups p.m., encouraged, Mr. Schumer
March 15-21 of there not being enough over- to start putting together a bill. decided they were close enough
3.28 sight at the Treasury Depart- The instruction was to find to reach an agreement.
3.0 million
ment over a $500 billion corpo- proposals that Republicans He threw a log on the fire in
Since China reports first death rate assistance program for knew their colleagues wouldn’t his Capitol office fireplace,
from coronavirus (Jan. 11, 2020) distressed industries, and Trea- oppose reflexively on ideologi- knowing that he likely would be
2.5
sury Secretary Steven Mnuchin cal grounds. there for hours.
indicated he was amenable to On Thursday, March 19, Mr. The two Senate leaders met
working that out. McConnell released his first on the Senate floor about 1:30
2.0
Mr. McConnell, who had re- draft. It didn’t include ex- a.m. on Wednesday. There were
leased his second draft of the panded unemployment bene- still some i’s to dot and t’s to
bill that morning, was taken fits, as Democrats had wanted. cross, Mr. Schumer said, and
1.5
aback. To him, this wasn’t time It also didn’t include direct aid they had to decide if they would
Since early signs to open discussions, it was time to states. say there was a deal, or an-
of the financial crisis to close them. Senators met on Capitol Hill nounce an agreement in princi-
1.0
(Aug. 7, 2007) “It was rather heated,” re- on Friday, March 20, and broke ple. “We decided to say we had a
called Mr. Schumer later in an into working groups. According deal,” he said, “to keep the mo-
interview, “and I said to Mitch, to Mr. Schumer, the groups mentum going and give some re-
0.5
‘You said it’s bipartisan. You continued collaborating until lief to the markets.”
Note: Seasonally adjusted and I know it’s not biparti- about 7 p.m. last Saturday. For Mr. McConnell, the mo-
Source: Department of Labor san.’ ” The New York senator That’s when Republicans ment wasn’t celebratory. “I
0
believed Republicans were try- stopped responding to their think relief is a better word to
0 10 20 30 40 50 60 70 80 ing to jam Democrats by forc- Democratic counterparts, he use,” he said. “We both smiled
WEEKS SINCE THE CRISIS BEGAN ing them to accept the GOP- said. “All the groups shut down and went to bed.”
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
U.S.’s Confirmed Cases Exceed 100,000
Infections continue
to rise in New York
and other hot spots
across the country
The U.S. surpassed 100,000
confirmed cases of the novel
coronavirus Friday, led by a
continued jump in infections in
New York and in new hot spots
across the country.
By Talal Ansari,
Lucy Craymer
and Max Colchester
While testing for the deadly
respiratory virus hasn’t been
uniform across America or
globally, making accurate case
counts hard to pin down, con-
firmed infections in the U.S.
have doubled or tripled every
three days for nearly a month.
Last Friday, the number of
confirmed infections in the
country exceeded 16,000, ac-
cording to data compiled by
Johns Hopkins University. By
Tuesday, that figure was 55,000.
Two days later, it had surpassed
all other countries’ reported to-
tals, with just over 85,000.
The pandemic has swiftly
reverberated across the U.S.,
shutting schools, businesses,
arenas and parks and silencing
once-busy thoroughfares. A re-
cord 3.28 million workers ap-
plied for unemployment bene-
fits last week. Hospital capacity
in places like New York and Se-
attle has already passed a tip-
ping point even as the health
crisis continues to unfold.
President Trump signed a
$2 trillion stimulus bill passed
speedily by House lawmakers
earlier Friday, the largest eco-
nomic-relief package in his-
tory. Major U.S. stock indexes
posted double-digit gains for
the week, but remain down
more than 20% in 2020.
The president also signed an
executive order that authorizes
the Pentagon to identify and
potentially reinstate to active
duty former military medical
personnel and other special-
ized reservists to help the na-
tion during the pandemic.
Authorities around the
world have stepped up en-
forcement of measures de-
signed to help slow the spread
of the virus, which has infected
nearly 596,000 people and
killed more than 27,000, ac-
cording to Johns Hopkins data.
State’s Jobless Surge
Signals Wider Trouble
BY KRIS MAHER
AND ERIC MORATH
Pennsylvania, the nation’s
fifth-most populous state, re-
corded the largest number of
unemployment claims in the
U.S., an outsize jump that sug-
gests other states could report
higher numbers ahead.
Jobless claims in the Key-
stone State rose to 378,908
no
last week, up from 15,439 the
prior week, as the state’s
economy reels from layoffs be-
cause of the novel coronavi-
rus.
The number of people fil-
ing for benefits represented
nearly 5.8% of the state’s labor
force.
State officials said jobless
claims were so high because
they actively pushed workers
to file for unemployment bene-
fits and didn’t see the kinds of
disruptions in filing other
states experienced. Workers in
many parts of the country
complained they were unable
to access websites and get
through on phone lines, mean-
ing other states may be accept-
ing a high volume of delayed
filings in the coming weeks.
Also, workers still have
plenty of time to file such
claims, meaning numbers could
rise everywhere as economic
prospects dim because of the
pandemic. Workers aren’t re-
quired to file for claims the
week they are laid off.
“I think Pennsylvania is in-
dicative of what you’re going
to see elsewhere,” said James
Sweeney, chief economist at
Credit Suisse. “I think you’re
going to see claims pick up in
a lot of other states in the
coming weeks, and that’s
pretty sobering considering
the level we just saw.”
Pennsylvania’s numbers
came out Thursday along with
a record number of workers
nationwide, nearly 3.3 million,
filing for jobless benefits last
week.
The state’s experience sug-
* * * * * * * *
THE CORONAVIRUS PANDEMIC
U.S. Army personnel sit apart at New York's Jacob K. Javits Convention Center, which will be partially converted into a hospital for coronavirus patients.
Coronavirus Daily Update
104,007 1,693
As of 10:30 p.m. ET
on
March 27
us l,
595,953 27,333 131,007
al a
e
World-wide cases
ci on
Source: Johns Hopkins University Center for Systems Science and Engineering
But national leaders continue
to face risks even as they meet
face-to-face in emergency ses-
er rs
sions to plot ways to curb the
contagion, with British Prime
Minister Boris Johnson testing
positive for the virus Friday.
m e
The U.S. and Italy have both
now overtaken China as the na-
tions with the most confirmed
m rp
infections. Italy, which has the
highest death toll of any coun-
try at 9,134, had nearly 86,500
co Fo
gests that the stresses facing
the nation’s unemployment
system could grow in the
months and weeks ahead, as
other states catch up on pro-
cessing claims and more work-
ers pursue those benefits.
A spokeswoman with the
n-
Pennsylvania Labor Depart-
ment and Industry said the
state system didn’t suffer ma-
jor disruptions like those re-
ported in states such as Cali-
fornia and New York. The state
also relaxed the requirement
that the unemployed be ac-
tively seeking work to qualify
for benefits.
Holly Chapman, 62, of Jef-
ferson Hills, Pa., said she filed
a claim online last Tuesday af-
ter being laid off from a cater-
ing company when a spate of
weddings and other events
were canceled.
5.8%
Portion of Pennsylvania’s
workers filing jobless claims
“I think because I was
Johnny on the spot, it was rel-
atively painless for me,” she
said. She added that co-work-
ers who waited a couple of
days encountered delays, but
were eventually able to com-
plete their claims.
There is also still plenty of
time for workers to file claims.
Some applying last week may
have been laid off before the
pandemic hit, but sought ben-
efits as job prospects dimmed.
Ohio had the second-high-
est number of claims with
187,784, narrowly ahead of
California with 186,809. By
contrast, in New York, which
has nearly seven million more
residents than Pennsylvania,
80,334 workers, or about 0.8%
of the labor force, filed for
jobless benefits.
U.S. cases
World-wide deaths
confirmed infections; China,
where the outbreak originated
late last year, had 81,905.
New York remains the cen-
ter of the pandemic in the U.S.,
with more than 46,000 con-
firmed cases, but states includ-
ing Michigan, Illinois, Califor-
nia and Louisiana are poised
for a jump in cases as the rate
of infection—and of testing—
continues to grow.
U.S. Surgeon General Jerome
OECD Warns on Growth Outlook
BY PAUL HANNON
AND AMARA OMEOKWE
WASHINGTON—Measures
taken to curb the spread of the
new coronavirus could lower
economic activity in the U.S.
and other developed countries
by a quarter, the Organization
for Economic Cooperation and
Development said Friday.
In a report made available
to leaders of the Group of 20
leading economies for a video
conference they held Thurs-
day, OECD economists esti-
mated the likely impact on the
sectors most affected by wide-
spread business closures and
orders for people to remain at
home, and the size of those
sectors in each national econ-
omy.
The OECD calculated that
the activities most directly af-
fected by the shutdowns—
ranging from restaurants to
automobile makers—account
for between 30% and 40% of
total output in most of the de-
veloped economies. With ac-
tivity in many of those sectors
curtailed, it calculated that
output was likely to be be-
tween 20% and 25% lower
than is usual in large, devel-
oped economies.
If the measures are sus-
tained for three months, the
OECD forecast total annual
output would be 6% lower in
the developed economies. Un-
der this scenario for the U.S.,
where the economy was fore-
cast to grow 2% this year be-
fore the virus struck, the
OECD estimates output would
fall 4% in 2020.
“Our analysis further un-
derpins the need for sharper
action to absorb the shock,
and a more coordinated re-
sponse by governments to
maintain a lifeline to people
and a private sector that will
emerge in a very fragile state
when the health crisis is past,”
OECD Secretary-General Angel
Gurría said in the report.
Signs already point to a de-
terioration in U.S. economic
conditions during March, as
U.S. deaths
World-wide recoveries
Adams said cities including De-
troit, Chicago and New Orleans
are expected to have a worse
week next week.
“The virus and the local
community are going to deter-
mine the timeline. It’s not going
to be us from Washington,
D.C.,” Dr. Adams said on CBS on
Friday. “People need to follow
their data. They need to make
the right decisions based on
what their data is telling them.”
Costco signs greeted shoppers with messages about inventory in Overland Park, Kansas, this week.
the number of infections and
deaths related to the virus
climbed and multiple govern-
ment authorities ordered non-
essential businesses to close
and urged people to stay
home. A record 3.28 million
U.S. workers applied for unem-
ployment benefits just last
week, and forecasters now ex-
pect the unemployment rate to
rise steeply.
The declines in other large
economies would be similar to
that in the U.S, according to
the OECD. The organization’s
economists estimated that
output losses would likely be
greatest in Greece, which has
a large tourism industry, and
least in Ireland, which relies
heavily on digital businesses.
Meanwhile in Italy, busi-
nesses and consumers became
much more gloomy about their
prospects this month, as the
death toll from the coronavi-
rus continued to climb and an
already extensive lockdown
tightened further.
Istat, the official Italian sta-
tistics agency, said Friday its
measure of consumer confi-
dence slumped to 101.0 from
Saturday/Sunday, March 28 - 29, 2020 | A7
.
ly
Los Angeles Mayor Eric
Garcetti warned residents on
Thursday of the city’s growing
threat, telling residents that
reports and images coming
out of New York would likely
be at their doorstep as early
as next week.
“It’s the most haunting im-
ages any leader could see, and
it’s difficult for me to imagine
that it won’t happen here,” Mr.
Garcetti said.
New York Gov. Andrew
Cuomo said Friday that crisis
there is expected to peak in
three weeks. Hospitals in New
York City are already seeing
massive rises in cases of pa-
tients with Covid-19, the pneu-
monialike disease caused by
the coronavirus.
Mr. Cuomo, who has been
pushing to increase hospital ca-
pacity by at least 50%, said four
additional temporary hospitals
would be built in the city, add-
110.9 in February as Italians
saw a significant worsening of
the economic outlook, while
its measure of business confi-
dence plummeted to 81.7 from
97.8. The turn to pessimism
among companies was most
marked among service provid-
ers, many of which have been
almost entirely deprived of
customers by social distanc-
ing.
The consumer confidence
reading was the lowest since
January 2015, while the busi-
ness confidence measure was
the weakest since December
2011.
Consumer sentiment also
soured in the U.S. this month,
according to a University of
Michigan survey released Fri-
day. The survey’s index of con-
sumer sentiment fell to 89.1 in
March—its lowest level since
2016—down from 101.0 in Feb-
ruary.
The index’s drop—the
fourth-largest one-month de-
cline in nearly 50 years—hints
at a broad pullback in spend-
ing as the virus upends daily
life, said Richard Curtin, the
survey’s chief economist.
JEENAH MOON/REUTERS
ing an additional 4,000 beds.
As the need for hospital
equipment increases, the Food
and Drug Administration said
Friday it has approved the
emergency use of devices that
can be modified into ventila-
tors. Roughly 80% of Covid-19
cases tend to be mild or moder-
ate, and more than 131,000 peo-
ple globally have recovered. But
those who are older or have un-
derlying health conditions, such
as heart disease, lung disease
or diabetes, are at a higher risk.
Across the world, govern-
ments have closed schools,
shut down nonessential ser-
vices, told people to work from
home and urged that they
avoid going out as much as
possible. Travelers arriving in
many countries have also been
subject to quarantines requir-
ing them to remain in their
homes, hotel rooms or govern-
ment centers for 14 days.
JAMIE SQUIRE/GETTY IMAGES
“The extent of additional
declines in April will depend
on the success in curtailing
the spread of the virus and
how quickly households re-
ceive funds to relieve their fi-
nancial hardships,” he said.
U.S. Treasury Secretary Ste-
ven Mnuchin said Friday he
expects the economy to re-
bound strongly after the wide-
spread shutdown to contain
the coronavirus is lifted, add-
ing that the federal govern-
ment is working at “lightning
speed” to provide support.
Asked if he agreed with
some investors’ view that U.S.
economic output could expand
by 5% in the fourth quarter,
Mr. Mnuchin said, “Abso-
lutely.”
Consumers just last month
were still buoyed by a solid la-
bor market and firming wages,
and in turn boosted spending
as personal income rose.
Personal-consumption ex-
penditures, or household
spending, ticked up by a sea-
sonally adjusted 0.2% from
January and personal income
was up 0.6%, the Commerce
Department reported Friday.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
A8 | Saturday/Sunday, March 28 - 29, 2020
VIA JOE RACE
Bernadine Raicevich surrounded by her children, who decided to care for her at home until her death in Cleveland this past Sunday.
Nursing Home Visitor Ban
Raises Difficult Questions
Defining ‘end of life’
to allow people to see
dying loved ones is
being widely debated
BY YUKA HAYASHI
When the U.S. government
barred family members from
visiting relatives in nursing
homes, it made an exception
for “end of life situations”—
setting off a painful, nation-
wide debate about the mean-
ing of the phrase.
The Centers for Medicare
and Medicaid Services issued
the order on March 13 to pro-
tect nursing-home residents
from the coronavirus after
dozens of them died in facili-
ties across the country.
Many families see the pol-
icy as a painful but necessary
step to protect the elderly and
ill. But it has been hardest on
those who fear their loved
ones have just days to live, say
families and nursing home of-
ficials.
Some 1.4 million elderly and
disabled adults live in more
than 15,000 nursing homes,
according to U.S. government
data. Stanford Medical School
estimates that about 20% of
Americans end their days in
nursing homes.
Sherry Culp, who works at
the Nursing Home Ombudsman
Agency of the Bluegrass in
Kentucky, fields calls from pa-
tients and families and commu-
nicates their issues to facilities.
“The biggest concern that
we are hearing from family
members is that they have a
resident in a nursing home
no
GM Told
To Make
Ventilators
Continued from Page One
Systems.
On Friday, the Detroit auto
maker said, “Ventec, GM and
our supply base have been
working around the clock for
weeks to meet this urgent
need.”
The president had criticized
GM and its leadership earlier
Friday, saying in a series of
Twitter posts that the com-
pany had initially said it could
supply 40,000 ventilators, but
then later said it could make
only 6,000 available by late
April. In one of his Friday
tweets, the president criticized
GM Chief Executive Mary Barra
as “always a mess.”
White House officials said
the two sides had been dis-
cussing a contract worth about
$1 billion, but the talks broke
down over the timeline for de-
livering the devices.
Earlier Friday, after the
president’s Twitter posts, GM
and Ventec said they aimed to
produce as many as 10,000
ventilators a month, in part
through a new assembly line
being set up at a GM facility in
Indiana. Closely held Ventec
normally makes a few hundred
ventilators a month at its facil-
who they think is ‘end of life,’
but they are having trouble ac-
cessing the resident for in-
person visits,” she said.
“There is some confusion
about what is ‘end of life,’” on
said Ms. Culp.
The government directive
didn’t define the phrase, and it
left some delicate questions
us l,
unanswered: How long before
death should visits be al-
al a
e
lowed? How many relatives
can visit? What safety proce-
dures should be adopted to
ci on
protect other residents?
Last week Ms. Culp got a call
from an 86-year-old man who
worried he would be turned
away from the nursing home
er rs
where his wife was receiving
hospice care. Ms. Culp assured
him he had the right to visit
because his wife was dying.
m e
Kentucky and some other
states, responding to pleas
from anguished families who
m rp
wanted to visit dying relatives,
have drawn up their own
guidelines and definitions of
end of life. “This includes any
resident who is receiving hos-
co Fo
pice care, not just a resident
who is facing imminent death,”
the Ohio Department of Health
wrote in a memo to nursing
home administrators last week.
That memo came too late
for Joe Race, an Ohio trade as-
sociation executive, whose 87-
year-old mother, Bernadine
Raicevich, was dying of ovarian
cancer. When her condition de-
teriorated earlier this month,
Mr. Race called seven hospices.
All said they would take her
n-
but that family members
wouldn’t be allowed to visit.
So he and his four siblings
kept her home near Cleveland
ity in Bothell, Wash.
The most severely ill pa-
tients infected with the new
coronavirus have such trouble
breathing that they are put on
a ventilator, an invasive ther-
apy that involves inserting a
tube into the patient’s wind-
pipe.
People involved in GM’s ef-
forts said Ventec hadn’t made
a firm commitment to deliver a
specific number of ventilators,
but rather provided the admin-
istration with a range of poten-
tial production volumes that
would scale up to gradually
starting in April.
With hospitals in some ar-
eas experiencing a surge in
Covid-19 patients, the Trump
administration wanted a faster
ramp up to meet the urgent
need, a White House official
said.
GM, and other car compa-
nies that have moved to help
boost the ventilator supply
don’t plan to retool their exist-
ing vehicle-assembly plants to
produce the devices. Instead,
they are lending their expertise
in supply-chain management,
purchasing and manufacturing
to help other medical-device
makers boost output. In GM’s
case, this meant establishing a
new manufacturing line at its
electronic-parts factory in Indi-
ana.
GM said about 1,000 em-
ployees would work on the
project and that the company’s
resources would be donated
“at cost.”
Some of GM’s auto-parts
THE CORONAVIRUS PANDEMIC
VIA JOE RACE
Bernadine Raicevich when she
attended nursing school.
and took turns caring for her
around the clock, even though
they felt she would have bene-
fited from professional pallia-
tive care. Mrs. Raicevich, a re-
tired nurse, died peacefully
this past Sunday, with one of
her daughters by her side.
“I want to be a team player,
but I wish they had fewer re-
strictions for people at the end
of their life,” Mr. Race said.
“Take my temperature at the
door, put me in hazmat cloth-
ing. I’d gladly wear it and go
see my mom,” he said. “I don’t
think it’s too much to ask.”
In Kentucky, Gov. Andy
Beshear said in a statement
last week that families should
be notified “several days and
up to one week in advance of”
a substantial change in a pa-
tient’s condition, but didn’t
specify how that should be de-
termined. “Providers should
A ventilator is shown at the Jacob K. Javits Convention Center in New York this past week.
suppliers began churning out
parts for the ventilators in re-
cent days, the people familiar
with the effort said.
“If you think about what
goes into a vehicle—the air-cir-
culation systems, filtration,
electronics, lots of hoses—a lot
of those types of components
also are contained in ventila-
tors,” said Carla Bailo, presi-
dent of the Center for Automo-
tive Research.
The president has publicly
admonished GM and Ms. Barra
personally several times during
not wait until active dying.”
At Jordan Center in Louisa,
Ky., nursing home officials
called families of its nearly
100 residents to ask how they
felt about the coming ban on
visits. All but five families said
they were supportive. Two de-
cided to take their residents
home, and others initially re-
fused to heed the ban, accord-
ing to David McKenzie, Jordan
Center’s administrator.
Among them was an 82-
year-old woman who visited
her husband with dementia
every day, arriving before
breakfast and leaving after
dinner.
“It was heartbreaking,” Mr.
McKenzie said. “I can’t even
imagine what it would be like
to be separated from your
spouse after being together
for 67 years.”
Mr. McKenzie met with the
woman twice and convinced
her to accept the ban. She now
speaks with her husband via
video calls.
Kathleen Heren, an om-
budsman at the Alliance for
Better Long-Term Care in
Rhode Island, has to improvise
when advising facilities be-
cause the state hasn’t issued
guidance.
She recommends that facili-
ties have family members visit
“toward the end,” when hos-
pice nurses see signs of immi-
nent death, rather than at the
start of hospice care.
Just one or two family
members should be allowed in
at any time, she said.
“It’s really a case of com-
mon sense,” Ms. Heren said.
“There is no set answer to
anything.”
his tenure. Last year he repeat-
edly criticized GM for closing
factories and laying off work-
ers in Midwestern states.
In his series of tweets, Mr.
Trump said GM should reopen
its plant in Lordstown, Ohio, to
make ventilators, “or some
other plant.” GM last year sold
the Ohio factory to a start-up
electric truck maker.
President Trump also
tweeted that Ford Motor Co.
needed to “get going on venti-
lators, fast!!!”
In the past two weeks, sev-
* ****** THE WALL STREET JOURNAL.
Non-Coronavirus
Drug Testing
Is Interrupted
BY JARED S. HOPKINS skip treatments.
The pandemic, though,
The world-wide spread of threatens to delay research
the new coronavirus is throw- into much-needed treatments
ing into disarray studies criti- for other critical conditions.
cal to the development of Nearly two-thirds of 170
promising new medicines. clinical trial sites surveyed in
The pandemic is causing de- the U.S. believe patients will
lays in starting clinical drug be much less or somewhat less
trials and temporarily halting likely to enroll in new clinical
others, according to companies, research trials due to the cor-
consultants and industry offi- onavirus, according to a re-
cials. Patients enrolled in some view last week from consul-
studies have stopped showing tancy Continuum Clinical. And
up at trial sites, while hospitals nearly half the sites expect pa-
the were seeing trial subjects tients enrolled in trials to be
are shifting attention to tack- much less or somewhat less
ling coronavirus patients. willing to keep participating.
Industry scientists, mean- “That’s where this could be
while, can’t travel for research. really damaging,” said Contin-
“Things are just getting uum President Neil Weisman.
canceled left and right,” said “If too many patients discon-
Christian Burns, president of tinue with a clinical trial,
ClinEdge LLC, which helps pharma companies aren’t going
drug companies recruit drug- to have enough data to prove
trial participants in more than their products hit an endpoint
30 countries. and show their drug does what
The disruptions, which they hope it would do.”
aren’t affecting research into The Northwell Health sys-
coronavirus drugs and vac- tem on Long Island, N.Y., has
cines, mean it could take lon- paused about 50 clinical trials
ger for new drugs aimed at
treating conditions like diabe-
tes and liver disease to reach
patients, if the medicines even-
to protect patients and free up
more than 40 staffers for cor-
onavirus drug research. “Right
tually prove to work safely.
.
Company revenue could
The crisis threatens
ly
suffer, too, if future sales of
drugs are deferred because of to delay research into
trial delays.
The drug studies most af-
treatments for other
fected are in heavy-hit regions, critical conditions.
such as Italy, China and South
Korea, where lockdowns have
restricted the ability of pa-
tients to leave their homes, now, I’m prioritizing,” said
enroll in trials and travel to Kevin Tracey, president of
study sites to get experimental Northwell’s Feinstein Insti-
treatments, industry officials tutes for Medical Research.
say. Studies in the U.S. are Arrowhead Pharmaceuticals
also starting to feel an impact. Inc., which is based in Pasa-
Bristol-Myers Squibb Co. dena, Calif., last week sus-
and Eli Lilly & Co. said this pended enrollment in a liver-
week they will hold off start- disease trial for at least four
ing most new trials, citing weeks because the study
safety concerns. Bristol is also needs patients who are at risk
temporarily halting infusions for coronavirus infections and
of experimental cellular thera- who must get a liver biopsy,
pies under study, while Lilly which requires visiting a
said it would pause enrolling clinic, said Chief Executive
new study subjects for trials Christopher Anzalone.
already under way. Pfizer Inc. “There’s probably some
said Wednesday it is suspend- type of disaster-planning go-
ing recruitment of patients for ing on in every single com-
most new and ongoing studies pany,” said Laurie Halloran,
that don’t involve life-threat- chief executive of Halloran
ening conditions. Consulting Group, which ad-
Trials play a pivotal role in vises firms on clinical trials.
the introduction of new medi- To keep trials moving for-
cines. Regulators rely on the ward despite the virus, some
results to gauge whether an drugmakers are trying to
experimental drug is safe and transfer to patients’ homes the
works, and should be approved work typically done at re-
for use. Companies can spend search sites.
tens of millions of dollars to Scynexis Inc., of Jersey
carry out a single study. City, N.J., is directing patients
Many current drug trials in a trial for its experimental
for critical ailments are ex- fungal treatment to have blood
pected to continue, though, drawn at home or alternative
because hospitals and drug- sites, and to receive the drug
makers view them as crucial at home, after some patients
for patients. Moreover, pa- missed appointments in Italy
tients testing drugs for fatal and other European countries,
or critical conditions such as said Chief Executive Marco Ta-
cancer are motivated not to glietti.
was working to sign contracts
with more than a half-dozen
other companies, including
General Electric, Philips, Ham-
ilton and Medtronic
He said the administration
had deals in place to collect
100,000 ventilators within 100
days. Speaking to reporters at
the White House, Mr. Trump
said he was skeptical that the
U.S. would need as many venti-
lators as the administration
was collecting, adding that he
may send any surplus to other
countries. To underscore the
point, he said he spoke to the
U.K. Prime Minister Boris
Johnson, who tested positive
ANGUS MORDANT/BLOOMBERG NEWS
for the virus, and asked how
his British counterpart was do-
ing. Mr. Johnson told him: “We
need more ventilators.”
Tesla Inc. Chief Executive
Elon Musk has said he is work-
ing with medical device-maker
Medtronic and has said the
auto maker’s New York solar
panel factory “will reopen for
ventilator production as soon
eral auto makers, including as humanly possible.” He also
Ford, have disclosed plans to said he acquired ventilators
work with medical-device com- from China and has been work-
panies to boost ventilator pro- ing to deliver them in the U.S.
duction. Ford this week said it On Friday, Mr. Musk said on
would work with General Elec- Twitter the biggest value Tesla
tric Co. to increase ventilator was providing was precise de-
supply but didn’t offer specif- livery of ventilators to the in-
ics. tensive care units that need
Toyota Motor Corp. said them most.
Friday that it is finalizing “There are many ventilators
terms with two ventilator mak- in warehouses, but stuck in lo-
ers to help increase their ca- gistics/routing/paperwork is-
pacity. sues,” he wrote.
The president said later Fri- —Tim Higgins
day that the administration contributed to this article.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
MIT
Launches
Tracking
Project
BY DOUGLAS BELKIN
AND KIRSTEN GRIND
A project to track Covid-19
patients via their phones is be-
ing launched by Massachusetts
Institute of Technology research-
ers, potentially the first large-
scale project in the U.S. to trace
their movement and that of
those with whom they interact.
The project requires both
people who have the illness
caused by the novel coronavirus
and those who don’t to volun-
tarily download an app to their
phones. The collected data is
scrambled so that individuals
can’t be identified, the research-
ers said.
Such measures are aimed at
alleviating the privacy concerns
that in the U.S. have surrounded
the prospect of this type of sur-
veillance, the researchers said.
Amid the pandemic, location
tracking is increasingly common
in other parts of the world
where there are fewer protec-
tions for civil liberties.
The researchers said they are
in negotiations for backing from
the World Health Organization
about how the technology
should be deployed. They also
are working with the U.S. De-
partment of Health and Human
Services and have had several
conversations with the White
House, according to people fa-
miliar with the matter.
Representatives for those
agencies didn’t respond to re-
quests to comment.
Health officials and scientists
have increasingly realized that
more testing and so-called con-
tact tracing—figuring out how
to track people who have come
in contact with the virus—is the
key to stopping its rapid spread.
In South Korea and China,
governments used tracking de-
vices for surveillance of citizens,
a move that helped those coun-
tries identify and treat patients.
Privacy advocates in the U.S.
have said the pandemic calls for
extraordinary measures but
worry that once adopted, sur-
veillance technologies will be
hard to roll back.
The MIT project’s success is
dependent on amassing a large
number of participants, and
whether that is attainable in the
U.S. isn’t yet clear.
The MIT research group says
it is also joining with big tech
companies and large health-care
systems, such as the Mayo
Clinic and the Big Four account-
ing firm Ernst & Young, to ag-
gregate as much data as possi-
ble through the app, called
Private Kit. Several Facebook
Inc. engineers are donating
their time to the project, which
is led by Ramesh Raskar, a for-
mer Facebook executive who
also worked at Alphabet Inc.’s
Google X unit.
“Stopping epidemics is a
game of numbers. It’s not about
getting everybody or nobody
no
(quarantined),” said Dr. Raskar,
who has a doctorate in com-
puter science. “The models
show that even at 10% there will
be gains.” He also said it is criti-
cal to develop contact-tracing
strategies in locations before the
virus takes hold. “In New York,
it’s probably too late,” he said.
The MIT effort comes as a
host of startups and research-
ers are racing to develop new
technology to fight various as-
pects of the novel coronavirus.
Few have gained significant
traction thus far.
The Wall Street Journal re-
ported last week about various
proposals that have been con-
sidered, including the use of fa-
cial technology to identify peo-
ple who have come in contact
with patients with Covid-19.
Facebook and Google are
among the companies that have
cooperated with a White House
task force looking at technolo-
gies such as location tracking.
The companies have said they
are working with the govern-
ment to develop solutions to
help mitigate the pandemic.
Right now in the U.S., when
individuals are diagnosed with
Covid-19 they are interviewed
by public-health officials and
asked whom they have come in
contact with over the last sev-
eral days. Those people are
then reached by phone. This
process can take several days
for each individual.
The lack of testing and visi-
bility into who is infected has
prompted widespread shut-
downs of schools and busi-
nesses, with massive economic
ramifications.
* * * * * * *
Fed Weighs Support for States
Local governments
are confronting
skyrocketing
borrowing costs
BY NICK TIMIRAOS
AND HEATHER GILLERS
Federal Reserve officials are
reviewing new ways to sup-
port financing for state and lo-
cal governments, many of
which are on the front lines of
the coronavirus pandemic and
will face huge borrowing
needs as revenues plunge, ac-
cording to people familiar
with the matter.
The economic-rescue legisla-
tion Congress approved this
week asks the Fed to charge
headlong into areas it has long
considered taboo—supporting
lending to businesses, cities
and states.
The Fed traditionally
avoided intervening directly in
credit and fiscal policy, prefer-
ring to leave such matters to
Congress and the White House.
That is changing now be-
cause of the fast-moving eco-
nomic crisis—and because Con-
gress has essentially directed
the Fed to get more involved by
providing $454 billion to the
Treasury to cover any losses in
new Fed lending programs.
The Fed has dramatically ex-
panded its balance sheet over
the past two weeks, by nearly
$942 billion to $5.25 trillion as
of Wednesday. The central bank
has lent freely to help firms
avoid a wave of defaults that
could turn a recession into
something much worse.
Over two weeks, the Fed has
on “They are taking a big bite of
unveiled six lending facilities,
five of them enjoying a total of
us l,
$50 billion in support from the
Treasury. Those programs have
al a
e
freed up cash for major Wall
Street institutions and will back-
stop money-market funds and
ci on
markets for commercial debt.
Democratic lawmakers have
made support for city and state
borrowing a priority in recent
legislative talks, and the latest
er rs
bill directs the Treasury secre-
tary to seek a Fed lending pro-
m e
Tariff Collections to Be Paused, Officials Say
m rp
BY ALEX LEARY
AND WILLIAM MAULDIN
WASHINGTON—The Trump
co Fo
administration is preparing to
suspend collection of import
tariffs for three months to give
U.S. companies financial relief
amid the coronavirus pan-
demic, according to adminis-
tration officials.
“Customs duties will be sus-
pended for three months,” a
senior administration official
said Friday.
Companies would still be li-
able for the tariffs at a later
date, which hasn’t been deter-
n-
mined, another official said.
There would be no formal
changes to tariff policy, offi-
cials said.
Asked about The Wall
Street Journal’s report at a
news briefing late Friday, Mr.
Trump called the report “fake
news.”
Mr. Trump signed a roughly
$2 trillion economic-stimulus
bill Friday as the economy has
been brought to a standstill by
the coronavirus pandemic.
Business groups have called
for tariff relief. They have
faced resistance from trade
hawks and domestic industries
such as steel calling for protec-
tion from what they see as un-
fairly traded imports.
U.S. Customs and Border
Protection in recent days sent
out a formal notice saying it
would provide temporary de-
lays for customs duties on a
case-by-case-basis, only to re-
scind the offer on Thursday.
Even so, the administration
EPA Delays Switchover From Winter to Summer Fuel
BY TIMOTHY PUKO
WASHINGTON—The Envi-
ronmental Protection Agency
is delaying the changeover to
summer gasoline by several
weeks, saying otherwise the
coronavirus pandemic could
cause a fuel shortage.
Lobbyists have described
this as possibly the biggest of
several waivers the Trump ad-
ministration is giving to indus-
try and water authorities while
they keep many workers at
home to slow the pandemic’s
spread. The Wall Street Jour-
THE CORONAVIRUS PANDEMIC
The Fed has dramatically expanded its balance sheet over the past two weeks. Above, Fed Chairman Jerome Powell earlier this month.
gram for municipal finance.
State and local govern-
ments are confronting sky-
rocketing borrowing costs
even as they are straining to
pay expenses associated with
the spread of the virus. House
Speaker Nancy Pelosi told Fed
Chairman Jerome Powell last
week “to think big and help
our states,” she said in an in-
terview on PBS this week.
this wormy apple and they
need much more in terms of
resources.”
Under its governing law, the
Fed can’t directly buy corpo-
rate debt, and it is limited to
purchasing municipal debt of
six months or less.
But it can work around
these restrictions by creating
lending facilities that lend or
purchase debt, subject to ap-
proval of the Treasury secre-
tary.
The Fed has already dipped
The U.S. is moving to suspend customs duties for three months. Above, a steel plant in Pennsylvania.
officials said the White House
was now moving to stop the
collection of tariffs, while leav-
ing the tariffs in place.
A spokesman for Robert
Lighthizer, the U.S. trade rep-
resentative, didn’t immediately
reply to a request to comment.
The plans for tariff-payment
delays doesn’t by itself mean
nal reported on Tuesday that
such a move was likely.
The EPA said Friday it
would waive requirements to
sell the cleaner fuel until May
20, giving wholesalers and re-
finers at least about three ex-
tra weeks to sell off a backlog
of the winter blend.
The action delays an annual
switch in the spring to
cleaner-burning blends of gas-
oline designed to keep air pol-
lution levels from rising
sharply in hotter, sunnier
months.
The action drew objections
a toe into muni-debt markets
by expanding a money-market
lending backstop to include
certain types of municipal
debt—and by purchasing some
highly rated municipal debt in
a facility backing the market
for very short-term commer-
cial debt.
The Federal Reserve
has expanded its
balance sheet to
$5.25 trillion.
As of Wednesday, short-term
interest costs on variable-rate
municipal bonds have more
than tripled compared with
two weeks ago and are now
higher than the rates govern-
ments typically pay on 30-year
bonds, according to an index
the administration is backing
away from the use of trade
barriers to defend domestic in-
dustry. Trade experts say the
combination of the 2020 presi-
dential election and a possible
recession suggests the admin-
istration would face a political
backlash if it removed the tar-
iffs, including in manufactur-
from the environmental group
Defend Our Future, an arm of
the Environmental Defense
Fund, which said it would
weaken public-health protec-
tions at a time when air pollu-
tion may make people more
vulnerable to the pandemic.
“This decision could lead to
more pollution and worse air
quality, which will jeopardize
human lives,” the group’s Matt
Oberhoffner said in a state-
ment.
States make the transition
to summer gasoline between
April 1 and May 1, and several
Saturday/Sunday, March 28 - 29, 2020 | A9
ANDREW HARRER/BLOOMBERG NEWS
maintained by the Securities partment in the Obama
Industry and Financial Markets administration, has been hired
Association. by the Fed to advise on muni
Monday’s announcement by markets, according to people
the Fed to include more munic- familiar with the matter.
ipal debt in existing lending fa- Among the questions Fed
cilities appears to have made officials are considering:
.
only a small dent, bringing the Whether to expand existing fa-
ly
index, which tracks bonds cilities to accommodate other
that adjust their rates weekly municipal debt or to launch a
according to what investors are new facility devoted to state
willing to pay, to 4.7% down and local finance. Fed officials
from 5.2% the prior Wednesday.
Interest rates on other
will have to decide which mu-
nicipal debt might be eligible
short-term muni debt that for support and on what terms.
spiked last week have fallen af- There are limits to how far
ter the Fed said Monday it the Fed can lend using its
would purchase some munici- emergency authorities. Its
pal variable rate debt. Rates on loans must be well secured,
water, power and sewer bonds which the Fed typically satis-
issued by New York City and fies by restricting borrowing
Los Angeles fell back to their to highly rated issuers.
typical rates of between 1% and The Fed and Treasury
2% Thursday after hitting brainstormed on ways to sup-
nearly 8% on Friday. port hard-hit state and local
Kent Hiteshew, who estab- treasuries after the 2008 fi-
lished an office of state and lo- nancial crisis, but opted
cal finance at the Treasury De- against doing so.
varro told the Journal last
week.
On Friday, Mr. Navarro was
appointed by Mr. Trump to
oversee government efforts to
arrange private production of
essential items during the pan-
demic. Mr. Navarro couldn’t
immediately be reached by
phone Friday.
Mr. Trump has imposed
global tariffs on steel and alu-
minum imports, as well as tar-
iffs on hundreds of billions of
dollars of Chinese products in
a trade war sparked off by
China’s treatment of American
intellectual property and trade
secrets.
Other imports also face du-
ties based on findings of for-
eign “dumping” or subsidies,
and the U.S. maintains usually
MICHAEL RAYNE SWENSEN/BLOOMBERG NEWS
low tariffs on a host of prod-
ucts from most countries un-
der international agreements.
Washington and Beijing in
January signed a “phase one”
agreement that serves as a
truce in the trade war. The U.S.
didn’t remove tariffs on any
Chinese products under that
pact, they only reduced the
rates of some tariffs.
The pact requires China to
buy $200 billion more in U.S.
exports than it previously did,
ing-heavy states of the Mid- and Mr. Trump has said he ex-
west. pects the pact to be upheld.
“This whole crisis is a vindi- The two countries have re-
cation of President Trump’s cently seen tensions grow over
tariff policies, which over the the virus, which spread from
last three years have already China, as well as a spat that
begun to bring some of our has seen both nations reduce
supply chains and jobs home,” the number of foreign corre-
White House trade and manu- spondents permitted from the
facturing adviser Peter Na- other country.
had already asked the EPA to supply of the cleaner fuel from
step in for clarity across the the market.
country, said Tom Kloza, the In the same announcement,
top analyst at IHS Markit Ltd.’s the EPA also said it intends to
Oil Price Information Service. extend ethanol-blending com-
Mr. Kloza expects that with pliance deadlines for small re-
travel limited by the pandemic fineries, and won’t revisit
April gasoline demand will prior exemptions given to
drop to levels unseen since the them that were brought into
1960s, off seasonal norms by question by a recent court rul-
more than 40%. ing. It says it is prioritizing
The EPA says that if distrib- rules connected to potentially
utors aren’t able to sell off the acute risks and imminent
backlog of winter gas in their threats during the pandemic
storage tanks, they won’t be and calls revisiting these etha-
able to start putting summer nol exemptions for small refin-
gasoline into them, blocking ers a low priority.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
A10 | Saturday/Sunday, March 28 - 29, 2020
Five Lives
Upended
By Crisis
Continued from Page One
and office towers, had been in-
structed to wear face masks
on the job.
Governments were calling it
the novel coronavirus. Over
the next two months, it would
spread widely, carried by the
most-connected human popu-
lation in history to all corners
of the world.
In this era of globalization,
families scattered across con-
tinents would watch from afar
with confusion, dread and
helpless foreboding as their
loved ones fought a disease
the world knew very little
about.
It would upend five lives,
all exposed to the virus as it
traveled from country to coun-
try, week after week.
But before all that, on the
afternoon of Feb. 8, Mr.
Sarker’s coronavirus test came
back. It was positive.
Budapest
In Paris, dining on truffle
ravioli and the first oysters of
his life, Gabor Szabo and his
Brazilian wife wondered if
they should be worried about
the sickness that had arrived
‘I can hardly breathe,
I can hardly breathe.’
Ivo Cilesi’s panicked call for help before an ambulance arrived
in Europe. It was Feb. 16, their
seventh anniversary, and they
were a long way from home,
Rio de Janeiro. The couple
would soon fly to Hungary to
spend time with Gabor’s dad, a
cancer patient.
Battling lymphoma at age
70, Albert Szabo was eager to
get to know the daughter-in-
law he had recently met for
the first time. For years, the
family had drifted apart. Ga-
bor chased jobs from con-
no
Baby items sent by Raju Sarker to his wife in Bangladesh.
Hair Stylist’s Survival Plan
Is to Build a Digital Salon
As the new coronavirus
forces big changes in how we
work, The Wall Street Jour-
nal is look-
ing at how
different
people are
coping with
the stresses and risks. For
earlier articles in the series,
visit wsj.com/makingitwork.
BY STEVEN RUSSOLILLO
Maddisen Maxwell’s High-
land Park, N.J., hair salon has
seen tough times. Michael B
Hair & Style opened its doors
in December 2008, during the
throes of the Great Recession.
A van rammed into the store-
front years later, prompting it
to close for months while re-
pairs took place.
Turmoil created by the cor-
onavirus pandemic is more
stressful than those early tri-
als. Tough as it is, the 41-year-
old stylist can’t let it sink her
business.
“Obviously we can’t do hair
virtually,” Ms. Maxwell said by
THE CORONAVIRUS PANDEMIC
struction to running his own
restaurant in South America,
enjoying a global lifestyle once
incomprehensible for his fa-
ther, a Hungarian who grew up
under Communist dictator-
ship.
Previously, the elder Mr.
Szabo had been able to speak
to his daughter-in-law only in
short messages typed into
Google translate, each Portu-
guese-Hungarian exchange full
of humorous errors.
The family had spent two
days at the home of Mr. Szabo,
a retired truck driver, when
Gabor developed a fever, sore
throat and cough. He visited a
hospital that sent him back to
his father’s house without
testing for coronavirus. The
ailment cleared up.
On Feb. 23, the elder Mr.
Szabo noticed he had the same
symptoms. “There is nothing
wrong, these are just side ef-
fects of chemotherapy,” he
told the couple.
Milan
With infections of the re-
cently named Covid-19 disease
surging in Italy, authorities
had begun quarantining towns
in the country’s wealthy north.
Ivo Cilesi thought he might
still manage to make a quick
road trip from his apartment
outside Milan to Genoa, the
seaside town of his youth.
A renowned therapist, he
had pioneered a technique of
treating dementia patients
with imaginary train rides,
on
earning the nickname Dr.
Train. Nursing homes tended
to inject these elderly full of
sedatives. Instead, he helped
us l,
them cope with music or dolls,
aiming to bring dignity to the
al a
e
people society tended to shove
aside.
He and his partner had al-
ci on
ready packed their bags for a
long weekend, when on Feb.
26 he found himself strangely
exhausted. “Why go to the
beach,” he said, “if we’re just
er rs
m e
m rp
co Fo
n-
SANJIDA AKHTER
phone earlier this week. “But
we’re trying to find what as-
pects of our brick-and-mortar
business we can take online.”
After years of thinking about
ways to branch out into digital
services, the crisis is forcing
her hand.
On Thursday, a week after
closing the salon as cancella-
tions had been piling up, she
turned it into a studio. She
used a gray screen, lights and
an iPhone camera to shoot a
video tutorial on washing and
maintaining curly hair. She per-
formed on a mannequin to ad-
here to social-distancing norms.
A hair stylist for over 20
years, Ms. Maxwell is hopeful
her online offerings will meet
enough demand to supplement
at least some of the lost reve-
nue that can come from a $60
blowout and style or a $300
weave during normal times. A
majority of her clients are Afri-
can-Americans who she says
rely on getting their hair styled
professionally as opposed to
doing it themselves. She hopes
e-consultations can help.
Italian therapist Ivo Cilesi and his partner Giovanna Lucchelli before he suddenly took ill; below,
Iranian photojournalist Aitai Shakibafar stands inside a home that was destroyed by flooding.
going to be stuck inside be-
cause I’m not feeling well.”
They stayed home.
At breakfast on Friday, Mr.
Cilesi suddenly panicked. “I
can hardly breathe, I can
hardly breathe,” he gasped.
“Relax, what’s going on?”
his partner asked.
As she dialed Italy’s 112
emergency number, a thought
struck her: He wasn’t protest-
ing her call for an ambulance.
He was shaking.
Tehran
The doctor said 10% of Aitai
Shakibafar’s lungs were dam-
aged. She quickly became a
suspect for the new disease
that was spreading rapidly
through her country, Iran.
Twice, Ms. Shakibafar had
coughed up blood in her
hands, her nails still painted
with the Minnie Mouse icon
from the beauty salon where
the 30-year-old wondered if
she’d caught it.
A female photojournalist in
a male-dominated industry,
Ms. Shakibafar was often the
only woman snapping pictures
from the scene of a disaster.
Rather than join her sister in
Canada, she preferred to take
her camera to far-flung cor-
ners of their home country
reeling from floods and eco-
nomic deprivation.
At dusk on March 5, Ms.
Shakibafar lay down in the
back seat of her car with her
father behind the wheel, rac-
ing through the streets of Teh-
ran. The hospital waiting-room
was teeming with people. But
medical staff saw she was hav-
ing trouble breathing.
As she was being admitted
to the intensive-care unit, she
felt faint. Someone got her a
wheelchair.
Washington, D.C.
The same day, Liza Paqueo,
a specialist in urban forest
programs at the U.S. Forest
Service in Washington, D.C.,
was surprised to see missed
FaceTime calls from her
mother in the Philippine capi-
tal Manila, where it was well
past midnight.
“They’re really struggling
trying to figure out what to
do,” she said.
Ms. Maxwell started sens-
ing a few weeks ago there
would be demand for services
outside the salon. Before the
pandemic worsened, some
women were asking her to do
home visits. Last week, New
Jersey said salons needed to
temporarily close to help pre-
vent the virus from spreading.
Yet clients still need their
hair done. Based on feedback
from clients, she intends to of-
fer half-hour FaceTime consul-
tations for $50 to those who
want help while coloring or
styling their hair from home.
In addition, she is packag-
ing and selling products like
shampoo and moisture masks
in what she is branding as
beauty boxes that go for as
much as $150. Shortly after
launching the boxes she sold
three of them.
Ms. Maxwell still has a lot
of headaches to sort out. Her
four employees, for example,
remain on the salon’s books
The two spoke every day,
often more than once. Her
mother sometimes called in
the middle of the night to
nudge Liza to play her turn on
Words With Friends, an online
Scrabble-like game the two
competed fiercely on. Her
mother had last made D-O-L-T
for 36 points, followed by H-O-
A-X by Liza. It was her
mother’s turn.
That day, though, the call
was about something else. Her
mother, Nida Cortes Paqueo,
was in a hospital bed. An X-
ray showed she had pneumo-
nia in her right lung. Liza was
shocked, but didn’t think it
could be the novel coronavi-
rus. There were still only a
limited number of cases in the
Philippines, and U.S. figures
were just starting to grow.
Besides, her mother took
long walks, danced the rumba
with friends she had known
for half a century and, while
Maddisen Maxwell dried a mannequin’s hair at her salon in Highland Park, New Jersey on Thursday.
and she hopes to keep paying
them with government stimu-
lus money.
Even with the innovation
and government help, her
business needs to make dras-
tic changes. She plans to
eventually cancel the salon’s
current lease, saving $4,000 a
month that had been going
toward rent. She is merging
with her sister’s salon a few
towns away.
“It was the only way for us
to keep moving forward,” she
said. If she had tried to main-
* ***
.
ly
she had a sore throat and fa-
tigue for a few days, nothing
seemed especially alarming.
Mrs. Paqueo had enjoyed a
steak dinner for her 67th
birthday a few days earlier.
Now in the hospital, she
was losing her appetite. Mrs.
Paqueo asked family members
to bring her fruit and a salty
shrimp dish. But when they
did, she would often not eat.
Liza scolded her mother, so
on FaceTime, Mrs. Paqueo
showed her she was eating
bread and sausage.
“Good job,” Liza said. “Now
don’t ask for your usual Coke
Zero. You need calories.” she
added, making her mother
laugh, then cough.
Milan
A doctor and an ambulance
crew stormed through the
door of Giovanna Lucchelli’s
apartment outside Milan. Her
partner, the therapist col-
tain the status quo for a few
more weeks, Michael B Hair &
Style would have gone out of
business. “This at least lets me
continue.”
Ms. Maxwell and her hus-
band, Dalles, are co-owners of
the salon, and have three chil-
dren at home. Mr. Maxwell’s
mother and aunt, both retired
teachers, are helping their
three children—ages 7, 10 and
17—with distance learning at
home. That has freed Mr. Max-
well to focus on a few side
gigs to keep bills paid while
THE WALL STREET JOURNAL.
leagues called Dr. Train, was
struggling to breathe.
Medics fitted an airway
pressure-release ventilator
onto his face. At the hospital,
Ms. Lucchelli paced the corri-
dor while her partner van-
ished into an X-ray room. A
chest scan showed he had pro-
gressed to pneumonia. Doctors
thought: coronavirus. They
carried Mr. Cilesi, by now un-
conscious, into an isolation
ward, closed off to all but a
strained crew of physicians
racing to handle the influx.
They would have to wait
and see if his oxygen levels
crept up.
Ms. Lucchelli returned
home for the evening, expect-
ing the hospital to call. Nor-
GIOVANNA LUCCHELLI; AITAI SHAKIBAFAR (BELOW)
mally, when the two weren’t
together, Mr. Cilesi dialed
many times daily, or called her
sister if she didn’t answer.
“Make sure your phone is al-
ways charged so I can reach
you anytime,” he would say.
The next morning, the doc-
tor gave her the news. The
test was positive for coronavi-
rus. Mr. Cilesi was taken to a
larger hospital, and given ex-
perimental-drug treatments
and muscle relaxants to pre-
vent chest damage. Tubed into
a high-performance ventilator,
he was rolled onto his belly to
give his lungs room to expand.
Every time she dialed the
hospital helpline for updates,
the doctors were too busy, the
staff stressed. She wondered
where her partner had con-
tracted coronavirus, maybe in
one of the three hospitals
where he worked, in between
a life of research and medical
conferences abroad.
Friends of Ms. Lucchelli
told her not to worry. Mr.
Cilesi was relatively young,
full of energy and strong like
his father. This is like the flu,
well-wishers said, and he
would recover. Only the very
old and very sick don’t, they
said.
Budapest
At Albert Szabo’s cancer-re-
lated checkups in Hungary,
physicians chalked up his high
temperature to lymphoma
complications. But by March 5,
he was exhausted and could
eat nothing more than a few
bites of a banana or tangerine.
When he told a doctor he was
struggling to breathe, confu-
sion shot through the room.
“Why didn’t you start with
that?” the doctor asked,
scouring his medical history
for an explanation.
Hospital staff fit Mr. Szabo
with an oxygen mask while the
doctor worked on a diagnosis.
Maybe it was a postsurgery
pulmonary embolism? he won-
dered.
Then Mr. Szabo’s son Gabor
mentioned the possibility of
coronavirus. It hadn’t been
their first thought, but medics
rushed into action, putting on
face masks and scrambling to
protect themselves. The elder
Mr. Szabo was frightened and
numb as medical staff carried
him away, his face obscured by
the oxygen mask. Normally,
the tough old man would have
said a few defiant words, his
son thought.
Two days later, Gabor got a
call from a brother elsewhere
in Hungary: “They were just
saying on TV that our father is
the fifth patient in Hungary
Please turn to the next page
HANNAH YOON FOR THE WALL STREET JOURNAL
the salon is closed.
He has been working with a
meal-prep startup focused on
healthy eating. And a carpen-
ter on the side, he recently
started a contracting business
with a few kitchen and bath-
room projects for friends and
neighbors who allowed him in
their homes despite concerns
over coronavirus.
“I wanted to start it for
years. Now it’s in high gear,”
he said. “I’m starting with
small projects, that’s getting
some money coming in.”
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
Continued from the prior page
with coronavirus.”
Singapore
That night, in an isolation
room in Singapore, Mr.
Sarker’s blood pressure was
dropping fast. Doctors sum-
moned his local contact, Jakir
Khan, a man Mr. Sarker had
grown up with in Bangladesh.
An image of Mr. Sarker’s lungs
showed cloudy white patches,
which meant heavy damage.
His kidneys weren’t working
either.
Mr. Khan made a video call
to Mr. Sarker’s wife in Bangla-
desh. He didn’t share the de-
tails of her husband’s dire con-
dition, worried it could trigger
complications in her preg-
nancy a few weeks from child-
birth. But if these were his fi-
nal moments, she should at
least see him, Mr. Khan
thought.
He pressed the phone
against the glass wall of the
isolation room. Mr. Sarker lay
on his stomach, his face
turned to one side, obscured
by tubes. She strained to see.
Mr. Khan panned the camera
toward a cluster of doctors.
“Look, they’re all working very
hard. Just pray for him,” he
said to her.
No one had spelled it out,
but Sanjida Akhter could tell
her husband’s life was in real
danger. Her parents had been
crying. An only son, Mr.
‘Look, they’re all working very hard.
Just pray for him.’
A friend on the phone to Raju Sarker’s pregnant wife
Sarker sent money to support
his wife and widowed mother.
The last time he was home, in
the summer of 2019, she
cooked him his favorite foods:
beef curry, taro stir fry.
In July, she learned she was
pregnant, and when Mr. Sarker
left for Singapore, they agreed
he would return after the
birth. She wondered now if
her husband would live to see
their child.
That night, unbeknown to
her, her father grappled with a
no
Ms. Shakibafar during the first of five days in intensive care.
U.S. Eases Curbs on
Seasonal Labor Visas
BY MICHELLE HACKMAN
WASHINGTON—The State
Department is further easing
requirements on seasonal for-
eign worker visas, following
agriculture industry warnings
that a bottleneck created by
coronavirus-related curbs
could prompt a farm-labor
shortage at the peak of spring
harvest.
Under the latest rules,
which the State Department
issued Thursday, most appli-
cants will no longer need an
in-person interview to get vi-
sas for farm or other seasonal
work, such as landscaping,
fishing or working at resorts.
That requirement had slowed
the number of workers enter-
ing the U.S. The State Depart-
ment paused most visa pro-
cessing in embassies and
consulates abroad due to the
pandemic.
Under a different set of
rules issued last week, only
returning workers—nearly all
of whom come from Mexico—
were allowed to skip the in-
terview.
Though the new rules ap-
* * * *
Liza Paqueo with her mother, Nida Cortes Paqueo, above. Albert
Szabo, right, with the truck he used to drive in Hungary.
wrenching question: If Mr.
Sarker died, would they want
the body flown back home? He
came to the conclusion that
they would. For peace of mind.
Still, there were logistical
matters to consider. The body
needed to be washed before
burial under Islamic customs,
but that wouldn’t be possible
because of the infection, he
was told. They would also
need permission from Bangla-
us l,
desh authorities.
al a
Manila
e
Mrs. Paqueo was a planner.
She had picked out her burial
ci on
plot in her hometown of Su-
rigao in the Philippines years
ago. It is on a hill overlooking
open waters. She’d instructed
er rs
m e
m rp
co Fo
n-
ply to all seasonal workers,
most of those entering the
country at the moment are
coming to plant and harvest
crops.
U.S. farmers rely heavily on
the seasonal guest-worker vi-
sas, known as H-2A, which
can legally account for as
many as one in 10 of a farm’s
workers.
The industry pressed the
Trump administration to ease
requirements.
“American farmers are de-
pendent on guest workers
from the H-2A program to har-
vest our crops, and American
consumers are dependent on
the food from these harvests
for continued sustenance dur-
ing the present crisis,” said
Dave Puglia, president of
Western Growers.
The easing of H-2A curbs
has angered groups advocat-
ing tighter restrictions on im-
migration—some of President
Trump’s staunchest allies—
who say the government
shouldn’t be making it easy
for employers to hire foreign
labor when so many Ameri-
cans are losing their jobs.
Saturday/Sunday, March 28 - 29, 2020 | A11
THE CORONAVIRUS PANDEMIC
Cumulative coronavirus cases
0 100,000 200,000
Jan. 22 Feb. March
Asia Pacific
1 Europe
5
2 3 Middle East
1 Feb. 8 4
North America
Raju Sarker tests positive in Singapore.
Others
2 Feb. 23 4 March 5
Albert Szabo develops flu-like symptoms in Aitai Shakibafar is admitted to
Hungary. the intensive-care unit in Iran.
3 Feb. 28 5 March 10
Ivo Cilesi is rushed to a hospital in Italy. Liza Paqueo in the U.S. learns her mother
in the Philippines is in critical condition
Note: Data as of March 25
Source: Johns Hopkins CSSE
The nurses counseled her. mother had passed away at “My father is showing again
“More than drugs, hope can 7:27 a.m. on March 11, the day how tough he is,” his son said.
help you,” one said. They also the coronavirus was officially “It’s hard to take out my dad,
talked about their own worries declared a pandemic. he is like an old oak tree.”
LIZA PAQUEO; SZABO FAMILY (RIGHT)
on the medical front lines. Her coronavirus test came
Ms. Shakibafar struggled back positive a few hours Bangladesh
with the sense of doom later, as did her husband’s. He In Bangladesh, Sanjida felt
around her. She played an Ira- is still fighting the disease. desperate. Her baby was due
nian love song from the 1990s Mrs. Paqueo was cremated. in a few weeks and Mr. Sarker
on her phone and sometimes Her burial plot lies empty. had been in intensive care for
sang along, mumbling into her more than a month. She
oxygen mask. Budapest wanted to see her husband.
After five days in the ICU The medical team in Hun- Since she couldn’t travel to
that felt like a terrible night- gary didn’t think Mr. Szabo Singapore, doctors agreed to
mare, Ms. Shakibafar was sent would last even a week. The hold up a phone close to his
to a ward and then discharged. odds were bleak for the 70- face on a WhatsApp video call.
her family and friends she She cried. “I saw the sky with a year-old retired truck driver, Mr. Sarker’s eyes were closed,
wanted her funeral to be a different perspective,” she said. still battling lymphoma from a sunken, but he could hear,
party. Her favorite song “What coronavirus isolation ward. doctors said.
a Wonderful World” by Louis Milan But on March 11, a doctor The last time the two had
Armstrong, would play, and Mr. Cilesi, the 61-year-old woke him up, and told the old spoken to each other, more
tunes by Earth, Wind & Fire. Italian therapist, never re- man that his family was with than a month ago on Feb. 5, he
By March 8, the pneumonia gained consciousness after his him. Mr. Szabo, on a ventila- had told her not to worry. She
had spread to her left lung.
She and her husband, a 72-
year-old economist who had
worked for years at the World
Bank, were tested for Covid-19.
.
They saw each other briefly
ly
that day before being taken to
separate rooms. The results
would come in 48 hours.
on Medics put a breathing
mask over her face and fitted
her with a feeding tube.
From the U.S., her daughter
Liza inquired about the coro-
navirus test every few hours.
A U.S. citizen, she has lived in
the country since 1985, when
her parents moved there for
work. The disease was now
spreading in America.
A specialist in infectious
diseases gave a webinar at her
office. Liza asked if Tamiflu,
which was being given to her
parents, would be effective
against Covid-19. The expert
said most likely not.
Tehran
In the intensive-care unit in collapse that late-February tor, couldn’t speak but blinked had the same message for him.
Tehran, Ms. Shakibafar day when he was rushed to to signal he understood. There She wanted to sound upbeat,
breathed through an oxygen the emergency room in the was surprising news: His lungs and somehow pull him back
mask, garbed in a purple hos- middle of breakfast. On March and circulation were both im- from the jaws of death.
pital gown. There were nine 2, Ms. Lucchelli learned he had proving, though he still wasn’t “You’re having a son,” she
beds in the room, which was died overnight. out of the woods. said. “I went to the doctor and
filled with patients like her She sent a suit and a photo The doctor called it a mira- he said I’m due to give birth
who were struggling to of Mr. Cilesi to the mortuary, cle. Gabor thinks his father on April 1. Get better and
breathe. Ms. Shakibafar’s but the risk of contracting the may have been lucky. Being come home soon.”
Covid-19 test came back posi- virus was too high for the one of Hungary’s first pa- Mr. Sarker’s latest Covid-19
tive several days after she was morticians, who could only lay tients, doctors were able to test came back negative. But
admitted. the clothes atop the body be-
People were dying around fore they cremated it. At least
her. Hospital staff rushed into dress him in a hat, she asked.
‘It’s hard to take out my dad,
the room several times, draw- “Ivo loved hats.” he is like an old oak tree.’
ing a curtain and intubating a
near-death patient. If their ef- Washington, D.C.
forts failed, the body was Liza got an urgent text from Albert Szabo’s son, who came from Brazil to visit him
wheeled out. Manila as she had a late lunch
When she felt able, Ms. on March 10. On the phone give him their full attention. after seven weeks in the hos-
Shakibafar talked to some of with a relative, she learned Recovered from his own pital, he still can’t breathe on
her neighbors. She cajoled a her mother’s heart had likely bout of coronavirus, Ga- his own, and his condition re-
bearded man who looked to be stopped. Doctors gave Mrs. bor plans on staying in Europe mains critical. Every day, San-
in his 50s to eat. The next Paqueo chest compressions for in the months to come, per- jida worries she’s one step
AITAI SHAKIBAFAR
morning, his bed was empty. eight minutes and revived her. haps taking up work in Swe- closer to her child’s birth and
At first the nurses said he’d Liza took an Uber to her den to support his parents. Af- perhaps her husband’s death.
been moved to a hospital brother’s house to be with ter years in Brazil and a battle Her hospital bag for the de-
ward, not wanting to upset family. It was there that she with a global pandemic, he livery is packed.
her. When she asked again, got the call. Mrs. Paqueo’s pu- thinks maybe now is the time —Szabolcs Panyi
they said he had died. pils were dilated. Their to remain close to family. contributed to this article.
Building Industry Seeks Exemption
BY DAVID HARRISON
AND KEIKO MORRIS
response to state orders. A
survey by the Associated Gen-
eral Contractors released Fri-
The construction industry day found that 39% of compa-
is pushing to keep projects up nies had projects stopped by
and running even as some be- clients or local authorities, up
LUKE SHARRETT FOR THE WALL STREET JOURNAL
gin to shut down around the from 28% last week.
country to slow the spread of As sites close, more work-
the coronavirus. ers will likely turn to unem-
In Washington, D.C., and in ployment benefits, further
state capitals, industry groups swelling the ranks of recipi-
are lobbying to designate con- ents. On Thursday, the Labor
struction workers as essential Department reported a record
personnel exempt from stay- 3.28 million applications for
at-home orders. The industry unemployment benefits in the
employs 7.6 million Americans, week ended March 21.
or 5% of the workforce. The $2 trillion rescue pack-
That effort has had mixed age approved by Congress
success. Illinois and California A virus warning sign posted at a construction site in Lebanon, Ky. won’t be enough to help the
have deemed construction es- industry, the AGC said. The
sential but Pennsylvania and workers from local quarantine weeks—a timeline at odds group wants lawmakers to
Washington state have or- orders. with the advice of health pro- spend more on infrastructure,
dered building sites closed ex- “Shutting down the ability fessionals. grant relief from losses on
cept those deemed essential, of our industries to serve our Construction accounts for federally funded projects and
such as health-care facilities. nation and maintain our physi- 4.1% of gross domestic prod- protect construction worker
New York state at first ex- cal infrastructure will impact uct, but the impact of a na- pension plans.
empted construction but the economic viability of the tionwide shutdown would Industry groups say con-
amended its order Friday to entire nation, not to mention spread to manufacturers of struction workers are less at
shut down all projects except numerous businesses,” they building materials and equip- risk from the virus because
those deemed critical, such as wrote. ment as well as to architects they often work outdoors and
those involving roads, transit, Their plea highlights the and engineers, said Ken Si- wear protective equipment
bridges and health care. trade-off between battling the monson, chief economist of such as masks and gloves.
Last week, industry groups spread of the virus and keep- Associated General Contrac- About 13% of respondents to
and the U.S. Chamber of Com- ing the economy on track. On tors of America, a trade group. the AGC’s latest survey said
merce wrote to President Tuesday, Mr. Trump said he While most construction they knew of an infected per-
Trump, urging his administra- hoped to have the country sites remain open, a growing son on their job site, up from
tion to exempt construction back at work in just two number are shutting down in 8% in last week’s survey.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
A12 | Saturday/Sunday, March 28 - 29, 2020
Italy’s Slow Progress Is Warning to West
One of the most
draconian lockdowns
hasn’t stamped out
the virus entirely
BY ERIC SYLVERS
AND MARGHERITA STANCATI
Doctors in Brescia, a north-
ern Italian town at the center of
the country’s new coronavirus
pandemic, have seen glimmers
of hope in their battle against
the disease in recent days.
The virus has killed more
than 1,000 people there and the
number of infected admitted to
its large hospital is beginning
to decline, down by half to 50 a
day, suggesting the extreme
lockdown imposed on the pop-
ulation could be working.
But local officials believe
the true number of those in-
fected with the virus is per-
haps six times the official fig-
ure of 7,305. And they are
taking new steps: Those dis-
charged from hospital but still
positive for the virus are sent
to temporary quarantine facili-
ties for two weeks before re-
turning home, a measure grad-
ually being introduced
elsewhere in the country.
More than two weeks after
Italy enacted a nationwide
quarantine that remains the
most drastic in the West—peo-
ple are largely barred from
leaving their homes—the
growth of new infections is
slowing to single-digit percent-
age increases each day, lower
on average than a week ago.
However, progress is un-
even and slow, with an addi-
tional 919 people dying on Fri-
day, the highest one-day total
since the outbreak began. That
brought the total in Italy to
9,134 dead of the disease, the
most in the world.
More than 86,000 people in
Italy have tested positive for
the virus so far. But the head
of Italy’s emergency services
said up to 650,000 Italians
may have been infected, many
of them asymptomatic, mean-
ing that even tighter quaran-
tine measures could fail to
stop the spread.
The country’s experience—
which has served as the tem-
plate for the lockdowns
throughout much of the West
and which followed several
weeks of more-limited quaran-
tines in the country’s north—
shows that such measures are
very slow to produce results
and ultimately could fail to
stamp out the virus entirely.
That is instructive for other
countries that must decide
how hard to clamp down on
their populations, and how to
calculate the attendant eco-
nomic damage. At the mo-
ment, the U.S. has a patchwork
of policies, while most of Eu-
rope is under some form of a
lockdown.
“The restrictions had a big
impact. It’s the only thing that
allowed us to survive,” said
n-
Alessandro Triboldi, head of
Brescia Poliambulanza Hospi-
tal. “But we need to get into
our heads that we’re in this
no
for the long haul.”
Johnson
Tests
Positive
Continued from page A1
demonstrates the difficulties
of leadership, which demands
personal meetings with senior
aides and displays of public
reassurance, while conforming
to public guidelines to limit
contact with others. Many
leaders have failed to follow
their own government advice.
Government offices and leg-
islatures around the world are
often housed in archaic build-
ings that push policy makers
into proximity. The British
government is run from a war-
ren of interconnected old
buildings around Downing
Street in central London that
serve as residences for the
prime minister and others,
and as offices for other minis-
ters and senior civil servants.
Several other leaders, in-
cluding President Trump,
Chancellor Angela Merkel of
Germany and Canadian Prime
Minister Justin Trudeau, who
were in close contact with
people with the infection, have
so far tested negative.
Mr. Trump was tested after
he hosted a dinner at his Flor-
ida resort for a delegation
around Brazilian President
Patients were treated in an emergency temporary overflow hospital building set up to ease the pressure on the health-care system in Brescia, Italy, on Monday.
on
us l,
al a
e
ci on
er rs
m e
Medical personnel prepared to evaluate a patient who arrived in an ambulance at a hospital in Brescia, Italy, this past week.
“In China, it took two
m rp
months of complete closure to
go down to zero contagions.
What’s been done here so far
has helped save [the northern
region of] Lombardy but it’s
co Fo
not over yet,” he said.
China’s Zhejiang province
reported one new domestic in-
fection on Thursday.
Italy enacted its first lock-
down measures on Feb. 22,
quarantining 11 towns at the
center of the initial clusters of
infections in the northern re-
gions of Lombardy and the Ve-
neto. But much of the country
continued normally. Some 40%
of those leaving their homes
before the virus’s arrival were
still doing so regularly before
a recent tightening of the
rules, according to mobile-
phone location data cited by
officials.
Jair Bolsonaro. More than 20
members of the delegation
later tested positive. Mr. Bol-
sonaro, who has been playing
down the dangers of the epi-
demic, has since said that his
test came back negative.
Most leaders have asked
citizens to stop shaking hands
and quarantine as soon as
they experience symptoms,
but not all have led by exam-
ple. Mark Rutte, the Dutch
premier, held a press confer-
ence on March 10 to announce
that everyone must stop shak-
ing hands and instead use
greetings such as bumping el-
bows—yet during the address
he shook hands with an aide.
In late February, as the vi-
rus took hold in the U.K., Mr.
Johnson paid a visit to a hos-
pital, saying later he had
shaken hands with patients.
On March 11, he met with
Queen Elizabeth II.
Pedro Sánchez, the Spanish
prime minister, refused to go
into quarantine after his wife
tested positive on March 15.
After a doctor who had
given her a pneumonia vaccine
tested positive, Ms. Merkel re-
treated to her modest apart-
ment overlooking Berlin’s Mu-
seum Island, which she shares
with her husband.
She chaired a cabinet meet-
ing on Monday by telephone.
In the cabinet room, her min-
isters sat at a large round ta-
ble, preserving a distance of
about 6 feet between them,
according to a spokesman.
THE CORONAVIRUS PANDEMIC
On March 10, the govern-
ment extended restrictions to
the whole country. Residents
can leave their homes only to
buy food or medicine or seek
medical care. Violators face
fines of up to €3,000 ($3,900)
or jail time.
Italy’s lockdown still isn’t
as strict as China’s and the
country hasn’t adopted the ag-
gressive tactics that helped
stop the virus in Wuhan,
where the pandemic is
thought to have originated.
There, mild or suspected
cases—including healthy rela-
tives of those infected—were
placed in makeshift quarantine
centers in hotels and schools.
Doctors treating coronavirus
patients were separated from
their families. By contrast, in
Italy, those with mild symp-
toms have so far been told to
U.K. Prime Minister Johnson said on Instagram that he is self-isolating after testing positive for the virus.
“It is unfortunately not yet
possible to do that via holo-
gram,” said Olaf Scholz, the
vice chancellor.
Austria plans for Chancellor
Sebastian Kurz’s entire inner
circle to quarantine together if
someone close to him tests
positive.
Despite being sick, Mr.
Johnson spoke to Mr. Trump
by phone Friday. The presi-
dent wished Mr. Johnson a
self-isolate at home, and are
rarely tested for the virus.
Chinese authorities pro-
vided Wuhan with doctors,
food and other supplies to get
through the quarantine, a sce-
nario impossible to replicate
in Italy, because the virus has
spread nationwide.
Italy’s experience shows that
Western-style lockdowns that
don’t involve the coercive mea-
sures of Wuhan may have to be
maintained for longer than
Western societies are willing to
tolerate to see results.
“The issue is whether you
can sustain a lockdown for the
time it takes to work—three,
four, five, six months or lon-
ger—while the economy goes
south,” said Gabor Kelen, di-
rector of the Department of
Emergency Medicine at Johns
Hopkins Medicine.
quick recovery, Downing
Street said.
Mr. Johnson noticed he had
mild symptoms, including a
cough and a fever, on Thurs-
day afternoon and was tested
shortly after. He then stood
outside his official residence
at 10 Downing Street to par-
ticipate in countrywide ap-
plause of the National Health
Service, standing a few feet
away from the country’s chan-
* *** THE WALL STREET JOURNAL.
.
ly
Frustration with the lock-
down has drawn attention to a
push by authorities in the Ve-
neto, the region east of Lom-
bardy, to launch a mass-testing
campaign as a way of control-
ling outbreaks and eventually
loosening quarantines.
Indeed, the experience of
the small town of Vo’ Euganeo
has shown that extensive test-
ing coupled with a lockdown
can help tame the virus more
quickly than just containment.
Vo’ had Italy’s first death at-
tributed to the coronavirus.
Lucia Menaldo, owner of an
eyeglasses store in Vo’, was in-
credulous when she learned on
Feb. 22 that authorities were
placing the entire town of
3,400 people under a hard
quarantine with no one al-
lowed in or out.
“Initially people were mad.
cellor of the exchequer. Mr.
Johnson was informed at mid-
night he had the virus.
Under U.K. health guidance,
a person who is infected must
self-isolate for a week to allow
the virus to subside. Any peo-
ple living in the same house-
hold as that person must iso-
late for two weeks, as it can
take days for signs of infection
to show.
The British government has
FRANCESCA VOLPI FOR THE WALL STREET JOURNAL (2)
Hoping for the Peak
Italy is waiting to see if
coronavirus infections and
deaths will start to decline.
New confirmed coronavirus
cases and deaths
6,000 New cases
Nationwide lockdown
4,000
2,000
Deaths
0
March 1 10 20
Note: Through March 27
Source: Italian government
How could you not be when you
see military and police road-
blocks keeping you from leaving
town?” she said. “Now we know
that those roadblocks saved us.”
As Vo’ fell under quaran-
tine, Andrea Crisanti, a micro-
biology professor and infec-
tious-diseases expert at the
nearby University of Padua,
saw an opportunity. He had
developed a test for the coro-
navirus by mid-January using
information made public by
Chinese doctors.
Dr. Crisanti oversaw the
testing of 95% of the residents
of Vo’ in the days after the
first infection was reported.
He found that 3% of the popu-
lation had been infected and
that just under half of those
who tested positive were as-
ymptomatic.
When everybody was tested
two weeks later, the rate of in-
fection had fallen to 0.1% with
only eight new infections, all
of whom lived with previously
infected people. “The main les-
son from Vo’ is that when you
have a cluster of infected peo-
ple, you should do a very ag-
gressive lockdown and then
test as many people as possi-
ble,” Dr. Crisanti said.
a hierarchy of ministers to re-
place Mr. Johnson if he can’t
perform his duties, of which
Foreign Secretary Dominic
Raab would be next in line, a
government spokesman said.
French lawmakers have
been among those hit hardest
by the epidemic. Some 30 law-
makers and staffers at the Na-
tional Assembly have tested
positive for the virus. As a re-
sult, France’s political parties
agreed to designate 20 mem-
bers who lived close to the
grand riverside palace to rep-
resent them and vote on be-
half of the 557 not present.
The house also postponed all
nonessential bills.
The Spanish parliament al-
lowed remote voting in 2011,
but speeches can be made only
“personally and aloud” in the
House. So this past week, Mr.
Sánchez addressed a near-
empty chamber to request a
15-day extension of the state
of emergency, with 307 of 350
deputies voting online.
Last week, the Swiss federal
assembly, founded in 1500,
moved to allow its 200 legisla-
tors to convene by video or
telephone. And on March 20,
the European Parliament, the
European Union’s legislative
body, changed its own rules to
allow members to vote on bills
and motions by email, attach-
ing a photo of their ballot.
—Laurence Norman
in Brussels and Xavier
Fontdegloria in Barcelona
contributed to this article.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * * * * * Saturday/Sunday, March 28 - 29, 2020 | A13

OBITUARIES
S TA N L E Y S P O R K I N C AT H E R I N E H A M L I N
1932 — 2020 1924 — 2020

SEC Official Cracked Gynecologist Healed

Down on Bribery
S
tanley Sporkin forced
changes in corporate behav-
ior in the 1970s as a crusad-
ing enforcement chief at the Se-
curities and Exchange
Horrific Childbirth Wounds
Still, he said, much of the bribery
stemmed from “greedy business-
men trying to get an edge.”
When companies demanded BY JAMES R. HAGERTY ondhand Volkswagen Beetle and
guidance on how to comply with spent much of their time tangling

Commission who cracked down
on bribery of foreign officials.
Mr. Sporkin, who died of con-
gestive heart failure Monday at
the age of 88, didn’t accept the
typical excuses for bribery—that
“everybody does it” or “it’s the
only way to win contracts over-
seas.”
What worried him, Mr. Sporkin
said in 1976, was the effect it had
on young people going into busi-
ness: “They are being trained to
be crooks, trained to falsify re-
cords, trained to pay bribes.”
His crusade was an unlikely
offshoot of the Watergate investi-
gation of the early 1970s. As a
Mr. Sporkin led a probe
that found many firms
had made questionable
payments overseas.
“schnook government worker”
watching congressional hearings
the law, Mr. Sporkin was dismis-
sive. “We don’t have guidelines
for rapists, muggers and embez-
zlers, and I don’t think we need
guidelines for corporations who
want to bribe foreign officials,”
he said in 1979.
He went on to serve as general
counsel of the Central Intelligence
Agency in the early 1980s and as
a federal district judge in the Dis-
trict of Columbia from 1986 to
2000. In one of his most cele-
brated moments as a judge, he
elicited testimony by a drug
dealer in 1989 about supplying
crack cocaine to Marion Barry,
then mayor of Washington. Judge
Sporkin overruled prosecutors
who tried to suppress that infor-
mation.
During trials, he was known for
leaning back in his chair and
seeming to stare at the ceiling or
even doze. Then he would sud-
denly strike with a question.
Stanley Sporkin was born Feb.
7, 1932, in Philadelphia. His fa-
ther, Maurice Sporkin, was a law-
yer who became an assistant dis-
trict attorney and later a judge in
F
or decades, few people out-
side Africa knew of Cathe-
rine Hamlin’s mission of
medical treatment for women in
Ethiopia.
The injuries treated by Dr. Ham-
lin, who died March 18 at the age
of 96, were unimaginable to most
people in wealthier countries: ob-
stetric fistulas, or holes in the tis-
sue between the birth canal and
bladder or rectum. These injuries
typically occur during prolonged
labor, leading to stillbirth, among
women in remote areas lacking
medical care.
Because the injuries leave suf-
ferers leaking urine or feces
through their vaginas, these
women typically become outcasts.
A network of nonprofit hospitals
in Ethiopia created by Dr. Hamlin
and her husband, Reginald Hamlin,
has treated more than 60,000
Ethiopian women for these
wounds over the past 61 years, ac-
cording to the Catherine Hamlin
Fistula Foundation. That work con-
tinues.
The Hamlins’ mission—long
funded by donors in Australia,
she recalled being a tomboy who
rode horses and climbed trees.
After boarding school, she
earned a medical degree at the
University of Sydney in 1946. A
lecture by a missionary inspired
her to find a Christian mission for
her medical work. She met Regi-
nald Hamlin at a Sydney women’s
hospital, where he was the medical
superintendent. He was 15 years
older. They married when she was
with local bureaucrats.
To learn surgical techniques for
fistulas, they wrote to an Egyptian
obstetrician and sought advice
from other authorities in England
and Germany. They also developed
their own surgical techniques and
taught them to other doctors in
Ethiopia and elsewhere.
Hearing of cures, women trav-
eled hundreds of miles, sometimes
on foot, to their hospital. “What a
tragic sight they were,” Dr. Hamlin
wrote. “Offensive to smell, dressed
in rags, often completely desti-
tute.” After being cured, one
woman wanted to kiss the Ham-
lins’ feet.
They befriended and admired
the Ethiopian emperor, Haile Se-
lassie. After he was deposed in
1974, the Hamlins endured a long
period of violence and political
turmoil. Their strategy was to keep
a low profile.
“I am sure we were left alone
because we were a completely free
hospital,” she wrote. “As Reg used
to say, we were true socialists.”
Regular fundraising trips over-
seas allowed them to build larger

.
on TV, as he put it, Mr. Sporkin the Court of Common Pleas. In a Canada and other countries—be- 26. and better facilities. Donors in-

ly
learned of slush funds used by 2000 interview with the Washing- came widely known in the U.S. in cluded World Vision Canada and

companies to make illegal politi-
cal contributions. How, he won-
dered, did companies hide these
payments in their books?
When he became the SEC’s en-
forcement chief in 1974, Mr. Spor-
kin led a probe into slush funds.
ton Post, Stanley Sporkin recalled
his father making a ruling in the
early 1950s that desegregated a
on
whites-only swimming pool in
Philadelphia. “The whole concept
I had of doing justice came from
watching him,” he said.
us l,
2004, when Catherine Hamlin ap-
peared on “The Oprah Winfrey
Show.”
“If men were getting fistulas,”
Dr. Hamlin said during her TV chat
with Ms. Winfrey, “something
would have been done years and
T
he Hamlins worked as gyne-
cologists and obstetricians
in Britain, Hong Kong and
Australia before noticing an adver-
tisement seeking someone to set
up a school of midwifery in Addis
Ababa, the capital of Ethiopia.
Rotary clubs.
When Reg Hamlin died of cancer
in 1993, Catherine Hamlin was
tempted to retire. She said the
hospital gardener took her hand
and pleaded: “Don’t leave us; we’ll
all help you.” She stayed for the

His investigators found evidence
that Exxon, Lockheed, 3M and
hundreds of others had made
questionable payments overseas.
The findings spurred Congress
Mr. Sporkin studied accounting
at the Pennsylvania State Univer-
al a
e
sity, where he graduated in 1953
with Phi Beta Kappa honors. Two
years later, he married Judith Im-
ci on
years ago.”
Ms. Winfrey replied: “If a man
had a hole in his penis? You’re
darn right about that.” Ms. Win-
frey made a large donation; many
They arrived in 1959, expecting to
remain a few years. But their work,
which shifted to a focus on treat-
ing fistulas, became a lifetime mis-
sion for both.
rest of her life and died at her
home in Addis Ababa.
Among many other honors, she
was made a Companion of the Or-
der of Australia in 1995. The Ethio-

to pass the Foreign Corrupt Prac-
tices Act of 1977, barring compa-
nies from paying foreign officials
to win business.
Mr. Sporkin acknowledged that
ber. He earned his law degree at
Yale.
He trusted his instincts. “By
and large,” he told the Associated
Press in 1974, “good ethical com-
er rs
of her viewers chipped in as well.
Elinor Catherine Nicholson, one
of six children, was born Jan. 24,
1924, in Sydney. Her father came
from a family that prospered in
“I believe that Reg and I were
guided here by God,” she wrote.
The transition was rough.
Nights brought the howls of hye-
nas. Dr. Hamlin described them as
pian government presented her
with the Eminent Citizen Award
last year.
Her survivors include a son and
four grandchildren.

U.S. executives operating over- mon sense will give you the right business, including the manufac- “unattractive animals” but added
seas sometimes were subject to answer every time.” ture of elevators. In a 2001 mem- that they were good at removing  Read a collection of in-depth
“shakedowns” by foreign officials. —James R. Hagerty oir, “The Hospital by the River,” rubbish. The Hamlins drove a sec- profiles at WSJ.com/Obituaries
m e

WORLD WATCH FROM PAGE ONE

m rp

VENEZUELA
Former General
How Virus
Attacks
co Fo

Surrenders to U.S.
Retired Venezuelan General
Cliver Alcalá turned himself in to
the U.S. counternarcotics author-
ities Friday, a day after Ameri-
can prosecutors indicted him and
other Venezuelan officials, in-
cluding President Nicolás Ma-
duro, on drug-trafficking charges,
according to four people familiar
with the matter.
Mr. Alcalá waived extradition
and surrendered to Colombian po-
Is Probed
Continued from page A1
standing of how coronavirus
operates in the body.
It most commonly enters the
nose through those minuscule
droplets, says Steve Lawrence,
an infectious disease doctor at
Washington University and
n-

lice before he was flown from Co- Barnes-Jewish Hospital in St.

lombia to New York, where he is Louis. This is why public-health
expected to collaborate with U.S. experts and governments focus
prosecutors building cases against on social distancing as a preven-
no

other Venezuelan-regime figures tion strategy. It can also enter

accused of having links to narco- through the eyes or mouth.
terrorist groups, the people said. Once the virus’s particles en-
On Thursday, the U.S. unveiled ter the body, they begin to at-
SYLVAIN LEFEVRE/GETTY IMAGES

a $10 million reward for Mr. Al- tach to a particular receptor on

calá’s capture for his alleged role
in permitting Colombian cartels to
move cocaine through Venezuela
and converting the country into a
major transit hub in the global
narcotics trade.
Mr. Alcalá, who has repeat-
edly denied drug charges,
couldn’t be reached for com-
ment. There was no immediate
response from the U.S. Drug En-
forcement Agency.
—Kejal Vyas
CANADA
Central Bank Issues
Emergency Rate Cut
The Bank of Canada issued
an emergency rate cut on Friday
and unveiled plans to expand its
balance sheet in its latest effort
to shelter the economy from the
new coronavirus pandemic and
stabilize rocky financial markets.
The move to lower the bench-
mark overnight interest rate by
half a percentage point, to 0.25%,
brought the key rate to its low-
est level since the global finan-
cial crisis about a decade ago.
The central bank also will ven-
ture into large-scale asset pur-
chases through the acquisition of
Government of Canada securities
and commercial paper. Bank of
Canada Gov. Stephen Poloz said
the rate cut and asset-purchas-
ing programs are intended to
support the financial system so
it keeps on providing credit.
—Kim Mackrael
the surface of cells, usually
starting with those in the mu-
cous membranes in the nose
and throat. Spiky proteins on
the surface of the coronavirus
latch onto cell membranes.
Though most people start
with an upper respiratory infec-
tion, it’s also possible that
deeply inhaled droplets can go
directly into the lungs, says
Brian Garibaldi, an associate
professor of pulmonary and
critical care at Johns Hopkins
University. “It has a special pro-
tein that binds more tightly to
cells in the lower respiratory
tract,” he says.
Wherever it lands, the virus
hijacks cells and starts replicat-
ing, ultimately producing mil-
lions of viral particles that
flood the body. “Like other vi-
ruses it takes over the cellular
machinery of the cell and
makes more copies of itself and
spreads,” says Dr. Garibaldi.
When your immune system
recognizes there’s a new virus
it uses signaling molecules
called cytokines to start calling
in reinforcements to the site of
infection. “Many of those cy-
tokines end up causing a fever,”
says Dr. Garibaldi.
Once the virus has attacked
enough cells in the upper respi-
ratory system, most people will
start to feel symptoms. This
happens on average five days
after being exposed, but it can
be sooner or as many as two
weeks later, studies show.
A researcher in the epidemiology lab at the Pasteur Institute of Lille examines infected cells. The lab is seeking to determine how the virus acts.
Early symptoms include a
dry cough and fever, and some-
times a sore throat, as well as
aches and fatigue. Loss of taste
and smell have also been re-
ported. For most people—
roughly 80% according to re-
ports from China—the
symptoms dissipate in a few
days or weeks. But for some
people, mainly those who are
older or have other medical
conditions, the virus invades
cells in the lungs.
When it moves into the
lungs, it is considered more se-
rious. That could happen two to
seven days after symptoms
start, says Daniel Kuritzkes,
chief of the division of infec-
tious diseases at Boston’s
Brigham and Women’s Hospital.
Once the virus infects the
cells that line the air sacs in the
lungs, viral pneumonia devel-
ops. Shortness of breath is an
indication that the virus is
damaging the inflamed lungs.
And the lungs often face a
two-way assault. There is dam-
age from the virus but a second
equally debilitating response
takes place: The body’s own im-
mune system goes into over-
drive, causing more damage.
Some patients’ immune sys-
tems flare up, producing white
blood cells that flood the infec-
tion site in the lungs, causing
damage. They secrete a lot of
cytokines that enhance the in-
flammation, says Dr. Kuritzkes.
“That can make it difficult for
people to breathe. All this fluid
Spiky proteins on
the surface of the
virus latch onto cell
membranes.
that accumulates and all these
extra cells that don’t belong
there create a barrier for oxy-
gen exchange,” he says.
One feature that distin-
guishes Covid-19 from other vi-
ruses such as the flu is the high
frequency of pneumonia, even
in people with only mildly
symptomatic cases, he says.
Studies of Covid-19 patients
whose lungs were examined
show distinctive and unusual
patterns. Adam Bernheim, a
cardiothoracic radiologist at
Mount Sinai Hospital in New
York, and co-researchers stud-
ied the CT scans of 121 corona-
virus patients from China.
Writing in the journal Radi-
ology, they found a striking pat-
tern: Pneumonia progressed
along the lungs’ outer edges,
seen in gray spots. “A normal
lung is black, because it con-
tains air,” says Dr. Bernheim.
“In coronavirus with pneumo-
nia, air is being replaced by
cells, inflammation, fluid, de-
bris and pus, so it starts to turn
gray or even white.”
The spots developed in some
patients within two days of the
first symptoms and were nearly
universal three days or more
later. Dr. Bernheim says the
pattern is different from gar-
den-variety bacterial pneumo-
nia, which often shows one very
dense white area.
When the lung becomes pro-
gressively more damaged, that
triggers what is known as acute
respiratory distress syndrome,
or ARDS. This typically devel-
ops within seven to 14 days.
There is no therapy for
ARDS, so patients need help
breathing. “The ventilator is
buying time for the lung to re-
pair itself,” says Dr. Garibaldi.
Matthew Arentz, a pulmo-
nary and critical-care doctor at
EvergreenHealth in Kirkland,
Wash., published a study in
JAMA this month looking at the
chest images of the first 21 crit-
ically ill Covid-19 patients in the
U.S.
Eighty-four percent required
mechanical ventilation and only
four people survived, says Dr.
Arentz. X-rays showed pneumo-
nia in 19 of the 21 patients, all
of whom developed ARDS.
Most of the patients who
died were unable to maintain
adequate oxygen levels due to
diseased lungs. But one-third
developed heart failure.
Some doctors say that
abrupt onset of heart problems
seems to be another distinctive
trait of Covid-19. “We don’t
know if the virus is doing
something to the heart or the
heart may have been stressed
by the patient’s critical illness
because a lot of these patients
are older and have other health
problems,” says Dr. Arentz.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A14 | Saturday/Sunday, March 28 - 29, 2020 * *** THE WALL STREET JOURNAL.

SPORTS
A Shot at Olympic Glory Is on Hold
Kareem Maddox quit his podcasting job to play 3x3 basketball in the Olympics this summer. What does he do now?
BY BEN COHEN

K
areem Maddox was in
Poland one day a few
years ago when he
made two decisions that
would change the
course of his life: He wanted to
work in podcasting, and he wanted
to play basketball in the Olympics.
One of these aspirations was
odder than the other. He already
had experience in public radio, and
he also had experience playing bas-
ketball at Princeton. But podcasting
is full of public radio producers.
There are not as many Princeton
basketball players walking around
the Olympics.
Maddox aspired to be an Olym-
pian from the moment he watched
Michael Johnson smash the 200-
meter world record in 1996. He was
so committed to representing his
country that he once had a brief
flirtation with racewalking. “I went
for a fast walk,” he said. He just as
quickly realized that racewalking
would not be his Olympic sport.
“There must be some Olympic
sport I can do,” Maddox thought.
It turned out there was. And he
already played that sport.
The day he realized he could re-
turn to the U.S., continue his career

MARTIN MEJIA/ASSOCIATED PRESS

and start another one was the day
the International Olympic Commit-
tee approved that new Olympic

.
sport: 3x3 basketball.

ly
He moved to New York, scored a
job at Gimlet Media and produced a
popular show as he traveled the
world playing 3x3 basketball. He on
won the U.S. national championship.
He was named to the Olympic quali- Kareem Maddox of the U.S., center, in action against Puerto Rico during the men’s basketball 3x3 final match at the 2019 Pan American Games in Lima, Peru.
fying team. He subjected himself to
grueling sessions in saunas to accli- dox said this week, “and start look- Public Radio stations in California international flights and hunted for were a heavy favorite to snag one
us l,

mate himself to the conditions in ing for a job again.” and Colorado, and he became the internet connections in foreign of the three spots. Maddox left his
India—the host country of the qual- Like many people whose dreams host of “All Things Considered” in countries. “I remember one stretch second full-time job at Gimlet to fo-
al a
e
ifying tournament that was sched- require training in obscurity for a Greeley, Colo. But he spent most of when I didn’t know where I was for cus exclusively on basketball. He
uled for last week. few seconds of potential glory every his free time working on his game a week,” Maddox said. wasn’t guaranteed a spot on Team
It never happened. four years, Maddox has a personal and tweaking his shot. He made The first time he felt the Olym- USA if they did qualify, but it was
ci on

There are billions of people connection to the Olympics. His fa- himself so much better that he real- pics were really within reach was highly probable that he would walk
around the world whose lives were ther has been to every Summer ized that he wanted to be doing when Maddox’s team won the last in the Opening Ceremony. He even
sprinting full speed ahead when the Games since 1992, volunteering so something different—which is how two U.S. national championships let himself fantasize about it.
coronavirus slammed the brakes. he can be around people for the he found himself playing for and beat teams with players “I can visualize this conversation
Kareem Maddox is one of them. Not best moments of their lives. He a team in Poland. who had NBA experience. with LeBron,” Maddox said.
er rs

even the young, the healthy and the wouldn’t have expected one of Then it was time to On one team was a guy It goes something like this.
most physically fit people on the
planet are immune to the severe
disruptions caused by this pan-
those people to be his son.
In the summer before his senior
year at Princeton, Maddox was an
do something differ-
ent again. Maddox
had years of experi-
13.8
Scoring average for
who played briefly for
the Golden State
Warriors. On the
“What are you doing here?”
James says.
“I’m here to play basketball,”
m e

demic. Their lives are on hold with intern at a mutual fund run by John ence playing 3x3 Kareem Maddox during other team were Maddox says. “What are you doing
the rest of ours. Rogers, a former Tigers basketball with Princeton his senior year at guys who worked in here?”
Maddox left his job in January to player who applied the principles of alumni when the IOC podcasting and pri- But he’s not just a basketball
m rp

Princeton in the
spend this year preparing for the coach Pete Carril’s offense to 3x3 approved the sport 2010-11 season. vate wealth manage- player. He’s also a producer. Mad-
Olympics in July. Then the Tokyo long before it was an Olympic for Tokyo right around ment. But there are dox has been trained to think in
Games were postponed until 2021. sport. He was always looking for the same time Gimlet lots of little quirks in 3x3 stories: high stakes, rich tension, ir-
Now he doesn’t have a job, and he’s talent. And he thought his 6-foot-8 posted a job opening for a basketball, and this was a resistible characters. And his per-
not sure about the Olympics. intern had potential. producer on a show called “The wonderful experiment in what sonal story has all the makings of a
co Fo

“So much of my life has been “I had my eyes on him that sum- Pitch.” Maddox decided to do both. happens when pure talent meets in- narrative podcast. “I’ve been re-
waking up,” he said last month, mer,” Rogers said. “I would say that Kareem is the stitutional knowledge. The experi- cording everything,” he says.
“and realizing I need to be doing It wasn’t necessarily for a job at first prospective Olympian that I ence won. “It was four guys who He has tape of his first USA Bas-
something different.” his firm. It was also for a spot on worked with—that I know of,” said were more talented than us, but we ketball camp, tape of him telling his
What makes this time different is his 3x3 basketball team. Blythe Terrell, the show’s former just knew how to play,” Maddox mother that he was quitting his job
that he won’t be doing anything dif- Maddox wasn’t ready yet. He editor. said. “And we’re not complete and tape of this week as an unpre-
ferent. Maddox plans to be doing went to Europe to play five-on-five The podcast, which is a bit like bums.” dictable virus ravaged the world
the same thing—just for a year lon- basketball in the Netherlands and the radio equivalent of “Shark He was one of the four players and made his road to the Olympics
ger than he or anybody else could England. And then he retired—or at Tank,” was a full-time job. 3x3 bas- selected by a USA Basketball com- slightly more improbable.
have anticipated. His dreams have least that’s what he thought. After ketball was his second-full time job. mittee to represent his country at He doesn’t know what he’ll do
been delayed with the Olympics. coming back to work in public ra- He pushed the idea of remote work this month’s Olympic qualifying with it. He still doesn’t know how
“I guess I might go ahead,” Mad- dio, he produced shows at National to its extreme as he edited tape on tournament, and the Americans the show ends.
n-

MLB, Players’ Union Reach Deal

Weather
Shown are today’s noon positions of weather systems and precipitation. Temperature bands are highs for the day.
d t
Edmonton 20s 30s 20s <0
no

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Vancouver Calgary
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30s 10s
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Seattle 20s NOBODY KNOWS AT THIS
40s
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50s Bismarckk Ottawa
League Baseball season will
Billings A g t 40s
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MARIO TAMA/GETTY IMAGES

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80s Showers Flurries hiatus: how they handle the So they compromised. The service. Now, players will get
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l Miami
60s 90s
economic ramifications of league will float a nonrefund- service time no matter what
30s 40s Ice temporarily shutting down a able advance of $170 million happens, meaning stars like
$10 billion industry. to be divided among the play- Mookie Betts, Marcus Stro-
U.S. Forecasts City Hi
Today
Lo W
Tomorrow
Hi Lo W City Hi
Today
Lo W
Tomorrow
Hi Lo W
The two sides officially ers. If games are played this man and J.T. Realmuto will
s...sunny; pc... partly cloudy; c...cloudy; sh...showers;
Omaha 60 40 r 59 37 pc Frankfurt 63 36 pc 47 27 sh
ratified an agreement Friday year, that sum will count become free agents next win-
t...t’storms; r...rain; sf...snow flurries; sn...snow; i...ice that addresses issues of sala- against players’ salaries, ter as scheduled.
Orlando 94 67 s 93 69 s Geneva 60 41 c 52 36 c
Today Tomorrow
City Hi Lo W Hi Lo W
Philadelphia 50 47 r 68 52 sh Havana 91 65 s 91 67 s ries and service time, paving which will be prorated to re- Next, MLB and the union
Phoenix 71 54 c 76 54 pc Hong Kong 77 70 sh 76 73 pc
Anchorage 32 14 sn 30 16 pc Pittsburgh 68 59 t 73 45 pc Istanbul 51 46 r 51 47 r
the way for upcoming discus- flect the shortened season. In will turn their attention to
Atlanta 83 65 pc 79 58 pc Portland, Maine 53 36 pc 45 36 r Jakarta 89 77 t 89 76 t sions about when and how to return, the MLBPA waived figuring out how to hold a
Austin 80 49 pc 79 62 pc Portland, Ore. 54 47 r 56 45 r Jerusalem 58 49 pc 59 47 s restart baseball. Both parties their right to sue the league season, even if with no fans
Baltimore 54 50 r 74 52 sh Sacramento 57 48 r 62 42 sh Johannesburg 69 54 c 78 59 pc
Boise 55 41 c 54 38 r St. Louis 76 48 t 65 42 s London 55 36 pc 48 34 c
made concessions, recogniz- for full compensation if the in attendance at the stadiums.
Boston 53 38 s 45 40 r Salt Lake City 49 34 sh 53 38 pc Madrid 60 38 pc 66 42 c ing that a national crisis is season is canceled altogether. Among the possibilities to be
Burlington 55 38 pc 46 40 r San Francisco 58 50 c 60 49 sh Manila 95 78 s 96 79 s not the time for billionaires Most important for the considered are:
Charlotte 85 67 pc 85 60 t Santa Fe 51 26 s 58 33 pc Melbourne 80 67 pc 78 60 r
Chicago 59 45 r 51 38 pc Seattle 51 45 r 53 43 r Mexico City 84 55 pc 83 55 pc
and millionaires to be seen MLBPA, the agreement stipu-  Adding double-headers
Cleveland 63 57 r 66 43 pc Sioux Falls 46 36 r 53 31 pc Milan 65 40 c 65 46 sh arguing over money. lates that all players will re- and cutting some off days to
Dallas 75 51 pc 77 57 s Wash., D.C. 57 54 r 77 55 c Moscow 60 39 c 56 27 c The league had concerns ceive the same amount of ser- play more games.
Denver 48 27 pc 52 30 c Mumbai 93 80 pc 93 79 pc over cash flow, since reve- vice time they accrued in  Expanding rosters to
Detroit
Honolulu
54 53 r
80 69 pc 80 69 sh
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63
83
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Indianapolis 73 50 t 59 40 s City Hi Lo W Hi Lo W Rome 59 44 pc 61 45 c originally scheduled for In baseball, players are  Extending the regular
Kansas City 70 44 c 64 40 s Amsterdam 53 39 pc 45 32 c San Juan 84 74 sh 84 73 pc
Las Vegas 67 53 c 65 49 pc Athens 60 49 c 61 48 pc Seoul 56 31 pc 57 33 pc Thursday—indefinitely de- bound to their teams until season into October and
Little Rock 76 49 t 73 49 pc Baghdad 77 57 t 76 54 pc Shanghai 49 44 r 53 49 r layed. The union worried they accrue six years of ser- pushing the postseason into
Los Angeles 66 51 pc 65 49 c Bangkok 100 81 pc 100 82 pc Singapore 91 76 pc 91 78 s about service time, an inte- vice time, at which point they November, with games held
Miami 85 75 s 86 75 s Beijing 58 35 s 65 40 pc Sydney 74 65 pc 75 66 sh
Milwaukee 51 45 r 50 39 sh Berlin 57 36 pc 41 26 sh Taipei City 72 60 r 73 65 pc gral part of the sport’s eco- become a free agent. Under at neutral sites with warm
Minneapolis 48 39 r 47 34 r Brussels 56 36 pc 46 26 c Tokyo 67 39 r 46 42 r nomic structure that deter- normal circumstances, 172 weather or a roofed ballpark.
Nashville 80 60 c 72 51 pc Buenos Aires 80 69 pc 81 70 s Toronto 45 41 r 62 40 sh mines when players are calendar days on a major-  Changing the postseason
New Orleans 90 74 pc 84 72 c Dubai 90 76 c 91 72 pc Vancouver 51 42 r 52 39 r
New York City 52 45 r 56 50 sh Dublin 48 33 pc 42 33 pc Warsaw 61 35 pc 53 25 c eligible for salary arbitration league active roster or injured format in 2020 to include
Oklahoma City 71 42 s 72 46 s Edinburgh 45 29 sh 45 34 c Zurich 60 37 c 44 32 r and free agency. list constitutes one year of more teams.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
THE WEEKEND INTERVIEW with Frank M. Snowden | By Jason Willick
How Epidemics Change Civilizations
T
o put the coronavirus
pandemic in perspective,
consider what happened
when the bubonic plague
struck London in 1665.
The onset of the disease could be
sudden, says Yale historian Frank
Snowden: “You actually have peo-
ple afflicted and in agony in public
spaces.” Trade and commerce
swiftly shut down, and “every eco-
nomic activity disappeared.” The
city erected hospitals to isolate the
sick. “You have the burning of sul-
fur in the streets—bonfires to pu-
rify the air.”
Some 100,000 Londoners—
close to a quarter of the popula-
tion, equivalent to two million to-
day—died. Some sufferers
committed suicide by “throwing
themselves into the Thames,” Mr.
Snowden says. “Such was their
horror at what was happening to
their bodies, and the excruciating
pain of the buboes”—inflamed
lymph nodes—that are the classic
symptom of the bubonic plague.
Social order broke down as the
authorities fled. “Death cart”
drivers went door to door, collect-
ing corpses for a fee and some-
times plundering the possessions
of survivors.
Measures developed for the
plagues of the 14th century
are helping authorities
fight the coronavirus now.
The plague’s violent assaults on
European cities in the Middle Ages
and Renaissance periods created
“social dislocation in a way we
can’t imagine,” says Mr. Snowden,
whose October 2019 book, “Epi-
demics in Society: From the Black
Death to the Present”—a survey of
infectious diseases and their social
impact—is suddenly timely.
I interviewed Mr. Snowden, 73,
over Skype. We’re both home in
lockdown, I in California and he in
Rome, where he’s gone to do re-
search in the Vatican archives. In
the mid-14th century, Italy was
“the most scourged place in Eu-
rope with the Black Death,” he
notes. In the 21st century, it’s
among the countries hardest hit by
Covid-19.
Science has consigned the
plague, caused by the flea- and rat-
borne bacterium Yersinia pestis, to
the margins of public-health con-
cern (though it remains feared as a
potential aerosolized bioweapon).
Yet its legacy raises challenging
questions about how the coronavi-
rus might change the world.
For all the modern West’s bio-
medical prowess, some of its blunt
tools against a poorly understood
disease are similar to what was
first attempted in the 14th century.
Take quarantine. Hundreds of mil-
lions of Americans and Europeans
The Restaurant at the Edge of the Pandemic
Omar Popal apolo-
no
gizes mid-call:
“Sorry, I have to take
a telephone order.”
His sister, Fatima Po-
pal, stays on the line.
“We’ve had just 12
CROSS
COUNTRY orders all day,” she
says. This last one is
By Tunku
for leek dumplings—
Varadarajan
made from a family
recipe—and lamb pi-
laf, around $25 for the till. It’s nearly
6 p.m. on March 22. What should
have been a swamped (and satisfy-
ing) Sunday at Lapis—an Afghan bis-
tro in the Adams Morgan neighbor-
hood of Washington—has been,
instead, a fiasco.
Like many small-business
owners, the Afghan owners
of this Washington joint
are staring into an abyss.
On the first Sunday in March this
year, by comparison, Lapis seated 120
people for brunch and 150 for dinner.
With the ban on in-house dining in
Washington, the restaurant—like tens
of thousands across the country—has
switched to a bare-bones takeout-
only service. Omar handles the cus-
tomers’ calls, and Fatima the kitchen,
though their real jobs are COO and
CFO, respectively, of the Popal Group,
their family business, which also
owns a French restaurant and a Ger-
man beer hall in the capital.
“Lapis serves the food we eat at
home. It’s our pride,” says Omar. As
of this writing, their French and Ger-
man joints are closed. Lapis “will
most probably be at less than 25%,”
Fatima says, “at the rate we are go-
* * * *
are isolated in their homes in an
effort to slow the spread of the
coronavirus.
Isolation as a defense against in-
fectious disease originated in the
city-states of Venice and Florence.
Italy was the center of Mediterra-
nean trade, and the plague arrived
in 1347 on commercial ships. The
dominant theory at the time was
“miasmatism”—the atmosphere
was poisoned—perhaps by visitors’
garments—and people get sick
“when they breathe that in, or ab-
sorb it through their pores,” Mr.
Snowden says. “That is, there is
some emanation, and it can be
thought to be coming from the soil,
or from the bodies” of sick people.
After plague visitations, the Ve-
netian navy eventually began to
force sailors arriving at the harbor
to disembark on a nearby island,
where they remained for 40 days—
quaranta—a duration chosen for
its biblical significance. The strat-
egy worked when it was enforced
as disease-ridden fleas died out
and the sick died or recovered. Mr.
Snowden notes that Americans re-
turning from Wuhan, China, in
early February were “detained on
army bases for a quarantine pe-
riod”—14 days rather than 40.
“We can see the roots of many
aspects of modern health already
in the Renaissance,” he adds. An-
other example is the wax “plague
costume” worn by physicians. It re-
sembled modern-day medical
garb—“the protective garments
that you see in the hospital for
people dealing with Ebola, or this
on
sort of space suit”—but with a long
beak containing resonant herbs.
They were thought to “purify the
air that you were breathing in.”
us l,
The costume “did, in fact, have
some protective value,” Mr.
al a
e
Snowden says, because the wax re-
pelled the fleas that carried the
disease.
ci on
Antiplague efforts dramatically
changed Europeans’ relationship to
government. “The Florentines es-
tablished what were called health
magistrates, which are the ances-
er rs
tors of what today we call boards
of health or departments of
health,” Mr. Snowden explains.
“Endowed with special legal pow-
m e
ers,” they coordinated plague coun-
termeasures.
The plague was more traumatic
m rp
than a military assault, and the re-
sponse was often warlike in its fe-
rocity. One response was a “sani-
tary cordon,” or encircling of a
city-state with soldiers, who didn’t
co Fo
allow anyone in or out. “Imagine
one’s own city, and suddenly, in the
morning, it’s cordoned off by the
National Guard with fixed bayonets
and helmets on, and orders to
shoot if we cross,” Mr. Snowden
says. Cordons were regularly im-
posed in European cities in times
of plague risk, leading to terror
and violence. In the 18th century,
the Austrian army was “deployed
to prevent bubonic plague from
n-
ing.” Their three restaurants, she
adds, have “laid off pretty much ev-
eryone except for our salaried em-
ployees,” including their bread-
maker. “He used to run a bakery in
Afghanistan. He’s an elderly gentle-
man. We don’t want to expose him to
anything, so he hasn’t come in.”
The Popals had 75 people working
for them before the new coronavirus
struck. Now they have seven: four
chefs and three managers. Their
mother, Shamim, is the executive
chef at Lapis, but she no longer
comes in to work. “We’ve quaran-
tined my parents,” Omar says.
(Shamim is 65, and their father,
Zubair, 69.) “My mother kept coming
in here, and the last day she was here
was very emotional for her.”
She has been sending her children
instructions from home, but the cri-
sis is proving unfathomable. “We
have no idea what to expect,” Fatima
says when asked how they’re plan-
ning to cope. “We don’t understand
the volume of business that’s coming
in. Do we buy groceries? Are we go-
ing to be closed in the next day or
two?”
The Pashtun Popal family has
faced—and overcome—adversity be-
fore. They fled Afghanistan in 1980
when it looked certain that Zubair
would be jailed by the Moscow-
backed Communist regime that ran
the country at the time. He worked as
a manager at Kabul’s Intercontinental
Hotel—an American company. “Plus
he wasn’t attending any of the educa-
tion meetings of the regime,” Omar
says. The family was cosmopolitan, in
the way of many educated Afghans of
that era. The mother, Omar says,
“wore miniskirts when she was
young. My aunt wore black for a
week when Elvis Presley died.”
The family bounced around as refu-
gees between Bahrain and the United
OPINION
moving up the Balkan Peninsula
and into Western Europe” by halt-
ing travelers who might be carry-
ing it.
The sociologist Charles Tilly
(1929-2008) famously argued that
“war makes the state”—that bor-
ders and bureaucracies were
forged by necessity in military con-
flict. Plague had similar effects, re-
quiring “military commitment, ad-
ministration, finance and all the
rest of it,” Mr. Snowden says. In
addition to a navy to enforce quar-
antines, “you needed to have a po-
lice power,” a monopoly on force
over a wide area. Sometimes
“watchmen were stationed outside
the homes of people who had the
plague, and no one was allowed in
or out.”
Yet while the plague saw power
move up from villages and city-
states to national capitals, the cor-
onavirus is encouraging a devolu-
tion of authority from supra-
national units to the nation-state.
This is most obvious in the Euro-
pean Union, where member states
are setting their own responses.
Open borders within the EU have
been closed, and some countries
have restricted export of medical
supplies. The virus has heightened
tensions between the U.S. and
China, as Beijing tries to protect
its image and Americans worry
about access to medical supply
chains.
T
he coronavirus is threatening
“the economic and political
sinews of globalization, and
causing them to unravel to a cer-
tain degree,” Mr. Snowden says. He
notes that “coronavirus is emphati-
cally a disease of globalization.”
The virus is striking hardest in cit-
ies that are “densely populated and
linked by rapid air travel, by move-
ments of tourists, of refugees, all
kinds of businesspeople, all kinds
of interlocking networks.”
The social dynamics of a pan-
demic are determined partly by
who is most affected. Cholera, for
example, “is famously associated
Arab Emirates. In 1987 they secured
political asylum in the U.S. Zubair, no
longer a hotel manager, worked as a
salesman at a Honda dealership in Ar-
lington, Va. Life was hard but digni-
fied. Both Omar and Fatima went to
George Washington University. She
got a master’s degree from George-
town, he from the London School of
Economics. They opened their first
restaurant, a French bistro, in 2003,
and started Lapis—named after the
semiprecious blue stone found in Af-
ghanistan—in 2015.
“Each dish is my mom’s own rec-
ipe,” Fatima says, “and she makes
sure everything is healthy.” This isn’t
filial hype, as this writer can testify
from personal experience. The food is
delicious, and distinctively nongreasy
Coronavirus and the Ration Book
By Bob Greene
F
rom the next aisle of a super-
market in southwest Florida
the other morning, it sounded
as if a fistfight might break out. I fol-
lowed the raised voices and shouldn’t
have been surprised: Toilet paper.
The argument was over the last four
packages on the shelves. One man
wanted all of them for himself; the
other was furious that the first fel-
low wasn’t willing to share.
As I watched the men get in each
others’ faces, a memory came back,
of a tattered little booklet I found in
western Nebraska while doing re-
search about American life during
World War II, when essentials, in-
cluding food, were in genuine short
supply. I’d heard of such publica-
tions, but had never seen one: a ra-
tion book.
It had been issued in 1942 to a
Saturday/Sunday, March 28 - 29, 2020 | A15
KEN FALLIN
with social and class tensions and
turmoil,” Mr. Snowden says. A vi-
cious gastrointestinal infection, it
was most prevalent in crowded ur-
ban tenements with contaminated
food or water. “We could pick Na-
ples, or we could pick New York
City in the 19th century,” he says.
“Municipal officials, the authori-
ties, the doctors, the priests, the
middle classes, the wealthy, who
live in different neighborhoods, are
not succumbing to this disease.”
That led to conspiracy theories
.
about its origin, and to working-
ly
class riots.
Similarly, the bubonic plague
struck India, then a British colony,
in the late 19th century. The British
responded by introducing Renais-
sance-era antiplague measures—
“very draconian exercises of power
and authority, but by a colonial
government, over the native popu-
lation,” Mr. Snowden says. “The
population of India regarded this
as more fearful than the plague it-
self” and resisted. Britain, worried
that “this would be the beginning
of modern Indian nationalism,”
backed off the measures, which
were mostly ineffective anyway.
Respiratory viruses, Mr.
Snowden says, tend to be socially
indiscriminate in whom they infect.
Yet because of its origins in the
vectors of globalization, the coro-
navirus appears to have affected
the elite in a high-profile way.
From Tom Hanks to Boris Johnson,
people who travel frequently or are
in touch with travelers have been
among the first to get infected.
That has shaped the political re-
sponse in the U.S., as the Demo-
cratic Party, centered in globalized
cities, demands an intensive re-
sponse. Liberal professionals may
also be more likely to be able to
work while isolated at home. Re-
publican voters are less likely to
live in dense areas with high num-
bers of infections and so far ap-
pear less receptive to dramatic
countermeasures.
Infectious disease can change
the physical landscape itself. Mr.
for Afghan cuisine, with more vegeta-
bles than you would expect on the
menu of a carnivorous culture. “Ve-
gan Afghan” might seem an oxymo-
ron, but Fatima assures me that they
do brisk business with young vegan
Washingtonians. Traditional eaters
get what they want, too, and Omar
boasts of an ambassador from a
“prominent Islamic country” who
dines on lamb—with his booze served
in a teacup.
Those happy days now seem part
of a lost age, and Omar and Fatima
are stressed. “There’s a lot happen-
ing, in addition to figuring out the fi-
nancial side of what the business is
doing.” The siblings have to provide
emotional support for the laid-off
staff, many of them immigrants from
woman named Irene P. McKain, 50,
whose address was listed only as Ru-
ral Route 2. The U.S. Office of Price
Administration granted ration stamps
for all kinds of items that were in
scant supply: sugar, coffee, meat,
lard, shortening, cheese, butter. If
your family needed such staples, you
had to make your case in person be-
fore a local ration board.
The warning printed inside Ms.
McKain’s ration book was stark: “Any
attempt to violate the rules is an ef-
fort to deny someone his share and
will create hardship and discontent.”
For some Americans, such an ad-
monition was unnecessary. Irene
McKain was one of the Nebraska
women who donated their coveted
ration coupons to the railroad-depot
canteen in North Platte, where train-
loads of soldiers and sailors passing
through were fed all during the war.
From a single day’s logbook:
Snowden notes that when Napo-
leon III rebuilt Paris in the
mid-19th century, one of his objec-
tives was to protect against chol-
era: “It was this idea of making
broad boulevards, where the sun
and light could disperse the mi-
asma.” Cholera also prompted ex-
pansions of regulatory power over
the “construction of houses, how
they had to be built, the cleanli-
ness standards.” If respiratory vi-
ruses become a more persistent
feature of life in the West, changes
to public transportation and zoning
could also be implemented based
on our understanding of science—
which, like Napoleon’s, is sure to
be built upon or superseded in
later years.
In ancient literature, from
Homer’s “Iliad” to the Old Testa-
ment, plagues are associated with
the idea that man is being pun-
ished for his sins, Mr. Snowden ob-
serves. Venetian churches were
built to demonstrate repentance.
Mr. Snowden also highlights the
Flagellants of the 14th and 15th
centuries, who would embark on a
“40-day procession of repentance,
self-chastisement and prayer,”
whipping themselves and others.
For Europeans who survived the
plague, Mr. Snowden says, it im-
pressed the idea that “you could be
struck down at any moment with-
out warning,” so you should focus
on your immortal soul. Paintings
often featured symbols like “an
hourglass with the sands running
out, a flower that’s wilting.”
C
oronavirus is far less lethal,
but it does shatter assump-
tions about the resilience of
the modern world. Mr. Snowden
says that after World War II “there
was real confidence that all infec-
tious disease were going to be a
thing of the past.” Chronic and he-
reditary diseases would remain,
but “the infections, the contagions,
the pandemics, would no longer ex-
ist because of science.” Since the
1990s—in particular the avian flu
outbreak of 1997—experts have un-
derstood that “there are going to
be many more epidemic diseases,”
especially respiratory infections
that jump from animals to humans.
Nonetheless, the novel coronavirus
caught the West flat-footed.
It’s too early to say what politi-
cal and economic imprint this pan-
demic will leave in its wake. As Mr.
Snowden says, “there’s much more
that isn’t known than is known.”
Yet with a mix of intuition and
luck, Renaissance Europeans often
kept at bay a gruesome plague
whose provenance and mecha-
nisms they didn’t understand. To-
day science is capable of much
more. But modernity has also left
our societies vulnerable in ways
14th-century Venetians could never
have imagined.
Mr. Willick is an editorial page
writer at the Journal.
El Salvador, Serbia and Afghanistan.
Then there are the pressing physical
questions. “Do we have the symp-
toms or not?” Fatima asks. “Is some-
body sick and doesn’t know it?”
Yet in the midst of a global crisis
that is crushing their small business
in a corner of Washington, the Popals
take solace in their own history.
Omar is tenacious—and philosophi-
cal. “I would say the fact that we
were refugees, and that we came
from nothing, makes us a little bit
more resilient. Because, you know, we
understand what it means to go back
to nothing.”
Mr. Varadarajan is executive edi-
tor at Stanford University’s Hoover
Institution.
“Contributions from the Moorefield
group yesterday were 25 birthday
cakes, 149 dozen cookies, 87 fried
chickens, 70 dozen eggs, 17½ quarts
of salad dressing, 40½ dozen dough-
nuts, 20 pounds of coffee, 22 quarts
of pickles, 22 pounds of butter, 13½
quarts of cream . . .”
That is how, during a dark Ameri-
can time, those ration coupons were
used: to provide sustenance for oth-
ers. It was the opposite of every man
for himself.
Do we still have that spirit inside
us today? When supplies are short,
sharing them with strangers may not
be easy, yet it can send a precious
message, one that begs to be heard
in terrible times:
You are not alone.
Mr. Greene’s books include “Once
Upon a Town: The Miracle of the
North Platte Canteen.”
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A16 | Saturday/Sunday, March 28 - 29, 2020 * *** THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

A Week of Pain and Progress All Those 401(k)s in the Time of Coronavirus

A
s the number of Americans infected Health expert Scott Gottlieb and White House An equally appropriate proposal for Americans aged 35 to 64).
with the coronavirus surges, and hospi- task force coordinator Deborah Birx have also “The Emergency 401(k) Button” (Re- We can borrow now, but we can’t
view and Outlook, March 20) would be borrow in retirement. If you are in
tals are besieged, it can appear that talked about balancing public health with eco-
a holiday for IRA required minimum need of short-term liquidity, the best
America is losing the pan- nomic health. The White distributions (RMD) for senior citizens thing you can do is borrow, wait for
demic war. But in important Infections are rising, but House letter to governors sug- until the crashing market returns to the universal basic-income check in
ways the U.S. is better off at markets are calmer and gesting a national map of its senses. the mail, and try to avoid cashing out
the end of March than it was counties by virus risk seems a Being forced to sell into a founder- your 401(k). Your 70-year-old self will
a week ago, and it’s worth medical aid is surging. decent place to start. ing market to fund an RMD resulting thank you for it.
tracking the progress as well i i i in a loss of long-term, hard-gained eq- J. SPENCER WILLIAMS
as the pain. There has also been prog- uity is counterproductive to the pur- Charlotte, N.C.
The most important good news this week is ress against the direct assault of the virus, pose of an IRA to fund independent fi-
the ebbing panic in financial markets. The Fed- though that is harder to discern amid the rising nancial support in later life. Give I cannot think of a much worse idea
eral Reserve unveiled new facilities to provide infection totals. Those numbers will continue seniors an option of when to fund than to encourage people, who may al-
RMDs in this bear market. ready be saving too little for retire-
liquidity to corners of the market where anxiety to increase as testing becomes more widely
RALPH (85) AND KATHY (79) OREY ment as it is, to pull up to $10,000 out
had shut down trades or threatened a run. Think available and we get a better grasp on how far Oro Valley, Ariz. of their 401(k) at the bottom of a
money-market and municipal-bond funds. The the virus has spread. Tests are becoming easier stock-market collapse.
Senate bill that the House passed Friday adds to obtain, though we are still paying for the ear- Before tapping their 401(k)s, work- OLAV LUND-MIKKELSEN
$454 billion for Treasury that can backstop fur- lier failure by the Centers for Disease Control ers should consider all sources of West Lafayette, Ind.
ther Fed actions if they’re needed. and Prevention. short-term cash. Even if tax and other
Our market sources say trading has calmed The most urgent need continues to be masks, penalties on 401(k) cash-outs are The Worker, Retiree, and Employer
down and most sellers can find buyers for as- gowns, respirators and ventilators for hospitals waived, those who cash out forfeit the Recovery Act of 2008 suspended all
sets to raise cash when they need it. If you in the hardest-hit cities. Mass production of additional savings which the sums required minimum distributions from
think this doesn’t matter to the real economy, masks seems well underway but the political they receive would have accrued by IRAs, 401(k)s and 403(b)s for 2009. It
retirement, had they remained incu- was in response to a similar meltdown
imagine a cascade of defaults that become blame-game over ventilators is dispiriting. Mr.
bating in the U.S. retirement system. in the markets. I think Congress
bankruptcies that become a banking panic. At Cuomo blames Mr. Trump, who blamed GM and Savers need to remember that the should do the same thing for 2020.
least for now the panic toward a deflationary Ford Friday for moving too slowly and triggered loss to their 401(k) savings from a DALE TATUM
spiral has stopped. The Fed and the Senate the Defense Production Act. cash-out isn’t only the amount they Palo Alto, Calif.
legislation sparked this week’s modest rally Mr. Trump does himself no favors by ques- withdraw today—it’s the loss of years
in equities. tioning Mr. Cuomo’s estimate that New York of compound interest and investment Tom Denham’s suggestion on capi-
Trouble spots remain in the markets, notably will need 30,000 ventilators. If it doesn’t turn growth that won’t be there for their tal gains (Letters, March 23) is excel-
commercial real estate, oil and gas companies, out that way, great, but the best response is to retirement years. A hypothetical 30- lent. Seniors and retirees are seeing
and high-yield corporate debt in general. But say the government is doing its best to get as year-old who cashes out $5,000 in their savings dwindle, their stock val-
the Treasury and Fed should be wary of inter- many as possible to these cities. Neither man 401(k) savings today would lose up to ues plummet, their cash flow depleted
vening too far up the risk curve of private as- will escape blame if there are Italy-like scenes $52,000 in earnings by age 65 (assum- and many are unemployed. We have
ing account growth of 7% a year). lived below our means and have saved
sets. Some companies were over-leveraged of medical triage.
While waiving 401(k) cash-out but there are no safe havens. I also
even before the shock of $20 oil and the na- More broadly, the scope of what we still need penalties is well-intentioned, such a suggest that there be a separate cate-
tional economic shutdown. to learn to develop a sustainable anti-virus measure could end up hurting the gory for widows, as we have nearly

.
The Fed’s goal should be to offer liquidity strategy is coming into focus. This includes the very people it is meant to help by the same expenses in running a house-

ly
against good collateral to companies that were number of people who have been exposed to the adding to our country’s already se- hold as when married, yet are taxed at
healthy before the virus shock. Fed Chairman virus and now have antibodies that suggest im- vere retirement-savings shortfall (es- a higher rate. Seniors and widows are
Jerome Powell and Treasury Secretary Steven munity, even if they never showed symptoms. timated by the Employee Benefit Re- the forgotten segment of our society.
Mnuchin can make this distinction clear when This will give us better insight into the death
on search Institute to be nearly $4 SANDY BELL
they announce their special-purpose vehicles, rate and who can safely return to work and trillion for households headed by Nashville, Tenn.
perhaps as early as next week. They’ll get more where. As Dr. Birx noted this week (see nearby),
bang for their dollar in easing credit conditions the lower estimate of deaths from the Imperial
us l,

for more of the economy. College London expert means the apocalyptic
None of this will prevent the recession that fears may not be warranted. Banks Are Stronger Now, but Strong Enough?
the government-ordered lockdown has made i i i
al a
e
Regarding Tom Hoenig’s letter credit ratings. Why would anyone to-
inevitable. This week’s record job losses will The good news here is that the public seems “Bank Risk System From 2008 Has day take such a narrow approach to
grow by the millions as long as American com- to be ignoring the trivial politics and focusing Problems” (March 20): Until June assessing a bank’s soundness by con-
ci on

merce is closed by fiat. The good news on that on what matters. The Beltway press corp’s habit 2019 I was the secretary general of the sidering only its risk-based capital ra-
front is that a debate has now begun about the of playing gotcha with Mr. Trump seems espe- Basel Committee on Banking Supervi- tios? If a bank were to report high-
importance of a healthy economy in the fight cially small these days. Most Americans are sion. In response to the deficiencies risk-based capital levels, the next
against the virus. looking past it for real news about help on the laid bare by the 2008 financial crisis, question one should ask is what the
President Trump’s choice of Easter as a pos- economy, the availability of medical equipment, the Basel Committee adopted a non- bank’s leverage ratio is? Continued
er rs

risk-based leverage ratio, which had focus on a bank’s risk-based ratios

sible date for America to return to work trig- and the potential of anti-viral therapies. Dam-
been a feature of the U.S. regulatory without any consideration of its le-
gered the inevitable sneers by his political op- age from the virus will continue for months, but framework before the crisis, though in verage ratio is confounding. This in-
ponents, but New York Gov. Andrew Cuomo has America is now mobilizing against it. Don’t bet a weaker form. It wasn’t, however, a formation is available but not often
made a similar point without the specific date. against success.
m e

requirement in virtually all other ju- highlighted by many large banks

risdictions around the world. Today, around the world that wish to avoid
the global regulatory framework is scrutiny of their feeble leverage ra-
A Divided Israel’s Unity Government
m rp

based on multiple metrics: the lever- tios because they don’t stack up fa-

I
age ratio, the risk-based capital ratios vorably to their competitors. Never-
t took three elections and a pandemic, but for Mr. Netanyahu, who is Israel’s longest serv- and common liquidity standards. theless due to the Basel Committee’s
Israel finally will have a stable government ing Prime Minister at some 14 years in total and In the 2008 crisis we learned in a reforms, detailed disclosure of a
after a year of uncertainty. This appears to 11 years in his current stint. His willingness to painful way the perils of placing sole bank’s capital adequacy is a global
co Fo

reliance on a single metric: external standard and is readily available.

mark the beginning of the end cede power is a rebuttal to
The financial fitness of big banks is
for Prime Minister Benjamin Netanyahu will stay on critics who warned he would demonstrably better entering this cri-
Netanyahu’s political career, for 18 months and then use the coronavirus crisis to Lyndon Johnson Proved sis compared with the 2008 crisis. I
though that has been pre- remain in the job indefinitely. suspect, however, that once the dust
dicted many times before. give way to Gantz. Mr. Netanyahu still faces crim- Gresham’s Law Is Correct settles the evidence will show that
On Thursday Mr. Netanyahu inal charges over political cor- Regarding James Grant’s review of capital for many should have been
and his main opponent, former ruption that could force him John Guy’s “Gresham’s Law” (Books, still stronger yet.
Israeli army chief Benny Gantz, struck a power- out of office. March 21): While Sir Thomas WILLIAM COEN
sharing agreement for what amounts to a na- Mr. Netanyahu’s legacy is considerable, even Gresham didn’t say, “Bad money Arlington, Va.
tional unity government. Mr. Netanyahu will re- if he doesn’t survive in office for another 18 drives out good money,” we can see
main Prime Minister for another 18 months, months. His free-market reforms have helped Is- the aphorism’s effect throughout his-
while Mr. Gantz will become Foreign Minister. rael become the most dynamic economy in the
tory. One fairly recent example is Hoarding Toilet Paper and
President Lyndon Johnson’s signing
Avoiding the Y2K Horror
n-

In September 2021, Mr. Gantz will take over as region with world-leading technology. The coun- the Coinage Act on July 23, 1965. The
Prime Minister. try’s traditional center-left parties are in sham- president at the time assured the na- “Do We Need So Much Tuna?
Mr. Gantz’s Blue and White party won 33 bles. Mr. Gantz gained traction for criticizing Mr. tion that “we expect our traditional Stockpiling Splits Couples” (Page One
Knesset seats to the Prime Minister’s 36 in elec- Netanyahu for alleged corruption (which Mr. Ne- silver coins to be with us in large March 13) brought back many fond
no

tions earlier this month, but neither could form tanyahu denies), but the centrist military leader numbers for a long, long time.” Of and interesting Y2K prep memories
a majority coalition without the other. A similar was well within Israel’s consensus on security course, the old 90% silver coins rap- and discussions between my late hus-
unity government could have been reached af- policy that the Prime Minister has forged. idly went out of circulation, and we band, Jude, and myself. I hope every
ter the previous two elections. But Mr. Gantz Much can happen in 18 months, and once Mr. are left with today’s pot-metal dimes couple will look back on this stressful
said the extraordinary threat of coronavirus Gantz becomes Prime Minister he will have to and quarters and debased half-dollars time and laugh someday. I’m proud to
that look as though they were say I lost my temper only once. He
changed his mind: “These are unusual times and manage a balky coalition that will include mem-
stamped out of plastic. President really had been very patient because
they call for unusual decisions.” Israel currently bers of his own party who dislike this power- Johnson and the Treasury obviously we had his elderly mother in our
has 3,035 confirmed cases and 11 deaths, with sharing agreement. Meantime, credit to both hadn’t read their Gresham. care, so for the most part the efforts
the number of infections rising fast. men for recognizing the need for a stable gov- STANLEY SANDLER were appreciated. But ultimately, he
This marks another remarkable comeback ernment amid the pandemic. Spring Lake, N.C. couldn’t take any more and de-
manded indignantly to know why we
needed so much toilet paper. He just
Worst-Case Coronavirus Science Real Congregations Start wouldn’t give in to any kind of argu-
ment about comfort or convenience.

G
ive Neil Ferguson a break. Nearly two
weeks ago Mr. Ferguson, an epidemiolo-
gist with Imperial College London, is-
sued a report on Covid-19. Much of the public at-
tention focused on his worst-case projection
that there might as many as 2.2 million Ameri-
can and 510,000 British deaths. Fewer paid at-
tention to the caveat that this was “unlikely,”
and based on the assumption that nothing was
done to control it.
The report was one reason that led Prime
Minister Boris Johnson to change policy and
lock Britain down. Under the Imperial College
model, the projection was that the steps Mr.
Johnson had been taking would cut the number
of projected deaths in half but still leave about
a quarter million British dead.
Now Mr. Ferguson has clarified his estimates.
He told Parliament this week that he now reck-
ons the number of deaths in the U.K. “would be
unlikely to exceed 20,000”—and that many
would be older people who would have died
from other maladies this year. With the mea-
sures now in place, he believes Britain’s health
service won’t be overwhelmed.
Critics are bashing him for the revisions, but
not so fast. Mr. Ferguson didn’t change his
model so much as adjust for new circumstances.
In particular he believes that Covid-19 is more
transmissible than he previously had thought—
but because strong measures had been imple-
mented, deaths would be far lower than his
worst-case scenario.
There’s a warning here about science and
journalism. Surely if we hope to neutralize a
pandemic we don’t fully understand, we need to
encourage a culture in which scientists feel able
to adapt and clarify with new evidence. Scien-
tists would also help themselves if, in explaining
their findings, they would be more candid about
the assumptions and variables.
This goes double for the press. It’s no secret
that the press’s reputation has taken a credibil-
ity hit in this crisis. Nor is it any secret why: In-
stead of a presentation of what we know and
don’t, too often the focus has been political
scapegoating or sensationalizing.
This week on “CBS This Morning,” U.S. Sur-
geon-General Jerome Adams complained about a
press that runs with projections “based on worst-
case scenarios.” He was talking about ventilators,
but his point applies across the board. Deborah
Birx, coordinator for the White House coronavirus
task force, said the same regarding apocalyptic
forecasts not backed by data about hospitals hav-
ing to issue Do Not Resuscitate orders.
In the battle to save lives and address the
scourge of Covid-19, good information is para-
mount. Credit to Neil Ferguson for clarifying his
projections when the situation changed.
Embracing Virtual Worship So finally I just told him, “OK, you
“Houses of Worship Rush to ‘Online win. Mom-mom and I have the toilet
Only’” (Life & Arts, March 23) covers paper. You use the newspaper if it
what larger churches are doing with comes.” We didn’t buy toilet paper
online services or even TV services. for a year, but I wouldn’t trade that
Smaller churches find this more diffi- memory for anything.
cult to do. However, the negatives of PATRICIA KOYCE WANNISKI
not being able to sing together and Morristown, N.J.
share joys and prayer concerns can be
overcome, especially in smaller
churches, by having worship by confer- Pepper ...
ence call, which our pastor initiated on
the first Sunday that our bishop closed
And Salt
all United Methodist churches in the THE WALL STREET JOURNAL
New York Annual Conference. Another
advantage is that members who don’t
have computers can join in. We have
even had members who winter in Flor-
ida and former members who have
moved to retirement in Pennsylvania
worship with us. It works well.
BOB CHRISTIE
Woodbury United Methodist Church
Syosset, N.Y.
Letters intended for publication should
be addressed to: The Editor, 1211 Avenue
of the Americas, New York, NY 10036,
or emailed to wsj.ltrs@wsj.com. Please
include your city and state. All letters
are subject to editing, and unpublished “You’re the perfect candidate,
letters can be neither acknowledged nor but I’m afraid your handshake
returned.
was a teensy bit soft.”
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
DECLARATIONS
By Peggy Noonan
F
or the first time in 21 days
my temperature has been
normal twice in a row, so
as far as I’m concerned the
fever is gone and the illness
over. I still don’t know what I had. I
got the coronavirus test March 17 and
haven’t received the results.
If this is happening to me, it’s
happening to others. A week and a
half is a long time for suspense, es-
pecially when you’re sick, and speaks
of a certain breakdown. In the early
days of the pandemic the adminis-
tration was embarrassed to have
bungled the production and dissemi-
nation of tests. They say they’ve
pumped millions of tests into the
system, but if laboratories don’t
have the gear or personnel to pro-
cess the tests, the problem is not
solved.
I went in for a Covid-19
test March 17. I’m feeling
much better but still
awaiting my results.
It is to be assumed, and some
news reports imply, that the labs
too are doing triage, as they should.
Top priority would be those admit-
ted to hospitals and exhibiting
symptoms. Next might be doctors,
nurses and other hospital personnel.
Beyond that you’d hope they are
thinking in terms of essential non-
medical personnel: firemen, cops,
garbagemen, grid workers. I don’t
remember being asked at the North-
well GoHealth urgent-care store-
front on First Avenue if I was neces-
By Michael Medved
T
he uncomfortable collision of
a perilous pandemic and a
boisterous battle for the pres-
idency conveys an unwelcome but
unmistakable message to aging baby
boomers. The generation that has
dominated pop culture and politics
for nearly a half-century, that has
loomed in the national conscious-
ness as perpetually pre-eminent,
may not be so ageless and invincible
after all.
Joe Biden (who’ll turn 78 before
Inauguration Day) and Donald J.
Trump (who’ll be 74), would be the
two oldest people ever nominated
for the presidency by a major party.
And it isn’t only the two survivors of
the arduous selection process who
demonstrate the graying of our poli-
tics. Mr. Biden’s most durable Demo-
cratic rivals—Bernie Sanders, Eliza-
beth Warren and Michael Bloomberg
—are all septuagenarians.
All of these grizzled geezers also
qualify as prime targets for Covid-19,
which seems to focus its most viru-
lent ravages almost exclusively on
those who’ve passed the age of
threescore and 10. American voters
like to believe that robust, inde-
structible chief executives will prop-
no
erly protect them from the world’s
dangers, but in the current situation
it’s the candidates themselves who
seem especially vulnerable, threat-
ened by coronavirus. If we do make
it to November with no health
breakdowns for either of the aged
electioneers, it will still constitute
the end of an era—a “Last Hurrah”
in the spirit of a marvelous, nostal-
gic 1956 novel about a political war-
horse in his final campaign.
However this plot plays out,
whether Mr. Trump proceeds to a
second term or Mr. Biden manages
to seize his place, it’s virtually in-
conceivable that we’ll ever again
elect a president born in the 1940s.
Boomers (and pre-boomers like Mr.
Biden, who arrived less than three
years before the end of World War
II) won’t be shuffled offstage alto-
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* * * * Saturday/Sunday, March 28 - 29, 2020 | A17
OPINION
My Corona (or Is It Schmutz?)
sary, and I would have said, “No, which I hadn’t read since it first
alas,” if they’d asked. This reminds came out when I was a teenager and
me of meeting a stooped old Marine was important to me then. A lot of
with one eye in Washington in the Lost Generation literature going on
1980s. Somehow it came up that here. I read Jay Parini’s fair-minded
he’d fought at Guadalcanal. I asked biography of Robert Frost, whose
if by chance he’d crossed paths with work I more and more revere but
Richard Tregaskis. No, he said, who whose nature and personality I
is he? He wrote an important ac- somehow cannot warm to. It would
count of the early days of the battle, irritate him to hear his effortful life
“Guadalcanal Diary.” makes you think of Carl Sandburg:
GEORGE FREY/BLOOMBERG NEWS
The Marine gave me a steely one- “This old anvil laughs at many bro-
eye look and said, “No, I was gone by ken hammers.”
the time the writers came.” This That resonates, doesn’t it?
ever after gave me a subdued sense Let’s be inappropriately personal
of my place in the order of things. because what the hell. Through the
But with how poorly some gov- larger drama of the past few weeks
ernment agencies have handled this my spirits have been good but my
thing in general, you have to wonder emotions somehow closer to the sur-
if the problem with reporting results A technician packages testing kits at Co-Diagnostics Inc. in Salt Lake City. face. I found I didn’t want to binge
is not only triage but other things, on Netflix, I wanted to watch what
such as poor organization and plan- opportunistically piggybacking on a a week in, which I discovered after I other people were watching and
ning and incompetent systems. Eight pandemic, maybe the more cele- stripped down and made up a bed watch it with them. “A League of
days in I entered the living hell of brated one. If it was a common one and was so exhausted I had to nap. Their Own,” and “Les Miserables”
attempting to find my results I suspect others are having it too There seems no accounting for have been in cable rotation, and mo-
through websites and patient por- and so it should have a name, but how hard the virus hits one person ments in them which in the past
tals. I downloaded unnavigable apps, not a distinguished one like corona. and not another, nor for the duration hadn’t moved me moved me now. I
was pressed for passwords I’d not Let’s call it the schmutz virus. of the illness. Mine stayed so long watched, “My Best Friend’s Wed-
been given, followed dead-end It came three weeks ago with a because I believe it heard I’m a ding,” and in the restaurant scene
prompts. The whole system is built chill, the next morning I felt fine, charming host. If yours doesn’t linger when they all break into “I Say a Lit-
to winnow out the weak, to make that night chills again, and a temper- you should ask yourself: Why? tle Prayer for You”—it choked me
you stop bothering them. This is ature of 101. It bopped around from From the beginning I took self- up. I’m choked up now!
what it’s like, in a robot voice: “How 99 to 101.5. quarantine both literally and seri- Man, what a time. Here is a real-
to get out of the forest: There will be Symptoms seem to vary a lot and ously, going out only for a doctor’s life moment. I mentioned running
trees. If you aren’t rescued in three everyone asks about them. Here was appointment, a virus test and a run out to the bank. We’re all tipping
to seven days, please try screaming my coronavirus or schmutz: to the bank. I haven’t been home for $20s in Manhattan and I ran low. I
into the void.” A dry cough that turned deep and three weeks in 30 years. walked over in full regalia—N95
Once I got through to an actual then wracking. Bad sore throat. The There will be a lot of self-reckon- mask, sanitary gloves, high-necked
person who was assigned to another first week I had a funny electrical ing going on inside a lot of us in the coat and scarf. As I walked home I
department at the clinic but kindly, headache that made me think of si- coming months and years. For me passed by the 90th Street Pharmacy,
furtively checked my name and date lent videos of lightning in the dis- there have been some surprises. One looked in the shining windows, and
of birth. “We have no results for you tance. These would come, go away, is that I didn’t do anything most of saw Hamidou and Barbara at the
on Covid-19,” she said. I asked if they return. Early on I experienced some- the time and yet each day sped by counter. I felt so grateful for them. I
.
were overwhelmed. She said they thing that some people are report- kind of satisfyingly. And I didn’t feel knocked on the glass, they looked,
ly
are “just trying to deal with the ing, a racing heart. Just a minute or lonely—there’s been a lot of tele- and I drew myself up and threw
data. A lot.” two of a fast-beating heart, mostly phoning, texting, emailing, even them a full, formal military salute.
i i i at night as I read. Looking back, this FaceTiming. At exactly that moment I thought:
Here I’ll speak of my experience
on started in the days before the fever. I wanted to read Trollope but in- Oh no, the mask, the gloves, they
of whatever illness I had. I think it was my system flashing stead mostly read the intellectual won’t recognize me! But they did,
Various tests had eliminated flu red: We are fighting something. equivalent of comfort food—Honoria immediately, and we laughed and ap-
and other possibilities early on, and There are reports some lose their Murphy’s respectful memoir of her plauded each other.
my doctor and I concluded I likely sense of taste and smell, and some parents, Gerald and Sarah; A.E. How fiercely we love people we
us l,
had a virus, maybe a common one have conjunctivitis—not me. Fatigue Hotchner’s “Papa Hemingway,” don’t know we love.
al a
e
Old Age Is a Bummer for the Baby Boomers
ci on
gether, but they won’t capture star- cerned the dawning of a new Donald Trump) enjoying more con- hope for adequate supplies of toilet
ring roles for the future, or hold the millennial age, some 31 years before spicuous success than the hapless paper, hand sanitizer and, if neces-
spotlight that our generation tradi- the actual millennium, indulging our juniors of the Class of ’65 (Al Gore, sary, ventilators. None of it seems
tionally demanded. generational arrogance and self-re- Mitt Romney, Hillary Clinton). adventurous or sexy; instead of long-
er rs
From the beginning, the postwar gard. A year later, Yale law profes- My 1976 book, “What Really Hap- ing for brave new worlds, most of us
baby-boom cohort always received sor Charles Reich published a best- pened to the Class of ’65?,” probed would settle for a fondly remem-
disproportionate attention for the seller called “The Greening of the destructive, disillusioning im- bered bygone era—say, the good old
simple reason that there were so pact of the counterculture on mem- days of three months ago.
m e
many of us: Some 76 million were bers of my California high-school Boomers will not, of course, go
born during the period of fertility My generation, dominant class, looking back from the vantage gentle into that good night, disap-
and mounting prosperity from 1946 point of our 10-year reunion. In pearing before we play our own
m rp
through 1964. When we were tod- for so long, gets a taste speaking about the progress of this role in the longed-for return of the
dlers and mischievous tykes, the of its mortality with the fabled, favored generation in lec- grand blessings of normal Ameri-
public delighted in newspaper car- tures and media appearances related can life. We might even savor the
toons depicting our misadventures— help of the coronavirus. to that book, I often made the point last exercise of presidential power
think of “Peanuts” (launched in that wherever we found ourselves in by one of our rough contempo-
co Fo
1950) and “Dennis the Menace” our peregrinations, admirers would raries, whichever of the dueling
(1951). “Leave It to Beaver” (a televi- America” that hailed his students define our excesses as the very es- old-timers wins the 2020 keys to
sion smash hit between 1957-63) and their cohort for shaping a new sence of stylish novelty, so that the White House. But with brothers
took us a bit further in our child- world, not based on what they cre- somewhere around the year 2020, and sisters of the Woodstock fam-
hood journeys. ated or even pursued, but what they the world would consider it un- ily suddenly frail and vulnerable,
As we entered our adolescent rejected: materialism, militarism, speakably hip to be fashionably en- we can far more readily accept the
years, the term “teenager” suddenly conformity. sconced in cutting-edge nursing patronizing, smug disdain of “OK
entered the popular lexicon while In recent years, the “turn on, homes. boomer” in place of the less palat-
the rest of the nation puzzled over tune in, drop out” radicalism of the That punch line drew chuckles, able formulation—“Bye bye boom-
our exotic tastes in music (The Beat- ’60s gave way to a notable pursuit but the real-life suffering of boom- ers”—that inevitably lies ahead.
les, acid rock), hair (“flow it, show of power. Two high school classes ers in board and care, grievously af-
it, long as God can grow it”) and achieved the near-complete domina- flicted by Covid-19, counts as no Mr. Medved hosts a daily, nation-
cosmopolitan clothing (why bell bot- tion of American presidential poli- laughing matter. ally broadcast radio talk show and
toms or Nehru jackets?). At Wood- tics, with the seniors from the Class At the moment, the bulk of ’60s is the author, most recently, of
n-
stock, fawning media accounts dis- of ’64 (Bill Clinton, George W. Bush, survivors still shelter in place and “God’s Hand on America” (2019).
Yes, We Need Cost-Benefit Analysis
Our country’s pre- ies that see benefits of “aggressive For news organizations, misleading when a lot of human beings are
mier advocate for social distancing,” even at the cost the consumer can, at times, be part getting sick and dying, it might ap-
cost-benefit analy- of considerable economic destruc- of the business model. If consumers pear callous to rely on statistics,
sis has written tion, in terms of lives saved. Who put up with it or seem to enjoy it, and especially the monetary valua-
about the corona- doesn’t? But the proposals he cites it will continue. Like Hillary Clin- tion of human life,” he writes, and
virus. He is Cass define aggressive social distancing ton’s tweets, this is the last thing then ringingly finds that “extensive
Sunstein, the Har- to mean something less stringent we need right now. precautions, not ending soon, are
BUSINESS
vard law professor than the sweeping mandatory busi- Mr. Sunstein goes to some length amply justified by the most hard-
WORLD
and former Obama ness shutdowns and shelter-in- to explain why it’s exactly wrong headed forms of analysis that we
By Holman W.
White House regu- place commands already in force and self-defeating to refuse to weigh have.”
Jenkins, Jr.
latory guru. around the country. the benefit of public goals against Which is fine, but which precau-
Of course you One study proposes seven-day the cost of achieving them. tions? The lesser ones in the studies
have to use the search function at isolation of those with symptoms, he cites, or the more severe clamp-
Bloomberg News to find his column 14-day isolation of exposed house- downs governors around the coun-
from Thursday. His editors don’t holds, and “dramatically reduced A guru punts in the try have been imposing on their
make it easy. And his headline and social contact for all those over 70 states? And when should we decide
subheadline writers adopt the un- years of age.” The other, sterner last paragraph but the costs are rising too fast for the
usual tack of advertising his piece study proposes closing schools, the- what he says is still expected benefits? His guidance
by fibbing about what it says. aters and sports venues. would be much appreciated.
Mr. Sunstein endorses two stud- Even so, Mr. Sunstein allows that worth listening to. There has been considerable talk
if the economic depression is long- lately of moral hazard, as if airline
lasting or the recovery slow, the shareholders should have required
costs “start to explode” and need He chooses examples of the sort their companies to hold large
to be rethought. And nowhere does that excite ridicule when President amounts of cash in advance against
Robert Thomson
Chief Executive Officer, News Corp
he suggest costs shouldn’t be con- Trump cites them, such as our tol- the government unexpectedly shut-
William Lewis
sidered at all as the Bloomberg erance for traffic deaths as the ting down the economy to fight an
Chief Executive Officer and Publisher headline writers seem to believe: price for being able to move around epidemic. This is not a case of
DOW JONES MANAGEMENT: “This Time the Numbers Show We freely, or acceptance of construc- moral hazard (and neither does it
Ramin Beheshti, Chief Technology Officer; Can’t Be Too Careful: Hard-headed tion deaths (perhaps an uncon- mean airline shareholders should
Natalie Cerny, Chief Communications Officer;
Kamilah Mitchell-Thomas, Chief People Officer; cost-benefit analysis usually con- scious wink to the real-estate im- be bailed out now). When share-
Edward Roussel, Chief Innovation Officer; firms that it’s dangerous to be presario in the White House) so we holders want to pile up cash
Christina Van Tassell, Chief Financial Officer overcautious. The coronavirus is can have buildings to live in and against unlikely contingencies, they
OPERATING EXECUTIVES:
Kenneth Breen, Commercial; different.” work in. buy Treasury bonds.
Jason P. Conti, General Counsel; Huh? That’s exactly not what his “I have long been an enthusiastic The real moral hazard in the
Tracy Corrigan, Chief Strategy Officer; column says. Even Gov. Andrew defender of quantitative cost-bene- present crisis is the one Mr. Sun-
Frank Filippo, Print Products & Services;
Kristin Heitmann, Chief Commercial Officer; Cuomo, whose New York City is fit analysis,” Mr. Sunstein begins. stein exemplifies: our politicians
Nancy McNeill, Corporate Sales; America’s worst coronavirus hot In words plain enough that a head- and thought leaders, because they
Thomas San Filippo, Customer Service; spot, was having second thoughts line writer can understand them, he don’t want to be seen as meanies,
Josh Stinchcomb, Advertising Sales;
Suzi Watford, Chief Marketing Officer; on Thursday about the strenuous acknowledges that in the present failing to advise the country can-
Jonathan Wright, International social-distancing requirements he situation a significant percentage of didly about the nature of the trade-
Barron’s Group: Almar Latour, Publisher has been imposing on the city’s the “avoided mortalities involve offs we face in our current distress.
Professional Information Business:
Christopher Lloyd, Head;
businesses and citizens. older people” and this ought to be And just so you don’t get the
Ingrid Verschuren, Deputy Head Since I made a joke at CNN’s ex- a factor in our calculations. wrong idea, I’m a 61-year-old col-
pense on Wednesday, I have had to Of course he punts in the final umnist with a problematic lung,
explain to a few readers that it analysis as people often do when whose Battle of the Bulge-surviving
wasn’t just a gratuitous sideswipe. the going gets tough. “In a period father is 98.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A18 | Saturday/Sunday, March 28 - 29, 2020 * *** THE WALL STREET JOURNAL.

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DISCOVER. LEARN. WONDER.

Go Further Online at: www.lecolevancleefarpels.com/en/go-further

 EXCHANGE
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At a Distance Crash Course

Intensive-care units HP’s new CEO gets
fast-track remote up to speed in
technology B6 a time of crisis B2

BUSINESS | FINANCE | TECHNOLOGY | MANAGEMENT THE WALL STREET JOURNAL. * * * * Saturday/Sunday, March 28 - 29, 2020 | B1
DJIA 21636.78 g 915.39 4.1% NASDAQ 7502.38 g 3.8% STOXX 600 310.90 g 3.3% 10-YR. TREAS. À 19/32 , yield 0.744% OIL $21.51 g $1.09 GOLD $1,623.90 g $26.20 EURO $1.1139 YEN 107.94

Dow Ends
Week Up,
Despite
Friday Fall
The Dow Jones Industrial Average
posted its biggest weekly gain since
1938, paring some of the losses of
recent weeks, as lawmakers agreed
to the largest economic-relief pack-
age in U.S. history in response to the

By Karen Langley, Avantika

Chilkoti and Chong Koh Ping

coronavirus pandemic.
Investors have been on a roller-
coaster ride as attempts to curb the
outbreak constrain economic activity
and policy makers work to cushion
the blow. Major U.S. stock indexes
posted double-digit gains for the
week—with the Dow surging 13% and
the S&P 500 climbing 10%—but re-
main down more than 20% in 2020.
After a furious three-day rally
earlier in the week, stocks pulled
back Friday. The blue-chip index fell
915.39 points, or 4.1%, to 21636.78.
The S&P 500 dropped 3.4%, and the
Nasdaq Composite declined 3.8%.

.
Investors looking for government

ly
spending measures to soften the
economic damage watched through-
out the week as legislators agreed to
on and passed a $2 trillion stimulus
package. The legislation, which Pres-
ident Trump signed Friday, is the
largest economic-relief package in
U.S. history and would extend aid to
us l,

many Americans through direct pay-

ments and expanded unemployment
al a
e
insurance. A record 3.28 million U.S.
workers applied for unemployment
benefits last week, nearly five times
ci on

the previous record high.

Earlier in the week, the Federal
Reserve signaled a wide-ranging ef-
fort to help the U.S. economy by ex-
tending loans and purchasing hun-
MICHAEL HADDAD

er rs

dreds of billions of dollars in

government debt.
“The one-two punch is impor-
tant,” said Mike Wilson, chief U.S.
m e

equity strategist and chief invest-

ment officer for Morgan Stanley.
THE INTELLIGENT INVESTOR | JASON ZWEIG How could a microscopic organism “What the market is saying is earn-
m rp

destroy nearly $15 trillion in global ings are going to be really bad in the
stock-market wealth in five weeks? near term, economic growth is going
Until recently, many investors Please turn to page B11

The Cure for

believed central banks and other
policy makers had repealed the
co Fo

business cycle and that making

money in the stock market was something you
could take for granted—in much the same way
Bailout Aids
that science and technology seemed to have
Boeing Even
Panic Attacks
beaten back diseases that had been the scourge
of humanity for millennia.
Maybe investors a century ago and more had a
wiser view. They believed the world was gov-
erned by unseen, omnipresent powers that could
If It Doesn’t
be appeased but never controlled—and that fi-
nancial panics were a form of divine retribution
for the sinful excesses of prosperity.
Tap Funds
The dangers lurking in the market can be hidden or delayed, We shouldn’t regard market panics as quaint BY ANDREW TANGEL
but never eliminated. For investors, slumps are a chance for artifacts from the days of ticker tape and trading AND DOUG CAMERON
n-

by telephone. Rather, they are forces that can be

introspection–and, sometimes, new opportunity. Please turn to page B4 Boeing Co. is set to emerge as a
big winner of the coronavirus stimu-
lus package, even if the aerospace
no

The downturn of 2020 could rival market pullbacks during past contractions but is far from the lows reached during the Great Depression. giant declines to seek direct tax-
payer help.
S&P 500 performance This year During longest recessions since 1929 The company had lobbied for at
% least $60 billion for itself and its
vast supplier network to blunt the
Great Depression blow of the pandemic that has para-
–3
ended March 1933
43 months lyzed global airline travel and re-
– duced demand for passenger air-
2020 June 1938 March 1975 November 1982 June 2009
year to date 13 months 16 months 16 months 18 months craft.
–9 The prospect of canceled orders
0 days 200 400 600 800 1,000 0 days 200 0 days 200 0 days 200 0 days 200 and airlines unable to take new
planes added to the pressure on Boe-
TRADING DAYS SINCE START OF RECESSION ing from the continuing crisis
Sources: Dow Jones Market Data (recessions ended 1933, 1938, 1975); FactSet (recessions ended 1982, 2009); National Bureau of Economic Research (recession durations) Kara Dapena/THE WALL STREET JOURNAL around the grounding since last year
of its 737 MAX jets, which has al-
ready sent its debt soaring as it bor-
HEARD ON THE STREET | SPENCER JAKAB rowed to compensate customers and
support suppliers.

“
We know from
history, over time,
How I Learned to Stop Worrying
The $2 trillion stimulus bill ap-
proved by Congress includes much
of what it wanted: billions of dollars
available for it and its supply chain,
and billions more to its struggling
our country perse-
veres and its markets And Love the Bear Market airline customers to stay in business.
“It’s important that the supply
chain gets relief,” said Eric Fanning,
chief executive of the Aerospace In-
rebound...Through- Everyone thinks they’re a ge- say they sold ahead of the Bounce Back dustries Association, a trade group
out this downturn, nius in a bull market, but it’s
only when prices head south
housing bubble or the dot-com
crash. Maybe some of them are
S&P 500 annualized returns
that counts Boeing among its mem-
bers. “The most effective way to in-
we are reminding that some people really stand even telling the truth. But there
between bottom of bear market
and end of recession
ject support is through its custom-
out from the crowd. were plenty of excuses to take ers.”
our clients that panic As odd as it sounds, the av- profits over the past decade Long-term annualized Whether Boeing will tap into
return: 9.7%*
is not an investment erage investor is woefully below
average. Compared to a robot
during what became the longest
bull market in history—the
stimulus money directly remains to
be seen.
strategy and that who might invest through good trade war, the European debt
June 1932 50.4%
Lawmakers set aside $17 billion in
and bad, ignoring newspaper crisis and ludicrous unicorn val- June 1949 58.1 loans and loan guarantees directed
trying to time the headlines, a fallible human can uations, to name just a few. Up Oct. 1957 28.2 at companies deemed essential to
market is futile. end up with a lot less money on
retirement day due to greed
until a month ago, acting on
them would have cost you.
May 1970 56.9 national security. Congressional offi-
cials and a senior U.S. aviation in-
Oct. 1974 77.1
—Charles Schwab Corp. and fear. Knowing how to han- Trying to pick the bottom of dustry executive said the carve-out
CEO Walt Bettinger dle fearful times like these offer a bear market is even more haz- Aug. 1982 123.8 was partly aimed at Boeing.
the best opportunity to avoid ardous to your wealth. Being Oct. 1990 56.1 Tapping that $17 billion pot
lagging behind the market. what seems like a long way from March 2009 94.5 would come with strings that Boeing
Some of Wall Street’s smartest Sure, some investors will the top doesn’t mean you aren’t Chief Executive David Calhoun has
minds on what’s coming next claim they saw the coronavirus- still just as far from the bottom: rejected. In particular, the loans
*1928 through 2019
B4-5 induced bear market coming, A market that has lost half of its Note: Dates listed are the final months of bear markets would come with a condition that
just like there are people who Please turn to page B4 Source: S&P Dow Jones Indices Please turn to page B2
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

B2 | Saturday/Sunday, March 28 - 29, 2020 * *** THE WALL STREET JOURNAL.

THE SCORE
THE BUSINESS WEEK IN 7 STOCKS

MGM RESORTS FORD MOTOR CO. WALT DISNEY CO.

INTERNATIONAL PERFORMANCE OF AIRLINE STOCKS THIS PAST WEEK

 MGM Resorts is rolling the

Source: FactSet
 Ford and its rival General
Motors Co. agreed to help  More housebound consumers
are streaming videos, but ad-
dice on a new boss as it rides 70%
F produce equipment for those DIS vertisers aren’t following. The
MGM out the coronavirus pandemic.
Bill Hornbuckle, the company’s
suffering from the disease
23% caused by the new coronavi-
streaming uptick experienced
4.6% by Walt Disney’s Hulu, AT&T
0.4% president and chief operating
60
rus. Ford and 3M Co. employ- Inc.’s HBO and Amazon.com
officer, is taking over as act- 50 ees are working to boost manufacturing Inc. has created more available ad time,
ing CEO after outgoing Chief Executive of 3M’s respirators, the companies said but advertiser demand is falling as
Jim Murren stepped down from his post American Tuesday, and are also working to de- much of U.S. economic activity stalls
40
on March 22. MGM Resorts also said Airlines velop a new respirator that could be due to the coronavirus pandemic. SpotX
board member Paul Salem will succeed produced in a Ford plant. GM said Fri- Inc., which helps publishers sell video
30 United
Mr. Murren as chairman. MGM Resorts Airlines day it would work with a partner to ads, said travel, hospitality and real-es-
and other casino operators have closed make ventilators at one of its plants. tate marketers cut ad spending through
down temporarily and implemented 20 Alaska Air President Trump criticized GM in a se- its platform by more than 70% from
widespread layoffs and furloughs in re- ries of tweets Friday for not producing March 16 to March 22, compared with
sponse to the spreading coronavirus. 10 ventilators quickly enough. Ford shares the previous seven days. Disney shares
Shares gained 0.4% Monday. gained 23% Tuesday. rose 4.6% Thursday.
0

OCCIDENTAL PETROLEUM –10

CVS HEALTH CORP. COMCAST CORP.
CORP.

 Occidental Petroleum is cut-

Mon. Tues. Wed. Thurs. Fri.
 Pharmaceuticals are still in
plentiful supply but cleaning  NBCUniversal Chief Executive
Jeff Shell has tested positive
ting salaries for its U.S. em- CVS supplies and paper products CMCSA for Covid-19 and is recover-
OXY ployees by up to 30%, one of
many American companies
ALASKA AIR GROUP INC. are scarcer. That was the
2.4% message Tuesday from the
ing at home, the most senior
9.4% media executive known to
12% looking to slash expenses as
the new coronavirus spreads  Uncle Sam wants to get into the airline business.
Treasury Secretary Steven Mnuchin indicated that the
CEO of CVS Health, who
spoke virtually at The Wall Street Jour-
have been affected by the
new coronavirus. The company’s NBC
across the country. The Houston com-
pany is facing plunging oil prices, high
ALK U.S. government would take stakes in beleaguered nal’s Health Forum. He said the phar-
macy giant has not experienced any dif-
News network has also lost a longtime
staffer; audio technician Larry Edge-
debt from an ill-timed acquisition and 8.9% carriers in exchange for billions in direct grants, The ficulty securing important medications worth died from complications related
falling demand due to a halt in economic for people with chronic disease, but its to coronavirus, the network said March
activity. Chief Executive Vicki Hollub’s sal- Wall Street Journal reported Thursday. The economic rescue retail operations for household basics are 20. Mr. Shell, who succeeded Steve
ary will be cut by 81% and the oil-and- package passed this week includes $25 billion in direct fund- under strain as demand intensifies. The Burke as CEO of the Comcast Corp. unit
chemical company’s top executives’ pay ing for passenger air carriers on top of loans and loan guaran- company is seeking to fill 50,000 posi- earlier this year, said in a Thursday staff
will be cut by an average of 68%, The tions and offering its workforce bonuses memo that he is improving every day.
Wall Street Journal reported Wednesday. tees. Alaska Air Group shares gained 8.9% Thursday. and child care to keep them on the job. Comcast shares gained 9.4% Thursday.
Occidental shares rose 12% Wednesday. CVS shares added 2.4% Tuesday. —Francesca Fontana

Every chief execu-

tive in America sits
ON BUSINESS | JOHN D. STOLL
Lobbying
A Crash Course
.
on a hot seat right

Pays Off for

ly
now.
For Enrique Lores,
the seat has been on

Boeing
In Crisis Management
fire since he took HP on
Inc.’s top job in November. An
electrical engineer who joined the
company as an intern in 1989, the
54-year-old Spaniard was barely in Continued from page B1
us l,

charge when turmoil started. the U.S. government take an eq-

Four days after his start date, uity stake or warrants for shares
al a
e
news broke that Xerox Holdings in loan recipients. The govern-
Corp. was cobbling together an of-
From his home office, new HP CEO Enrique Lores is trying to reinvent ment could instead take a senior
fer to buy the 81-year-old com- the hardware maker; a push into 3-D medical printers debt position in recipients.
ci on

puter-hardware maker. In the “Right now, Boeing is saying

months that followed, Mr. Lores they don’t need it,” U.S. Treasury
swatted away hostile salvos from Secretary Steven Mnuchin said
Xerox. In a letter sent to share- Friday on Fox Business Network.
holders Wednesday, he wrote that He added: “I appreciate the fact
er rs

pursuing a megadeal during a pan- that Boeing thinks they can oper-
demic isn’t prudent. ate on their own—that’s what we
“The key thing I need to do want them to do.”
right now is prioritize my time,” Earlier in the week, Mr. Cal-
m e

Mr. Lores told me Thursday morn- houn told the television network
ing during a Zoom chat. HP manu- Boeing would rather secure pri-
factures and sells gadgets in mar- vate financing than give the gov-
m rp

kets all over the world, many of ernment an equity stake. “If they
which have been rattled by the forced it, we’d just look at all the
coronavirus outbreak. If Mr. Lores other options, and we have got
doesn’t keep production lines mov- plenty,” he said.
ing, management teams talking, Mr. Calhoun said that Boeing
co Fo

and customers buying during a cri- had $15 billion in cash, and it still
sis, there will be no HP left for Xe- has access to a $9.6 billion loan
rox or anyone else to pursue. facility. A Boeing spokesman said
“Right now is when we show the Friday the company was consid-
value and culture of HP,” he said. ering all options for government
The hardware giant is known for aid, including a share of $454 bil-
its printers, desktop computers and lion of stimulus funds available to
laptops; Mr. Lores thinks now is businesses across industries that
MICHAEL BUCHER/THE WALL STREET JOURNAL

the time to write a “new chapter.” don’t require the government tak-
Two things he wants the company ing an equity stake.
to be more associated with are 3-D U.S. Rep. Rick Larsen (D.,
printers and any product that helps Wash.), whose district includes
America work from home. Boeing’s Seattle-area operations,
Like many CEOs I’ve talked to said the plane maker had lobbied
n-

this month, Mr. Lores is spending against the equity-stake require-

way more time in his Northern ment, but lawmakers wanted to
California home office than ever protect taxpayers.
before, using the tiny portal on a “If Boeing does take advantage
no

smartphone or webcam to talk of the program, it does help the

with people he used to grab in workers and supplier network
hallways or informally congregate Enrique Lores, pictured here during a video call, is running HP from his home during the coronavirus outbreak. quite a bit,” said Mr. Larsen, who
with in a conference room. He reg- heads a key House aviation panel.
ularly checks in on operations in Whatever help Boeing might
hard-hit nations, including Italy ing over for his predecessor, Mr. every blue chip in America—has way they can. “The problem is not wind up seeking, President
and China, and is monitoring li- Lores started shaking things up. tanked; and credit availability is to find people who want to partici- Trump has vowed to protect the
quidity like a hawk. He announced up to 9,000 job cuts fragile. “Right now, cash is king,” pate, it’s trying to choose the peo- Chicago-based manufacturer. It is
The tone of conversations is and said services and new technol- he said Wednesday. ple we want to do it.” He wants widely regarded as too important
changing. “I think what we’re see- ogies, such as HP’s nascent 3D- Rather than fast-track new the workforce to pace itself. “We to the nation’s economy and na-
ing broadly is people opening printing unit, needed to be a guidance to appease Wall Street, need to realize this is not going to tional defense for the government
themselves up.” He’s sat through a higher priority going forward. Mr. Lores is preaching prudence. be a very short-term thing.” to allow it to fail. Boeing is the
lot of stories recently, including Crafting this new strategy and “We need to say the right thing at On Wednesday, Mr. Lores hosted nation’s largest exporter and sec-
during his calls with those who battling Xerox’s takeover attempt the right time.” Spending all his a video Q&A with 1,200 company ond-largest defense contractor. It
keep HP’s coffers full. “We not only consumed a substantial amount of time with finance executives and leaders. His message to them is supports thousands of smaller
talk about the business, but we use time at the start of the year when the treasury staff to address one that while HP is weathering the businesses that supply everything
the time to engage with our cus- HP’s management began hearing issue would limit his effectiveness. same storm every other company from aircraft fuselages and wings
tomers on a different level.” about coronavirus. Mr. Lores Because casual encounters can’t is, it has unique opportunities. The to cockpit electronics.
Mr. Lores is the latest in a line tapped heads of four different HP happen in virtual workplaces, Mr. trick is to find them, analyze them, The company has declined to
of people whose jobs I’ve profiled units to monitor the situation and Lores has bumped up his meetings and seize them. detail the components of the $60
during these unprecedented times build a continuity plan while the with senior executives from one a Many of the startups disrupting billion it has been seeking. After
for the Journal’s special “Making week to three, and is calling on older, established companies did the Senate passed its stimulus bill
It Work” series. three or four major customers a exactly that during the financial late Wednesday, Boeing praised
I’ve learned how a funeral home ‘The world has day. He has changed the digital crisis. Companies such as Airbnb the package, saying its liquidity
director advises mourners how to background on the Zoom app to Inc. and Spotify Technology SA boost was “critical for airlines,
say goodbye in an era of social dis- radically changed in the Palo Alto, Calif., garage where were created during or immedi- airports, suppliers, and manufac-
tancing. How a mail carrier spends these last two or Bill Hewlett and Dave Packard ately after the last major down- turers to bridge to recovery.”
as much time washing his hands started the company. turn. Netflix Inc., Amazon.com Inc. Faced with mounting financial
as delivering mail. How a nurse three weeks.’ There are people who Mr. Lores and other tech companies, mean- strain, Boeing has suspended its
figured out a sanitary way to reuse regularly checks in with: Two of while, experienced exponential dividend and has been consider-
a disposable gown. his sons have returned from New growth then, following years of ing layoffs. Executives have said
The CEO’s role in making it rest of the company focused on York to California during the self- tinkering with unprofitable busi- they were working to avoid cut-
work? Point people to the light at growth, cost cutting and strategy. isolation era; his predecessor at ness models. ting or furloughing employees
the end of the tunnel. “The world has radically HP, Dion Weisler; HP’s Chairman Mr. Lores has told his employ- from the 65,000-worker commer-
Mr. Lores took the HP job with changed in these last two or three Chip Bergh (who is CEO of Levi ees to use this current crisis to re- cial arm.
an eye on transforming a culture weeks,” Mr. Lores said. Strauss & Co.). And he regularly invent HP. Under the proposed stimulus
in need of a refresh. He began his HP’s capital strategy shows how talks to his sister and brother in The most immediate initiative plan, certain loan recipients must
31-year HP career on a team devel- quickly things can change. In late Spain, where both are doctors. that shows they are listening di- maintain at least 90% of their
oping a graphics printer called the February, Mr. Lores announced a He also meets regularly with a rectly relates to combating the pan- current workforce through Sept.
DraftMaster. He went on to run $15 billion share-buyback plan de- group of CEOs in similar indus- demic. HP has ramped up its print- 30, among other worker protec-
various company units, including signed to stave off Xerox. That in- tries. An avid runner, Mr. Lores ing of mask adjusters, face shields, tions, eliciting praise from
imaging and printing. He was in- cluded $8 billion in repurchases tries to squeeze in running or cy- and hands-free door openers on 3-D the International Association of
strumental in the split of the committed within a year. That cling time. When not on confer- medical printers, and has already Machinists and Aerospace Work-
Hewlett-Packard Co. in 2015, which seems like a pipe dream today. ence calls or reviewing company supplied more than 5,000 of these ers, which represents Boeing fac-
separated the personal computing A month later, Mr. Lores is estimates, forecasts and plans, he products to hospitals. tory workers in the Seattle area.
division from the division selling spending time evaluating the scale pores over emails from employees. “It’s not only about protecting —Lindsay Wise and Siobhan
corporate services and hardware. of that plan. The economy has Workers share stories and ex- ourselves,” he said. “It’s about Hughes contributed to this
Four weeks before officially tak- nosedived; HP’s stock—like almost press eagerness to pitch in any finding opportunity.” article.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
Cloud Industry Scores Big Win Who Is and Isn’t
BY AARON TILLEY
Cloud-computing providers
are emerging as among the
few corporate winners in the
coronavirus pandemic as of-
fice and store closures across
the U.S. have pushed more ac-
tivity online.
The remote data storage
and processing services pro-
vided by Amazon.com Inc.,
Microsoft Corp., Alphabet
Inc.’s Google and others have
become the essential link for
many people to remain con-
nected with work and families,
or just to unwind.
The hardware and software
infrastructure those tech gi-
ants and others provide, com-
monly referred to as the cloud,
underpins the operation of
businesses that have become
particularly popular during
the virus outbreak, such as
workplace-collaboration soft-
ware provider Slack Technol-
ogies Inc., streaming-video
service company Netflix Inc.
and online videogame maker
Epic Games Inc.
Demand has been so strong
that Microsoft has told some
customers its Azure cloud is
running up against limits in
Spike in Traffic Hasn’t Broken the Web
BY SARAH KROUSE
AND LILLIAN RIZZO
Home internet and wireless
connectivity in the U.S. have
largely withstood unprece-
dented demands as more Amer-
icans work and learn remotely.
Broadband and wireless ser-
vice providers say traffic has
jumped at times of the day
when families would typically
head to offices and schools.
Still, that surge in usage hasn’t
yet resulted in widespread out-
ages or unusually long service
disruptions, industry executives
and analysts say.
Some service providers have
joked that internet usage during
the pandemic doesn’t compare
with the Super Bowl or season
finale of the popular HBO show
“Game of Thrones” in terms of
strain on their networks, Evan
Swarztrauber, senior policy ad-
viser to the chairman of the
Federal Communications Com-
mission, said on recent a call.
Broadband consumption dur-
ing the hours of 9 a.m. to 5 p.m.
has risen by more than 50%
since January, according to
broadband data company Open-
Vault, which measured connec-
tions in more than one million
homes. Usage during the peak
early-evening hours increased
20% as of March 25.
“What we have seen is a re-
distribution of where and how
the network is used,” said Tami
Erwin, head of Verizon Commu-
nications Inc.’s business group.
While some consumers have
complained about grainy video
and slower download speeds,
problems have so far been lim-
ited to nuisances, rather than
no
Fox Business
Parts Ways
With Host
BY BENJAMIN MULLIN
Fox Corp.’s business chan-
nel said it parted ways with
host Trish Regan, who was
taken off the air two weeks
ago after she dismissed con-
cerns about the coronavirus
pandemic as “impeachment all
over again.”
Ms. Regan hosted “Trish
Regan Primetime” during Fox
Business’ 8 p.m. hour until
March 13, when her show was
put on hiatus due to what Fox
Business said were “the de-
mands of the evolving pan-
demic crisis coverage.”
A few days earlier, she had
delivered a monologue saying
the “liberal media” were using
the coronavirus to “destroy”
the president and “encourage
a market selloff.”
“This is yet another at-
tempt to impeach the presi-
dent,” Ms. Regan said during
her March 9 program.
In a statement released by
the network Friday, Ms. Regan
said: “I have enjoyed my time
at FOX and now intend to fo-
cus on my family.
Attempts to reach Ms.
Regan directly were unsuc-
cessful.
Fox Corp. and Wall Street
Journal parent News Corp
share common ownership.
* * * * * * *
parts of Australia.
“Due to increased usage of
Azure, some regions have lim-
ited capacity,” the software gi-
ant said, adding it had, in
some instances, placed restric-
tions on new cloud-based re-
sources, according to a cus-
tomer notice seen by The Wall
Street Journal.
A Microsoft spokesman said
the company was “actively
monitoring performance and
usage trends” to support cus-
tomers and growth demands.
“At the same time,” he said,
“these are unprecedented
times and we’re also taking
proactive steps to plan for
these high-usage periods.”
“If we think of the cloud as
utility, it’s hard to imagine any
other public utility that could
sustain a 50% increase in utili-
zation—whether that’s electric
or water or sewage system—
and not fall over,” Matthew
Prince, chief executive of
cloud-services provider Cloud-
flare Inc. said. “The fact that
the cloud is holding up as well
as it has is one of the real
bright spots of this crisis.”
The migration to the cloud
has been happening for about
a decade as companies have
Average usage in megabits a second across customer accounts in each market
Jan. 13, 20 Feb. 10, 17
3.5 Mbps Boston
3.0
2.5
us l,
2.0
1.5
al a
1.0
ci on
0.5
0 Rebecca Baker, an employ-
3am - 9am - 3pm -
er rs
4am 10am 4pm
Source: Starry Inc.
m e
wholesale crashes. Some carri-
ers are now deploying extra re-
sources to neighborhoods with
m rp
heavy wireless usage.
Several wireless carriers in-
cluding Verizon, T-Mobile US
Inc. and AT&T Inc. have been
given temporary access to fresh
co Fo
spectrum to bolster capacity.
AT&T last Sunday said its over-
all cellular-data traffic was al-
most flat as more customers
connected to their home Wi-Fi
networks. But the volume of
mobile voice calls surged as
much as 44% over typical levels.
Daytime usage in markets in-
ternet provider Starry Inc.
serves like Boston and New
York has reached about 85% of
peak activity, said Chief Execu-
tive Chet Kanojia. “Typically,
n-
you have network peaks and
valleys. I think you see much
more sustained peaks,” he said.
Macau Offers Glimpse of Post-Virus Future
BY MIKE CHERNEY
At casinos in Macau, the
world’s biggest gambling hub,
customers must wear masks,
have their body temperature
taken upon entry and refrain
from eating or drinking at the
gambling tables.
The new procedures could
be a preview of what U.S. casi-
nos, which have largely shut to
stop the spread of the corona-
virus, will do if they reopen in
the coming weeks and months.
Unlike the U.S., Australia and
parts of Europe, Macau’s casi-
nos are open, and how the ca-
sinos fare could offer clues on
how quickly gamblers might
return in other markets.
So far, the results are grim.
Macau’s casinos shut down for
about two weeks in February,
but the government allowed
them to reopen on Feb. 20
with the new procedures.
Gross gambling revenues fell
nearly 90% in February, and
analysts are expecting another
steep drop in March, perhaps
by as much as 80%.
Travel restrictions have
prevented most mainland Chi-
nese tourists from visiting the
semiautonomous city, contrib-
uting to the decline.
At U.S. casinos, “we don’t ex-
pect one day the lights are go-
ing to go on and be exactly as it
was,” said Michael Soll, presi-
dent of Innovation Group, a con-
sulting firm for the gambling
BUSINESS & FINANCE NEWS
Change in daily U.S. internet
10.0 %
7.5
5.0
2.5
0 COVID-19.”
-2.5
-5.0
-7.5
Jan. 9 Feb. 1
Source: Cloudflare
opted to forgo costly invest-
ments into in-house IT infra-
structure and instead rent
processing hardware and soft-
ware from the likes of Amazon
or Microsoft, paying as they
go for storage and data-pro-
cessing features.
“If you look at Amazon or
Azure and how much infra-
structure usage increased over
the past two weeks, it would
probably blow your mind how
much capacity they’ve had to
March 9, 16 - 19 March 20
Los Angeles
on
e
9pm - 3am - 9am -
10pm 4am 10am
Some families have begun
establishing priorities for ac-
cess to home networks.
“We have to allocate the
bandwidth to the person who is
bringing in the money,” said
Terrence Barrett, who is work-
ing from home near St. Louis.
He says his eldest son’s gaming
has to take a back seat during
work hours.
The experiment hasn’t been
without frustrations.
Neelabah Pant, a Dallas resi-
dent who has Charter Commu-
nications Inc.’s Spectrum inter-
net said he has to restart his
modem and router once a day
to speed up a sluggish connec-
tion.
Charter has seen some in-
creased daytime network activ-
ity “but levels remain well be-
low capacity and typical peak
evening usage in most mar-
BILLY H.C. KWOK/BLOOMBERG NEWS
Macau allowed casinos to reopen on Feb. 20, but a rebound is a ways off. Outside the Casino Lisboa in Macau in early March.
and hospitality industries.
“The customer base probably
does not return overnight.”
Even when U.S. casinos re-
open, there will be other chal-
lenges. They will have to com-
pete with online gambling,
which some analysts expect to
attract new customers as peo-
ple are locked down inside their
homes. Consumers might still
be wary of visiting places with
large crowds, or be put off by
temperature checks and other
new restrictions at the casinos.
“We could see similar re-
strictions at any mass-type
spin up to keep the world op-
erating,” said Dave McJannet,
HashiCorp Inc., which pro-
vides tools for both cloud and
traditional servers.
An Amazon spokesman de-
clined to discuss use rates of
it service, but said, “We are
confident we will be able to
meet customer demands for
capacity in response to
For many companies, one of
the attractions of cloud ser-
vices is they can quickly rent
more processing horsepower
and storage when it is needed,
but can scale back during less
busy periods.
March 1
That also means cloud-ser-
vice companies aren’t immune
to the current economic dis-
ruption. Many of them serve
companies such as airlines and
hotel operators that have been
hit hard by the outbreak and
have been cutting costs, which
could include slashing spend-
ing on cloud services, said
Corey Quinn, a cloud-comput-
ing economist at the Duckbill
Group, a firm that helps cus-
tomers lower their Amazon
cloud bills.
—Dana Mattioli
contributed to this article.
New York City
3pm - 9pm - 3am - 9pm - 3pm - 9pm -
4pm 10pm 4am 10am 4pm 10pm
kets,” a spokeswoman for the
Stamford, Conn.-based company
said.
Rana el Kaliouby ran out of
bandwidth while recording a
podcast from her home, at the
same time her daughter took an
online driver’s education pro-
gram and her son played video-
games. She expects her home
network, Comcast Corp.’s Xfin-
ity Blast internet package, to be
even more strained as her chil-
dren participate in remote
learning. “I don’t know how
that’s going to work,” she said.
Comcast’s networks have
held up as peak traffic in-
creased 20%, said Tony Werner,
president of technology at Com-
cast Cable. Currently, the net-
work is running at just above
40% capacity, he said.
—Drew FitzGerald
contributed to this article.
gatherings and larger enter-
tainment venues around the
world for a period after this,”
said Simon Holliday, founder
of market data and consulting
firm H2 Gambling Capital.
“Many of these would be tem-
porary until there is a vaccine,
but as with any major event
such as this, some will stick in
certain markets.”
Some U.S. casinos experi-
mented briefly with similar
measures. Wynn Resorts Ltd.
on March 12 said it would
screen body temperatures of
customers using noninvasive
Saturday/Sunday, March 28 - 29, 2020 | B3
Covered Under
Paid-Leave Act
BY CHARITY L. SCOTT
With new rules expanding
paid sick and family leave go-
ing into effect April 1, small
businesses and their employ-
ees across the country are
scrambling to figure out which
parts of the Families First Cor-
onavirus Response Act applies
to them and how to comply.
Here are some answers:
What types of paid leave
must be provided by employ-
ers covered by the new law?
Employees who can’t work
because they have symptoms
associated with Covid-19 or
are under quarantine must re-
ceive two weeks or up to 80
hours of paid sick leave at
their full rate or the applicable
minimum wage, if higher.
If an employee is caring for
a quarantined person or a
child who can’t go to school or
day care because of the pan-
demic, the employer must pro-
vide two weeks or up to 80
hours paid leave at two-thirds
of the employee’s normal rate.
Employees who have been
employed at least 30 days can
also take up to 10 additional
weeks of paid family and med-
.
ical leave at two-thirds their
ly
normal rate to care for chil-
dren at home due to the out-
break.
Which employers must com-
ply with the provisions of the
new law?
Businesses based in the U.S.
with fewer than 500 employ-
ees are covered by the new
rules. For companies with sep-
arate entities, divisions or
subsidiaries, the Department
of Labor is using two different
tests to determine how em-
ployees should be counted.
ment and labor lawyer, said
that when counting employees
for the expanded family and
medical leave, businesses
should use the integrated em-
ployer test from the existing
Family and Medical Leave Act.
When counting for the new
paid sick time, employers
should use the joint employer
tests under the Fair Labor
Standards Act.
“What could end up hap-
pening is for purposes of the
paid sick time requirements, I
might be covered, but for pur-
poses of the expanded FMLA,
I may not be covered,” Ms.
Baker said.
Is this part of the $2 trillion
economic rescue package?
No, these paid-leave re-
quirements were passed in a
separate bill signed into law
by President Trump on March
18. They apply whether or not
employees or employers re-
ceive loans or payments from
the federal stimulus package,
thermal cameras and that ad-
ditional space would be cre-
ated between guests at gaming
devices and dining tables.
Wynn, which also operates ca-
sinos in Macau, closed its Las
Vegas and Boston casinos just
a few days later.
In Australia, casinos also
implemented new safety mea-
sures last week before the
government shut them down
Monday along with other non-
essential businesses. At a ca-
sino in Sydney run by Star En-
tertainment Group Ltd.,
temporary barriers were
which is known as the Corona-
virus Aid, Relief and Economic
Security Act, or CARES Act.
What types of employees
should be counted?
The law applies to full- and
part-time employees, tempo-
rary workers (even if they are
jointly employed with another
business), day laborers and
employees who are already on
leave. Independent contractors
are not employees under the
Families First Coronavirus Re-
sponse Act, and shouldn’t be
counted.
Does the Families First Corona-
virus Response Act contain any
employer exceptions?
Small businesses with fewer
than 50 employees can poten-
tially qualify for an exemption.
So far, the Department of La-
bor has said exemptions will
be available if the expanded
paid-leave requirements would
threaten the business’ viabil-
ity, but hasn’t yet issued spe-
cific guidelines on who quali-
fies or how to apply.
Are there any caps on how
much leave covered employ-
ers must provide?
Yes, but the limits vary de-
pending on the employee’s cir-
cumstances. Employees under
quarantine or experiencing
symptoms associated with
Covid-19, must be paid either
their full rate or the minimum
wage, if it’s higher, up to $511
a day or $5,110 for two weeks.
The limits for employees
caring for a sick person are
$200 a day or $2,000 for two
weeks. For workers taking
care of a child home from
school, the cap is $200 a day
and $12,000 total, which in-
cludes two weeks of paid sick
leave and 10 weeks of the ex-
panded family and medical
leave.
What will happen to small
businesses who aren’t fully
compliant on April 1?
The Department of Labor
said it won’t take enforcement
action against employers be-
fore April 17, as long as they
are making a good-faith effort
to comply with the law.
How long will these new
paid-leave provisions be in
effect?
The requirements will apply
through Dec. 31.
What questions haven’t been
answered by the Department
of Labor yet?
The Department of Labor
hasn’t yet said if employees
whose workplace closed due to
a stay-at-home order issued by
a state or local government or
who have already been fur-
loughed qualify for leave un-
der the act.
placed around different sec-
tions of the gambling floor,
and employees kept track of
how many people entered each
area. Every other slot machine
was deactivated.
By last week, Macau’s gov-
ernment said 37 casinos had
reopened, with two closed,
and that 80% of the city’s ta-
ble games were back in opera-
tion. One casino was closed
because the hotel where the
casino is located was desig-
nated as a quarantine venue,
and another was closed be-
cause of renovations.

B4 | Saturday/Sunday, March 28 - 29, 2020
What
Happens
Next?
The Wall Street Journal asked
some of the financial world’s
most influential voices to predict
how markets and the economy
will respond to government poli-
cies designed to contain the im-
pact of the coronavirus pan-
demic. They called upon their
extensive experiences navigating
selloffs and downturns, disrup-
tive hurricanes and even terrorist
attacks to advise investors on
what’s coming next—and what
they can do about it.
Scott Minerd
Global chief investment officer,
Guggenheim Partners
“We are running the risk that
this will be another Great De-
pression. Despite the good in-
tentions of the Fed and policy
makers in Washington, the pro-
grams put in place won’t offset
a severe contraction in eco-
nomic activity. I expect another
10-20% downside in equities,
and double-digit high-yield de-
fault rates within 12 months.
“My experience in all kinds
of markets, including the finan-
cial crisis, is that bottom fish-
ing is the most expensive sport
in the world....Things that are
cheap can still get cheaper.”
—Justin Baer
Abigail Johnson
Chairman and chief executive,
Fidelity Investments
“It’s impossible to predict the di-
rection of the markets. Investors
face long odds in trying to time
the ups and downs of the mar-
kets. Staying fully invested ac-
cording to your asset-allocation
plan can give investors an oppor-
tunity to participate in the mar-
ket’s long-term upward trend. In-
vestors need to be patient and
disciplined, and have a plan.
“Your plan can help guide you
through periods like this. It can
help to use what we call the in-
vestor mindset, which means
staying focused on the long term
and using a decision process that
is analytical, logical, and
grounded in empirical data.”
—Justin Baer
William Ackman
Pershing Square Capital
Management
“The news about the virus is
going to get worse and worse in
the next few weeks, but the
DAILY GRAPHIC: LIBRARY OF CONGRESS; MINERD, JOHNSON, PELTZ: REUTERS; ACKMAN: BLOOMBERG NEWS; BETTINGER: GETTY IMAGES
good news is that people are
responding,” William Ackman
said in an interview.
In February, Mr. Ackman
watched the coronavirus spread
in China and thought the only
way to slow it was to shut down
the economy. So he moved to
protect his portfolio, spending
$27 million on convertible de-
fault swaps as a hedge.
Mr. Ackman called for a 30-
day shutdown of the U.S. and
told CNBC on March 18 that
“hell is coming” and the coun-
try wasn’t moving fast enough
to stem the spread. Markets
slid as he spoke.
Though a full shutdown
didn’t happen, Mr. Ackman
locked in the gains from his
hedge earlier this week by clos-
ing it out for $2.6 billion, off-
setting his stock losses. Mr.
Ackman says he has grown
more optimistic, and while his
portfolio includes a relatively
high level of cash, he has put
more money into core holdings.
“I think we’re heading in the
right direction,” he said, though
he added that it’s likely “not
going to be straight-line up.”
—Corrie Driebusch
Why Market
Panics Can’t
Be Prevented
Continued from page B1
hidden or delayed but never elimi-
nated. And believing that panics
have become obsolete is a precon-
dition for their recurrence.
The modern history of financial
markets is a chronicle of attempts to
control risk—if not eliminate it. One
after another, they have all failed.
“We trust these brilliant innova-
tors in finance who seem to know
what they’re doing when they try
to control risk,” says Yale Univer-
sity economist and financial histo-
rian William Goetzmann. “And
then, lo and behold, the risk miti-
gation doesn’t happen.”
The Federal Reserve was cre-
ated in the wake of the Panic of
1907 to mitigate the risk of finan-
cial meltdowns.
Some thought the problem
could be solved. As the stockbro-
ker DeCourcy W. Thom proclaimed
in his postscript to economist
Clement Juglar’s “A Brief History
of Panics” in 1916: “Just as modern
medicine is overcoming the dan-
gers threatening the physical man,
so is modern finance overcoming
panic and the other dangers which
threaten financial stability.”
He was wrong—as similar fore-
casts have been ever since.
The Fed failed to stave off the
crash of 1929 and, by not expand-
ing the money supply in the early
1930s, probably worsened the
Great Depression.
In the mid-1980s, a computer-
ized hedging technique called
“portfolio insurance” purported to
limit losses for big institutional in-
vestors; it ended up being partially
blamed for the crash of 1987.
In the mid-2000s, financial en-
gineers created ever-more-com-
plex derivatives as a way of carv-
ing up and spreading risk. That,
Federal Reserve Chairman Alan
Greenspan said in 2005, “contrib-
uted to the stability of the banking
system” by allowing participants
“to measure and manage their
credit risks more effectively.”
But risk can’t be removed; it
can only be moved. The techniques
hailed by Mr. Greenspan may have
caused the financial crisis of
Contraction Calculation
Some economists are now predicting a pullback in gross domestic product that would rival the severity of the 2008-2009 slump.
Real gross domestic product, change from previous period
During longest recessions since 1929 and projections for this year
Annual Great Depression
ended March 1933
10%
5 RECESSION
0
–5
–10
–15
1930 ’31 ’32 ’33 ’34
Note: Quarterly figures are seasonally adjusted annual rates
Sources: Bureau of Economic Analysis (past recessions); Wall Street Journal survey of 34 economists March 18-19 (projections); National Bureau of Economic Research (recession durations)
Learning to
Love the
Bear Market
Continued from page B1
value is one that lost a jarring 30%
and then another 30% after that.
Investor psychology in a major
bear market is a mirror image of
what it was the past few years:
The more false alarms there were
on the way up, the likelier inves-
tors were to embrace risk, viewing
dips as buying opportunities. On
the way down, so-called suckers’
rallies—and the technical bull mar-
ket we reached on Thursday may
well have been one—get our hopes
up and then crush them. By the
time a really prolonged bear mar-
ket is about to end, investors who
haven’t sold in disgust probably
have a lower percentage of their
net worth in stocks than at the
outset. That is one of the costliest
mistakes investors make.
A surprising share of a new bull
market’s returns pile up in its very
early stages when people are most
fearful. Take the one that ended last
month. Putting $100,000 into an
S&P 500 index fund on the day the
bull began on March 9, 2009, and
selling at last month’s peak would
have seen that turn into $630,000
including dividends. Waiting just
three months to make sure it wasn’t
yet another head fake would have
earned you only $450,000.
If you wait for happy headlines
or hopeful government statistics
for a clue for when to pounce,
EXCHANGE
2008-09 by making bankers and
investors so complacent that they
never sufficiently tested whether
their assumptions might be wrong.
Finally, in the run-up to the lat-
est panic, many investors seemed to
believe index funds and exchange-
traded funds, which can offer broad
diversification at extremely low
cost, had somehow eliminated the
risk of owning stocks.
Our forebears, on the other
hand, believed panics are the indis-
pensable hygiene of markets,
sweeping the investing landscape
clean after every orgy of prosperity.
That notion was captured bril-
liantly by the illustrator Frank
Bellew in a cartoon for New York’s
“The Daily Graphic,” days after the
onset of a market panic in 1873.
An ugly giant straddles the street,
sweeping up clouds of dirt and
shreds of ticker tape labeled “BO-
GUS BROKERS,” “SHAKY BANKS”
and “ROTTEN RAILWAYS.” He
wears tattered goatskins, his hair
tangling into horns as it rises from
his scalp.
The caption reads: “Panic, as a
Health Officer, Sweeping the Gar-
bage out of Wall Street.”
Bellew personifies Panic as the
god Pan, who haunted the country-
side of ancient Greece. Half-goat,
moody and mischievous, Pan was
the god of herds, manipulating
them with the music from his
pipes. He lurked in mountain caves,
arising at midday to burst out of
nowhere at startled travelers.
No wonder the ancient Greeks
called a sudden fear “panikos.” It
came from Pan.
He was also the god of fertility.
And financial panics, through the
ensuing upheaval, fertilize old
ground for new competitors and
transfer assets to those who can
put them to their best use.
Out of the boom and bust in
wooden turnpikes in early 19th-
century New England came the
rights of way that railroads later
followed with ease through the
forests and fields. Out of the ma-
nia for technology stocks that col-
lapsed in 2000-02 came the glut of
fiber-optic networks that make in-
stant communication universal and
cheap as dirt today.
The U.S. and British economies
“cannot subsist without sowing the
wind and reaping the whirlwind of a
A Frank Bellew illustration, right,
depicting the market panic of 1873
in New York’s ‘The Daily Graphic.’
June Quarterly
1938
1937 ’38 ’39 1973 ’74
you’ll be too late. Stocks typically
rally before a recession is over. For
example, imagine an investor who
went back over the last eight re-
cessions, all the way back to the
Great Depression, and bought the
S&P 500 or its predecessor index
at the bottom of the accompanying
bear market, only to sell as soon
as the recession officially ended.
This market-timing genius would
have made an annualized return of
over 64%. That compares to a
ALEX NABAUM
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
* ***
March November
1975 1982
’75 1981 ’82 ’83 2007 ’08
n
no
long-run annualized return for U.S.
stocks of about 9.7%.
Making lemonade out of the mar-
ket’s lemons sounds tempting, but it
isn’t easy. The old saw goes that the
stock market is the only one where
people run away when there’s a
sale. Beforehand they crowd in
when the wares are most expensive
because they see everyone else get-
ting rich. For example, in the 10
months leading up to the last mar-
ket peak in October 2007, a net $84
billion flowed into equity mutual
funds according to the Investment
Company Institute. By contrast, a
A surprising share of
a new bull market’s
returns pile up in its
very early stages.
THE WALL STREET JOURNAL. THE WALL STREET JOURNAL. **** Saturday/Sunday, March 28 - 29, 2020 | B5
EXCHANGE
Looking for Work
It's not yet clear if unemployment will surpass the jobless rates reached
during the longest recessions since the Great Depression.
U.S. unemployment rate during longest recessions since 1929 Key: Rate during recession
Great Depression ended March 1933 Projections through 4Q
43 months (from pessimistic to optimistic)
30% February
2020
June 1938 Baseline projection Nelson Peltz
25
13 months Trian Fund Management
20
Hedge-fund manager Nelson
March 1975 November 1982 June 2009
15 Peltz is doing his social dis-
16 months 16 months 18 months
tancing in Florida. When he
10 takes a ride once a day to get
2020 out of the house, he likes to
5 drive past a Wendy’s—the res-
taurant chain in which his fund,
0 Trian Fund Management LP, is
0 months 12 24 36 0 months 12 0 months 12 0 months 12 0 months 12 the largest shareholder.
TIME SINCE START OF RECESSION While not as many people
are using the drive-through as
Note: Seasonally adjusted annual rate
Sources: National Bureau of Economic Research (recessions ended 1933 and 1938, recession durations); Labor Department (recessions ended 1975, 1982, 2009); a few weeks ago, Mr. Peltz said
Wall Street Journal survey of 34 economists March 18-19 (projections) Kara Dapena/THE WALL STREET JOURNAL he’s still pleased to see people
lined up to get their food.
Mr. Peltz says the coronavirus
financial crisis two or three times in investors will feel and the more wind of emotion. pandemic, and the shortage of
each generation,” wrote the finan- risk they will take. “Wall Street is as much the nat- medical protective gear and
cial journalist Horace White in 1876. Only lately has that euphoria ural field for panics as the prairie other supplies, will fundamen-
Financial crises, said White, re- not seemed sinful. is for tornadoes,” said the finan- tally change supply chains, and
curred with “the regularity of clock- An early panic on the Amster- cier John Ferguson Hume in his that the U.S. will likely see more
work, so that people pretend to dam stock exchange was a natural 1888 book “The Art of Investing.” things being made in America.
know when to expect one by looking consequence of the preceding bull People then understood what we In the near term, Mr. Peltz is
in the almanac.” market, when caution was “called have forgotten: When you look into feeling more upbeat after see-
The early U.S. suffered severe foolishness, madness and crime,” a bubble, what you should see in ing the stimulus bill pass in the
financial panics roughly once ev- wrote the pamphleteer Joseph that mirrored surface is yourself. Senate, saying, “the bill as writ-
ery 13 years on average, in 1792, Penso de la Vega in 1688. “The After all, it isn’t investments that ten will help both companies
1819, 1826, 1837, 1857, 1873, 1884, spirit of Ahab and Satan” had en- make or lose money; it is investors, and workers.”
1893 and 1907. ticed speculators to join in the “ju- with our own excesses of greed and —Corrie Driebusch
People used to regard booms bilation” of soaring prices. fear. And that means market panics
and busts as part of “an organic Investors were frantic in 1720 as aren’t a time for reaction; they are a
cycle of life,” not as outcomes that shares in the South Sea Co. soared time for introspection.
can be prevented or controlled, So ask yourself: Have I been tak-
says Mr. Goetzmann of Yale. ing more risk than I realize? Con-
In that organic cycle, entrepre- When you look into a versely, how should I turn panic into
neurs who think business condi- opportunity? How can I improve my
tions will improve “become cen- bubble, what you should portfolio and restore a sense of con-
.
ters of infection, and start an see in the mirrored trol? Should I sell some stocks or
ly
epidemic of optimism,” the econo- funds to generate a tax loss I can use
mist Wesley Clair Mitchell wrote surface is yourself. to offset gains or income? Do I have
in his 1913 book, “Business Cycles.” long-held mediocre or risky stock Walt Bettinger
That optimism leads to a “flood positions I’ve been reluctant to Chief executive,
on
tide of prosperity,” which washes and then crashed in London. Only dump until now because that would Charles Schwab Corp.
away caution, creating euphoria God could restore them to sanity, have generated a taxable gain I’d no
that culminates in a crash—which, Jonathan Swift wrote the next longer incur at today’s prices? “We know from history, over
in turn, clears the way for recov- year in his poem “Upon the South- Blind faith in tools for control- time, our country perseveres
us l,
ery. Lather, rinse, repeat. Sea Project”: ling financial risk has never made and its markets rebound. The
In recent decades, psycholo- “May he, whom Nature’s Laws sense. If risk could ever be elimi- hopelessness of the financial cri-
al a
e
gists have shown that people tend obey, nated, investors would immedi- sis of 2008 was followed by a
to overweight recent experience Who lifts the Poor, and sinks ately turn so euphoric that they historic bull market, but the
in their predictions of the finan- the Proud, would drive the prices of financial pivot went almost unnoticed by
ci on
cial future. Because markets rise Quiet the raging of the Sea, assets sky-high—thereby creating many investors until we were
more often than they fall, the ex- And still the Madness of the an enormous new risk out of the well into the turnaround. And so
perience of most investors tends Crowd.” absence of all the old ones. throughout this downturn, we
to be positive over time. The lon- Investors in ages past didn’t Investors should never stop try- are reminding our clients that
ger the good times roll, the more believe that the stock market was ing to manage their risks. But they panic is not an investment strat-
er rs
remote the chance of a decline efficient. They thought it was— should never believe that they, or egy and that trying to time the
will seem, the more overconfident and always would be—a whirl- anyone else, can eliminate them. market is futile.” —Dawn Lim
m e
p
June Projections
om or
2009
Pessimistic Baseline Optimistic
-c F
4Q
3Q
2Q
’09 ’10 2020 2020 2020
Kara Dapena/THE WALL STREET JOURNAL
net $233 billion flowed out from
June 2008 through March 2009, the
heart of the bear market when
stocks became screaming bargains.
Are they bargains now? Not re-
ally. One of the more reliable mea-
sures of how expensive stocks are,
the cyclically adjusted price to
earnings ratio popularized by Yale
University professor Robert
Shiller, put the S&P 500 at 23.8
times earnings on Friday. That is
more expensive than average and
compares with 13.3 times when the
last bull market began.
If you believe that the damage
the Covid-19 pandemic does to the
global economy will be on par with
the financial crisis and plan to wait
until stock valuations reflect that
view, you will have to wait. To fetch
a similar valuation, stocks might
When you understand the details,
have to drop another 40% or more
from here, leaving the Dow Jones
Industrial Average well below 15000.
But every downturn is different.
it’s easier to see the big picture.
A valuation measure like the
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 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
B6 | Saturday/Sunday, March 28 - 29, 2020
How to Monitor a Patient You Can’t Touch
Facing a deluge of Covid-19 patients, more hospitals leverage remote technology; checking vital signs from afar
As American cities
face a surge of coro-
navirus patients who
will require lifesaving
care, they are also
facing a rapidly dwin-
dling supply of avail-
able intensive-care-unit beds. Physi-
cians and nurses at many of the
country’s largest hospital systems
are leveraging a decades-old tech-
nology in new ways—at times cou-
pling it with cheap, readily available
gadgets—to expand their ability to
care for and monitor patients.
Generally known as “tele-ICU,”
this two-way bedside video is sort
of like FaceTime or Zoom. The dif-
ference is that it typically adds a
host of other technologies to vid-
eoconferencing, in order to con-
nect critically ill patients in hospi-
tal ICU beds with teams of doctors
and nurses who specialize in deliv-
ering care to the sickest, even
when those teams are miles or
even whole states away.
The technologies include high-
definition cameras with pan, tilt
and zoom abilities, so they can
home in on anything in the hospi-
tal room, from the patient’s face to
the instruments at bedside. They
also include direct connections to
instruments like heart-rate and
blood-pressure monitors. These
traditionally expensive systems
also connect remote specialists to
the doctors and nurses at patients’
bedsides, often at smaller hospi-
tals and in rural locations.
But to treat waves of patients
struggling with Covid-19, doctors
and technicians are also appropri-
ating less expensive remote-moni-
toring tech to their arsenal of ex-
isting tele-ICU systems. It’s the
difference between spending tens
of thousands of dollars a bed on
top-of-the-line tech that could take
weeks to be delivered and installed,
and switching to systems that in-
clude commercial tablets and can
be installed at patients’ bedsides
immediately.
If things get really
bad, medical providers
could enlist the help of
store-bought tablets
and laptops, as they
have in hurricanes and
other past disasters.
In the sheer number
of patients whom doc-
tors believe could ben-
efit from tele-ICU, cor-
onavirus presents a
trial far beyond any
that such technology
has been put through
before. The result is an
example of rapid inno-
vation—even disrup-
tion—in action, as pro-
fessionals are forced to
improvise using only
the gear at hand. By
their own accounts, be-
yond finding it merely
serviceable, they are
developing and sharing
new methods in real time. It’s a
medical hackathon in which lives
are at stake and the papers analyz-
ing what worked best may have to
no
wait until after the catastrophe
has passed.
It may be a taste of the medical
innovation to come, as the entire
world is forced to find ways to
grapple with an accelerating pan-
demic.
The health professionals at
Northwell Health, which includes
23 hospitals and 72,000 employees
across New York state, are rapidly
increasing the number of tele-ICU
beds from 170 to 420, and say they
could accommodate far more.
(New York state has desperately
tried to add to its 3,000 ICU beds;
Gov. Andrew Cuomo has warned it
might need 40,000.)
In Seattle, another coronavirus
hot spot, the hospital system Swed-
ish is leveraging a variety of tele-
health technologies, partly to keep
health-care workers from being ex-
posed to coronavirus and to keep
patients at home when possible.
But of all of the programs to ad-
dress shortages of health-care pro-
viders at Swedish, “I think the
tele-ICU capacity is the most im-
portant one at this time,” says
Elizabeth Meade, the medical di-
rector of pediatric quality and
safety at Swedish.
The point of tele-ICU isn’t to
replace staff on premise, but to
supplement them while also keep-
ing the scarce supply of trained
intensivists physically removed
from patients to minimize their
risks of infection.
Four hospitals in Atlanta’s Emory
Healthcare system are using tele-
ICU technology to support staff.
One example is easing the burden
of monitoring stable patients when
on-premise staff must intubate a
Covid-19 patient, a procedure that
requires extra people and effort due
KEYWORDS | CHRISTOPHER MIMS
on
us l,
al a
e
ci on
er rs
m e
m rp
co Fo
n-
to the risk of infection, says Timo-
thy Buchman, medical director of
Emory’s electronic ICU service.
“In situations where require-
ments and demands are changing
rapidly, the ability to move from
one room to the next, or one hos-
pital to the next, literally at the
speed of light, allows us to make
the most efficient allocation of
what are increasingly scarce hu-
man resources,” Dr. Buchman says.
Northwell has a telehealth com-
mand center in Syosset, N.Y., from
which teams of critical-care physi-
cians and nurses are already moni-
toring more than 130 beds, of
which 116 are occupied by Covid-19
patients, says Kara Benneche, di-
rector of clinical operations of
telehealth services at Northwell.
Physicians and nurses at North-
well’s Syosset center sit at banks
of six to eight monitors, connected
to video-conferencing systems that
allow them to interact with pa-
tients and any health professionals
in the patients’ rooms.
“That’s the beauty of tele-ICU:
One person sitting in a tele-ICU
center can take care of 50 to 100
EXCHANGE
Kara Benneche, at left, says North-
well’s staff can zoom in on bedside
equipment to check patients’ vital
signs. At right, Dr. Shreyas Ravi-
shankar advises a nurse. Below,
Richard Budke monitors patients.
beds,” says Saurabh Chandra, med-
ical director of telehealth services
at Northwell. Advanced tele-ICU
systems make the monitoring of
such numbers possible because
they include software that alerts
physicians when patients’ vital
signs cross into dangerous terri-
tory, he adds.
But these devices can take time
to install even under normal con-
ditions. Facing a flood of new pa-
tients, Northwell doctors are get-
ting creative with tech they
already have on hand. In Decem-
ber, Northwell ordered a batch of
35 movable carts with videoconfer-
encing capability from American
Well, which are scheduled to ar-
rive in early April.
These carts were intended to be
used in any department in any of
* *** THE WALL STREET JOURNAL.
saves them 10 to 15 minutes of suit-
ing up in protective gear, she adds.
One challenge for the coronavi-
rus patients is the isolation, with
loved ones not allowed in. But
while tele-ICU can also mean less
human contact, nurses are on the
other hand more readily available
in at least one way: Patients who
are able can touch a button at any
time to talk to them, something
they do frequently just to cope
with loneliness, says Ms. Benneche.
SOC Telemed, which provides
telemedicine technology to more
than 600 hospitals across the U.S.,
will add 100 hospitals to its plat-
forms in the next 45 days on ac-
count of the pandemic, says Jason
Hallock, the company’s chief medi-
‘That’s the beauty:
One person sitting in a
tele-ICU center can take
care of 50 to 100 beds.’
cal officer. About one in seven ICU
beds in the U.S. already have tele-
ICU capability, he adds.
In 2018, SOC Telemed equipped
Onslow Memorial Hospital in Jack-
sonville, N.C., with telemedicine
.
capabilities, including tele-ICU, in
ly
just 18 hours when flooding from
Hurricane Michael cut off the hos-
pital from outside help. Using a
telemedicine cart Onslow staff al-
ready had on hand, “we took care
RYAN LOWRY FOR THE WALL STREET JOURNAL(5)
of anyone from a newborn baby to
someone in their late 90s,” says
Dr. Hallock.
Tele-ICU is only one part of
what must be a much broader re-
sponse to the coronavirus pan-
demic, emphasizes Eric Toner, a
scholar with the Johns Hopkins
Center for Health Security and au-
thor of a report on the ultimate
impact of coronavirus on the U.S.
“I think [tele-ICU and related]
strategies can improve our capac-
ity to have trained people provide
At Northwell Health’s telehealth care, but I think they’re limited,”
center in Syosset, N.Y., teams of he adds.
critical-care physicians and One thing the tele-ICU cannot
nurses monitor more than 130 do is remove existing barriers de-
beds, including more than 100 termining which doctors can pitch
Covid-19 patients. Kami Sisco, in at any given hospital, notes Dr.
above, and Rochelle Heath and Hallock. It can take 120 days for a
Romana Amjad, at left, follow physician to become authorized to
patients from afar at the center. work at a hospital. While “emer-
gency privileges” can speed this
process, for now the technology of
allowing remote care is running
far ahead of the system’s ability to
absorb physicians who could con-
sult through it. Another issue is
that states traditionally do not al-
low doctors to practice medicine
without a license specific to that
state, limiting the ability of out-of-
state doctors to help. These aren’t
insuperable barriers—Emory
Healthcare has previously set up a
tele-ICU facility in Australia so
health professionals there could
cover the night shift at Emory’s
ICU units in the U.S.—but they
take time to overcome.
Martin Doerfler, a Northwell
senior vice president in charge of
telemedicine, says he is preparing
his hospitals both for the initial
Northwell’s hospitals and other fa- peak of the virus, as well as what
cilities. But many are being pressed could be an even bigger peak
into service in a variety of roles ne- come November, should coronavi-
cessitated by the pandemic, includ- rus become seasonal like the com-
ing connecting to ICU beds. Physi- mon flu.
cians can access the carts’ cameras If it comes to that, teams of
remotely from a computer. doctors at Northwell might have to
This system can also save doc- connect to any tablet or mobile
tors and nurses who are on site device through a web app, from
from having to enter patients’ their central tele-ICU center and
rooms, says Ms. Benneche. Remote remote centers it has set up at
practitioners using these systems each of its hospitals. This option
can’t do anything in patients’ would be limited, lacking the pan
rooms that requires their hands— and zoom capabilities of dedicated
such as adjusting an IV or a ventila- cameras, while offering only basic
tor. But they can check patients’ two-way communication between
overall condition, and use the sys- a remote physician and a patient
tem’s cameras to zoom in on bed- or bedside nurse.
side monitoring equipment, allow- “I’m practicing now for hun-
ing them to check vital signs just as dreds—or thousands—of cases and
they would if they were in the hopefully not tens of thousands,”
room. Every time they do this, it says Dr. Doerfler.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, March 28 - 29, 2020 | B7

MARKETS DIGEST
Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index Track the Markets: Winners and Losers
Last Year ago Last Year ago Last Year ago A look at how selected global stock indexes, bond ETFs, currencies and
21636.78 Trailing P/E ratio 16.83 17.94 2541.47 Trailing P/E ratio * 20.11 21.24 7502.38 Trailing P/E ratio *† 23.25 24.63 commodities performed around the world for the week.
t 915.39 P/E estimate * 15.12 15.89 t 88.60 P/E estimate * 15.82 17.03 t 295.16 P/E estimate *† 19.75 21.63
Stock Currency, Commodity, Exchange-
Dividend yield 3.02 2.24 Dividend yield * 2.41 1.96 or 3.79% Dividend yield *† 1.15 1.06
or 4.06% or 3.37% index vs. U.S. dollar traded in U.S.* traded fund
All-time high:
All-time high Current divisor All-time high S&P 500 Utilities 17.68%
9817.18, 02/19/20
29551.42, 02/12/20 0.14744568353097 3386.15, 02/19/20 Comex silver 17.40
Nikkei 225 17.14
30000 3500 9900 S&P 500 Industrials 15.43
65-day moving average 65-day moving average S&P 500 Real Estate 15.41
27500 3250 9250 iShiBoxx$InvGrdCp 14.70
S&P MidCap 400 13.04
8600 Dow Jones Industrial Average 12.84
25000 3000
Dow Jones Transportation Average 12.60
Session high
Norwegian krone 12.38
DOWN UP 22500 2750 7950
S&P 500 Energy 12.18
t

Session open Close

65-day moving average S&P 500 Financials 11.84
Close Open 20000 2500 7300
t

Russell 2000 11.65

S&P 500 Consumer Discr 11.08
Session low
17500 2250 6650 iShNatlMuniBd 10.95
Bars measure the point change from session's open S&P SmallCap 600 10.80
15000 2000 6000 S&P 500 Information Tech 10.50
Jan. Feb. Mar. Jan. Feb. Mar. Jan. Feb. Mar. iShiBoxx$HYCp 10.44
Weekly P/E data based on as-reported earnings from Birinyi Associates Inc. † Based on Nasdaq-100 Index S&P 500 10.26
Kospi Composite 9.68
S&P 500 Materials 9.50
Major U.S. Stock-Market Indexes Trading Diary Sao Paulo Bovespa 9.48
Latest 52-Week % chg Volume, Advancers, Decliners Comex gold 9.43
High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. NYSE NYSE Amer. Nasdaq Composite 9.05
Dow Jones Total volume*1,356,126,226 20,948,551 Nasdaq 100 8.49
Industrial Average 22327.57 21469.27 21636.78 -915.39 -4.06 29551.42 18591.93 -16.6 -24.2 1.7 Adv. volume* 204,956,848 7,533,144 S&P 500 Health Care 8.08
Transportation Avg 7891.36 7563.67 7699.18 -346.29 -4.30 11304.97 6703.63 -26.0 -29.4 -4.8 Decl. volume*1,144,290,171 13,387,158 DAX 7.88
Utility Average 786.14 732.33 758.93 1.01 0.13 960.89 610.89 -2.5 -13.7 2.6 Issues traded 3,039 275 CAC-40 7.48
Total Stock Market 26314.30 25348.42 25585.47 -891.18 -3.37 34631.28 22462.76 -12.4 -22.6 1.8 Advances 655 85 iShJPMUSEmgBd 7.09
Barron's 400 539.54 522.60 525.37 -22.32 746.64 455.11 -23.5 -28.3 -5.3 Declines 2,355 187 S&P/TSX Comp 7.05
-4.07
Unchanged 29 3 UK pound 6.94
Nasdaq Stock Market New highs 3 0 FTSE MIB 6.93
Nasdaq Composite 7716.24 7491.13 7502.38 -295.16 -3.79 9817.18 6860.67 -2.9 -16.4 8.7 New lows 43 4 S&P 500 Consumer Staples 6.54
Nasdaq 100 7817.74 7580.22 7588.37 -308.76 -3.91 9718.73 6978.02 2.8 -13.1 12.2 Closing Arms† 1.37 0.48 Australian dollar 6.52
Block trades* 6,115 205 Euro Stoxx 6.52
S&P
Nasdaq NYSE Arca
Nymex ULSD 6.18
500 Index 2615.91 2520.02 2541.47 -88.60 -3.37 3386.15 2237.40 -10.3 -21.3 2.8
FTSE 100 6.16
MidCap 400 1458.37 1403.68 1422.92 -48.61 -3.30 2106.12 1218.55 -25.0 -31.0 -5.6 Total volume*3,988,289,676 604,593,777
Stoxx Europe 600 6.09
SmallCap 600 689.03 665.03 669.88 -30.78 -4.39 1041.03 595.67 -28.7 -34.4 -6.8 Adv. volume*1,411,273,379 106,039,521
Wheat 5.93
Decl. volume*2,558,573,089 498,529,282

.
Other Indexes S&P 500 Telecom Svcs 5.50
Issues traded 3,382 1,553

ly
Russell 2000 1163.92 1125.68 1131.99 -48.33 -4.09 1705.22 991.16 -26.5 -32.2 -5.9 IBEX 35 5.19
Advances 844 333
NYSE Composite 10449.22 10064.50 10187.21 -349.07 -3.31 14183.20 8777.38 -19.8 -26.8 -3.7 iSh 20+ Treasury 5.19
Declines 2,485 1,215
368.12 348.97 -4.41 VangdTotalBd 4.73
Value Line 351.87 -16.25 562.05 305.71 -34.0 -36.3 -11.7 Unchanged 53 5
Mexico peso 4.42
NYSE Arca Biotech
NYSE Arca Pharma
4435.76
563.67
4282.48
544.48
4339.93 -97.91
550.70 -8.80
-2.21
-1.57
on 5313.05
670.32
3855.67
494.36
-15.4
-8.6
-14.4
-15.7
7.0
2.4
New highs
New lows
12
46
0
10
Euro area euro
iSh TIPS Bond
4.13
3.79
KBW Bank 69.79 65.74 67.61 -2.23 -3.19 114.12 56.19 -27.7 -40.4 -9.2 Closing Arms† 0.62 1.08
Swiss franc 3.66
PHLX§ Gold/Silver 87.57 80.78 81.81 -6.34 -7.19 111.51 66.14 7.1 -23.5 -1.4 Block trades* 22,706 2,970
us l,

South Korean won 3.52

PHLX§ Oil Service 25.51 24.43 24.82 -1.99 -7.41 102.39 21.47 -73.8 -68.3 -46.5 * Primary market NYSE, NYSE American NYSE Arca only. Hang Seng 2.98
PHLX§ Semiconductor 1541.49 1485.34 1488.75 -83.86 -5.33 1979.50 1286.84 6.7 -19.5 14.0 †(TRIN) A comparison of the number of advancing and declining
Canada dollar
al a

2.72
e
issues with the volume of shares rising and falling. An
Cboe Volatility 69.10 61.80 65.54 4.54 7.44 82.69 11.54 378.0 375.6 73.7 Japanese yen 2.67
Arms of less than 1 indicates buying demand; above 1

Nasdaq PHLX Sources: FactSet; Dow Jones Market Data indicates selling pressure. Bloomberg Commodity Index 2.64
ci on

Soybeans 2.20
VangdTotIntlBd 2.04
International Stock Indexes Percentage Gainers... Nymex natural gas 1.87
Latest YTD Latest Session 52-Week
Region/Country Index Close Net chg % chg % chg Company Symbol Close Net chg % chg High Low % chg Russian ruble 1.57
iSh 7-10 Treasury 1.54
er rs

World The Global Dow 2444.65 –57.71 –2.31 –24.8 EdtechX Hldgs Acquisition EDTX 17.00 5.65 49.78 17.50 9.86 68.7
Ekso Bionics Holdings EKSO 3.75 1.21 47.58 38.25 2.25 -90.0
Shanghai Composite 0.97
DJ Global Index 333.35 –7.05 –2.07 –23.2
Formula Systems ADR FORTY 55.28 16.22 41.51 75.23 36.75 31.6 Corn 0.65
DJ Global ex U.S. 199.03 –1.10 –0.55 –24.5
China Customer Relations CCRC 6.03 1.71 39.53 16.14 3.32 -50.0 S&P/ASX 200 0.54
Americas DJ Americas 585.01 –21.00 –3.47 –23.1 NexPoint Real Est Finance NREF 9.45 2.39 33.85 19.50 6.34 ... Comex copper 0.30
m e

Brazil Sao Paulo Bovespa 73428.78 –4280.88 –5.51 –36.5 iSh 1-3 Treasury 0.18
Green Plains Partners GPP 7.10 1.78 33.46 16.13 3.47 -55.2
Canada S&P/TSX Comp 12687.74 –683.43 –5.11 –25.6 -0.01 Chinese yuan
Bio-Path Holdings BPTH 5.07 1.24 32.38 24.73 2.92 -75.1
m rp

Mexico S&P/BMV IPC 33799.49 –1907.08 –5.34 –22.4 -0.10 Indian rupee
Clovis Oncology CLVS 7.13 1.73 32.04 25.88 2.93 -71.3
Chile Santiago IPSA 2281.10 9.75 0.43 –31.6
Eton Pharmaceuticals ETON 4.36 1.03 30.93 10.20 2.50 -45.5 -0.23 South African rand
EMEA Stoxx Europe 600 310.90 –10.48 –3.26 –25.2 ProSh Ultra 3x Shrt Crude OILD 45.32 9.32 25.89 115.00 9.33 120.0 -0.34 S&P BSE Sensex
Eurozone Euro Stoxx 297.02 –11.85 –3.84 –26.5 Nesco Holdings NSCO 3.55 0.71 25.00 10.45 1.38 -65.1 -1.27 Indonesian rupiah
Belgium Bel-20 2862.79 –141.64 –4.71 –27.6 Eyenovia EYEN 2.85 0.55 23.91 6.98 1.11 -52.4 -1.37 IPC All-Share
co Fo

Denmark OMX Copenhagen 20 1019.60 –8.27 –0.80 –10.2 Ares Commercial Real Est ACRE 8.79 1.54 21.24 17.72 2.78 -42.1 -3.75 WSJ Dollar Index
France CAC 40 4351.49 –192.09 –4.23 –27.2 Sirius Intl Insurance SG 8.00 1.35 20.30 16.49 5.06 -39.6 -4.95 Nymex crude
Germany DAX 9632.52 –368.44 –3.68 –27.3 Alpha Pro Tech APT 11.20 1.85 19.79 41.59 3.20 211.1 -5.08 Lean hogs
Israel Tel Aviv 1281.24 … Closed –23.9
Italy FTSE MIB 16822.59 –546.79 –3.15 –28.4
Percentage Losers -5.24 Nymex RBOB gasoline
Latest Session 52-Week *Continuous front-month contracts
Netherlands AEX 464.93 –18.06 –3.74 –23.1 Company Symbol Close Net chg % chg High Low % chg
Sources: FactSet (stock indexes, bond ETFs, commodities), Tullett Prebon (currencies).
Russia RTS Index 955.34 –61.69 –6.07 –38.3 California Resources CRC 1.32 -1.15 -46.56 30.18 0.93 -94.9 THE WALL STREET JOURNAL
South Africa FTSE/JSE All-Share 42946.83 –2099.52 –4.66 –24.8 Arbutus Biopharma ABUS 1.21 -1.05 -46.46 4.56 0.82 -66.2
Spain IBEX 35 6777.90 –255.34 –3.63 –29.0 Roadrunner Trans Sys RRTS 4.55 -2.38 -34.34 13.00 4.22 -56.7 See an expanded daily list of selected global stock indexes, bond ETFs, currencies
Sweden 529.96 –22.2 and commodities at WSJ.com/TrackTheMarkets
OMX Stockholm –16.45 –3.01 Micron Solutions MICR 1.73 -0.73 -29.67 3.49 1.10 -38.4
Switzerland Swiss Market 8996.37 –207.61 –2.26 –15.3 Michaels Cos. MIK 2.02 -0.76 -27.34 13.08 1.00 -82.3
Turkey BIST 100 88125.04 –3402.55 –3.72 –23.0
Charah Solutions CHRA 1.64 -0.59 -26.46 7.44 1.28 -74.4
U.K. FTSE 100 5510.33 –305.40 –5.25 –26.9
BGC Partners Cl A BGCP 2.42 -0.84 -25.77 6.15 2.15 -54.4
n-

U.K. FTSE 250 14769.80 –610.91 –3.97 –32.5

Asia-Pacific
Houghton Mifflin Harcourt
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HMHC
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-2.21
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8.32 1.68
23.27 5.58
-71.1
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Australia S&P/ASX 200 4842.40 –270.89 –5.30 –27.6 Exagen XGN 13.12 -4.33 -24.81 29.86 11.54 ...
China Shanghai Composite 2772.20 7.29 0.26 –9.1 Direxion Brazil Bull 3X BRZU 1.63 -0.52 -24.19 41.32 1.01 -94.2
no

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Sources: FactSet; Dow Jones Market Data TOP Ships TOPS 361,604 11163.1 0.23 193.13 16.80 0.08
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1.03 13.81
* Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
24.32
9.37
0.17
0.60
Currencies
U.S.-dollar foreign-exchange rates in late New York trading
US$vs, US$vs,
Available free at WSJMarkets.com 5,000 shares =Has traded fewer than 65 days
Fri YTDchg Fri YTDchg
Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%)
Americas Vietnam dong .00004233 23623 1.9
Consumer Rates and Returns to Investor Benchmark
Treasury Yields
yield curve Forex Race Argentina peso .0155 64.3290 7.4 Europe

Selected rates
and
Yield toRates
maturity of current bills, Yen, euro vs. dollar; dollar vs. Brazil real .1961 5.0998 26.9 Czech Rep. koruna .04069 24.579 8.4
U.S. consumer rates notes and bonds major U.S. trading partners
Canada dollar .7151 1.3984 7.7 Denmark krone .1492 6.7022 0.6
Chile peso .001196 836.00 13.1 Euro area euro 1.1139 .8978 0.7
A consumer rate against its Money market accounts Colombiapeso .000249 4020.34 22.5 Hungary forint .003125 320.05 8.4
3.00%
benchmark over the past year One year ago 8%
Ecuador US dollar 1 1 unch Iceland krona .007218 138.55 14.4
Bankrate.com avg†: 0.35% 2.50 Mexico peso .0427 23.3919 23.6 Norway krone .0954 10.4874 19.5
t
ableBanking,adivisionofNortheastBank 1.70% 2.00 WSJ Dollar index Uruguay peso .02297 43.5300 17.2 Poland zloty .2455 4.0731 7.4
Federal-funds 2.00% Lewiston, ME 877-505-1933 4 s
Asia-Pacific Russia ruble .01270 78.741 26.9
target rate 1.50 Sweden krona .1010 9.9021 5.7
t American Express National Bank 1.70% Tradeweb ICE Friday Close 1.00 0
Australian dollar .6161 1.6231 13.9
Switzerland franc 1.0517 .9508 –1.7
1.50 China yuan .1409 7.0964 1.9
Money market New York, NY 866-215-8754 t Turkey lira .1549 6.4540 8.5
0.50 Hong Kong dollar .1290 7.7516 –0.5
Ukraine hryvnia .0357 27.9994
account yields Citizens Access 1.70% –4 s 18.3
1.00 s India rupee .01325 75.472 5.8
t 0.00 Yen UK pound 1.2447 .8034 6.5
Westwood, MA 888-201-6505 Euro Indonesia rupiah .0000620 16140 16.3
0.50 –0.50 Japan yen .009264 107.94 –0.6 Middle East/Africa
Goldman Sachs Bank USA 1.70% –8
1 3 6 1 2 3 5 710 30 Kazakhstan tenge .002242 446.10 16.8 Bahrain dinar 2.6547 .3767 –0.1
New York, NY 855-730-7283 2019 2020 Macau pataca .1252 7.9848 –0.4 Egypt pound .0635 15.7444 –1.9
0.00 month(s) years
A MJ J A S O N D J FM HSBC Direct Savings 1.70% Malaysia ringgit .2311 4.3276 5.8 Israel shekel .2805 3.5656 3.2
maturity New Zealand dollar .6030 1.6584 11.6 Kuwait dinar 3.1934 .3131 3.3
2019 2020 Blue Bell, PA 800-975-4722
Pakistan rupee .00605 165.340 6.7 Oman sul rial 2.5960 .3852 0.1
Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Philippines peso .0196 51.123 Qatar rial .2757 3.628
0.8 –0.4
Yield/Rate (%) 52-Week Range (%) 3-yr chg Singapore dollar .7007 1.4272 6.0 Saudi Arabia riyal .2663 3.7559 0.1
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts) Corporate Borrowing Rates and Yields South Korea won .0008246 1212.73 5.0 South Africa rand .0567 17.6300 25.9
Sri Lanka rupee .0053112 188.28 3.8
Federal-funds rate target 0.00-0.25 0.00-0.25 1.00 l 2.25 -0.75 Yield (%) 52-Week Total Return (%) Close Net Chg % Chg YTD%Chg
Taiwan dollar .03312 30.196 0.9
Prime rate* 3.25 3.25 3.25 l 5.50 -0.75 Bond total return index Close Last Week ago High Low 52-wk 3-yr Thailand baht .03074 32.530 9.3 WSJ Dollar Index 93.17 –0.82–0.88 4.03
Libor, 3-month 1.45 1.20 0.74 l 2.60 0.30
U.S. Treasury, Barclays 2462.640 0.610 0.820 2.530 0.580 12.97 5.77 Sources: Tullett Prebon, Dow Jones Market Data
Money market, annual yield 0.35 0.37 0.35 l 0.78 0.01
0.93 0.93 l -0.35 U.S. Treasury Long, Barclays 4877.860 1.290 1.560 2.940 0.980 33.19 13.37
Five-year CD, annual yield
30-year mortgage, fixed† 3.84
1.05
4.01 3.52 l
2.03
4.34 -0.31 Aggregate, Barclays 2184.730 1.670 2.180 3.060 1.320 8.27 4.64
Commodities Friday 52-Week YTD
15-year mortgage, fixed† 3.32 3.40 2.95 l 3.73 -0.01
Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
Fixed-Rate MBS, Barclays 2207.980 1.360 2.280 3.250 1.360 6.85 4.05
Jumbo mortgages, $510,400-plus† 3.90 4.09 3.54 l 4.71 -0.78 DJ Commodity 473.97 -4.76 -0.99 647.86 451.81 -23.67 -26.21
High Yield 100, ICE BofA 2733.996 8.613 9.994 10.740 4.516 –8.935 0.129
Five-year adj mortgage (ARM)† 3.53 3.57 3.32 l 4.78 0.13 TR/CC CRB Index 123.88 -2.46 -1.95 189.66 120.34 -32.58 -33.32
New-car loan, 48-month 4.40 4.42 4.38 l 4.81 1.06 Muni Master, ICE BofA 567.785 1.687 3.441 3.441 0.959 4.669 3.930 Crude oil, $ per barrel 21.51 -1.09 -4.82 66.30 20.37 -64.23 -64.77
Bankrate.com rates based on survey of over 4,800 online banks. *Base rate posted by 70% of the nation's largest EMBI Global, J.P. Morgan n.a. n.a. 7.149 n.a. n.a. n.a. n.a. Natural gas, $/MMBtu 1.634 -0.003 -0.18 2.862 1.602 -38.62 -25.35
banks.† Excludes closing costs.
Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; S&P Dow Jones Indices; Bloomberg Barclays; ICE Data Services
Gold, $ per troy oz. 1623.90 -26.20 -1.59 1674.50 1269.30 25.59 6.87
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

B8 | Saturday/Sunday, March 28 - 29, 2020 * *** THE WALL STREET JOURNAL.

MARKET DATA
Futures Contracts Open
Contract
High hilo Low Settle Chg
Open
interest Open
Contract
High hilo Low Settle Chg
Open
interest Open
Contract
High hilo Low Settle Chg
Open
interest

Metal & Petroleum Futures July 2,265 2,278 2,242 2,269 7 53,509 June .9171 .9331 .9167 .9320 .0126 123,916
Agriculture Futures Coffee (ICE-US)-37,500 lbs.; cents per lb. Canadian Dollar (CME)-CAD 100,000; $ per CAD
Contract Open
Open High hi lo Low Settle Chg interest Corn (CBT)-5,000 bu.; cents per bu. May 123.35 123.35 115.65 115.85 –8.80 65,433 April .7110 .7183 .7068 .7173 .0043 1,381
Copper-High (CMX)-25,000 lbs.; $ per lb. May 348.50 350.00 342.50 346.00 –2.75 468,297 July 123.15 123.25 116.50 116.75 –7.40 48,280 June .7127 .7189 .7069 .7177 .0043 113,244
March 2.1900 2.1900 2.1900 2.1970 –0.0110 372 July 354.25 355.75 348.50 351.75 –2.50 370,783 Sugar-World (ICE-US)-112,000 lbs.; cents per lb. British Pound (CME)-£62,500; $ per £
May 2.1845 2.2035 2.1580 2.1720 –0.0060 89,779 Oats (CBT)-5,000 bu.; cents per bu. May 11.33 11.45 11.06 11.10 –.23 305,470 April 1.2199 1.2487 1.2148 1.2486 .0330 1,657
Gold (CMX)-100 troy oz.; $ per troy oz. May 262.00 269.75 260.25 265.50 4.50 2,451 July 11.25 11.36 11.01 11.05 –.17 249,659 June 1.2180 1.2506 1.2150 1.2500 .0332 168,196
March 1660.50 1660.50 1660.50 1623.90 –26.20 3 July 259.25 267.25 258.00 263.50 3.75 839 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Swiss Franc (CME)-CHF 125,000; $ per CHF
April 1640.40 1647.20 1611.40 1625.00 –26.20 57,868 Soybeans (CBT)-5,000 bu.; cents per bu. May 26.41 26.41 26.41 26.50 –.15 313 June 1.0422 1.0561 1.0399 1.0534 .0102 31,529
June 1653.40 1661.00 1630.70 1654.10 –6.20 345,366 May 879.00 888.75 875.25 881.50 1.25 258,770 July 26.51 26.51 26.51 26.60 .05 2,864 Sept 1.0381 1.0595 1.0448 1.0572 .0103 64
Aug 1656.20 1660.30 1631.50 1654.60 –5.90 52,115 July 883.00 893.25 879.75 885.25 .50 177,667 Cotton (ICE-US)-50,000 lbs.; cents per lb. Australian Dollar (CME)-AUD 100,000; $ per AUD
Oct 1657.00 1657.00 1633.80 1654.90 –6.50 12,449 May 52.78 53.32 51.15 51.33 –1.45 78,279
Soybean Meal (CBT)-100 tons; $ per ton. April .6053 .6200 .6021 .6192 .0111 861
Dec 1653.60 1659.30 1631.90 1655.00 –7.00 39,809 July 52.93 53.30 51.11 51.28 –1.55 49,365
May 324.10 328.10 320.70 323.10 .20 141,613 June .6047 .6202 .6024 .6193 .0111 130,149
Palladium (NYM) - 50 troy oz.; $ per troy oz. Orange Juice (ICE-US)-15,000 lbs.; cents per lb. Mexican Peso (CME)-MXN 500,000; $ per MXN
July 321.00 324.10 317.70 319.70 –.60 93,247
March 2220.00 2220.00 1625.00 2226.80 –29.40 10 May 121.50 121.70 116.70 118.20 –3.45 8,009
April 1593.60 1593.60 1593.60 2225.30 –29.30 4
Soybean Oil (CBT)-60,000 lbs.; cents per lb. April .04276 .04300 .04228 .04278 –.00023 56
May 26.49 26.96 26.33 26.85 .35 149,677 July 118.75 119.35 s 116.50 117.65 –.30 3,843 June .04257 .04275 .04185 .04238 –.00023 104,926
June 2239.50 2270.00 2100.00 2196.80 –29.30 6,779
Sept 2210.00 2256.90 2117.50 2184.50 –29.80 584 July 26.84 27.32 26.69 27.22 .36 109,160 Euro (CME)-€125,000; $ per €
Rough Rice (CBT)-2,000 cwt.; $ per cwt. Interest Rate Futures April 1.1031 1.1152 1.0964 1.1126 .0074 4,218
Dec 2200.90 2209.40 2115.00 2170.80 –29.60 437
Platinum (NYM)-50 troy oz.; $ per troy oz. May 1372.50 1409.00 1372.50 1397.00 20.00 7,644 Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% June 1.1070 1.1188 1.0991 1.1157 .0077 546,282
March 732.30 734.30 732.30 740.00 3.00 44 July 1376.00 1402.50 t 1376.00 1391.50 18.00 1,168 June 218-230 227-010 218-110 222-300 2-19.0 1,048,657
July 739.50 755.40 728.50 741.60 4.50 47,751 Wheat (CBT)-5,000 bu.; cents per bu. Treasury Bonds (CBT)-$100,000; pts 32nds of 100% Index Futures
Silver (CMX)-5,000 troy oz.; $ per troy oz. May 569.50 587.00 563.50 571.25 2.25 141,964 June 177-170 180-310 177-090 179-020 30.0 1,061,372 Mini DJ Industrial Average (CBT)-$5 x index
March 14.335 14.450 14.335 14.498 –0.142 108 July 558.25 568.00 552.50 557.25 1.00 93,165 Sept 178-050 179-090 176-060 177-180 30.0 130 June 22520 22545 21316 21437 –911 55,809
May 14.660 14.840 14.345 14.534 –0.142 85,675 Wheat (KC)-5,000 bu.; cents per bu. Treasury Notes (CBT)-$100,000; pts 32nds of 100% Sept 22326 22442 21254 21371 –900 125
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. May 487.00 505.00 483.00 486.75 –.50 96,256 June 137-125 138-240 137-110 138-085 17.0 3,416,428 S&P 500 Index (CME)-$250 x index
May 23.29 23.44 20.88 21.51 –1.09 564,179 July 491.00 507.75 487.50 491.50 .25 61,261 Sept 138-000 138-220 137-125 137-285 17.0 4 June 2619.60 2632.10 2516.10 2524.10 –83.90 53,190
June 26.23 26.43 24.59 25.15 –0.56 267,393 Cattle-Feeder (CME)-50,000 lbs.; cents per lb. 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% Sept … … … 2518.30 –83.50 11
July 28.71 28.88 27.53 28.13 –0.14 177,256 March 124-275 124-240 124-190 124-217 2.7 6,143
April 123.000 123.325 120.600 120.600 –4.500 4,288 Mini S&P 500 (CME)-$50 x index
Aug 30.16 30.50 29.43 30.05 0.20 91,458
May 123.425 123.650 120.925 120.925 –4.500 14,038 June 124-237 125-115 124-235 125-057 6.2 3,968,252 June 2627.75 2634.50 2505.25 2524.00 –84.00 3,298,502
Sept 31.32 31.69 30.62 31.30 0.43 121,670
Cattle-Live (CME)-40,000 lbs.; cents per lb. 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% Sept 2618.50 2626.75 2499.75 2815.25 –83.50 10,187
Dec 33.21 33.92 32.77 33.45 0.66 220,317
April 103.325 104.100 100.950 100.950 –4.500 28,365 March 110-016 110-055 110-016 110-053 1.5 32,649 Mini S&P Midcap 400 (CME)-$100 x index
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal.
June 92.075 92.750 89.050 89.425 –4.125 119,426 June 110-046 110-065 110-041 110-057 –0.5 3,049,076 June 1459.40 1463.40 1387.10 1412.40 –47.30 81,888
April 1.0782 1.0782 1.0461 1.0685 .0182 13,991
May 1.0705 1.0779 1.0453 1.0685 .0180 91,477 Hogs-Lean (CME)-40,000 lbs.; cents per lb. 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. Sept … 1469.20 1402.40 1422.40 –47.30 n.a.
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. April 62.225 62.225 58.400 58.450 –4.450 22,665 March 99.3475 99.3500 99.3450 99.3475 .0025 236,003 Mini Nasdaq 100 (CME)-$20 x index
April .5713 .5994 .4986 .5737 .0299 12,956 June 67.550 t 64.250
67.550 64.250 –4.500 75,496 April 99.9200 99.9300 99.9150 99.9250 .0150 256,624 June 7882.75 7893.25 7551.25 7568.50 –275.50 192,357
May .6197 .6358 .5488 .6136 .0156 115,379 Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% Sept 7882.00 7889.00 7555.50 7568.75 –276.25 773
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. May 312.40 317.70 308.00 311.30 –9.50 1,466 June 105-215 106-060 105-040 105-210 14.5 60,541 Mini Russell 2000 (CME)-$50 x index
April 1.640 1.650 1.597 1.634 –.003 2,937 July 324.40 330.30 318.80 322.10 –9.90 692 Eurodollar (CME)-$1,000,000; pts of 100% June 1176.40 1176.90 1111.80 1120.30 –46.40 528,067
May 1.699 1.710 1.648 1.671 –.018 350,414 Milk (CME)-200,000 lbs., cents per lb. April 98.8950 98.9200 98.7800 98.7800 –.1050 531,957 Sept 1130.80 1172.20 1112.90 1117.60 –45.90 19
June 1.809 1.817 1.764 1.775 –.027 94,115 March 16.25 16.26 t 16.22 16.23 … 2,842 June 99.4300 99.4450 99.3800 99.3800 –.0450 1,596,021 Mini Russell 1000 (CME)-$50 x index
July 1.941 1.950 1.890 1.907 –.033 118,467 June 14.68 14.72 t 13.98 14.00 –.73 3,261 Sept 99.6300 99.6400 99.5950 99.5950 –.0350 1,474,742 June 1384.50 1433.50 1377.50 1387.90 –48.90 8,306
Sept 2.015 2.024 1.970 1.981 –.028 97,541 Cocoa (ICE-US)-10 metric tons; $ per ton. Dec 99.6450 99.6550 99.6250 99.6300 –.0150 1,097,348 U.S. Dollar Index (ICE-US)-$1,000 x index
Oct 2.088 2.088 2.038 2.047 –.024 104,900 May 2,252 2,268 2,229 2,257 2 60,026 June 99.43 100.02 98.35 98.54 –.92 28,263
Currency Futures Sept 99.49 99.96 98.39 98.53 –.94 570
Japanese Yen (CME)-¥12,500,000; $ per 100¥
Exchange-Traded Borrowing Benchmarks | WSJ.com/bonds April .9158 .9291 .9151 .9289 .0125 968 Source: FactSet

Portfolios Money Rates March 27, 2020

Bonds | WSJ.com/bonds
Largest 100 exchange-traded funds, Key annual interest rates paid to borrow or lend money in U.S. and
latest session
international markets. Rates below are a guide to general levels but Global Government Bonds: Mapping Yields

.
Friday, March 27, 2020 don’t always represent actual transactions.
Closing Chg YTD Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in

ly
Week —52-WEEK—
ETF Symbol Price (%) (%) Inflation Latest ago High Low selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
CnsmrDiscSelSector XLY 98.05 –3.35 –21.8 Feb. index Chg From (%)
CnsStapleSelSector XLP 53.51 –0.47 –15.0 Switzerland 0.50 0.50 0.50 0.50 Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points
level Jan. '20 Feb. '19
21.01 –3.05 –31.7 Coupon (%) Maturity, in years Latest(l)-2 -1 0 1 2 3 4 Previous Month ago Year ago Latest Prev Year ago
FinSelSectorSPDR XLF Britain 0.10 0.10 0.75 0.10
0.375 U.S. 2 0.230 t l 0.309 1.153 2.206
FT ValDivFd
HealthCareSelSect
IndSelSectorSPDR
InvscQQQI
FVD
XLV
XLI
QQQ
27.39
84.99
58.89
185.30
–2.46
–2.14
–4.21
–3.44
–24.0
–16.6
–27.7
–12.8
U.S. consumer price index
All items
Core
258.678
267.268
0.27
0.48
on 2.3
2.4
Australia 0.25

Secondary market
0.25 1.50 0.25
1.500
2.000 Australia 2
10 0.731 t
0.254 t l
l 0.852
0.261
1.264
0.616
2.374
1.485 2.4 -4.8 -72.1
InvscS&P500EW RSP 83.42 –2.98 –27.9
InvscS&P500LowVol SPLV 46.94 –0.40 –19.5
Fannie Mae 2.500 10 0.929 s l 0.929 0.852 1.787 19.8 7.7 -58.7
International rates
us l,

iSh3-7YTreasuryBd IEI 133.06 0.38 5.8 30-year mortgage yields

iShCoreDivGrowth DGRO 32.24 –3.21 –23.4 0.000 France 2 -0.652 t l -0.612 -0.682 -0.538 -88.2 -92.1 -274.4
Week 52-Week 30 days 2.413 3.012 3.857 2.328
iShCoreMSCIEAFE IEFA 49.22 –2.96 –24.6 0.000 10 -0.068 t l 0.015 -0.255 0.298 -83.7 -207.6
Latest ago High Low 60 days 2.476 3.081 3.884 2.353 -79.8
al a

iShCoreMSCIEM IEMG 39.59 –5.72 –26.4

e
iShCoreMSCITotInt 46.07 –3.50 –25.6 Notes on data: 0.000 Germany 2 -0.708 t l -0.652 -0.731 -0.603 -96.1 -280.9
IXUS Prime rates -93.8
iShCoreS&P500 IVV 254.24 –3.10 –21.3 U.S. prime rate is the base rate on corporate
iShCoreS&P MC IJH 141.81 –2.97 –31.1 U.S. 3.25 3.25 5.50 3.25 loans posted by at least 70% of the 10 largest 0.000 10 -0.477 t l -0.365 -0.539 -0.078 -120.7 -121.7 -245.2
ci on

iShCoreS&P SC IJR 54.96 –4.03 –34.5 Canada 2.95 2.95 3.95 2.95 U.S. banks, and is effective March 16, 2020.
iShS&PTotlUSStkMkt ITOT 56.34 –3.06 –22.5 Other prime rates aren’t directly comparable; 1.200 Italy 2 0.198 s l 0.129 -0.083 0.397 -3.3 -18.0 -180.9
Japan 1.475 1.475 1.475 1.475 lending practices vary widely by location.
iShCoreUSAggBd AGG 115.57 0.43 2.8 1.350 10 1.319 s 1.233 1.080 2.438 38.1 6.5
Complete Money Rates table appears Monday
l 58.9
iShSelectDividend DVY 73.54 –1.91 –30.4 Policy Rates through Friday.
iShEdgeMSCIMinEAFE EFAV 61.46 –2.23 –17.5 0.100 Japan 2 -0.170 s l -0.243 -0.208 -0.167 -40.0 -55.2 -237.3
iShEdgeMSCIMinUSA USMV 53.65 –2.08 –18.2 Euro zone 0.00 0.00 0.00 0.00 Sources: Bureau of Labor Statistics; FactSet
iShEdgeMSCIUSAMom MTUM 106.44 –1.95 –15.2 0.100 10 0.010 s l 0.008 -0.103 -0.066 -72.0 -84.4 -244.0
er rs

iShEdgeMSCIUSAQual QUAL 79.48 –3.11 –21.3

iShFloatingRateBd FLOT 48.03 –0.10 –5.7
0.050 Spain 2 -0.267 t l -0.215 -0.435 -0.297 -49.7 -52.3 -250.3
iShGoldTr
iShiBoxx$InvGrCpBd
IAU
LQD
15.45
122.43
–0.77
–0.20
6.6
–4.3
A Week in the Life of the DJIA 0.500 10 0.528 t l 0.584 0.314 1.048 -20.3 -26.8 -132.6
iShiBoxx$HYCpBd HYG 77.03 0.26 –12.4 A look at how the Dow Jones Industrial Average component stocks 0.500 U.K. 2 0.130 s l 0.130 0.427 0.689 -10.0 -17.9 -151.7
iShIntermCorpBd IGIB 54.48 –0.04 –6.0
did in the past week and how much each moved the index. The DJIA 4.750 10 0.364 t l 0.399 0.455 1.015 -45.3 -135.8
m e

iShJPMUSDEmgBd EMB 97.55 –2.06 –14.8 -36.7

iShMBSETF MBB 110.09 0.33 1.9 gained 2,462.80 points, or 12.84%, on the week. A $1 change in the Source: Tullett Prebon
iShMSCI ACWI ACWI 61.68 –2.93 –22.2
52.86 –2.85 –23.9
price of any DJIA stock = 6.78-point change in the average. To date, a
m rp

iShMSCI EAFE EFA

iShMSCI EAFE SC SCZ 44.40
33.35
–1.81
–5.68
–28.7
–25.7
$1,000 investment on Dec. 31 in each current DJIA stock component Corporate Debt
iShMSCIEmgMarkets EEM would have returned $22,936, or a loss of 23.55%, on the $30,000 Price moves by a company's debt in the credit markets sometimes mirror and sometimes anticipate, moves in
iShMSCIJapan EWJ 50.18 –0.12 –15.3
iShNatlMuniBd MUB 113.50 –1.30 –0.4 investment, including reinvested dividends. that same company’s share price.
iShPfd&Incm PFF 31.47 –2.81 –16.3
iShRussell1000Gwth
iShRussell1000
IWF
IWB
147.73
139.51
–3.39
–3.08
–16.0
–21.8
The Week’s Action Investment-grade spreads that tightened the most…
Pct Stock price Point chg $1,000 Invested(year-end '19) Spread*, in basis points Stock Performance
co Fo

iShRussell1000Val IWD 98.23 –2.86 –28.0

iShRussell2000 IWM 112.56 –3.64 –32.1 chg (%) change in average* Company Symbol Close $1,000 Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg
iShRussell3000 IWV 146.03 –2.82 –22.5
70.51 66.99 454.34 Boeing BA $162.00 $500
iShRussellMid-Cap IWR 43.04 –2.87 –27.8
Air Lease AL 4.250 Feb. 1, ’24 769 –385 740 20.93 –16.38
iShRussellMCValue IWS 64.09 –2.63 –32.4 25.24 38.40 260.43 Home Depot HD 190.55 879
iShS&P500Growth IVW 161.71 –3.10 –16.5
iShS&P500Value IVE 95.26 –2.73 –26.8 23.40 15.78 107.02 Nike NKE 83.23 824 AerCap Ireland Capital DAC … 2.875 Aug. 14, ’24 550 –276 847 … …
iShShortCpBd IGSB 51.89 0.39 –3.2
iShShortTreaBd SHV 111.05 ... 0.5 19.71 14.61 99.09 American Express AXP 88.73 715 Sabine Pass Liquefaction SPLLLC 5.625 March 1, ’25 773 –198 1078 ... ...
iShTIPSBondETF TIP 120.25 0.33 3.2
iSh1-3YTreasuryBd SHY 86.65 –0.02 2.4
17.71 14.62 99.16 United Technologies UTX 97.15 652 Union Pacific UNP 3.750 July 15, ’25 210 –137 475 139.05 –2.41
iSh7-10YTreasuryBd IEF 120.98 0.74 9.8
167.70 2.67 23.8 17.36 35.86 243.21 UnitedHealth Group UNH 242.45 828
iSh20+YTreasuryBd TLT Hewlett Packard Enterprise HPE 2.250 April 1, ’23 275 –127 481 9.82 –6.74
iShRussellMCGrowth IWP 120.54 –3.48 –21.0
15.81 9.39 63.68 Chevron CVX 68.78 577
iShUSTreasuryBdETF GOVT 28.14 0.93 8.5
Barclays BACR 3.650 March 16, ’25 360 –111 405 ... ...
JPM UltShtIncm JPST 49.54 0.73 –1.8 14.40 19.93 135.17 Goldman Sachs GS 158.34 693
PIMCOEnhShMaturity MINT 98.58 1.04 –3.0
SPDRBloomBar1-3MTB BIL 91.62 –0.02 0.2 14.27 6.54 44.36 Intel INTC 52.37 879 …And spreads that widened the most
SPDR Gold GLD 152.25 –0.65 6.5
13.25 12.64 85.73 IBM IBM 108.03 814
n-

SchwabIntEquity SCHF 25.45 –2.90 –24.3

SchwabUS BrdMkt SCHB 59.57 –3.00 –22.5 AerCap Ireland Capital DAC … 4.875 Jan. 16, ’24 966 213 n.a. … …
SchwabUS Div SCHD 44.41 –2.33 –23.3 12.86 4.21 28.55 Exxon Mobil XOM 36.95 537
SchwabUS LC SCHX 60.27 –2.96 –21.5 General Motors GM 4.875 Oct. 2, ’23 826 105 766 21.38 –5.23
SchwabUS LC Grw SCHG 77.92 –3.54 –16.1
12.12 10.42 70.67 Walt Disney DIS 96.40 667
Schwab US TIPs SCHP 58.06 –0.07 2.5
Dow Chemical … 3.500 Oct. 1, ’24 342 93 500 … …
11.78 4.51 30.59 Coca-Cola KO 42.81 780
no

SPDR DJIA Tr DIA 216.35 –3.87 –24.1

VEREIT Operating Partnership VER 4.625 Nov. 1, ’25 544 85 n.a. 5.08 0.79
SPDR S&PMdCpTr MDY 258.94 –3.17 –31.0 11.66 10.44 70.81 Travelers TRV 99.95 735
SPDR S&P 500 SPY 253.42 –2.98 –21.3
10.45 15.52 105.26 McDonald’s MCD 164.01 835
Air Lease AL 2.250 Jan. 15, ’23 877 75 n.a. 20.93 –16.38
SPDR S&P Div SDY 78.51 –2.76 –27.0
TechSelectSector XLK 78.59 –4.52 –14.3 JPMorgan Chase JPM 3.625 May 13, ’24 215 63 239 91.13 –7.12
UtilitiesSelSector XLU 55.68 0.54 –13.8 10.41 9.94 67.41 Caterpillar CAT 105.44 719
VanEckGoldMiner GDX 24.37 –5.73 –16.8
10.03 14.73 99.90 Visa V 161.56 861
VangdInfoTech
VangdSC Val
VGT
VBR
207.91
88.43
–4.42
–3.32
–15.1
–35.5
High-yield issues with the biggest price increases…
VangdSC Grwth VBK 148.38 –2.89 –25.3
9.14 7.63 51.75 JPMorgan Chase JPM 91.13 658
Bond Price as % of face value Stock Performance
VangdDivApp VIG 101.72 –2.22 –18.4 9.04 3.22 21.84 Cisco Systems CSCO 38.82 815
VangdFTSEDevMk VEA 32.81 –3.07 –25.5
Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg
VangdFTSE EM VWO 32.91 –5.40 –26.0 8.99 12.35 83.76 Microsoft MSFT 149.70 952
VangdFTSE Europe VGK 42.59 –3.31 –27.3 Live Nation Entertainment LYV 4.875 Nov. 1, ’24 95.000 10.99 81.750 47.15 2.63
VangdFTSEAWxUS VEU 40.27 –3.59 –25.1 8.07 18.50 125.47 Apple AAPL 247.74 846 TransDigm TDG 6.375 June 15, ’26 94.030 7.73 80.000 363.01 –9.72
VangdGrowth VUG 153.78 –3.19 –15.6
VangdHlthCr VHT 159.90 –2.07 –16.6 7.56 7.74 52.49 Procter & Gamble PG 110.17 887
VangdHiDiv VYM 69.75 –2.68 –25.6
Ford Motor Credit … 5.596 Jan. 7, ’22 90.500 7.02 n.a. … …
VangdIntermBd BIV 88.67 0.56 1.7 6.69 8.35 56.63 3M MMM 133.24 762
Dun & Bradstreet DNB 10.250 Feb. 15, ’27 106.980 6.98 97.000 ... ...
VangdIntrCorpBd VCIT 85.85 –0.20 –6.0
VangdLC VV 116.75 –2.80 –21.0
6.51 1.89 12.82 Pfizer PFE 30.90 797
Albertsons … 4.625 Jan. 15, ’27 97.750 6.75 88.000 ... ...
VangdMC VO 131.19 –2.81 –26.4 4.08 1.12 7.60 Dow DOW 28.56 531
VangdMC Val VOE 81.49 –2.84 –31.6 Prime Security Services Borrower PRSESE 5.750 April 15, ’26 100.030 6.53 89.274 ... ...
VangdMBS VMBS 54.32 0.41 2.2
2.73 3.27 22.18 Johnson & Johnson JNJ 123.16 850
VangdRealEst VNQ 70.05 0.10 –24.5 Ally Financial ALLY 5.750 Nov. 20, ’25 95.125 6.09 88.500 15.77 –8.15
VangdS&P500ETF VOO 232.86 –3.07 –21.3 1.87 0.97 6.58 Verizon VZ 52.77 868
VangdST Bond BSV 81.80 –0.07 1.5 Ferrellgas … 6.750 June 15, ’23 87.500 5.75 77.500 ... ...
VangdSTCpBd VCSH 78.41 0.41 –3.2 0.52 0.37 2.51 Merck MRK 71.73 795
VangdSC VB 114.46 –3.05 –30.9
VangdTotalBd BND 86.06 0.54 2.6 –3.85 –4.39 –29.77 WalMart WMT 109.58 926 …And with the biggest price decreases
VangdTotIntlBd BNDX 56.44 0.27 –0.2
–5.21 –2.42 –16.41 Walgreens WBA 44.00 753
VangdTotIntlStk VXUS 41.41 –3.45 –25.6
United States Steel X 6.875 Aug. 15, ’25 68.175 –6.86 67.500 5.78 –5.40
VangdTotalStk VTI 126.93 –3.19 –22.4
VangdTotlWrld VT 61.77 –3.33 –23.7 *Based on Composite price. DJIA is calculated on primary-market price.
Intelsat Jackson Holdings INTEL 8.500 Oct. 15, ’24 66.970 –5.03 62.000 ... ...
VangdValue VTV 88.11 –2.64 –26.5 Source: Dow Jones Market Data; FactSet.
Talen Energy Supply … 10.500 Jan. 15, ’26 69.000 –4.48 n.a. ... ...

New Highs and Lows | WSJ.com/newhighs Stock

52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg
California Resources CRC 8.000 Dec. 15, ’22 5.000 –4.13 4.400 1.32 –46.56
Sprint Capital … 6.875 Nov. 15, ’28 106.750 –4.00 101.000 … …
KontoorBrands KTB 18.92 -11.4 RandCapital RAND 2.00 -2.1
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE
American and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low
LegacyAcqnWt LGC.WS 0.16 -25.7 ReWalkRobotics RWLK 0.44 -1.4 Hertz … 5.500 Oct. 15, ’24 57.000 –3.76 56.000 … …
LeisureAcqnWt LACQW 0.10 -40.7 RoadrunnerTrans RRTS 4.22 -34.3
in the latest session. % CHG-Daily percentage change from the previous trading session.
Lightbridge LTBR 1.92 4.3 SK Telecom SKM 14.07 -1.4 Goldman Sachs GS 4.950 Feb. 10, ’49 86.250 –3.75 82.000 158.34 –4.49
LiquiditySvcs LQDT 3.05 -18.6 Satrn JCPen HJV 1.30 -10.3
Friday, March 27, 2020
MSG Networks MSGN 9.99 -8.3 SeaDrill SDRL 0.47 -9.1
52-Wk % 52-Wk % 52-Wk % *Estimated spread over 2-year, 3-year, 5-year, 10-year or 30-year hot-run Treasury; 100 basis points=one percentage pt.; change in spread shown is for Z-spread.
Mack-Cali CLI 14.03 -10.9 SecurityNatFin SNFCA 3.76 -12.3
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Note: Data are for the most active issue of bonds with maturities of two years or more
MalvernBancorp MLVF 11.84 -6.2 SharpSpring SHSP 5.28 -12.4
AllegroMergWt ALGRW 0.03 25.0 CovenantTranspt CVTI 8.72 -1.8 21.87 -9.7 Sources: MarketAxess Corporate BondTicker; Dow Jones Market Data
7.85 -13.0 SleepNumber SNBR
Highs AltusMidstream ALTM 0.56 -27.3 Credicorp BAP 118.00 -2.9
Manitowoc MTW
MegalithFinWt MFAC.WS 0.11 -18.7
SouthPlainsFin SPFI 12.29 -22.0
AnixaBiosci ANIX 1.33 -17.2 CrossCtyHlthcr CCRN 5.88 -16.9 SoMO Bancorp SMBC 23.26 -10.7
BIO-key BKYI 2.58 94.4 MegalithFinUn MFAC.U 10.20 -1.9
ArchCoal ARCH 27.21 -11.6 DouYuIntl DOYU 6.40 -3.6 StableRoadWt SRACW 0.60 -21.1
CarrierGlobal CARRw 16.00 -5.8 MUDSU 9.44 -1.0
CitrixSystems CTXS 142.97 1.6
BGC Partners BGCP
BancorpSouth BXS
2.15 -25.8 Energous
17.24 -0.9 Espey
WATT
ESP
0.79 -9.2
16.80 2.3
MudrickCap
NCS Multistage NCSM 0.66 -16.5
StageStores
Strats GSG GJS GJS
SSI 0.38 -8.4
17.63 -3.6
Dividend Changes
ECMOHO MOHO 11.51 4.7 NatlEnerSvs NESR 4.21 -11.2
BowlAmerica BWL.A 8.37 5.4 FoxFactory FOXF 39.30 -8.7 SunlandsTech STG 1.20 4.3
EastStoneAcqn ESSC 9.70 2.1
Briggs&Stratton BGG 1.88 -8.7 FuelTech FTEK 0.30 -10.4 NatlPrestoInds NPK 66.60 -9.0
SwitchbackEnerWt SBE.WS 0.30 -25.9
Dividend announcements from March 27.
EdtechX Un EDTXU 18.74 63.1 NebulaAcqnWt NEBUW 0.42 -5.0
Build-A-Bear BBW 1.45 -8.6 GordonPointeA GPAQ 10.15 -4.2 TaronisTech TRNX 0.14 -11.5 Amount Payable / Amount Payable /
EdtechXHldgs EDTX 17.50 49.8 NE Realty NEN 44.01 -0.3
CBL Assoc CBL 0.24 -16.2 Gyrodyne GYRO 14.20 -0.8 Team TISI 5.72 -12.7 Company Symbol Yld % New/Old Frq Record Company Symbol Yld % New/Old Frq Record
EdtechX Wt EDTXW 0.69 57.9 NewProvidenceWt NPAWW 0.51 -36.3 ThunderBridgeIIWt
Cabco JCP PFH PFH 1.78 -12.2 HTG Molecular HTGM 0.29 4.2 THBRW 0.70 -11.3
LGLS ysAcqn DFNS 10.00 17.0 NewparkResources NR 0.88 -9.6 TuesdayMorning TUES Increased Foreign
CaliforniaRscs CRC 0.93 -46.6 Hanesbrands HBI 7.70 -8.5 0.55 6.0
Luminex LMNX 30.90 -0.6 1.00 -3.4 USWellServicesWt USWSW
CarriageSvcs CSV 13.60 8.9 HarteHanks HHS 1.50 -8.5 NexTierOilfield NEX 0.02 13.2 Hingham Institution Savs HIFS 1.2 .42 /.41 Q Apr15 /Apr06 Banco de Chile ADR BCH 3.4 .51312 A Mar27 /
OrisunAcqnRt ORSNR 0.27 36.0 NorthAmConstr NOA 4.76 -8.3 UTStarcom
CN Finance CNF 3.83 -11.5 Heska HSKA 50.00 -8.4 UTSI 1.74 -5.6
RingCentral RNG 252.85 9.7 Reduced City Office REIT CIO 8.5 .15 Q Apr24 /Apr09
CodorusValleyBncp CVLY 14.15 -8.7 HyreCar HYRE 1.46 -11.8 ParkNational PRK 71.69 -9.6 VistraEnergyWt VST.WS.A 0.66 4.0
SharpsCompliance SMED 7.90 16.1 PennyMac Mortgage Inv Tr PMT 8.9 .25 /.47 Q Apr30 /Apr15 City Office REIT Pfd A CIOpA 9.2 .41406 Q Apr24 /Apr09
CortlandBncp CLDB 11.70 -6.4 IntrepidPotash IPI 0.72 -3.3 PensareAcqnWt WRLSW 0.08 -55.6 WVS Financial WVFC 13.06 -1.3
Corts JCPen JBR JBR 1.66 -7.2 ItauCorpBanca ITCB 3.27 -6.0 PioneerPwrSols PPSI 1.38 -3.4 WarriorMetCoal HCC 9.59 -9.5
Lows Corts JCPen JBS JBN 1.60 3.0 JMP JMP 2.15 -2.4 QEP Resources QEP 0.38 -4.8 WesternMidstrm WES 3.31 -12.6
Stocks KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual;
ALJ Regional ALJJ 0.52 -14.4 Corts JC KTP KTP 1.70 13.7 KLX Energy KLXE 0.73 -13.0 REV REVG 3.98 -6.5 YoungevityIntl YGYI 1.03 -16.3
Aptevo Therapeutics APVO 1:14 /Mar27 S2:1: stock split and ratio; SO: spin-off.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * * * Saturday/Sunday, March 28 - 29, 2020 | B9

BIGGEST 1,000 STOCKS

YTD 52-Week Yld Net YTD 52-Week Yld Net YTD 52-Week Yld Net
How to Read the Stock Tables % Chg Hi Lo Stock Sym % PE Last Chg % Chg Hi Lo Stock Sym % PE Last Chg % Chg Hi Lo Stock Sym % PE Last Chg
The following explanations apply to NYSE, NYSE Arca, NYSE American and Nasdaq Stock Market listed securities. -44.13 148.22 47.53 FiveBelow FIVE ... 23 71.43 -6.68 -9.58 421.45 241.12 MarketAxess MKTX 0.7 63 342.78 -10.01 -29.33 51.65 28.00 SchwabC SCHW 2.1 13 33.61 -0.55
Prices are composite quotations that include primary market trades as well as trades reported by Nasdaq BX 12.12 80.58 46.09 Five9 FIVN ... dd 73.53 -0.71 -47.93 153.39 46.56 Marriott MAR 0.0 21 78.85 -3.96 -17.50 96.80 45.45 ScienceApplicat SAIC 2.1 19 71.79 0.24
(formerly Boston), Chicago Stock Exchange, Cboe, NYSE National and Nasdaq ISE. -31.82 329.85 168.51 FleetCorTech FLT ... 20 196.18 -16.18 -23.30 119.88 74.33 Marsh&McLen MMC 2.1 25 85.45 -0.41 -3.44 125.69 76.50 ScottsMiracleGro SMG 2.3 12 102.53 -1.15
The list comprises the 1,000 largest companies based on market capitalization. Underlined quotations are those -36.21 14.00 5.36 Flex FLEX ... dd 8.05 -0.82 -35.20 281.82 135.08 MartinMarietta MLM 1.2 19 181.22 -13.70 9.22 52.77 21.83 Sea SE ... dd 43.93 -1.81
stocks with large changes in volume compared with the issue’s average trading volume. Boldfaced quotations -37.55 59.44 23.85 FlirSystems FLIR 2.1 26 32.52 -1.25 -15.85 28.86 16.45 MarvellTech MRVL 1.1 10 22.35 -0.83 -19.38 64.17 39.02 Seagate STX 5.4 8 47.97 ...
-10.12 25.08 17.42 FlowersFoods FLO 3.9 25 19.54 -0.04 -27.80 50.06 27.04 Masco MAS 1.6 16 34.65 -1.05 -4.37 124.32 62.90 SeattleGenetics SGEN ... dd 109.27 -6.87
highlight those issues whose price changed by 5% or more if their previous closing price was $2 or higher. -35.10 100.35 56.54 FomentoEconMex FMX 2.4 17 61.34 -2.30 13.27 187.85 118.93 Masimo MASI ... 52 179.03 5.15 -20.04 161.87 88.00 SempraEnergy SRE 3.5 17 121.13 -2.47
-44.19 10.56 3.96 FordMotor F 0.0177 5.19 -0.06 -17.06 347.25 199.99 Mastercard MA 0.6 31 247.65 -15.53 -45.98 54.72 18.25 SensataTechs ST ... 17 29.10 -2.72
Footnotes: h-Does not meet continued listing v-Trading halted on primary market. -8.88 121.82 68.87 Fortinet FTNT ... 52 97.28 -2.16 -23.91 95.32 44.74 MatchGroup MTCH ... 35 62.48 -1.10 -15.86 52.89 34.45 ServiceCorp SCI 2.0 19 38.73 1.57
s-New 52-week high. standards vj-In bankruptcy or receivership or -14.47 44.72 28.59 Fortis FTS 4.0 12 35.51 -1.20 -22.68 65.73 41.93 MaximIntProducts MXIM 4.0 17 47.56 -2.62 -2.95 362.95 213.99 ServiceNow NOW ... 87 274.00 -20.73
t-New 52-week low. lf-Late filing being reorganized under the -35.00 89.48 37.31 Fortive FTV 0.6 25 49.65 -2.02 -22.49 174.09 113.12 McCormickVtg MKC.V 1.9 25 132.60 0.79 -24.84 21.07 12.20 ShawComm B SJR 6.0 15 15.25 -0.57
dd-Indicates loss in the most recent q-Temporary exemption from Nasdaq Bankruptcy Code, or securities -33.52 73.28 33.90 FortBrandsHome FBHS 2.2 14 43.44 -1.01 -22.06 174.58 112.22 McCormick MKC 1.9 25 132.29 0.65 -21.23 599.95 325.43 SherwinWilliams SHW 1.2 28 459.66 -6.48
four quarters. requirements. assumed by such companies. 140.16 95.12 5.53 FortySeven FTSV ... dd 94.55 0.08 -17.00 221.93 124.23 McDonalds MCD 3.0 21 164.01 -3.34 -40.95 40.59 17.09 ShinhanFin SHG 4.7 2 22.48 -1.17
-39.28 39.73 19.81 FoxA FOXA 2.0 8 22.51 -2.46 -9.12 172.18 111.71 McKesson MCK 1.3 dd 125.70 -5.96 6.05 593.89 190.38 Shopify SHOP ... dd 421.62 -25.79
FD-First day of trading. t-NYSE bankruptcy -39.45 38.91 19.13 FoxB FOX 2.1 8 22.04 -2.56 -16.25 24.29 12.35 MedicalProp MPW 6.1 21 17.68 0.12 -37.57 148.64 69.49 SignatureBank SBNY 2.6 8 85.29 -6.71
Stock tables reflect composite regular trading as of 4 p.m. and changes in the closing prices from 4 p.m. the previous day. -2.61 122.65 69.16 Franco-Nevada FNV 1.0 55 100.60 -9.35 -20.77 122.15 72.13 Medtronic MDT 2.4 23 89.89 -2.05 -60.95 186.40 43.52 SimonProperty SPG 14.4 9 58.17 -3.93
-33.22 35.82 15.29 FranklinRscs BEN 6.2 7 17.35 -0.87 -49.28 26.97 11.34 MelcoResorts MLCO 5.2 13 12.26 -1.18 -31.05 7.40 4.11 SiriusXM SIRI 1.1 25 4.93 -0.27
-52.74 14.68 4.82 FreeportMcM FCX 0.0 dd 6.20 -0.79 2.23 123.79 96.18 MellanoxTech MLNX ... 33 119.79 -0.71 -42.58 44.50 17.06 SkechersUSA SKX ... 11 24.80 -1.90
Friday, March 27, 2020 YTD 52-Week Yld Net -12.68 42.75 29.17 FreseniusMed FMS 1.4 14 32.16 0.10 -17.57 756.48 422.22 MercadoLibre MELI ... dd 471.43 -18.13 -27.95 128.48 66.29 Skyworks SWKS 2.0 18 87.09 -5.87
% Chg Hi Lo Stock Sym % PE Last Chg -21.13 92.64 65.25 Merck MRK 3.4 19 71.73 -1.80 27.14 42.00 15.10 SlackTech WORK ... dd 28.58 0.10
YTD 52-Week Yld Net
-19.82 30.12 19.13 Canon CAJ 5.7 16 21.93 -0.27 GHI -1.85 89.44 52.24 MercurySystems MRCY ... 57 67.83 -7.79 -3.16 55.79 30.91 Smartsheet SMAR ... dd 43.50 -2.83
% Chg Hi Lo Stock Sym % PE Last Chg -39.43 53.28 22.85 MetLife MET 5.7 5 30.87 -1.66 -22.65 56.66 33.80 SmithAO AOS 2.6 17 36.85 -0.43
-30.82 52.74 9.00 CanopyGrowth CGC ... dd 14.59 -0.57 -21.86 79.06 26.51 GCI LibertyA GLIBA ... 3 55.36 -0.36 -16.95 873.51 579.40 MettlerToledo MTD ... 29 658.78 -0.49 -26.77 52.26 26.07 Smith&Nephew SNN 2.1 26 35.20 0.66
ABC -46.26 107.59 38.00 CapitalOne COF 2.9 5 55.30
-12.26 60.69 39.05 CardinalHealth CAH 4.3 dd 44.38
-2.57
-1.02
8.08 65.34 30.90 GDS Holdings GDS ... dd 55.75
... 17.95 13.80 GFLEnvironmental GFL ... dd 14.96
-0.34
-0.20
-34.87 112.47 53.15 MicrochipTech MCHP 2.2 27 68.20 -6.32 -1.06 128.43 91.88 Smucker SJM 3.4 19 103.03 -0.44
-19.15 61.19 31.13 MicronTech MU ... 22 43.48 -1.31 -25.41 19.75 7.89 Snap SNAP ... dd 12.18 0.23
-24.37 25.30 14.71 ABB ABB 7.0 27 18.22 -0.74 -26.67 169.86 98.25 Carlisle CSL 1.7 14 118.68 -10.42 92.91 46.40 8.53 GSXTechedu GSX ...1326 42.17 -0.29 -5.07 190.70 116.96 Microsoft MSFT 1.4 26 149.70 -6.41 -36.33 174.00 90.72 SnapOn SNA 4.0 9 107.85 -5.69
-9.23 53.70 21.56 ACADIA Pharm ACAD ... dd 38.83 -0.69 -29.11 34.98 15.21 Carlyle CG 5.2 8 22.74 -0.99 -11.94 274.03 109.86 Galapagos GLPG ... 36 182.14 -5.35 -18.40 148.88 82.00 MidAmApt MAA 3.7 35 107.60 4.81 -13.38 143.73 37.50 SolarEdgeTech SEDG ... 28 82.37 -8.08
-33.34 52.40 21.76 AECOM ACM ... dd 28.75 -0.89 -32.78 103.18 37.59 CarMax KMX ... 11 58.93 -1.99 -15.81 109.46 65.09 Gallagher AJG 2.2 23 80.17 -0.61 -25.97 5.54 3.32 MitsubishiUFJ MUFG 4.4 10 4.02 -0.06 -17.63 21.66 11.50 SolarWinds SWI ...259 15.28 -0.13
-32.41 21.23 8.11 AES AES 4.3 30 13.45 -0.05 -71.65 56.04 7.90 Carnival CCL 13.9 5 14.41 -3.41 -37.84 50.99 13.04 Gaming&Leisure GLPI 10.5 15 26.76 -0.82 -21.36 3.20 1.96 MizuhoFin MFG 4.3 35 2.43 -0.05 -31.27 66.57 37.30 SonocoProducts SON 4.1 15 42.42 -1.57
-33.08 57.18 23.07 Aflac AFL 3.2 8 35.40 -0.37 -16.82 181.99 114.01 CaseysGenStores CASY 1.0 22 132.24 0.07 -24.63 105.58 61.04 Garmin GRMN 3.1 15 73.53 -0.70 -27.98 11.00 6.20 MobileTeleSys MBT 9.9 8 7.31 -0.43 -12.76 73.86 41.98 Sony SNE 0.5 12 59.32 -1.18
-25.62 19.65 6.25 AGNC Invt AGNC 14.6 11 13.15 -0.30 -13.11 68.78 31.04 Catalent CTLT ... 58 48.92 -1.51 -32.00 171.78 76.91 Gartner IT ... 41 104.79 -0.33 53.63 36.00 11.54 Moderna MRNA ... dd 30.05 2.11 -12.07 71.10 41.96 Southern SO 4.4 12 56.01 0.87
-13.36 299.06 174.25 Ansys ANSS ... 43 223.02 -7.35 -28.60 150.55 87.50 Caterpillar CAT 3.9 10 105.44 -5.06 -11.56 118.86 50.70 Generac GNRC ... 22 88.96 -7.41 -42.78 156.60 56.62 MohawkInds MHK ... 8 78.04 -4.25 -37.41 44.82 23.43 SoCopper SCCO 6.0 14 26.59 -1.82
-35.61 5.70 3.17 ASETech ASX 3.0 14 3.58 -0.39 -42.11 128.88 52.70 Celanese CE 3.5 11 71.27 -4.26 -26.24 193.76 100.55 GeneralDynamics GD 3.4 11 130.07 -3.09 -0.38 159.00 102.85 MolinaHealthcare MOH ... 12 135.17 -4.81 -32.60 58.83 29.15 SouthwestAir LUV 2.0 9 36.38 -4.85
-14.64 319.22 185.50 ASML ASML 0.9 42 252.62 -23.28 -12.36 68.64 41.62 Centene CNC ... 18 55.10 -3.20 -31.72 13.26 5.90 GeneralElec GE 0.5103 7.62 -0.50 -29.39 64.32 34.01 MolsonCoorsB TAP 6.0 34 38.06 -0.56 -16.70 176.31 93.92 Splunk SPLK ... dd 124.76 -4.38
-23.64 39.70 26.08 AT&T T 7.0 16 29.84 -0.76 -40.23 31.17 11.58 CenterPointEner CNP 7.1 12 16.30 0.41 -3.25 60.00 46.59 GeneralMills GIS 3.8 15 51.82 1.82 -13.05 59.96 41.19 Mondelez MDLZ 2.4 18 47.89 -1.01 -18.06 161.38 109.18 Spotify SPOT ... dd 122.54 -4.27
-14.16 92.45 61.61 AbbottLabs ABT 1.9 36 74.56 -1.25 -54.83 11.69 2.96 CentraisElBras EBR ... 1 4.21 -0.19 -41.58 41.90 14.32 GeneralMotors GM 7.1 5 21.38 -1.18 0.38 184.78 93.81 MongoDB MDB ... dd 132.11 -1.00 59.12 10.16 4.26 Sprint S ... dd 8.29 -0.32
-17.92 97.86 62.55 AbbVie ABBV 6.5 14 72.67 -1.16 -31.42 15.30 8.16 CenturyLink CTL 11.0 dd 9.06 -0.23 -9.99 25.42 16.24 Genmab GMAB ... 55 20.10 -0.15 -9.17 193.10 114.84 MonolithicPower MPWR 1.2 68 161.70 -13.08 -14.74 87.25 32.33 Square SQ ... 70 53.34 -2.69
-14.86 293.44 119.01 Abiomed ABMD ... 27 145.24 -3.93 -28.33 79.11 38.40 CeridianHCM CDAY ... 92 48.65 -3.59 -31.61 45.20 19.41 Genpact G 1.4 18 28.84 -1.23 -11.27 70.52 50.06 MonsterBev MNST ... 28 56.39 -1.45 -41.68 173.67 70.00 StanleyBlackDck SWK 2.9 15 96.66 -10.58
64.18 97.56 37.01 AcceleronPharma XLRN ... dd 87.05 5.02 -18.23 80.90 53.08 Cerner CERN 1.2 36 60.01 -1.03 -24.78 31.27 19.48 Gentex GNTX 2.2 13 21.80 -0.91 -7.25 287.25 164.19 Moody's MCO 1.0 30 220.19 -4.14 -24.55 99.72 50.02 Starbucks SBUX 2.5 22 66.34 -3.56
-22.65 216.39 137.15 Accenture ACN 2.0 21 162.88 -8.46 -17.37 179.38 95.58 CharlesRiverLabs CRL ... 25 126.23 -3.78 -39.32 115.20 49.68 GenuineParts GPC 4.9 15 64.46 -4.18 -33.47 57.57 27.20 MorganStanley MS 4.1 7 34.01 -1.70 -32.23 26.64 11.88 StarsGroup TSG ... 80 17.68 -1.51
-4.14 64.53 41.84 ActivisionBliz ATVI 0.7 29 56.96 -0.76 -9.36 546.54 343.15 CharterComms CHTR ... 58 439.70 -14.47 12.11 85.97 60.89 GileadSciences GILD 3.7 17 72.85 -1.01 -22.62 166.59 102.59 Morningstar MORN 1.0 33 117.08 -1.40 -38.48 85.89 42.10 StateStreet STT 4.3 8 48.66 -0.76
-7.27 386.75 255.13 Adobe ADBE ... 46 305.83 -16.84 -10.72 132.75 80.06 CheckPoint CHKP ... 18 99.07 3.57 -22.45 48.25 31.43 GSK GSK 5.5 15 36.44 -0.81 -16.18 187.49 120.77 MotorolaSol MSI 1.9 27 135.07 -13.92 -40.39 36.14 14.98 SteelDynamics STLD 4.9 7 20.29 -0.31
-40.31 182.56 71.33 AdvanceAuto AAP 1.0 14 95.60 -1.52 -4.35 48.22 25.89 Chegg CHGG ... dd 36.26 -0.40 -20.60 209.62 105.54 GlobalPayments GPN 0.5 62 144.96 -7.91 -25.97 28.88 12.75 Mylan MYL ...543 14.88 -0.66 -14.88 168.98 105.69 Steris STE 1.1 28 129.74 0.13
1.57 59.27 25.25 AdvMicroDevices AMD ...157 46.58 -0.92 -6.71 513.75 313.49 Chemed CHE 0.3 31 409.78 -8.73 -32.32 111.43 56.74 GlobeLife GL 1.1 10 71.23 -1.08 -1.91 183.42 110.59 NICE NICE ... 53 152.18 -0.68 -24.86 31.98 14.62 STMicroelec STM 1.0 18 20.22 -1.22
-42.16 5.30 1.80 Aegon AEG 11.0 6 2.62 -0.04 -45.13 70.49 27.06 CheniereEnergy LNG ... 17 33.51 -1.21 -29.38 60.15 33.41 GlobusMedical GMED ... 27 41.58 -1.52 -25.66 43.02 19.54 NRG Energy NRG 4.1 2 29.55 1.31 -38.73 46.69 18.56 StoneCo STNE ... 34 24.44 -3.53
-16.88 90.64 61.13 AgilentTechs A 1.0 29 70.91 -2.81 -39.59 49.30 17.75 CheniereEnerPtrs CQP 10.2 11 24.05 0.44 -16.56 82.30 40.25 GoDaddy GDDY ... 75 56.67 -1.89 -24.60 4071.13 2043.01 NVR NVR ... 13 2871.62 -69.85 -24.16 226.30 124.54 Stryker SYK 1.4 29 159.22 -4.11
-37.04 64.88 31.00 AgnicoEagle AEM 2.1 20 38.79 -2.48 -42.93 127.34 51.60 Chevron CVX 7.5 46 68.78 -7.60 -23.94 7.90 3.57 GoldFields GFI 1.6 26 5.02 -0.62 -36.12 139.59 58.41 NXP Semi NXPI 1.8 95 81.30 -8.42 -30.09 7.56 4.49 SumitomoMits SMFG 5.5 6 5.18 -0.23
-17.80 257.01 167.43 AirProducts APD 2.8 23 193.17 -8.17 24.69 41.34 20.62 Chewy CHWY ... dd 36.16 2.35 -31.14 250.46 130.85 GoldmanSachs GS 3.2 8 158.34 -7.45 -13.37 120.23 71.66 Nasdaq NDAQ 2.0 20 92.78 -1.04 -18.01 173.98 95.34 SunComms SUI 2.6 69 123.07 9.46
4.90 103.34 71.28 AkamaiTech AKAM ... 31 90.61 -3.77 -6.60 119.44 88.00 ChinaBiologic CBPO ... 30 108.70 -0.95 -12.52 56.98 38.43 Graco GGG 1.5 23 45.49 -1.30 -8.30 69.08 44.29 NationalGrid NGG 5.3 21 57.47 0.33 -33.57 50.13 24.37 SunLifeFinancial SLF 5.5 9 30.27 -1.60
-24.67 99.40 48.89 Albemarle ALB 2.8 11 55.02 -5.44 -34.67 42.50 15.80 ChinaEastrnAir CEA ... 9 17.88 -0.85 -26.99 346.60 200.61 Grainger GWW 2.3 16 247.15 -1.87 -59.84 29.37 8.00 NatlOilwell NOV 2.0 dd 10.06 -1.19 -64.24 34.56 9.61 SuncorEnergy SU 11.2 9 11.73 -1.05
-17.04 65.37 39.37 Alcon ALC ... dd 46.93 -1.35 -30.80 14.70 8.27 ChinaLifeIns LFC 0.9 8 9.57 -0.57 -11.34 25.73 13.40 Grifols GRFS 1.4 20 20.65 1.13 -36.12 59.26 24.04 NatlRetailProp NNN 6.0 22 34.25 -1.27 -34.35 12.47 4.43 Suzano SUZ 1.6 dd 6.46 0.72
-11.21 175.74 109.22 AlexandriaRlEst ARE 2.9 46 143.47 1.67 -15.45 51.30 30.12 ChinaMobile CHL 5.2 10 35.74 -1.68 -13.25 112.22 55.90 GuardantHealth GH ... dd 67.79 -3.34 ... 23.90 7.93 Natura&Co NTCO ...123 11.07 -0.37 -52.51 38.18 12.15 SynchronyFin SYF 5.1 3 17.10 -1.93
-22.32 141.86 72.67 AlexionPharm ALXN ... 8 84.01 -2.13 -24.34 81.39 41.31 ChinaPetrol SNP 11.0 8 45.51 -1.89 -26.36 124.16 72.40 Guidewire GWRE ... dd 80.84 -3.12 -35.37 78.35 34.66 NetApp NTAP 4.8 9 40.23 -2.22 -30.05 74.25 30.02 SyneosHealth SYNH ... 33 41.60 -2.32
-11.08 231.14 147.95 Alibaba BABA ... 20 188.59 -6.73 -34.79 52.34 18.45 ChinaSoAirlines ZNH 1.4128 21.91 -1.29 -40.92 151.97 58.38 HCA Healthcare HCA 2.0 9 87.33 -7.11 -1.73 361.00 209.01 Netease NTES 2.3 13 301.35 -16.59 -10.65 166.87 104.90 Synopsys SNPS ... 40 124.38 -3.59
-36.55 334.64 127.88 AlignTech ALGN ... 32 177.04 -14.60 -28.62 57.09 26.66 ChinaTelecom CHA 4.9797 29.40 -0.78 -37.97 65.89 29.50 HDFC Bank HDB 0.8 19 39.31 -1.91 10.37 393.52 252.28 Netflix NFLX ... 86 357.12 -5.87 -41.02 85.98 26.00 Sysco SYY 3.6 14 50.45 -3.03
-31.49 847.95 426.87 Alleghany Y 0.0 9 547.80 -12.17 -40.49 13.28 5.08 ChinaUnicom CHU 3.2 10 5.57 -0.35 -32.30 47.13 21.69 HD Supply HDS ... 10 27.23 -0.71 -17.63 119.65 71.85 Neurocrine NBIX ...268 88.54 -3.98
-26.43 139.24 77.37 Allegion
-9.50 202.22 114.27 Allergan
ALLE 1.4 22 91.62 -5.16
AGN 1.7 dd 173.00 -2.54
-24.14 940.28 415.00 Chipotle
-30.35 167.74 87.35 Chubb
CMG ... 51 635.03
CB 2.8 11 108.41
-26.07
-0.81
-17.96 23.93 12.54 HP
-26.14 44.93 26.83 HSBC
HPQ 4.2 8 16.86
HSBC 8.8 20 28.87
-1.08
-1.26
-7.05 142.38 80.18 NewOrientalEduc EDU ... 45 112.70 -12.50 TUV
-20.97 13.79 8.76 NY CmntyBcp NYCB 7.2 12 9.50 -0.65
-12.74 60.28 37.66 AlliantEnergy LNT 3.2 20 47.75 -0.15 -3.98 37.57 33.61 ChunghwaTel CHT 3.1255 35.43 -0.62 -12.14 140.36 63.41 Haemonetic HAE ... 66 100.95 -3.89 -0.19 40.22 26.13 NYTimes A NYT 0.7 38 32.11 -0.76 10.87 59.76 30.78 TAL Education TAL ...302 53.44 -2.29
-21.33 125.92 64.13 Allstate ALL 2.4 6 88.46 -1.04 -11.90 80.99 47.98 Church&Dwight CHD 1.5 25 61.97 -0.93 -73.89 32.30 4.25 Halliburton HAL 11.3 dd 6.39 -0.66 -29.19 20.99 10.44 NewellBrands NWL 6.8 56 13.61 -0.50 -21.80 57.92 32.37 TC Energy TRP 5.9 13 41.69 -1.70
-48.40 35.42 10.22 AllyFinancial ALLY 4.8 4 15.77 -1.40 -7.85 46.78 30.58 Ciena CIEN ... 22 39.34 -1.49 -42.19 62.75 19.04 HartfordFinl HIG 3.7 6 35.13 0.19 6.67 52.49 29.77 Newmont NEM 1.2 13 46.35 -1.93 -47.39 47.46 16.96 TCF Financial TCF 5.7 13 24.62 -2.41
-9.53 134.51 65.81 AlnylamPharm ALNY ... dd 104.20 -3.01 -21.13 224.64 118.50 Cigna CI 0.0 12 161.29 -8.25 -37.85 126.87 41.33 Hasbro HAS 4.1 16 65.64 -2.65 -39.67 15.07 7.97 NewsCorp A NWSA 2.3 dd 8.53 -0.63 -30.56 54.57 27.70 TD Ameritrade AMTD 3.6 10 34.51 -0.53
-17.11 1530.74 1008.87 Alphabet A GOOGL ... 23 1110.26 -52.66 -27.77 118.19 65.69 CincinnatiFin CINF 3.2 6 75.95 -2.77 -10.99 55.15 33.51 HawaiianElec HE 3.2 21 41.71 0.96 -41.97 15.36 7.92 NewsCorp B NWS 2.4 dd 8.42 -0.74 -34.49 101.00 48.62 TE Connectivity TEL 2.9 13 62.78 -5.42
-16.93 1532.11 1013.54 Alphabet C GOOG ... 23 1110.71 -51.04 -32.52 304.81 154.33 Cintas CTAS 1.4 21 181.57 -11.01 -17.01 34.22 20.61 HealthcareAmer HTA 5.0176 25.13 0.59 -4.22 283.35 174.80 NextEraEnergy NEE 2.4 30 231.95 0.85 -21.66 20.91 13.54 Telus TU 5.8 7 15.17 -0.38
-6.73 160.11 75.17 Alteryx AYX ...244 93.34 -7.71 -19.06 58.26 32.40 CiscoSystems CSCO 3.7 15 38.82 -1.76 -27.39 37.93 18.63 HealthpeakProp PEAK 5.9275 25.03 0.71 -35.96 27.28 11.84 NielsenHoldings NLSN 1.8 dd 13.00 -0.81 -23.32 22.47 13.62 TFS Fin TFSL 7.4 50 15.09 -0.91
-17.92 31.78 15.96 AlticeUSA ATUS ...105 22.44 -1.24 -45.17 83.11 32.00 Citigroup C 4.7 5 43.80 -2.22 -28.42 147.93 52.01 Heico HEI 0.2 30 81.71 -5.37 -17.85 105.62 60.00 Nike NKE 1.2 31 83.23 -1.07 -33.54 20.32 11.55 TIM Part TSU 3.0 7 12.70 -0.71
-26.59 57.88 30.95 Altria MO 9.2 dd 36.64 ... -50.85 41.29 14.12 CitizensFin CFG 7.2 5 19.96 -0.76 -21.39 113.69 51.78 Heico A HEI.A 0.2 26 70.38 -6.12 -11.06 30.67 19.56 NiSource NI 3.4 28 24.76 0.21 -23.35 64.95 32.72 TJX TJX 2.0 18 46.80 -1.16
-38.25 26.12 8.58 Amarin AMRN ... dd 13.24 -0.46 s 26.28 142.97 90.28 CitrixSystems CTXS 1.0 28 140.04 2.23 -25.06 73.99 41.85 HenrySchein HSIC ... 15 50.00 -3.56 -18.87 5.96 2.34 Nokia NOK 5.7 dd 3.01 -0.14 4.21 101.35 63.50 T-MobileUS TMUS ... 20 81.72 -2.91
2.83 2185.95 1626.03 Amazon.com AMZN ... 83 1900.10 -55.39 21.37 23.66 12.70 ClarivateAnaly CCC ... dd 20.39 0.24 -38.37 54.99 20.73 Herbalife HLF ... 13 29.38 0.05 -15.12 5.41 3.05 NomuraHoldings NMR 3.3 6 4.38 -0.14 -19.21 139.81 82.51 TRowePrice TROW 3.7 11 98.43 -2.91
-46.14 5.45 2.00 Ambev ABEV ... 13 2.51 -0.13 12.80 214.26 144.12 Clorox CLX 2.4 27 173.19 0.08 -10.98 162.20 109.88 Hershey HSY 2.4 24 130.84 -1.61 -19.01 180.28 96.45 Nordson NDSN 1.2 23 131.89 -1.09 -19.26 60.64 37.18 TaiwanSemi TSM 2.7 22 46.91 -2.96
-28.04 11.77 5.80 Amcor AMCR 6.0 25 7.80 -0.33 28.72 25.02 14.50 Cloudflare NET ... dd 21.96 0.36 -49.06 74.11 26.06 Hess HES 2.9 dd 34.03 -2.65 -26.15 219.88 112.62 NorfolkSouthern NSC 2.6 14 143.36 -3.56 -8.76 135.70 87.97 TakeTwoSoftware TTWO ... 38 111.70 -3.55
-28.16 77.29 44.05 Amdocs DOX 2.5 14 51.86 -3.80 -22.66 60.13 36.27 Coca-Cola KO 3.8 21 42.81 -1.48 -38.08 17.59 7.43 HewlettPackard HPE 4.9 11 9.82 -0.71 -30.37 110.48 60.67 NorthernTrust NTRS 3.8 11 73.98 -1.37 -21.69 20.93 12.43 TakedaPharm TAK 4.1 dd 15.45 0.46
-0.55 202.76 106.65 Amedisys AMED ... 43 166.01 -0.59 -34.04 58.94 28.35 Coca-Cola Euro CCEP 4.1 13 33.56 0.11 -12.33 117.10 72.29 Hill-Rom HRC 0.9 45 99.53 -2.67 -9.25 385.00 263.31 NorthropGrum NOC 1.7 24 312.15 -9.04 -48.42 36.06 10.51 Tapestry TPR 9.7 7 13.91 -1.25
-23.30 426.50 222.34 Amerco UHAL 0.0 18 288.24 5.24 -22.73 59.14 35.20 Cognex CGNX 0.5 37 43.30 -3.53 -37.65 115.48 44.30 Hilton HLT 0.9 23 69.15 -4.05 -25.82 28.70 15.12 NortonLifeLock NLOK 2.6 3 18.93 0.20 -26.11 130.24 70.03 Target TGT 2.8 15 94.74 -1.33
-3.33 87.66 58.74 Ameren AEE 2.7 22 74.24 1.45 -24.77 74.84 40.01 CognizantTech CTSH 1.9 14 46.66 -3.16 -36.30 55.25 26.49 Hologic HOLX ... 36 33.26 -0.76 -16.27 99.84 69.18 Novartis NVS 2.5 16 79.28 -0.46 -9.03 151.47 80.20 TechData TECD ... 13 130.64 -3.26
-23.88 18.04 11.07 AmericaMovil AMX 3.0 14 12.18 -0.86 -5.20 77.41 58.49 ColgatePalm CL 2.7 24 65.26 1.44 -12.74 247.36 140.63 HomeDepot HD 3.1 19 190.55 -4.66 -1.99 64.82 46.47 NovoNordisk NVO 1.6 23 56.73 0.76 -62.52 25.75 5.60 TeckRscsB TECK 2.3 16 6.51 -1.02
-51.05 35.24 10.01 AmerAirlines AAL 2.8 4 14.04 -1.62 -32.39 109.44 51.82 ColumbiaSportswr COLM 1.5 14 67.74 -2.76 -18.44 29.44 19.38 HondaMotor HMC 3.8 9 23.09 -0.59 -22.27 98.84 41.51 Novocure NVCR ... dd 65.50 -2.83 96.08 176.40 48.57 TeladocHealth TDOC ... dd 164.16 4.66
-11.76 104.97 65.14 AEP AEP 3.4 21 83.40 1.60 -23.13 47.74 31.70 Comcast A CMCSA 2.7 12 34.57 -2.17 -25.84 184.06 101.08 Honeywell HON 2.7 16 131.27 -6.13 -9.87 23.58 12.98 NuanceComms NUAN ... 33 16.07 -0.22 -18.56 398.99 195.34 TeledyneTech TDY ... 26 282.23 -23.30
-28.73 138.13 67.00 AmerExpress AXP 1.9 11 88.73 -4.56 -54.19 80.62 24.28 Comerica CMA 8.3 4 32.87 -1.12 -23.95 39.10 22.69 HorizonTherap HZNP ... 10 27.53 -0.87 -40.72 61.17 27.52 Nucor NUE 4.8 8 33.36 -0.18 -24.95 398.65 221.27 Teleflex TFX 0.5 29 282.51 -7.48
-35.24 115.03 44.01 AmericanFin AFG 2.5 7 71.01 -0.93 -27.32 71.92 45.51 CommerceBcshrs CBSH 2.2 14 49.38 -2.24 -0.33 51.53 37.00 HormelFoods HRL 2.1 25 44.96 0.11 -35.36 55.34 23.85 Nutrien NTR 5.8 18 30.97 -1.69 -15.72 10.46 6.15 Ericsson ERIC 0.7102 7.40 -0.20
-11.75 29.89 17.50 AmHomes4Rent AMH 0.9 81 23.13 1.20 -48.24 15.40 5.54 SABESP SBS ... 7 7.79 -0.18 -30.09 62.54 25.51 DR Horton DHI 1.9 8 36.88 -2.39 7.41 316.32 132.60 NVIDIA NVDA 0.3 56 252.73 -4.51 -31.98 14.68 9.00 TelefonicaBras VIV 7.4 13 9.74 -0.06
-50.30 58.66 16.07 AIG AIG 5.0 7 25.51 -2.00 -18.46 35.59 22.83 ConagraBrands CAG 3.0 17 27.92 0.07 -39.19 19.99 7.86 HostHotels HST 7.1 9 11.28 -1.18 -34.58 8.59 3.75 Telefonica TEF 7.5 22 4.56 -0.16
-4.93 258.62 174.32 AmerTowerREIT AMT 1.8 52 218.48 -3.72
-1.69 141.70 92.00 AmerWaterWorks AWK 1.7 35 120.77 1.45
-51.91 124.53 33.13 ConchoRscs CXO 1.9 dd 42.11
-55.02 68.54 20.84 ConocoPhillips COP 5.7 5 29.25
-2.69
-2.84
-29.47 25.84 11.69 HuanengPower HNP 3.6 10 14.17
-30.70 45.39 25.01 Huazhu HTHT ... 33 27.77
-0.15
-2.12
OPQ -33.68 31.48 16.06 TelekmIndonesia TLK 3.3 13 18.90
-21.32 108.36 45.11 10xGenomics TXG ... dd 59.99
0.18
-1.05
-3.34 40.42 23.30 AmericoldRealty COLD 2.5143 33.89 0.93 -13.89 95.10 62.03 ConEd ED 3.9 19 77.90 1.98 -27.63 155.00 85.62 Hubbell HUBB 3.4 15 106.97 -6.07 -28.02 46.43 23.00 OGE Energy OGE 4.8 15 32.01 0.64 -45.58 30.32 9.10 Tenaris TS 4.4 9 12.32 -0.32
-37.97 180.85 80.01 Ameriprise AMP 3.8 7 103.33 -7.54 -23.65 214.48 104.28 ConstBrands A STZ 2.1 36 144.88 4.19 -16.89 207.98 90.83 HubSpot HUBS ... dd 131.73 -10.16 -15.15 96.97 63.67 ONE Gas OGS 2.7 23 79.39 1.58 -19.34 19.42 9.22 TencentMusic TME ... 28 9.47 -0.51
-3.81 97.50 70.55 AmerisourceBrgn ABC 2.1 26 81.78 -2.38 -23.19 214.51 107.51 ConstBrands B STZ.B 1.9 41 145.00 3.99 ... 14.80 6.42 HuizeHolding HUIZ ... ... 8.80 -0.60 -72.33 78.48 12.16 ONEOK OKE 17.9 7 20.94 -3.42 -19.56 81.57 39.50 Teradyne TER 0.7 21 54.85 -2.66
-28.80 102.31 54.82 Ametek AME 1.0 19 71.01 -1.40 -14.96 365.68 236.68 Cooper COO 0.0 30 273.23 -8.82 -28.48 454.31 251.51 OReillyAuto ORLY ... 18 313.43 22.96 968.99 176.99 Tesla TSLA ... dd 514.36

.
-18.95 385.00 208.25 Humana HUM 0.8 15 297.07 -7.41 -13.31 -13.80
-17.75 244.99 166.30 Amgen AMGN 3.2 15 198.27 -0.22 -22.70 104.88 55.69 Copart CPRT ... 23 70.30 -2.26 -22.88 122.29 75.29 JBHunt JBHT 1.2 19 90.06 -3.67 -71.83 68.83 9.00 OccidentalPetrol OXY 27.2 dd 11.61 -1.22 -22.86 15.91 6.07 TevaPharm TEVA ... dd 7.56 -0.34
-31.38 110.24 63.05 Amphenol APH 1.3 20 74.27 -4.90 -28.75 35.34 17.44 Corning GLW 4.2 20 20.74 -1.07 -44.96 15.63 6.85 HuntingtonBcshs HBAN 7.2 7 8.30 -0.20 4.92 142.98 81.41 Okta OKTA ... dd 121.05 -2.25 -21.66 135.70 93.09 TexasInstruments TXN 3.6 19 100.50 -7.26

ly
-25.39 127.30 79.08 AnalogDevices ADI 2.8 27 88.67 -3.95 -21.48 32.78 20.38 Corteva CTVA 2.2 dd 23.21 -0.93 -26.02 279.71 147.14 HuntingIngalls HII 2.2 14 185.59 -9.70 1.43 151.47 87.25 OldDomFreight ODFL 0.5 17 128.33 -12.27 -40.16 58.00 20.26 Textron TXT 0.3 8 26.69 -2.54
-37.44 63.71 26.10 Anaplan PLAN ... dd 32.78 -2.94 -2.89 746.70 462.48 CoStar CSGP ... 68 580.99 -2.19 -45.22 94.98 24.02 HyattHotels H 1.6 7 49.14 -2.05 -32.86 24.10 11.88 OldRepublic ORI 5.6 4 15.02 0.22 -15.55 342.26 250.21 ThermoFisherSci TMO 0.3 30 274.34 -8.81
-19.38 23.85 11.29 AngloGoldAsh AU 0.6 35 18.01 -1.99 -3.26 325.26 233.05 Costco COST 0.9 33 284.33 -7.97 -31.34 51.74 21.79 IAA IAA ... 22 32.31 -0.42 -33.77 45.22 13.33 OmegaHealthcare OHI 9.6 18 28.05 0.05 -13.11 82.50 52.23 ThomsonReuters TRI 2.4 20 62.21 0.48
-47.60 102.70 32.58 AB InBev BUD 3.5 12 42.99 -3.31 -43.91 14.13 3.02 Coty COTY 7.9 dd 6.31 -0.37 -28.72 278.85 124.60 IAC/InterActive IAC ... 39 177.57 -2.67 -35.84 85.05 46.37 Omnicom OMC 5.0 9 51.98 -4.37 -24.48 219.75 114.04 3M MMM 4.4 17 133.24 -2.94
-34.93 10.50 3.51 AnnalyCap NLY 16.3 dd 6.13 -0.21 0.15 178.00 87.20 CoupaSoftware COUP ... dd 146.47 3.75 -42.88 15.42 6.86 ICICI Bank IBN 0.3 21 8.62 -0.26 -47.13 25.92 8.17 ON Semi ON ... 26 12.89 -1.27 -4.65 134.42 78.60 Tiffany TIF 1.8 29 127.44 -1.68
-26.18 312.48 171.03 Anthem ANTM 1.7 12 222.96 -12.71 t -40.95 246.37 118.00 Credicorp BAP 6.8 8 125.85 -3.77 -15.66 114.01 69.05 IDACORP IDA 3.0 20 90.08 1.83 -25.44 47.84 29.11 OpenText OTEX 2.1 27 32.86 -2.67 -20.85 84.26 52.07 Toro TTC 1.6 24 63.06 -1.15
-20.58 238.19 143.93 Aon AON 1.1 26 165.42 -0.28 -35.50 509.99 199.00 CreditAcceptance CACC ... 8 285.30 -16.49 -11.25 296.25 168.65 IdexxLab IDXX ... 47 231.75 1.37 -5.95 60.50 39.71 Oracle ORCL 1.9 16 49.83 -0.65 -27.85 59.55 33.74 TorontoDomBk TD 5.9 8 40.50 -2.35
-32.27 55.68 24.53 ApartmtInv

-18.70 126.19 79.84 Aptargroup

AIV 4.7 11 34.98 1.97
-25.68 52.67 19.46 ApolloGlbMgmt APO 6.6 10 35.46 -2.24
-15.63 327.85 170.27 Apple AAPL 1.2 20 247.74 -10.70
-26.20 69.44 36.64 ApplMaterials AMAT 2.0 15 45.05 -4.15
ATR 1.5 26 94.00 -2.20
-38.07 14.12 6.47 CreditSuisse
-20.52 69.21 27.77 Cree
17.89 101.88 31.95 CrowdStrike
on
-3.70 168.75 114.18 CrownCastle
CS ... 6 8.33
CREE ... dd 36.68
CRWD ... dd 58.79
CCI 3.5 69 136.89
-21.09 80.56 42.97 CrownHoldings CCK ... 15 57.24
-0.56
-4.40
0.15
-5.58
-0.82
-21.63 81.65 44.81 IHS Markit
-49.88 13.72 4.52 ING Groep
-47.89 22.18 7.38 Invesco
INFO 1.2 27 59.05
ING 10.2 4 6.04
IVZ 13.2 7 9.37
-24.77 182.17 98.04 IPG Photonics IPGP ... 33 109.03
-30.66 169.14 81.79 IQVIA IQV ...112 107.14
-0.51
-0.47
-0.44
-7.95
-3.41
-17.48 16.80 9.93 Orange
-23.67 89.21 52.65 Orix
-38.81 95.62 46.72 Oshkosh
-11.68 25.19 3.55 PG&E
ORAN 5.1 14 12.04
IX 5.0 5 63.67
OSK 2.1 7 57.92
-40.22 68.72 28.56 OwensCorning OC 2.5 11 38.93
PCG ... dd 9.60
-0.51
-1.46
-4.38
-1.97
-0.19
-36.35 57.99 22.13 Total
-9.46 145.41 108.01 ToyotaMotor
TOT ... 8 35.20
TM 2.8 8 127.24
-11.07 114.25 63.89 TractorSupply TSCO 1.7 18 83.10
-23.13 323.78 136.00 TradeDesk
-9.17 53.35 33.23 Tradeweb
TTD ... 88 199.69
TW 0.8 59 42.10
-0.17
0.90
-0.38
-9.36
-0.54
-46.00 99.04 29.22 Aptiv APTV 1.7 13 51.28 -4.00 -15.57 36.32 19.61 CubeSmart CUBE 5.0 30 26.58 1.08 -20.10 79.37 34.00 IcahnEnterprises IEP 16.3 dd 49.14 -0.95 -0.80 25.72 15.91 PLDT PHI 7.7 10 19.83 -0.55 -19.83 118.10 70.00 TraneTech TT 2.6 14 82.67 -4.21
-51.27 47.22 9.65 Aramark ARMK 2.1 16 21.15 -0.22 -26.43 186.72 101.03 Cummins CMI 4.0 9 131.66 -3.30 -21.59 178.99 104.28 Icon ICLR ... 20 135.04 -1.74 -37.27 161.79 79.41 PNC Fin PNC 4.6 9 100.13 -2.79 -35.18 673.51 200.06 TransDigm TDG 0.0 28 363.01 -39.08
us l,

-48.40 24.20 6.64 ArcelorMittal MT 1.9 4 9.05 -0.49 -33.47 149.90 70.56 CurtissWright CW 0.7 13 93.73 -4.66 -23.73 178.14 104.56 IDEX IEX 1.5 24 131.18 5.37 -38.54 61.22 26.27 POSCO PKX 3.3 13 31.11 -1.61 -22.60 101.16 52.50 TransUnion TRU 0.5 37 66.26 -4.44
-32.22 48.32 22.54 ArchCapital ACGL ... 8 29.07 -0.60 -0.90 23.55 14.81 CypressSemi CY 1.9223 23.12 0.08 -20.22 190.85 115.94 IllinoisToolWks ITW 3.0 19 143.30 -7.19 ... 33.23 10.61 PPD PPD ... ... 17.00 -2.91 -27.02 155.09 76.99 Travelers TRV 3.3 10 99.95 1.28
-27.72 47.20 28.92 ArcherDaniels ADM 4.3 14 33.50 -0.96 -11.60 79.73 43.72 CyrusOne CONE 3.5147 57.84 1.75 -18.90 380.76 196.78 Illumina ILMN ... 40 269.05 -5.37 -36.32 134.36 69.77 PPG Ind PPG 2.4 16 85.00 -4.76 -7.81 111.85 56.22 Trex TREX ... 34 82.86 -6.14
-45.79 34.27 11.38 Arconic ARNC 0.5 16 16.68 -1.04 -64.22 30.38 7.04 ImperialOil IMO 7.0 4 9.47 -0.78 -29.15 36.83 18.12 PPL PPL 6.5 11 25.42 0.75 -28.40 46.67 20.01 Trimble TRMB ... 15 29.85 -0.79
-18.59 169.50 103.75 arGEN-X ARGX ... dd 130.68 -2.00 DEF -29.37 113.10 58.67 PRA HealthSci PRAH ... 21 78.51 -1.36 -30.05 46.50 20.10 Trip.com TCOM ... 14 23.46 -1.56
al a

-21.03 96.79 62.48 Incyte INCY ... 34 68.96 -4.09

e
-5.95 331.27 156.63 AristaNetworks ANET ... 18 191.29 -9.28 -17.54 12.08 6.76 Infosys INFY 2.9 16 8.51 -0.59 -21.20 102.47 43.90 PTC PTC ... dd 59.01 -1.96 -40.93 56.92 24.01 TruistFinl TFC 5.4 9 33.27 -1.01
-40.72 86.62 39.25 ArrowElec ARW ... dd 50.23 -3.89 -40.85 44.48 17.09 DISH Network DISH ... 8 20.98 -1.34 -38.30 38.96 17.01 IngersollRand IR ... 30 22.63 -0.78 -24.79 83.41 49.11 Paccar PCAR 2.2 9 59.49 -0.96 -17.41 6.31 4.47 TurkcellIletism TKC 5.3 10 4.79 -0.34
-18.48 145.59 90.06 AscendisPharma ASND ... dd 113.41 0.26 -24.90 135.67 71.21 DTE Energy DTE 4.2 15 97.53 -0.45 -20.69 99.51 59.11 Ingredion INGR 3.4 12 73.72 -1.21 -23.13 114.78 71.05 PackagingCpAm PKG 3.7 12 86.09 -1.18 -1.68 151.00 68.06 Twilio TWLO ... dd 96.63 -4.06
-21.36 142.89 73.07 AspenTech AZPN ... 26 95.10 -3.03 -9.71 169.19 119.60 Danaher DHR 0.5 40 138.58 -0.08 2.66 219.85 80.43 Insulet PODD ...943 175.75 -2.02 -44.91 53.43 13.58 PagSeguroDig PAGS ... 18 18.82 -2.68 -21.09 45.85 20.00 Twitter TWTR ... 14 25.29 -1.12
-49.86 128.41 26.15 Darden DRI 0.0 11 54.66
ci on

-20.13 142.61 76.27 Assurant AIZ 2.4 19 104.70 -0.65 -5.90 -12.50 69.29 42.86 Intel INTC 2.5 11 52.37 -3.17 -29.71 251.10 125.47 PaloAltoNtwks PANW ... dd 162.54 -5.46 -5.73 340.80 203.60 TylerTech TYL ... 78 282.83 -6.25
-14.82 51.55 36.15 AstraZeneca AZN 3.2 82 42.47 0.11 -8.55 50.12 27.55 Datadog DDOG ... dd 34.55 0.25 -12.21 101.93 63.51 ICE ICE 1.5 24 81.25 1.43 -41.07 215.94 93.00 ParkerHannifin PH 2.9 12 121.28 -9.27 -35.64 94.24 42.57 TysonFoods TSN 2.9 11 58.59 -2.64
-45.38 50.43 13.37 Athene ATH ... 2 25.69 -2.03 -2.59 90.15 43.40 DaVita DVA ... 14 73.09 -0.65 -38.50 71.02 25.39 InterContinentl IHG 0.9 20 42.23 -1.54 -29.26 90.53 47.87 Paychex PAYX 4.1 20 60.17 -5.49 -25.60 13.55 7.48 UBS Group UBS 7.8 8 9.36 -0.51
18.21 156.12 100.25 Atlassian TEAM ... dd 142.25 -5.95 -22.02 181.99 106.14 Deere DE 2.3 13 135.11 -3.98 -19.40 158.75 90.56 IBM IBM 6.0 10 108.03 -4.86 -21.08 342.00 173.65 PaycomSoftware PAYC ... 68 208.94 -20.27 -18.76 51.25 29.20 UDR UDR 3.8 61 37.94 2.16
-12.92 121.08 77.92 AtmosEnergy ATO 2.4 22 97.41 1.14 -24.60 70.55 25.51 DellTechC DELL ... 6 38.75 -3.79 -14.57 152.95 92.14 IntlFlavors IFF 2.7 28 110.22 -4.33 -23.82 150.73 66.98 Paylocity PCTY ... 89 92.04 -4.68 -42.29 55.68 21.75 UGI UGI 4.9 12 26.06 -0.19
-22.83 211.58 125.38 Autodesk ADSK ...147 141.57 -19.31 -49.47 63.44 19.10 DeltaAir DAL 5.4 4 29.55 -2.15 -33.51 47.96 26.38 IntlPaper IP 6.7 10 30.62 -0.39 -13.58 124.45 82.07 PayPal PYPL ... 45 93.48 -7.15 -56.98 43.10 8.32 US Foods USFD ... 10 18.02 -0.94
-13.65 117.99 59.54 Autohome ATHM 1.1 18 69.09 -2.03 -32.97 60.87 31.57 DentsplySirona XRAY 1.1 33 37.93 -1.47 -34.16 25.20 11.63 Interpublic IPG 6.7 9 15.21 -1.43 -22.89 11.51 5.20 Pearson PSO 3.8 15 6.50 0.07 -8.27 47.08 13.71 Uber UBER ... dd 27.28 -0.84
-44.15 87.01 38.16 Autoliv ALV 5.3 9 47.14 -2.70 -16.84 11.16 4.99 DeutscheBank DB 1.9 dd 6.47 -0.52 -12.31 306.89 187.68 Intuit INTU 0.9 37 229.69 -18.70 -8.65 103.13 38.01 Pegasystems PEGA 0.2 dd 72.76 -2.18 -29.39 199.91 107.22 Ubiquiti UI 0.9 27 133.44 -12.63
-22.94 182.32 103.11 ADP ADP 2.8 23 131.38 -5.68 20.22 306.71 107.44 DexCom DXCM ...243 262.96 12.75 -17.04 619.00 360.50 IntuitiveSurgical ISRG ... 42 490.41 -11.06 -8.52 37.02 17.70 Peloton PTON ... dd 25.98 0.23 -31.09 368.83 124.05 UltaBeauty ULTA ... 14 174.45 -14.38
-28.51 1274.41 684.91 AutoZone AZO ... 13 851.63 -33.36 -25.36 176.22 100.52 Diageo DEO 2.8 19 125.71 -4.66 -30.56 32.70 15.64 InvitatHomes INVH 2.9229 20.81 0.88 -53.53 40.65 10.58 PembinaPipeline PBA 11.0 9 17.22 -3.66 -56.30 27.72 7.61 UnderArmour A UAA ... 47 9.44 -0.45
8.52 96.96 53.92 Avalara -74.29 114.14 14.55 DiamondbkEner FANG 6.3 17 23.87 -2.08
er rs

AVLR ... dd 79.49 0.93 -18.21 86.58 39.32 IonisPharma IONS ... 25 49.41 -0.34 -34.75 47.43 22.01 Pentair PNR 2.5 14 29.93 -0.48 -17.70 63.62 42.00 Unilever UN 3.3 12 47.29 -0.47
-23.57 229.40 118.17 Avalonbay AVB 4.0 28 160.27 9.21 10.95 143.61 105.00 DigitalRealty DLR 3.4 57 132.85 -1.28 -11.98 27.50 15.12 iQIYI IQ ... dd 18.58 -0.93 -5.42 194.93 121.80 Penumbra PEN ...116 155.37 -3.71 -13.85 64.84 44.06 Unilever UL 3.7 12 49.25 -0.59
-15.11 57.24 35.62 Avangrid AGR 4.1 19 43.43 -1.42 -54.72 92.98 23.25 DiscoverFinSvcs DFS 4.6 4 38.41 -3.30 -23.53 36.65 21.02 IronMountain IRM 10.2 26 24.37 -1.10 -31.48 17.66 10.40 People'sUtdFin PBCT 6.1 9 11.58 -0.52 -23.09 188.96 105.08 UnionPacific UNP 2.8 17 139.05 -3.44
-36.09 19.59 6.66 Avantor AVTR ... dd 11.60 -0.49 -24.16 41.60 24.80 DiscoveryB DISCB ... 10 27.50 -1.28 -11.86 147.20 101.42 PepsiCo PEP 3.2 23 120.46 0.20 -62.72 96.03 17.80 UnitedAirlines UAL ... 3 32.84 -2.71
-50.05 10.01 3.83 ItauUnibanco ITUB 2.9 7 4.57 -0.33
-23.32 141.09 76.96 AveryDennison AVY 2.3 28 100.31 -1.68 -41.88 33.66 17.12 DiscoveryA DISCA ... 7 19.03 -1.90 -22.97 103.00 62.91 PerkinElmer PKI 0.4 37 74.80 -4.21 -19.40 2.85 1.85 UnitedMicro UMC 3.0 42 2.16 -0.12
-41.81 32.20 12.92 AxaltaCoating AXTA ... 17 17.69 0.22
1.54 90.10 49.80 AxonEnterprise AAXN ...5768 74.41 -2.11
-43.72 31.20 15.43 DiscoveryC
-33.35 153.41 79.07 Disney
DISCK ... 6 17.16
DIS 1.8 15 96.40
-1.59
-8.96 JKL -10.76 63.86 40.17 Perrigo
-36.54 67.75 27.74 PetroChina
PRGO 2.0 43 46.10
PTR 5.3 27 31.94
-0.44
-1.33
-16.69 125.31 82.00 UPS B
-45.94 170.04 58.85 UnitedRentals URI
UPS 4.1 19 97.52
... 6 90.15
-2.26
-9.03
-17.13 49.58 31.66 BCE BCE 6.5 15 38.41 -0.63 11.42 92.55 43.13 DocuSign DOCU ... dd 82.57 -1.09 13.97 45.34 25.48 JD.com JD ... 33 40.15 -1.86 -67.44 17.17 4.01 PetroleoBrasil PBR 3.7 3 5.19 -0.62 -39.67 61.11 28.59 US Bancorp USB 4.7 9 35.77 -0.41
-21.60 73.20 44.68 DolbyLab DLB 1.6 27 53.94 -3.18
m e

-34.95 59.02 29.78 BHP Group BHP 8.0 10 35.59 -2.26 -34.63 141.10 76.91 JPMorganChase JPM 4.0 9 91.13 -6.99 -64.88 15.66 4.16 PetroleoBrasilA PBR.A 7.3 3 5.24 -0.51 -35.13 158.44 69.02 UnitedTech UTX 3.0 15 97.15 -7.49
-38.31 51.87 23.64 BHP Group BBL 9.9 8 29.00 -1.80 -6.32 167.44 116.15 DollarGeneral DG 1.0 22 146.12 5.60 2.31 174.93 123.64 JackHenry JKHY 1.2 41 149.03 -1.98 -21.13 44.56 27.88 Pfizer PFE 4.9 11 30.90 -0.85 -17.53 306.71 187.72 UnitedHealth UNH 1.8 17 242.45 -12.94
-40.78 45.38 15.51 BP BP 11.2 19 22.35 -2.07 -18.08 119.71 60.20 DollarTree DLTR ... 22 77.05 -1.09 -16.64 104.00 59.29 JacobsEngg J 1.0 dd 74.88 -4.94 -18.73 90.17 56.01 PhilipMorris PM 6.8 15 69.15 -2.01 -34.94 230.32 105.11 UnivDisplay OLED 0.4 46 134.06 -5.75
-24.02 70.57 40.40 BWX Tech BWXT 1.6 19 47.17 -1.21 -11.77 90.89 57.79 DominionEner D 5.1 47 73.07 0.63 -44.70 22.13 8.98 JamesHardie JHX 3.1 20 10.86 -0.52 -53.04 119.92 40.04 Phillips66 PSX 6.9 8 52.32 -2.07 -37.97 157.79 65.20 UniversalHealthB UHS 0.9 10 88.99 -2.85
-22.76 186.22 82.00 Baidu BIDU ...115 97.63 -4.19 15.30 381.86 220.90 Domino's DPZ 0.9 35 338.74 0.23 -35.05 154.24 86.88 JazzPharma JAZZ ... 11 96.96 -3.78 -44.92 33.67 15.75 PilgrimPride PPC ... 10 18.02 -0.54 -45.02 10.18 3.56 VEREIT VER 10.8 dd 5.08 0.04
m rp

-53.65 28.15 9.12 BakerHughes BKR 6.1 54 11.88 -0.52 -36.76 58.32 31.08 Donaldson DCI 2.3 18 36.44 -1.88 -32.90 24.03 11.20 JefferiesFin JEF 4.2 4 14.34 -0.87 -6.61 45.25 18.46 Pinduoduo PDD ... dd 35.32 -1.69 -42.01 100.25 45.07 VF VFC 3.3 18 57.79 -4.14
-0.45 82.82 51.26 Ball BLL 0.9 39 64.38 1.82 -31.05 45.59 23.16 DouglasEmmett DEI 3.7 15 30.27 0.55 -15.57 154.50 109.16 J&J JNJ 3.1 22 123.16 -3.41 -13.68 105.51 60.05 PinnacleWest PNW 4.0 16 77.63 -1.71 -36.95 28.75 9.85 VICI Prop VICI 7.4 13 16.11 -0.04
-39.96 6.44 2.80 BancoBilbaoViz BBVA 6.8 4 3.35 -0.27 -28.90 120.26 62.95 Dover DOV 2.4 18 81.95 -2.66 -36.28 44.82 22.77 JohnsonControls JCI 4.0 67 25.94 -1.06 -19.85 36.83 10.10 Pinterest PINS ... dd 14.94 -0.26 -35.12 255.37 125.00 VailResorts MTN 4.5 21 155.60 4.80
-57.49 9.48 3.08 BancoBradesco BBDO 4.6 5 3.69 -0.11 -47.82 60.52 21.95 Dow DOW 9.8 dd 28.56 -1.12 -42.71 178.55 78.29 JonesLang JLL 0.9 9 99.73 -2.44 -54.65 178.22 48.62 PioneerNatRscs PXD 3.2 15 68.65 -5.69 -40.61 14.19 6.49 Vale VALE ... dd 7.84 -0.48
-27.11 30.30 12.50 BancodeChile BCH 3.4916 15.30 0.35 -4.90 46.19 33.33 DrReddy'sLab RDY 0.7 28 38.59 -1.78 -19.04 28.77 15.20 JuniperNetworks JNPR 4.0 20 19.94 -0.47 -69.93 25.26 3.00 PlainsAllAmPipe PAA 26.0 2 5.53 -0.40 -51.91 101.99 31.00 ValeroEnergy VLO 8.7 8 45.04 -0.56
-55.81 12.85 4.54 BancSanBrasil BSBR 11.6 10 5.36 -0.62 -0.89 26.20 14.55 Dropbox DBX ... dd 17.75 -1.17 -33.41 42.90 20.93 KB Fin KB 5.0 4 27.55 ... -32.49 88.77 23.77 PlanetFitness PLNT ... 36 50.42 -1.96 -28.90 150.06 89.62 VarianMed VAR ... 31 100.97 -7.25
-38.06 31.26 11.43 BcoSantChile BSAC 5.8 28 14.29 0.42 -12.08 103.79 62.13 DukeEnergy DUK 4.7 16 80.19 -1.00 -15.80 34.14 15.55 KKR KKR 2.0 7 24.56 -1.04 -11.96 238.23 159.71 Pool POOL 1.2 29 186.98 1.98 3.48 176.90 118.11 VeevaSystems VEEV ... 77 145.55 -1.54
-40.58 5.25 2.04 BancoSantander SAN 10.3 6 2.46 -0.19 -7.47 38.88 25.19 DukeRealty DRE 2.9 27 32.08 1.44 -20.17 184.50 101.34 KLA KLAC 2.4 20 142.24 -7.52 -13.51 63.08 37.83 PortlandGenElec POR 3.2 20 48.25 0.23 -47.37 75.40 13.35 Ventas VTR 10.4 26 30.39 1.66
-38.67 35.72 17.95 BankofAmerica BAC 3.3 8 21.60 -1.12 -32.74 84.73 38.51 Dunkin' DNKN 3.2 18 50.81 -3.42 -16.45 178.59 92.86 KSCitySouthern KSU 1.3 24 127.96 -5.52 -29.64 113.73 68.97 PostHoldings POST ... 57 76.76 -4.61 -9.74 221.78 148.77 VeriSign VRSN ... 34 173.91 -1.99
-38.62 79.93 38.31 BankofMontreal BMO 6.7 7 47.57 -2.24 -47.31 83.72 28.33 DuPont DD 3.5 51 33.83 -2.12 -14.01 71.05 51.34 Kellogg K 3.8 21 59.47 0.71 -40.73 60.81 23.31 PrincipalFin PFG 6.9 7 32.60 -1.25 -7.75 171.73 116.61 VeriskAnalytics VRSK 0.8 51 137.77 -4.33
-35.35 53.60 26.40 BankNY Mellon BK 3.8 7 32.54 -0.46 -3.20 37.06 17.05 Dynatrace DT ... dd 24.49 -1.16 -8.04 91.97 53.81 Kemper KMPR 1.7 9 71.27 -2.39 -11.79 128.09 94.34 Procter&Gamble PG 2.7 65 110.17 2.79 -14.06 62.22 48.84 Verizon VZ 4.7 11 52.77 -0.77
co Fo

-31.42 58.22 31.94 BkNovaScotia BNS 7.2 8 38.74 -2.66 -41.80 36.06 12.10 ENI E 7.4182 18.02 -1.19 -15.79 32.00 18.98 KeurigDrPepper KDP 2.5 28 24.38 -0.41 1.59 84.96 62.18 Progressive PGR 0.5 11 73.54 -2.28 -0.78 249.85 163.68 VertxPharm VRTX ... 48 217.24 -7.25
-49.37 10.22 3.41 Barclays BCS 8.7 ... 4.82 -0.35 -57.02 107.89 27.00 EOG Rscs EOG 4.2 8 36.00 -3.53 -44.66 20.52 7.45 KeyCorp KEY 6.6 7 11.20 -0.26 -11.18 99.79 59.82 Prologis PLD 2.9 32 79.17 1.48 -64.76 53.68 13.12 ViacomCBS A VIACA 6.1 3 15.81 -1.70
3.50 22.57 11.65 BarrickGold GOLD 1.5 9 19.24 -0.34 -17.41 248.27 151.97 EPAM Systems EPAM ... 39 175.22 -10.25 -23.73 110.00 71.03 KeysightTechs KEYS ... 22 78.28 -5.93 -8.55 133.58 83.81 Proofpoint PFPT ... dd 104.97 2.70 -69.53 53.71 10.10 ViacomCBS B VIAC 7.5 2 12.79 -1.20
-51.50 31.97 11.15 BauschHealth BHC ... dd 14.51 -0.93 -25.10 57.30 25.76 E*TRADE ETFC 1.6 9 33.98 -1.81 -25.90 88.99 45.96 KilroyRealty KRC 3.1 34 62.17 2.73 -31.45 75.22 42.02 ProsperityBcshs PB 3.7 11 49.28 -2.41 -0.28 17.84 6.17 Vipshop VIPS ... 17 14.13 -0.46
-4.58 95.00 69.10 BaxterIntl BAX 1.1 40 79.79 -0.38 -42.16 52.97 26.32 EastWestBncp EWBC 3.9 6 28.17 -2.57 -9.20 149.23 110.66 KimberlyClark KMB 3.4 20 124.89 0.88 -43.42 106.39 38.62 PrudentialFin PRU 8.3 5 53.04 -1.61 -14.02 214.17 133.93 Visa V 0.7 30 161.56 -7.32
-20.37 286.72 197.75 BectonDicknsn BDX 1.5 80 216.58 -2.77 -41.37 86.18 34.44 EastmanChem EMN 5.7 9 46.47 -1.48 -49.78 21.86 9.01 KimcoRealty KIM 10.8 13 10.40 -0.92 -34.37 46.50 15.68 Prudential PUK 3.7 8 25.00 -1.14 -28.71 27.96 11.30 VistraEnergy VST 3.3 9 16.39 0.60
-24.28 210.35 113.01 BeiGene BGNE ... dd 125.52 -0.77 -21.30 105.78 56.41 Eaton ETN 3.9 14 74.54 -3.71 -35.05 22.58 9.42 KinderMorgan KMI 7.3 14 13.75 -0.73 -24.67 63.88 34.75 PublicServiceEnt PEG 4.4 13 44.48 0.47 -23.75 206.80 86.00 VMware VMW ... 8 115.74 -8.98
-24.93 79.92 43.05 Berkley WRB 0.8 15 51.87 1.06 -16.42 42.00 26.02 eBay EBAY 2.1 14 30.18 0.02 -10.97 6.27 2.72 KinrossGold KGC ... 7 4.22 -0.43 -10.07 266.76 155.37 PublicStorage PSA 4.2 26 191.52 3.75 -25.92 21.72 11.46 Vodafone VOD 6.6 dd 14.32 -0.47
-20.68 231.61 159.50 BerkHathwy B BRK.B ... 5 179.66 -4.24 -18.40 211.24 124.60 Ecolab ECL 1.2 30 157.48 -4.21 -27.41 51.08 18.02 KirklandLakeGold KL 1.6 12 31.99 -0.89 -36.80 47.37 17.12 PulteGroup PHM 2.0 7 24.52 -1.19 -43.31 70.45 27.64 VornadoRealty VNO 7.0 2 37.70 0.66
-21.04 347400 239440 BerkHathwy A BRK.A ... 5 268126 -7969.00 -53.81 22.14 6.28 Ecopetrol EC 10.5 5 9.22 -0.86 -10.80 40.46 27.03 Knight-Swift KNX 1.0 18 31.97 0.67 19.67 43.16 25.04 Qiagen QGEN ... dd 40.45 -0.36 -34.93 63.81 29.75 VoyaFinancial VOYA 1.5 7 39.68 -1.29
-27.67 59.16 25.00 BerryGlobal BERY ... 13 34.35 -1.43 -26.59 78.93 43.63 EdisonInt EIX 4.6 15 55.36 -2.37 -20.12 50.78 30.50 KoninklijkePhil PHG 2.0 25 38.98 -0.52 -30.58 122.37 58.52 Qorvo QRVO ... 28 80.69 -2.80 -31.10 152.49 65.56 VulcanMatls VMC 1.4 21 99.21 -3.01
-28.85 91.99 48.10 BestBuy BBY 3.5 11 62.47 -0.41 -15.06 247.64 154.52 EdwardsLife EW ... 40 198.15 -1.29 -39.14 13.28 6.28 KoreaElcPwr KEP ... dd 7.20 -0.62 -24.53 96.17 55.78 Qualcomm QCOM 3.7 19 66.59 -2.39
-12.54 239.71 45.00 BeyondMeat
18.74 29.28 13.23 Bilibili
BYND ... dd 66.12 -4.98
BILI ... dd 22.11 -0.93
-25.91 35.46 15.17 ElancoAnimal ELAN ...118 21.82
-16.61 104.10 39.01 Elastic ESTC ... dd 53.62
0.40
-2.79
-24.56 33.78 19.99 KraftHeinz
0.48 36.84 20.70 Kroger
KHC 6.6 15 24.24
KR 2.2 14 29.13
-0.53
0.13
-26.70 44.09 23.77 QuantaServices PWR 0.7 11 29.84 -1.65 WXYZ
-22.20 118.58 73.21 QuestDiag DGX 2.7 13 83.08 -5.89
-16.00 223.29 155.17 Bio-Techne TECH 0.7 37 184.39 -1.93 -22.48 167.75 110.00 ElbitSystems ESLT 1.5 23 120.20 -2.81 -3.47 51.97 27.04 Line LN ... dd 47.31 0.49 -0.86 136.17 117.20 WABCO WBC ... 28 134.34 -0.65
-12.87 413.02 281.66 Bio-RadLab A BIO
0.01 374.99 215.78 Biogen
... 6 322.41 -18.85
BIIB ... 9 296.75 -8.19
-11.29 114.13 85.69 ElectronicArts EA
-40.23 78.38 37.75 EmersonElec
... 10 95.37
EMR 4.4 13 45.58
-3.83
-3.22
-40.17 36.63 13.31 LKQ
-42.64 99.60 32.01 LPL Financial
LKQ ... 12 21.36
LPLA 1.9 8 52.91
-0.89
-3.42
RS -3.43 109.53 68.01 WEC Energy
-48.07 236.51 71.12 WEX
WEC 2.8 25 89.07
WEX ... 48 108.78
2.30
-7.60
-5.96 97.10 62.88 BioMarinPharm BMRN ... dd 79.51 -3.13 -30.25 43.15 22.57 Enbridge ENB ... 14 27.74 -2.00 -6.50 230.99 142.01 L3HarrisTech LHX 1.8 23 185.00 -5.50 -16.70 27.25 16.81 RELX RELX 2.8 21 21.05 -0.34 -24.61 93.62 38.62 W.P.Carey WPC 6.9 34 60.34 -0.35
62.34 105.00 12.53 BioNTech BNTX ... dd 55.00 ... -12.33 83.30 48.01 EncompassHealth EHC 1.8 17 60.73 1.27 -23.92 196.36 98.02 LabCpAm LH ... 15 128.71 -8.34 -21.87 77.47 42.85 RPM RPM 2.4 24 59.97 -1.51 -54.82 70.80 27.18 WPP WPP 11.9 11 31.76 -2.55
-11.54 76.44 50.01 BlackKnight BKI ... 70 57.04 -1.71 -46.27 11.21 5.21 EnelAmericas ENIA 6.5 11 5.90 -0.30 -17.50 344.32 171.04 LamResearch LRCX 1.9 18 241.22 -19.12 -42.00 133.63 62.01 RalphLauren RL 4.0 8 67.99 -6.33 -38.84 81.75 35.07 Wabtec WAB 1.0 28 47.58 -2.93
-13.60 576.81 323.98 BlackRock BLK 3.3 15 434.34 -17.56 -30.95 5.30 2.95 EnelChile ENIC 5.2 15 3.28 ... -47.00 96.82 30.89 LamarAdv LAMR 8.5 13 47.31 -4.32 -31.09 102.45 54.21 RaymondJames RJF 2.4 8 61.65 -3.02 -25.37 64.50 40.52 WalgreensBoots WBA 4.2 11 44.00 -1.67
-17.61 64.97 33.00 Blackstone BX 4.2 15 46.09 -1.91 -62.82 15.87 3.75 EnergyTransfer ET 25.6 4 4.77 -0.31 -33.45 96.32 39.06 LambWeston LW 1.6 17 57.25 -1.59 -35.37 233.48 103.00 Raytheon RTN 2.7 12 142.02 -13.18 -7.79 128.08 96.79 Walmart WMT 2.0 21 109.58 -0.24
-50.27 398.66 89.00 Boeing BA 5.1 dd 162.00 -18.55 23.92 59.15 9.05 EnphaseEnergy ENPH ... 27 32.38 -3.75 -39.02 74.29 33.30 LasVegasSands LVS 7.5 12 42.10 -6.26 0.24 65.92 36.91 RealPage RP ... 89 53.88 0.52 -17.46 105.17 70.87 WasteConnections WCN 1.0 35 74.94 -3.38
-38.88 2094.00 1107.29 BookingHldgs BKNG ... 11 1255.15 -150.85 -10.64 59.05 33.75 Entegris ENTG 0.7 24 44.76 -3.52 -35.10 159.14 63.20 Lear LEA 3.5 7 89.04 -6.81 -22.72 84.92 38.00 RealtyIncome O 4.9 41 56.90 -1.46 -16.37 126.79 85.34 WasteMgt WM 2.3 24 95.30 -2.38
-3.94 82.00 54.37 BoozAllen BAH 1.5 22 68.33 -0.08 -18.75 135.55 75.19 Entergy ETR 3.8 16 97.34 0.63 34.56 50.70 27.34 LeggMason LM 3.3 18 48.32 -0.45 -26.63 257.96 70.00 ReataPharm RETA ... dd 149.99 1.09 -20.67 255.21 154.39 Waters WAT ... 21 185.36 -6.06
n-

-45.37 46.60 17.00 BorgWarner BWA 2.9 7 23.70 -1.24 -50.46 30.86 10.27 EnterpriseProd EPD 12.7 7 13.95 -1.11 -4.55 125.84 63.47 Leidos LDOS 1.5 20 93.44 0.88 -35.82 70.26 32.84 RegencyCtrs REG 5.9 28 40.49 -1.85 -17.74 186.87 132.97 Watsco WSO 4.3 23 148.20 -1.67
-6.07 444.64 258.34 BostonBeer SAM ... 39 354.92 0.02 -14.68 164.77 103.01 Equifax EFX 1.3 dd 119.55 -2.10 -27.84 71.38 25.42 Lennar A LEN 1.2 6 40.26 -2.16 19.72 518.00 271.37 RegenPharm REGN ... 24 449.52 -2.78 -48.77 166.40 21.70 Wayfair W ... dd 46.30 -8.78
-31.95 147.83 77.21 BostonProps BXP 4.2 28 93.82 0.92 1.81 657.00 440.72 Equinix EQIX 1.8 99 594.27 6.69 -32.39 56.32 18.87 Lennar B LEN.B 1.7 5 30.22 -1.83 -43.65 17.54 6.94 RegionsFin RF 6.4 6 9.67 -0.18 -27.66 72.78 29.50 Weibo WB ... 15 33.53 -2.22
-32.31 46.62 24.10 BostonSci BSX ... 9 30.61 -0.81 -45.35 23.97 8.41 Equinor EQNR 7.7 19 10.88 -0.95 -24.05 298.49 163.40 LennoxIntl LII 1.7 18 185.30 -12.24 -51.64 169.26 55.39 ReinsGrp RGA 3.6 6 78.85 -0.24 -43.72 54.75 25.11 WellsFargo WFC 6.7 8 30.28 -0.62
-31.46 176.98 64.23 BrightHorizons BFAM ... 34 103.01 2.14 -39.99 27.30 9.89 Equitable EQH 4.0 dd 14.87 -0.93 -33.85 24.50 10.14 LeviStrauss LEVI 3.6 13 12.76 -1.61 -30.34 122.17 70.57 RelianceSteel RS 3.0 8 83.42 -8.14 -39.23 93.17 24.27 Welltower WELL 7.0 41 49.70 -0.71
-17.76 68.34 42.48 Bristol-Myers BMY 3.4 24 52.79 0.54 -19.32 77.55 41.97 EquityLife ELS 2.4 37 56.79 2.81 -13.29 138.47 80.14 LibertyBroadbandA LBRDA ...169 108.01 -1.51 -23.88 202.68 113.27 RenaissanceRe RNR 0.9 9 149.21 0.28 -6.15 176.66 108.11 WestPharmSvcs WST 0.5 44 141.08 -5.35
-23.88 45.64 27.32 BritishAmTob BTI 8.3 10 32.32 -1.52 -22.54 89.55 49.62 EquityResdntl EQR 3.8 24 62.68 3.45 -11.45 140.00 86.20 LibertyBroadbandC LBRDK ...175 111.35 -1.87 0.05 109.94 52.87 Repligen RGEN ...211 92.55 1.14 -33.43 72.00 27.40 WesternDigital WDC 4.7 dd 42.25 -2.04
-27.00 331.58 155.67 Broadcom AVGO 5.6 38 230.69 -12.48 -1.82 270.23 130.20 ErieIndemnity A ERIE 2.4 27 162.98 -2.23 -27.28 27.84 14.63 LibertyGlobal C LBTYK ... dd 15.85 -0.92 -15.65 100.91 65.37 RepublicSvcs RSG 2.1 23 75.60 -1.80 -26.29 28.45 17.70 WesternUnion WU 4.6 8 19.74 -1.02
no

-25.88 136.99 81.90 BroadridgeFinl BR 2.4 26 91.57 -5.36 -13.89 54.52 30.40 EssentialUtil WTRG 2.3 40 40.42 -1.83 -25.99 28.62 15.23 LibertyGlobal A LBTYA ... dd 16.83 -0.71 -8.40 177.99 96.81 ResMed RMD 1.1 45 141.95 -4.57 -44.60 78.08 28.99 WestlakeChem WLK 2.7 12 38.86 -1.68
-26.87 68.41 32.36 BrookfieldMgt BAM 1.7 16 42.27 -1.41 -24.02 334.17 175.81 EssexProp ESS 3.6 34 228.60 9.90 -41.41 46.52 16.87 LibertyFormOne A FWONA ... dd 25.65 0.45 -36.44 79.46 25.08 RestaurantBrands QSR 5.1 17 40.53 -3.10 -45.94 20.56 7.98 WestpacBanking WBK 13.0 7 9.18 -0.81
-26.89 56.31 25.77 BrookfieldInfr BIP 5.92996 36.55 -2.67 -22.20 220.42 137.01 EsteeLauder EL 1.2 32 160.68 -12.30 -40.54 48.95 18.31 LibertyFormOne C FWONK ... dd 27.33 0.32 -13.97 53.48 31.79 RexfordIndlRealty REXR 2.2 84 39.29 0.71 -35.00 44.39 21.50 WestRock WRK 6.7 8 27.89 -0.50
-8.99 48.69 29.36 Brown&Brown BRO 0.9 26 35.93 0.03 -12.71 71.80 29.95 Etsy ETSY ... 51 38.67 -3.21 -36.08 51.11 22.54 LibertySirius A LSXMA ... 20 30.90 -0.07 ... 31.99 21.61 ReynoldsCnsmr REYN 2.3 21 26.47 -0.50 -43.05 31.58 13.10 Weyerhaeuser WY 7.9 dd 17.20 -1.08
-19.38 72.85 44.68 Brown-Forman B BF.B 1.3 31 54.50 -0.78 -42.26 171.25 61.27 EuronetWorldwide EEFT ... 15 90.97 -2.61 -36.17 51.36 23.01 LibertySirius C LSXMK ... 20 30.73 -0.24 s 41.68 252.85 101.33 RingCentral RNG ... dd 238.97 21.17 -5.41 34.00 18.66 WheatonPrecMet WPM 1.4147 28.14 -1.46
-19.58 68.15 41.03 Brown-Forman A BF.A 1.4 28 50.48 -1.52 -31.62 294.31 168.16 EverestRe RE 3.3 8 189.29 -6.04 2.04 147.87 101.36 EliLilly LLY 2.2 27 134.11 -0.24 -26.60 64.02 35.35 RioTinto RIO 8.8 9 43.57 -1.83 -42.89 163.64 64.00 Whirlpool WHR 5.7 5 84.26 1.06
-27.66 54.49 31.18 Bruker BRKR 0.4 28 36.87 -3.28 -11.63 76.57 42.01 Evergy EVRG 3.5 20 57.52 -0.64 -28.39 98.32 59.30 LincolnElectric LECO 2.8 15 69.27 -3.74 -38.23 69.08 32.38 RobertHalf RHI 3.5 10 39.01 -4.45 -41.36 29.55 8.41 Williams WMB 11.5 20 13.91 -0.34
-37.12 59.65 29.00 Bunge BG 5.5 dd 36.19 -1.45 -4.83 99.42 60.69 EversourceEner ES 2.8 29 80.96 2.22 -53.47 67.52 16.11 LincolnNational LNC 5.8 6 27.46 -1.31 -25.27 209.60 115.38 Rockwell ROK 2.7 19 151.46 -7.83 -17.20 220.97 143.34 WillisTowers WLTW 1.6 21 167.21 1.71
-31.66 250.89 105.67 BurlingtonStrs BURL ... 23 155.83 -13.93 -37.39 123.99 35.25 ExactSciences EXAS ... dd 57.90 -2.99 -21.40 227.85 146.71 Linde LIN 2.3 40 167.34 -6.85 -22.51 54.82 32.20 RogersComm B RCI 4.0 13 38.49 -1.46 -20.80 4.62 2.52 Wipro WIT 0.5 13 2.97 -0.03
-13.63 288.59 156.15 CACI Intl CACI ... 21 215.91 -1.24 -2.21 25.20 13.67 Exelixis EXEL ... 17 17.23 -0.05 -34.03 76.60 21.70 LiveNationEnt LYV ... dd 47.15 1.21 -34.69 176.55 55.02 Roku ROKU ... dd 87.45 -2.30 -13.17 156.40 76.81 Wix.com WIX ... dd 106.26 -13.54
-36.04 64.75 29.17 CBRE Group CBRE ... 10 39.20 -1.45 -22.13 51.18 29.28 Exelon EXC 4.3 12 35.50 -1.09 -49.55 3.58 1.33 LloydsBanking LYG 9.6 9 1.67 -0.11 3.32 43.91 30.72 Rollins ROL 1.4 55 34.26 0.57 -47.64 129.06 46.51 Woodward WWD 1.8 15 62.01 -8.55
-39.76 63.90 29.12 CDK Global CDK 1.8 87 32.94 -2.56 -44.49 144.00 40.76 Expedia EXPE 2.3 16 60.03 -4.38 -10.53 442.53 266.11 LockheedMartin LMT 2.8 16 348.38 -1.95 -13.67 395.00 240.00 RoperTech ROP 0.7 18 305.79 -0.53 -37.14 39.01 15.54 WooriFin WF 0.0 3 19.02 0.10
-34.37 146.09 73.39 CDW CDW 1.6 19 93.75 -7.31 -16.55 81.64 52.55 ExpeditorsIntl EXPD 1.5 19 65.11 -0.09 -35.80 56.88 28.52 Loews L 0.7 11 33.70 -1.71 -29.09 124.16 56.30 RossStores ROST 1.4 18 82.55 -3.05 -17.17 226.83 107.75 Workday WDAY ... dd 136.21 -9.07
-46.48 55.15 19.73 CF Industries CF 4.7 12 25.55 -2.70 -9.09 124.45 72.70 ExtraSpaceSt EXR 3.7 30 96.02 6.19 -12.81 48.83 31.37 LogitechIntl LOGI 1.8 25 41.12 -1.38 -25.53 82.74 49.55 RoyalBkCanada RY 5.4 9 58.98 -2.48 -54.41 153.41 35.84 WynnResorts WYNN 6.3 55 63.31 -8.20
-40.02 87.12 46.32 CGI GIB ... 15 50.21 -1.99 -47.05 83.49 30.11 ExxonMobil XOM 9.4 11 36.95 -1.87 -27.37 126.73 60.00 Lowe's LOW 2.5 16 86.98 -1.13 -54.04 7.05 2.50 RoyalBkScotland RBS 3.3 4 2.96 -0.24 -42.21 43.52 15.50 XP XP ... 45 22.26 -2.57
-20.06 91.97 56.94 CH Robinson CHRW 3.3 15 62.51 -3.38 -20.66 168.94 79.78 F5Networks FFIV ... 17 110.80 -3.25 -18.49 266.20 128.84 lululemon LULU ... 44 188.84 -11.96 -74.16 135.31 19.25 RoyalCaribbean RCL 9.0 4 34.50 -6.11 -33.60 100.18 38.47 XPO Logistics XPO ... 15 52.92 -5.90
-14.64 225.36 131.80 CME Group CME 2.0 29 171.34 -3.50 -23.24 108.77 56.77 FMC FMC 2.3 21 76.62 -3.59 -11.73 93.23 40.28 Lumentum LITE ... dd 70.00 -1.30 -46.35 66.48 21.25 RoyalDutchA RDS.A 10.1 8 31.64 -3.29 -7.43 72.14 46.58 XcelEnergy XEL 2.9 22 58.77 0.86
-7.34 69.17 46.03 CMS Energy CMS 2.8 24 58.23 1.29 -23.61 224.20 137.10 Facebook FB ... 24 156.79 -6.55 -35.84 88.60 14.56 Lyft LYFT ... dd 27.60 -2.34 -50.36 67.45 19.19 RoyalDutchB RDS.B 12.6 8 29.77 -3.39 -52.10 39.47 15.01 Xerox XRX 5.7 6 17.66 -1.76
-28.61 51.30 26.52 CNA Fin CNA 4.6 9 31.99 -0.63 -5.07 310.25 195.22 FactSet FDS 1.1 27 254.71 -2.85 -47.71 98.91 33.71 LyondellBasell LYB 8.5 5 49.40 -4.53 -25.92 138.78 59.78 RoyalGold RGLD 1.2 36 90.56 -1.92 -23.06 141.60 67.68 Xilinx XLNX 2.0 22 75.22 -5.06
-46.27 11.99 5.06 CNH Indl CNHI 0.0 6 5.91 -0.05 -22.32 436.69 177.65 FairIsaac FICO ... 43 291.06 -13.94 -37.79 96.79 44.44 Ryanair RYAAY ... 11 54.50 -4.79 -16.87 89.34 54.62 Xylem XYL 1.6 30 65.50 -2.51
-42.36 193.66 81.11 CNOOC
-37.12 40.88 17.73 CRH
CEO 9.3 5 96.07 -3.19
CRH 3.6 11 25.36 -1.45
-15.99 39.30 26.71 Fastenal FAST 3.2 23 31.04
-40.92 141.35 65.55 FederalRealty FRT 5.5 17 76.05
-1.27
-2.64
MN -17.70 140.67 90.89 SAP
-12.20 312.94 186.06 S&P Global
SAP 1.1 36 110.28
SPGI 1.1 28 239.75
-4.97
-5.20
-24.17 48.95 27.93 Yandex
-31.97 119.72 54.95 YumBrands
YNDX ... 56 32.98
YUM 2.7 17 68.53
-1.84
-7.22
-22.21 80.73 46.81 CSX CSX 1.8 13 56.29 -2.28 -20.26 199.32 88.69 FedEx FDX 2.2 8 120.58 -5.02 -36.80 174.93 87.64 M&T Bank MTB 4.1 8 107.29 -3.42 8.46 309.85 193.91 SBA Comm SBAC 0.7203 261.38 -3.11 -11.35 50.74 38.33 YumChina YUMC 1.1 23 42.56 -2.49
-21.12 77.03 51.72 CVS Health CVS 3.4 12 58.60 0.29 -9.37 180.95 127.73 Ferrari RACE 0.8 36 150.03 -7.15 -26.59 32.22 15.00 MDU Rscs MDU 3.8 13 21.81 -0.42 -32.44 69.61 35.41 SEI Investments SEIC 1.6 14 44.24 -1.60 9.25 28.06 17.12 ZTO Express ZTO 0.0 24 25.51 -0.31
-1.42 1830.50 974.03 CableOne CABO 0.6 47 1467.37 -26.44 -51.53 16.69 6.00 FiatChrysler FCAU ... 4 7.12 -0.61 -63.36 34.63 5.90 MGM Resorts MGM 4.9 3 12.19 -1.26 -23.44 51.01 21.25 SINOPEC SHI 13.8788 23.39 -0.63 -27.74 260.40 150.06 ZebraTech ZBRA ... 19 184.57 -12.94
-6.72 27.64 13.06 CabotOil COG 2.5 10 16.24 -0.63 -41.90 49.28 19.00 FidNatlFin FNF 5.0 7 26.35 -1.35 -27.31 122.30 66.87 MKS Instrum MKSI 1.0 31 79.97 -6.49 t -32.11 25.16 14.07 SK Telecom SKM 4.9 14 15.69 -0.23 -15.37 94.89 50.23 Zendesk ZEN ... dd 64.85 -2.16
-10.21 80.40 51.39 CadenceDesign CDNS ... 18 62.28 -4.66 -13.65 158.21 91.68 FidNatlInfo FIS 1.2125 120.10 -3.54 -57.38 33.65 6.87 MPLX MPLX 24.8 9 10.85 -0.70 -30.96 67.73 29.51 SS&C Tech SSNC 1.2 26 42.39 -2.12 -17.41 66.68 20.04 Zillow C Z ... dd 37.94 -2.84
-49.63 14.73 3.22 CaesarsEnt CZR ... dd 6.85 -0.19 -44.21 31.64 11.10 FifthThirdBncp FITB 6.3 5 17.15 -0.17 6.80 335.43 196.81 MSCI MSCI 1.0 42 275.74 -16.12 -46.89 40.96 13.00 StoreCapital STOR 7.1 16 19.78 -1.72 -21.49 66.96 18.65 Zillow A ZG ... dd 35.91 -2.75
-19.24 120.73 62.48 CamdenProperty CPT 3.9 39 85.69 4.03 -26.88 72.90 37.92 58.com WUBA ... 6 47.33 -3.03 -19.58 316.39 182.47 MadisonSquGarden MSG ... dd 236.58 2.29 -36.53 270.95 127.39 SVB Fin SIVB ... 7 159.34 -12.19 -36.57 161.11 74.37 ZimmerBiomet ZBH 1.0 17 94.94 -5.91
-10.58 57.54 35.27 CampbellSoup CPB 3.2 26 44.19 0.60 -29.92 97.08 53.94 51job JOBS ... 54 59.50 -5.64 -46.54 67.75 22.02 MagellanMid MMP 12.1 8 33.61 -0.91 -10.23 195.72 115.29 Salesforce.com CRM ...709 146.00 -8.73 -46.88 52.48 23.58 ZionsBancorp ZION 4.9 7 27.58 0.21
-33.39 87.62 46.45 CIBC CM 7.9 7 55.42 -2.81 -24.86 66.78 29.36 FirstAmerFin FAF 4.0 7 43.82 -0.92 -41.63 57.09 22.75 MagnaIntl MGA 5.0 6 32.01 -0.08 -15.46 51.84 37.62 Sanofi SNY 2.9 26 42.44 -0.51 -15.55 146.26 90.14 Zoetis ZTS 0.7 36 111.77 -6.14
-18.26 96.53 65.13 CanNtlRlwy CNI 2.4 17 73.93 -3.58 -29.89 122.34 70.06 FirstRepBank FRC 0.9 16 82.34 0.95 -44.46 21.23 8.62 ManulifeFin MFC 6.9 5 11.27 -0.81 -36.37 27.75 9.74 SantanderCons SC 5.9 5 14.87 -1.22 122.96 164.94 59.94 ZoomVideo ZM ...1868 151.70 10.55
-70.66 32.79 6.71 CanNaturalRes CNQ 11.9 3 9.49 -0.92 -20.58 52.52 32.00 FirstEnergy FE 4.0 24 38.60 -0.07 -61.58 69.65 15.26 MarathonPetrol MPC 10.0 6 23.15 0.01 -26.81 158.80 72.05 SareptaTherap SRPT ... dd 94.44 -4.57 26.09 89.54 35.00 Zscaler ZS ... dd 58.63 -1.92
-17.51 275.13 173.26 CanPacRlwy CP 1.2 16 210.30 -9.12 -18.75 125.05 73.50 Fiserv FISV ... 52 93.95 -3.74 -21.93 1347.64 710.52 Markel MKL ... 7 892.43 -58.09 -65.77 48.88 11.87 Schlumberger SLB 14.5 dd 13.76 -1.76 9.48 7.42 5.21 Zynga ZNGA ...198 6.70 -0.04

Mutual Funds Data provided by

Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret
US Small 23.04 -1.04-34.2 BluCh 91.02 -3.54-15.5 TotRtnBdFdClInst 27.55 +0.13 2.1 PIMCO Fds Instl S&P Sel NA ... NA TotIntlAdmIdx r 22.32 -0.75-25.1 WellsI 24.80 -0.11 -8.5
NOTICE TO READERS US SmCpVal 20.67 -1.01-40.0 Contra 11.53 -0.42-15.3 Harbor Funds AllAsset NA ... NA TSM Sel r NA ... NA TotStAdml 61.76 -2.15-22.1 Welltn 36.59 -0.68-15.0
Due to extreme market activity and delayed reporting of closing prices US TgdVal 13.88 -0.70-40.1 ContraK 11.54 -0.43-15.4 CapApInst 65.65 -2.33-13.3 TotRt 10.48 +0.09 NA TIAA/CREF Funds TxMCapAdml129.91 -4.56-21.3 WndsrII 27.02 -1.03-25.8
from the sources, some NAVs may reflect previous day’s trading. USLgVa 26.30 -1.17-32.0 CpInc r 8.24 +0.02-18.8 Harding Loevner PIMCO Funds A BdIdxInst 11.37 +0.09 2.9 TxMIn r 10.57 -0.33-24.9 VANGUARD INDEX FDS
Dodge & Cox GroCo 18.48 -0.68-13.5 IntlEq NA ... NA IncomeFd NA ... NA VANGUARD ADMIRAL USGroAdml 96.50 -3.59-13.4 MdCpVlAdml 42.22 -1.31-31.1
Up-to-date mutual-fund data can be found online at WSJMarkets.com. Balanced Invesco Funds A 500Adml 234.52 -8.17-21.0
78.03 -2.49-21.7 GrowCoK 18.51 -0.68-13.5 PIMCO Funds I2 ValAdml 34.35 -1.08-25.9 SmValAdml 38.04 -1.42-35.2
Income 13.66 +0.08 NA InvGrBd 11.49 +0.11 ... EqIncA 8.11 -0.21-20.8 Income NA ... NA BalAdml 34.04 -0.59-12.5 WdsrllAdml 47.95 -1.83-25.8 TotBd2 11.24 +0.09 2.7
Intl Stk 30.13 -0.94-30.9 LowP r 35.92 -1.02-28.2 Invesco Funds Y PIMCO Funds Instl CAITAdml 12.01 +0.04 -0.1 WellsIAdml 60.08 -0.26 -8.5 TotIntl 13.35 -0.44-25.1
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. Stock 133.27 -6.19-29.8 DevMktY 35.00 -1.66-23.2 IncomeFd CapOpAdml r122.81 -5.10-22.2 TotSt 61.74 -2.15-22.1
Magin 8.63 -0.29-15.4 NA ... NA WelltnAdml 63.18 -1.17-15.0
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e DoubleLine Funds OTC JPMorgan I Class DivAppIdxAdm 27.59 -0.72-18.1 VANGUARD INSTL FDS
10.79 -0.43-15.6 Price Funds WndsrAdml 51.42 -2.25-28.9
and s apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, CoreFxdIncmI NA ... NA Puritn 19.84 -0.37-12.8
EqInc NA ... NA
BlChip 105.13 -4.25 NA EMAdmr 27.65 -1.19-25.0 VANGUARD FDS BalInst 34.05 -0.59-12.5
12b-1. r-Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r TotRetBdI 10.37 +0.11 NA JPMorgan R Class
SrsEmrgMkt 15.40 -0.72-25.4 DivGro 42.54 -1.43-20.0 EqIncAdml 59.77 -1.88-24.2 DivdGro 24.96 -0.63-18.3 DevMktsIndInst 10.59 -0.32-24.9
apply. v-Footnotes x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not Edgewood Growth Instituti CoreBond NA ... NA ExplrAdml 70.49 -2.76-27.5 DevMktsInxInst 16.55 -0.50-24.9
SrsGlobal 9.98 -0.34-24.2 EqInc 22.59 -0.94-29.1 INSTTRF2020
21.37 -0.31-11.4
available due to incomplete price, performance or cost data. NE-Not released by Lipper; CorePlusBd NA ... NA
EdgewoodGrInst 33.46 -1.09-13.1 SrsGroCoRetail 15.41 -0.57-13.2 EqIndex 67.48 -2.69-21.0 ExtndAdml 68.12 -2.36-28.6 INSTTRF2025
21.34 -0.39-13.7
ExtndInst 68.11 -2.36-28.6
data under review. NN-Fund not tracked. NS-Fund didn’t exist at start of period. Fidelity Lord Abbett A GNMAAdml 10.80 +0.05 3.0 GrwthInst 79.13 -2.94-15.5
SrsIntlGrw 14.36 -0.51-18.0
ShtDurIncmA p 3.92 +0.04 -6.2 Growth 61.13 -2.76 NA INSTTRF2030
21.21 -0.45-15.6
500IdxInstPrem 88.54 -3.09-21.0 GrwthAdml 79.12 -2.94-15.5 InPrSeIn 10.86 +0.03 3.0
SrsIntlVal 7.15 -0.19-27.8 Lord Abbett F HelSci 68.14 -1.62-16.3 INSTTRF2035
21.07 -0.51-17.4
Friday, March 27, 2020 Contrafund K6 12.23 -0.45-15.5 HlthCareAdml r 73.22 -3.22-16.6 InstIdx 226.63 -7.88-21.0
TotalBond 10.73 +0.10 -1.0 ShtDurIncm 3.92 +0.05 -6.2 InstlCapG 36.86 -1.57 NA INSTTRF2040
20.92 -0.56-19.2
Net YTD Net YTD ExtMktIdxInstPre 46.44 -1.61-28.7 HYCorAdml r 5.17 +0.07-12.2 InstPlus 226.63 -7.89-21.0
Net YTD Fidelity SAI Lord Abbett I IntlStk 14.45 -0.42 NA INSTTRF2045
20.72 -0.62-20.9
Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret IntlIdxInstPrem 32.94 -0.84-23.3 InfProAd 26.64 +0.05 2.9 InstTStPlus 52.83 -1.84-22.1
TotalBd 10.25 +0.10 -1.7 ShtDurInc p 3.91 +0.04 -6.4 MidCap 72.44 -2.31-24.0 INSTTRF2050
20.75 -0.63-20.9
MidCpInxInstPrem 17.18 -0.54-27.3 IntlGrAdml 85.93 -3.29-16.4 MidCpInst 35.94 -1.12-25.9
American Century Inv NwWrldA 54.49 -2.10-22.8 CorePlusBond 10.01 +0.10 -1.1 SAIUSLgCpIndxFd 13.65 -0.48-21.1
First Eagle Funds Metropolitan West N Inc 9.29 +0.09 NA
ITBondAdml 12.01 +0.09 2.3 IntlVal 27.51 -0.91-26.7
MidCpIstPl 177.27 -5.49-25.9
Ultra 44.38 -1.75-14.9 SmCpA p 45.29 -1.18-23.0 Intl Eq 9.25 -0.28-22.9 SmCpIdxInstPrem 14.31 -0.61-32.0 GlbA 46.58 -1.17-19.6 TotRetBdI 11.06 +0.06 NA NHoriz 51.32 -1.40-13.6
ITIGradeAdml 9.80 +0.10 -1.9 LifeCon 19.14 -0.28 -9.0 RealEstaInstl 15.37 -0.01-24.0
American Funds Cl A TxExA p 13.22 +0.04 -0.3 LargeCapValue 10.02 -0.37-26.9 TMktIdxInstPrem 70.47 -2.45-22.2 FPA Funds TRBdPlan 10.40 +0.05 NA OverS SF r 8.37 -0.27 NA LTGradeAdml 10.99 +0.29 1.2 LifeGro 29.45 -0.77-18.5 SmCapInst 54.81 -1.94-30.7
AmcpA p 27.20 -1.05-19.0 WshA p 36.98 -1.32-22.7 Del Invest Instl USBdIdxInstPrem 12.25 +0.11 3.5 FPACres 26.82 -0.90-20.7 MFS Funds Class I R2020 18.77 -0.35 NA MidCpAdml 162.71 -5.04-25.9 LifeMod 24.93 -0.44-13.6 STIGradeInst 10.43 +0.07 -2.2
AMutlA p 34.75 -0.88-19.7 Baird Funds Value 16.04 -0.51-27.9 Fidelity Advisor I Franklin A1 ValueI 33.47 -1.09 NA R2025 14.80 -0.33 NA MuHYAdml 11.42 +0.05 -2.0 PrmcpCor 21.13 -0.86-24.3 STIPSIxins 24.57 -0.01 -0.5
BalA p 24.75 -0.46-12.8 AggBdInst 11.24 +0.08 0.9 Dimensional Fds NwInsghtI 26.44 -0.96-19.2 CA TF A1 p 7.55 +0.02 -0.6 MFS Funds Instl R2030 21.15 -0.56 NA MuIntAdml 14.37 +0.05 -0.1 STAR 23.55 -0.43-13.9 TotBdInst 11.32 +0.10 3.1
BondA p 13.46 +0.12 3.3 CorBdInst 11.39 +0.08 -0.8 5GlbFxdInc 10.74 +0.01 0.1 Fidelity Freedom IncomeA1 p 1.92 -0.02 NA IntlEq 22.11 -0.49 NA R2035 15.31 -0.44 NA MuLTAdml 11.83 +0.04 0.1 TgtRe2015 13.98 -0.13 -7.9 TotBdInst2 11.24 +0.09 2.7
CapIBA p 52.16 -1.04-16.8 BlackRock Funds DFARlEst 31.53 +0.03-22.9 FF2020 14.14 -0.17-12.8 FrankTemp/Frank Adv Nuveen Cl I R2040 21.50 -0.67 NA MuLtdAdml 10.98 +0.01 -0.5 TgtRe2020 28.82 -0.43-11.4 TotBdInstPl 11.32 +0.10 3.1
CapWGrA 40.67 -1.35-21.8 HiYldBd Inst 6.53 +0.06-14.9 EmgMktVa 19.25 -0.68-32.9 FF2025 12.27 -0.18-14.3 IncomeAdv 1.91 -0.02 NA HYMunBd 16.39 +0.12 -7.8 Value 27.99 -1.01-26.2 MuShtAdml 15.77 ... -0.1 TgtRe2025 17.12 -0.31-13.7 TotIntBdIdxInst 34.01 +0.10 0.4
EupacA p 42.75 -1.29-23.2 BlackRock Funds A EmMktCorEq 15.46 -0.65-29.0 FF2030 14.88 -0.28-16.5 FrankTemp/Franklin A Oakmark Funds Invest PRIMECAP Odyssey Fds PrmcpAdml r113.01 -4.41-21.6 TgtRe2030 30.78 -0.65-15.6 TotIntlInstIdx r 89.27 -2.99-25.1
FdInvA p 48.07 -1.98-22.2 GlblAlloc p 16.72 -0.33-11.2 IntlCoreEq 9.91 -0.29-28.2 Freedom2020 K 14.13 -0.17-12.8 Growth A p 92.42 -3.44-17.7 OakmrkInt NA ... NA AggGrowth r 34.57 -1.35-23.0 RealEstatAdml 99.29 -0.10-24.0 TgtRe2035 18.60 -0.45-17.4 TotItlInstPlId r 89.28 -3.00-25.1
GwthA p 42.54 -1.55-16.8 BlackRock Funds Inst IntSmCo 13.12 -0.28-30.6 Freedom2025 K 12.25 -0.18-14.3 RisDv A p 54.26 -1.76-22.1 Old Westbury Fds Growth r 30.78 -1.25-24.8 SmCapAdml 54.82 -1.93-30.7 TgtRe2040 31.63 -0.86-19.2 TotStInst 61.77 -2.15-22.1
HI TrA p 8.57 +0.10-13.7 EqtyDivd 15.61 -0.49-22.9 IntSmVa 12.88 -0.27-33.4 Freedom2030 K 14.87 -0.27-16.5 FrankTemp/Franklin C LrgCpStr 11.83 -0.40 NA Stock r 25.27 -1.03-26.7 SmGthAdml 52.18 -1.71-25.2 TgtRe2045 19.55 -0.59-20.9 ValueInst 34.34 -1.09-25.9
ICAA p 31.21 -1.04-20.7 MultiAstIncome 9.48 +0.02-12.8 LgCo 19.58 -0.68-21.0 Freedom2035 K 12.09 -0.29-19.8 Income C t 1.95 -0.02 NA Parnassus Fds Putnam Funds Class A STBondAdml 10.72 +0.03 1.9 TgtRe2050 31.48 -0.95-20.8 WCM Focus Funds
IncoA p 19.05 -0.32-17.3 StratIncOpptyIns 9.27 +0.07 -6.4 TAUSCoreEq2 14.82 -0.58-26.5 Freedom2040 K 8.32 -0.23-21.4 FrankTemp/Temp Adv ParnEqFd 38.50 -1.35-18.1 StDurInc 9.82 +0.01 -1.9 STIGradeAdml 10.43 +0.07 -2.2 TgtRet205534.18 -1.03-20.9 WCMFocIntlGrwIns 15.53 -0.64-17.9
GlBondAdv p 10.00 +0.04 -5.0 PGIM Funds Cl Z TotBdAdml 11.32 +0.10 3.1
N PerA p 37.98 -1.36-19.6 Bridge Builder Trust US CoreEq1 19.32 -0.74-25.5 Fidelity Invest Schwab Funds TgtRetInc 13.11 -0.14 -6.7 Western Asset
NEcoA p 37.60 -1.39-17.8 CoreBond 10.44 +0.12 0.7 US CoreEq2 17.38 -0.68-26.6 Balanc 20.88 -0.43-15.1 TotalReturnBond NA ... NA
1000 Inv r NA ... NA TotIntBdIdxAdm 22.67 +0.07 0.4
Guggenheim Funds Tru TotIntBdIxInv
11.34 +0.04 0.4 CorePlusBdI 11.52 +0.05 NA
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

B10 | Saturday/Sunday, March 28 - 29, 2020 * *** THE WALL STREET JOURNAL.

BUSINESS & FINANCE

Allianz
Sells Off
Two Funds
BY JUSTIN BAER

Allianz Global Investors is

liquidating two hedge funds
after they took heavy losses in
recent weeks on stock-options
trades.
An Allianz Global Investors
spokesman said the two funds,
Structured Alpha 1000 and
Structured Alpha 1000 Plus,
had been net buyers of puts,
or options giving the holder
the right to sell an asset at a
predetermined price in the fu-
ture. The puts were designed
to hedge against losses the
QILAI SHEN/BLOOMBERG NEWS

funds might endure from

other positions should the
market decline.
They didn’t work, in large
part because the market sold
off more rapidly this month
than it had during past down-
turns, including the 2008 fi-
A focus of President Trump’s trade war with China has been efforts by U.S. financial firms, like Goldman Sachs and Morgan Stanley, to pry open Chinese markets. nancial crisis, a person famil-
iar with the funds said.

China Approves Goldman, Morgan

This pace “had a particu-
larly large impact on the op-
tions positions held by Struc-
tured Alpha funds, particularly
the two highest target alpha
private strategies,” the
BY JING YANG ley Huaxin Securities Co., the American financial firms, China increased the share- China resurfaced from a nearly spokesman said in an email.
two U.S. institutions said Friday. including investment banks, holding cap on local securities two-month nationwide lock- As the market continued its
China cleared Goldman Both had initially lodged appli- money managers and credit- joint ventures to 51% in 2018, down to contain the spread of descent, the funds were forced
Sachs Group Inc. and Morgan cations around August last year. card firms, have been trying to and UBS Group AG of Switzer- the new coronavirus. The U.S. to lock in losses.
Stanley to take majority con- Goldman Sachs is injecting pry open China’s markets for land subsequently became the and Chinese governments have “The portfolios were re-
trol of their local securities new capital to increase its stake decades, and restrictions on first foreign bank permitted to traded barbs over the virus, structured and de-risked sig-

.
businesses, taking a key step in its joint venture from 33%. It their activity have been a focal take majority control. Beijing but in the past day Mr. Trump nificantly during the course of

in opening up its financial said it would move as soon as
markets to Wall Street. possible to migrate some busi-
The China Securities Regula- ness units that operate under
tory Commission will allow the its local partner, Beijing Gao
two banks to move to 51% own- Hua Securities, into the joint
ership of their local joint ven- venture. Morgan Stanley will
tures, Goldman Sachs Gao Hua increase its stake in its Shang-
Securities Co. and Morgan Stan- hai-based venture from 49%.
us l,
al a
e
point in President Trump’s
trade war with China.
The governments of the
on world’s two biggest economies
reached a trade deal in January
that included awarding U.S. fi-
nancial institutions better ac-
cess to the Chinese market.
later said it would remove own-
ership caps completely and al-
low 100% holdings as of April.
Goldman Sachs said it
would now seek full ownership
of its unit “at the earliest op-
portunity.”
The approvals came just as
ly
and his counterpart, Xi Jin-
ping, held a phone call, which
the U.S. president described as
a “very good conversation.”
JPMorgan Chase & Co. in
December received approval to
set up a new 51%-owned secu-
rities joint venture in China.
this turmoil, but not without
sustaining significant realized
losses,” the spokesman said.
Allianz Global Investors, an
investing arm of German in-
surer Allianz SE, will also
close a related offshore feeder
fund.

SEC Gives Firms Extra Time to File Reports in Pandemic

ci on

WASHINGTON—Public com- days to file the periodic re- question: What are they not that it could take months to The latest round of SEC re-
panies will have extra time to ports that investors depend on By Paul Kiernan, telling us, and why?” said Paul determine the economic im- lief is similar to what regulators
file annual reports and other to learn about financial per- Mark Maurer Miller, a professor emeritus of pact of the pandemic and of provided companies in areas af-
major disclosures, as firms formance and developing and Dave Michaels accounting at the University of efforts to contain it. fected by Hurricane Katrina in
er rs

ranging from McDonald’s risks. The relief applies to fil- Colorado at Colorado Springs. Surveys this week showed 2005 and superstorm Sandy in
Corp. to Hershey Co. brace for ings that companies would information they need to as- “The market’s aggregate will record declines in U.S. and Eu- 2012, though much broader in
a financial hit from the new normally make between March sess future performance, pro- respond with uncertainty by ropean business activity in geographic scope.
coronavirus. 1 and July 1. moting higher capital costs, depressing share prices.” March, and some data suggest The SEC doesn’t give com-
m e

The Securities and Ex- The situation isn’t ideal for lower stock prices and more The SEC’s measures reflect that many smaller compa- panies free rein to withhold
change Commission has given investors. Delays in financial volatility. a growing recognition among nies—particularly restaurants material information, however.
companies an additional 45 reporting deprive them of the “A delay always raises a policy makers and investors and retailers—would struggle The agency issued guidance
m rp

to survive a shutdown lasting this week on how companies

ADVERTISEMENT longer than a few weeks. should update investors on
“As we cannot predict the business disruptions from the

The Marketplace duration or scope of the

Covid-19 pandemic, the nega-
coronavirus, including
whether work-from-home re-
co Fo

To advertise: 800-366-3975 or WSJ.com/classifieds tive financial impact to our re-
sults cannot be reasonably es-
timated, but could be
AUCTIONS material,” McDonald’s said in
a filing Wednesday.
With a growing number of
                  businesses closed to contain
the virus, it may be impossible
for many companies to assess
accurately the value of inven-
tory, goodwill, accounts receiv-
able or securities held.
“If all of a sudden most of
your primary customers are
n-
quirements might hurt their
operations and accounting
systems.
Some decisions may be
trickier than usual, such as
whether to book an impair-
ment on assets that are less
valuable owing to economic
shock. Still, that information
should be given to sharehold-
ers as quickly as possible, the
SEC said.
“The commission is not go-
ing to second-guess business

looking at potential bank- people who make disclosures

ruptcy, you’ve got to make in good faith, but they also
massive write-downs in your make clear that if you know-
accounts receivable,” said J.W. ingly or recklessly make mis-
no

Verret, a law professor at statements, that will trigger

George Mason University. “Ac-
countants are facing an impos-
sible task right now.”
For companies such as the
health-care logistics firm Ow-
ens & Minor Inc., the task of
preparing financial statements
for the latest quarter has so far
taken a back seat to the finance
team’s analysis of business divi-
sions affected by the pandemic.
“We’ve probably been more
enforcement,” said Dick
Walker, a partner at King &
Spalding LLP and a former
SEC enforcement director.
Regulators have also noted
the heightened chance of in-
sider trading in the age of the
coronavirus. Managers may
have inside information about
risks or business impacts
stemming from the pandemic
and should refrain from trad-

  
focused on customer-facing de- ing, the SEC’s enforcement di-
cisions at this point, and not as vision said this week.
focused on our Q1 reporting of The SEC extended similar
the numbers,” Chief Financial relief to some filings required
          Officer Andy Long said. “It’s of investment advisers and
something that, quite frankly, mutual funds if their opera-
          we’re going to spend a little bit tions have been affected by
more time on going forward.” the pandemic.
                         

 !   "#$% &'$#()* '(+ Banks Get a Break on

Bad-Loan Accounting
BY ANDREW ACKERMAN The Federal Reserve, Fed-
eral Deposit Insurance Corpo-
                               !"#$%   & '  (    ) !"#)*%+ ,-. #"/")"/#0!#/
(  12     &   3  3    2                /  2    3           3          WASHINGTON—U.S. regula- ration and the Office of the
4          4/ (  12  +       5  +      + 2   +      4  2  2   &   tors gave banks a reprieve Comptroller of the Currency,
   &     3         &   2  2   2&               3  +  &   
2    &    &  /    &            /          2    / 1     62   7   from new accounting stan- which regulates national
      2      4    &     / (62 - 2 8  2 / 9&  : + 9/+      ; 2    1<7#%/ (  12     dards that require lenders to banks, also said they would
   ;  2   2  1$=0/
book losses on soured loans speed up the implementation
more quickly, the latest step of a new methodology for
designed to encourage banks measuring counterparty credit
BUSINESS OPPORTUNITIES BUSINESS OPPORTUNITIES COMMERCIAL REAL ESTATE PUBLIC NOTICES
to keep lending during the risk in derivatives transac-
spread of the new coronavirus. tions.
 
              
 
     
         
Banks will now have up to
two additional years before
That move likely reduces
the amount of capital lenders
                       
           
            
    
            
            
        
they must set aside more capi- have to hold against such
tal for reserves against loan transactions because it recog-
          
 !     
"        #
              
              
               
            !      
            
           losses, as required by the new nizes improvements to the
!   "   ##    “current expected credit loss,” safety of the derivatives mar-
 
  
         
 "  # $% % $&!                   $ %  
or CECL, accounting standard, kets since the financial crisis
regulators said. of 2008.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
High-Frequency
Traders Have a Feast
In Volatile Market
BY SCOTT PATTERSON
AND ALEXANDER OSIPOVICH
Fast-trading investors have
made big profits during the
market’s volatility, with strate-
gies ranging from sophisti-
cated computer algorithms to
ones as simple as “selling the
rips and buying the dips.”
High-frequency traders,
which typically deploy sophis-
ticated algorithms and power-
ful computers to move in and
out of markets at lightning
speeds, tend to do well when
markets are volatile.
Virtu Financial Inc., one of
the largest high-speed traders,
last week said it expects to
post trading income of be-
tween $509 million and $519
million in the first quarter,
more than double the amount
from the year-earlier period
and its highest quarterly trad-
ing income since the company
went public in 2015.
Virtu’s results are “a quarter
for the record books,” Piper
Sandler analyst Richard
Repetto wrote in a note. Virtu’s
stock is up 41% this year while
the S&P 500 is down 21%. The
only other publicly traded
high-speed trading firm, Am-
sterdam-based Flow Traders
NV, is up 28% year to date.
High-frequency firms have
struggled in recent years amid
a period of low volatility and
steadily rising markets. Still,
they are estimated to account
for around half of the trading
volume of the U.S. stock mar-
ket, having largely replaced
the floor traders who once
controlled exchanges’ ebb and
flow. Virtu is a designated
market maker for the New
York Stock Exchange.
Like market makers, high-
speed traders often make
money on the difference be-
tween buy and sell orders,
known as the spread, by sell-
ing high and buying low as
stocks tick up and down.
Spreads in heavily traded
stocks, such as Apple Inc.,
which are typically 1 or 2
cents, have ballooned to 30
cents or more in recent weeks
because of the highly volatile,
fast-moving markets. While
wide spreads indicate riskier
market conditions, firms that
can exploit the difference can
earn sizable profits.
Some plain-vanilla rapid-
trading strategies are also far-
ing well, traders said.
“Our traders are having
some of their best months in
years,” said Dennis Dick, a
trader at Bright Trading, a Las
Vegas broker dealer that pro-
vides computer-driven trading
platforms for day traders. He
said one of the strategies that
has worked best is “selling the
rips and buying the dips”—
selling stocks after big moves
higher and buying after sharp
downturns.
Mr. Dick said traders are
no
Cboe Volatility Index
40
0 a barrel in 2020, according to
January February
Average bid-ask spread
in S&P 500 stocks, in
basis points*
10
0 the poll showed.
January February
*Figures as of March 26
Sources: Virtu Financial Analytics (bid-ask); FactSet (VIX)
Dow Ends
Week Up
Sharply
Continued from page B1
to be really bad in the near
term, but with this kind of a
stimulus I can
FRIDAY’S see that a re-
MARKETS covery will
happen at
some point later this year po-
tentially.”
Despite the week’s gains for
stocks, there were signs that
investors remain cautious.
Gold, a traditional haven,
* * * *
looking for stocks that get
pushed too low or too high
during big market swings that
drag the entire market up or
down. Right now, he said,
many are buying stocks that
are low in debt and selling
stocks with lots of debt that
will likely suffer as the econ-
omy deteriorates. If a low-debt
stock gets pummeled during a
big selloff, traders will swoop
in and buy, expecting it to re-
bound.
Thomas Peterffy, chairman
of Interactive Brokers Group,
an electronic brokerage popu-
lar among day traders, said
daily volume handled by his
firm has more than doubled to
more than two million trades
a day in the past three weeks.
New accounts are also surging,
he said, a sign that people
confined to their homes might
be turning to trading.
The losers among the com-
puterized trading strategies,
at least so far, are those that
bet on longstanding correla-
tions between different finan-
cial instruments. Such disloca-
tions can cause losses in
statistical arbitrage, or stat
arb, strategies.
Among the correlations
that broke down during the
worst of the selloff last week
were between stocks and
Treasury bond prices, which
usually move in opposite di-
rections. But during the recent
selloff, investors fled both.
“Treasury selloffs on big down
equity days mean that correla-
tion is finally getting chal-
lenged,” said Pav Sethi, chief
us l,
investment officer at Gladius
Capital Management, a Chi-
al a
e
cago trading firm.
Mr. Sethi said another
breakdown in correlations has
ci on
been between stocks and a
broad measure of market vola-
tility, the Cboe Volatility In-
dex, or VIX, known as the fear
index. Typically the VIX rises
er rs
when stocks fall as fear
spreads through Wall Street,
and vice versa. While the VIX
soared to record levels as the
m e
market plunged in recent
weeks, the link hasn’t always
worked as expected.
m rp
Although volatility has
mostly benefited electronic
trading firms, “you can still be
caught by surprise,” said Rob
Creamer, CEO of Chicago-
co Fo
based firm Geneva Trading.
One victim of the extreme
moves was Ronin Capital LLC,
a Chicago-based trading firm
that incurred hundreds of mil-
lions of dollars in losses on
strategies tied to the VIX, peo-
ple familiar with the matter
said. Futures-exchange opera-
tor CME Group Inc. said
March 20 that it auctioned off
some of Ronin’s portfolios af-
ter it failed to meet capital re-
quirements.
n-
A person reached at Ronin’s
office didn’t respond to re-
quests to comment.
Record high
March 16
80
82.7
March
20 March 16
24.2
March
posted its largest one-week
percentage gain since Septem-
ber 2008.
The yield on the benchmark
10-year U.S. Treasury fell for a
second consecutive week,
dropping 0.188 percentage
points to 0.744%.
The Cboe Volatility Index, a
closely watched measure of
turbulence in U.S. stocks, fin-
ished the week lower after ris-
ing for five consecutive weeks,
its longest such streak since
December 2012. Many inves-
tors expect the recent market
volatility to persist.
The U.S. overtook China
this week as the country with
the most coronavirus cases. As
of Friday, the U.S. had more
than 100,000 confirmed cases,
according to data from Johns
MARKETS
The parking lot at Fashion Outlets of Las Vegas in Primm, Nev., earlier this month, after the mall closed because of the coronavirus.
Mall Bears Count Up Gains
As Shopping Centers Close
BY MATT WIRZ
AND ESTHER FUNG
Hedge-fund manager Marc
Rosenthal’s wager on the de-
mise of U.S. shopping malls
nearly crippled his business
last year. Now the trade is de-
livering paper gains exceeding
100%, a rare win amid the
market carnage caused by the
coronavirus.
Mr. Rosenthal’s investment
firm, MP Securitized Credit
Partners, has been betting for
almost two years that an index
ontracking debt from malls
across the country would de-
cline in value as in-store shop-
ping declined. It is a strategy
that fueled big losses in 2019,
before fallout from the corona-
virus halted traffic at malls,
hotels, movie theaters and
other properties in the index.
“We always knew in our
heart of hearts the trade was
right,” Mr. Rosenthal said, after
the index lost half its value in a
matter of days. “I just can’t be-
lieve it happened so fast.”
The index, known as CMBX
6, tracks the performance of 25
mortgage-backed bonds that
bundle debt from commercial
properties, including around 40
malls, many that are in small or
struggling markets. Investors
betting those malls can pay
their debts make out when the
index rises, and doubters when
it falls.
For much of past year, the
trade looked bleak. It pitted
Mr. Rosenthal’s roughly $250
million firm against mutual-
fund giants AllianceBernstein
Holding LP and Putnam In-
vestments, whose bullish bets
U.S. Crude Set for Worst Year Since ’03
BY DAVID HODARI
U.S. crude is set for its
worst year since 2003, as the
coronavirus pandemic drags oil
demand
COMMODITIES lower in
the sec-
ond quarter, investment banks
predict.
Futures for West Texas In-
termediate, the main U.S.
benchmark, are expected to
trade at an average of $34.95
a poll of 11 major banks con-
ducted by The Wall Street
Journal.
The banks also forecast that
Brent crude, the global bench-
mark, will average $38.12 this
year, its lowest since 2004.
Brent is expected to stay be-
low $28 a barrel in the second
quarter, and WTI below $25,
Brent crude slipped 0.7% to
$28.44 a barrel Friday, on
course to close out the first
Hopkins University. Hospitals
in the New York metro area
and Seattle have been over-
whelmed despite stringent
measures to curtail the conta-
gion.
Adding to concerns about
how long the pandemic may
damp economic activity, China
said Thursday it would close
its borders to nearly all for-
eigners and drastically slash
international flights in a bid to
curb the reintroduction of the
virus from abroad.
“Underlying all this is how
do we get this virus under
control,” said Neil Hennessy,
chief investment officer of
Hennessy Funds. “Once we
have it under control or it
peaks, subsides, whatever,
then the market will be back
drove the index higher. Mr.
Rosenthal’s fund lost about
30% in 2019. Many other
hedge funds with similar
“short” trades tapped out.
AllianceBernstein and Put-
nam said they remain confi-
dent of their holdings, point-
ing out that debt losses could
still be contained even if there
is greater economic distress.
One of the riskiest slices of
the index fell to about 46 this
week from around 84 at the
start of the month, according to
data from IHS Markit. MP’s
main fund, which includes
other investments, has gained
about 75% this year while a
smaller fund launched last
month solely to bet against the
index has returned more than
100%. Those gains will remain
unrealized until the index con-
tracts fully pay out or are sold.
“You could make a clear
case for either side of the
trade,” said Manus Clancy, se-
nior managing director at real-
estate data provider Trepp
LLC. While the headwinds fac-
ing retailers are undeniable,
many troubled malls can nego-
tiate with lenders to avoid de-
fault for years, propping up
the index. The trade attracted
the attention of billionaire in-
vestor Carl Icahn late last year
when he began betting against
the index.
Formerly a subprime mort-
gage investor at Credit-Based
Asset Servicing & Securitiza-
tion LLC, or C-BASS, Mr. Rosen-
thal co-founded his fund with
Noelle Savarese in 2008 to buy
mortgage debt on the cheap.
The bet against malls traces
back to 2018, when Principal
quarter at a 57% loss. WTI fu-
tures were flat at $22.60 a
barrel, after shedding 63% of
their value since Jan. 1.
Those historic declines have
followed the imposition of cit-
izen lockdowns by govern-
ments around the globe in re-
sponse to the pandemic.
Meanwhile, an impasse in
production cut talks between
Saudi Arabia and Russia—two
of the world’s largest produc-
ers—has sparked an oil-price
war, with both sides and other
oil exporters vowing to slash
selling prices and ramp up
production in an attempt to
capture greater market share.
Investors had hoped that an
extraordinary meeting Thurs-
day of the leaders of the
Group of 20—an alliance of
the world’s largest econo-
mies—would offer an opportu-
nity for Saudi Arabia and Rus-
sia to ratchet down tensions.
While the meeting produced
no statement that related to
on its legs.”
Oil prices declined after the
U.S. Department of Energy
suspended the purchase of 30
million barrels of crude oil it
was going to add to its Strate-
gic Petroleum Reserve.
The meeting of G-20 lead-
ers also disappointed some
traders after it failed to pro-
duce any statement that re-
lated to oil or the price war
raging between Saudi Arabia
and Russia. U.S. crude de-
clined for a fifth consecutive
week, losing 4.9% for the week
to $21.51 a barrel.
Overseas, the Stoxx Europe
600 index rose 6.1% for the
week, snapping a five-week
losing streak.
Japan’s Nikkei 225 climbed
17% for the week.
Saturday/Sunday, March 28 - 29, 2020 | B11
A heavily traded derivatives
index linked to commercial
mortgages lost half its value
this month.
BB tranche of CMBX 6 index
100
80
60
40
20
0 ing in January 2019. Counter-
2017 ’18 ’19
Source: IHS Markit
Dan McNamara and Managing
Director Catie McKee started
analyzing whether to bet
against the CMBX 6. It was an
idea being circulated among
hedge funds by Eric Yip, an in-
vestor who had once worked
as an analyst for Mr. Icahn be-
fore starting his own fund, Al-
der Hill Management, princi-
pally to short the index.
The premise was that online
shopping and a glut of malls in
the U.S. would push many sec-
ond- and third-tier shopping
centers into default on their
mortgages. Mr. McNamara and
Ms. McKee began visiting malls
around the country that are in-
cluded in the index, paying
close attention to vulnerable lo-
cations like the Fashion Outlets
of Las Vegas in Primm, Nev.,
and the Crystal Mall in Water-
ford, Conn.
oil, the coronavirus and its im-
pact far outweighs any action
oil producers might take, ana-
lysts say.
“Any producer action is
rendered mute as long as de-
mand estimates keep getting
revised lower,” said Harry
Tchilinguirian, global head of
commodity markets strategy
at BNP Paribas.
This week saw several or-
ganizations slash demand
forecasts, with the heads of
both the International Energy
Agency and Vitol Group—one
of the world’s largest indepen-
dent oil traders—saying global
oil demand may drop by 20
million barrels a day, or 20%,
in the coming weeks.
Goldman Sachs Group Inc.
said this week demand will fall
18.7 million barrels a day in
April.
After the Organization of
the Petroleum Exporting
Countries and its allies failed
to agree to additional cuts
Dow Jones Industrial Average, daily change
15%
10
5
Hits record peak
0
–5
–10
–15
January February
Source: FactSet
GENE BLEVINS/ZUMA PRESS
MP started buying swap
contracts on a slice of the index
in the summer of 2018, when it
traded around 80, agreeing to
pay annual premiums for de-
fault insurance from Alliance-
Bernstein and others who were
bullish on the index. If the in-
dex rose, MP would owe more
money to its contract counter-
party, but if it fell, MP would be
owed the price difference. The
.
firm eventually bought con-
ly
tracts worth more than $500
million, a person familiar with
the matter said.
The screws tightened on
MP, Alder Hill and other funds
betting against CMBX 6 start-
parties such as AllianceBern-
’20
stein and Putnam kept selling
more insurance, driving the
price of the index up.
Exhausted by years of wait-
ing for CMBX 6 to crack and
mounting paper losses, Mr.
Yip closed Alder Hill in Sep-
tember, a person close to the
fund said.
Mr. Rosenthal hung on but
the index kept rising, peaking
around 89, and some clients
said they wanted out of the
trade, forcing him to restruc-
ture his fund late last year. A
group of MP’s clients moved
into investment vehicles with
no exposure to the CMBX
short.
Those who stuck with the
strategy began to see daylight
in January, when the index
started to fall because of ris-
ing worry about the economic
impact of the coronavirus. “It
is the recession component
that really drove this down,”
Mr. Rosenthal said.
earlier this month, the fore-
cast plunge in demand means
“supply will have to adjust and
we’re looking at the fact that
prices will have to go lower
and force shut-ins in U.S. shale
supply and likely elsewhere,”
Mr. Tchilinguirian said.
If the banks are correct in
their forecasts, U.S. oil compa-
nies will be selling oil either at
or below the cost of produc-
tion during the course of the
year. On average, it cost U.S.
producers $35.90 to produce a
barrel of oil, according to Rys-
tad Energy.
In the past, the impact of
low prices on the U.S. shale in-
dustry has taken a while to fil-
ter through, according to Ja-
mie Webster, senior director
at the Boston Consulting
Group Center for Energy Im-
pact. “This time will be differ-
ent and there’s potential for
there to be shut-ins as you’re
well below operating expendi-
ture prices,” he said.
March 26
Start of new
bull market
March 24
Best one-day
performance
on record
Feb. 12
March 11
Enters bear market
March 16
Second-worst one-day
performance on record
March
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
B12 | Saturday/Sunday, March 28 - 29, 2020
SIMON DAWSON/BLOOMBERG NEWS
Delivery vans parked a fulfillment center for grocery-tech company Ocado in southeast London Wednesday.
Grocery Delivery’s Unexpected Stress Test
Supermarkets weren’t ready for the surge in online orders, but they’re learning on the fly
If the Covid-19 outbreak pro-
vides a global test for buying food
online, it is one that supermarkets
are by and large failing. Yet their e-
commerce businesses should be in
a different league after the crisis.
Since the pandemic began, the
websites of major food retailers
have been as inundated as their
physical stores. Pressure on these
still-small online operations is
only likely to increase as more na-
tions place their populations on
full lockdown.
Average daily traffic to Wal-
mart’s grocery site reached 1.1
million between March 1 and
ETFs Prove Their
Mettle in a Crisis
Exchange-traded bond funds emerge as an
intergral part of today’s financial architecture
What doesn’t kill a useful finan-
cial instrument will probably make
it stronger.
During both the coronavirus
selloff and this week’s stock-mar-
ket bounce, big gaps have opened
up between the value of exchange-
traded bond funds and that of
their holdings. Over the past two
weeks, the iShares iBoxx $ Invest-
ment Grade Corporate Bond ETF—
the largest of its type—has traded
at both its largest discount and its
no
largest premium to net asset value
in 11 years.
ETFs have long been a popular
way for investors to track equity
indexes, but over the past decade
they have come to dominate bond
markets too. Many professional in-
vestors, however, suspect them of
posing a 2008-style systemic risk
—fears to which signs of stress
lend weight.
The issue, they argue, is that
ETF shares are easy to trade in
good times, obscuring the fact
that many of the corporate bonds
held, particularly those rated be-
low investment grade, become
hard to sell in bad times. This illi-
quidity can then spread to the
ETFs, which are passive vehicles
that can’t remove problematic is-
sues from their baskets. As inves-
tors rush to sell their ETF shares,
the pain could infect even resil-
ient bonds.
Furthermore, middlemen may
find it hard to buy and cancel
shares, which is how ETF liquidity
is ultimately backstopped, because
doing so would involve absorbing
illiquid bonds that would be pro-
hibitively expensive to hedge.
So far, though, this nightmare
contagion scenario hasn’t played
out, despite extreme market
moves. Instead, ETF prices have
become “the effective benchmark
prices of the underlying market,”
analysts at French bank Société
Générale point out. Bond prices
may need to catch up, but this
doesn’t mean something is funda-
mentally broken.
Some ETF prices may now be
more “real” than the markets they
track—a reversal that should inter-
est the philosophically inclined.
This isn’t unlike how oil futures
HEARD STREET
FINANCIAL ANALYSIS & COMMENTARY
March 20, according to analytics
company SimilarWeb—a 55% in-
crease on average daily visitor on
numbers during the previous two
months. Kroger, Peapod, Insta-
cart, Carrefour and Tesco have
also experienced big surges in
us l,
daily traffic. The number of U.S.
households ordering groceries on-
al a
e
line roughly doubled this month
to 40 million compared with lev-
els recorded in August 2019, data
ci on
released Thursday by consulting
firm Brick Meets Click shows.
Although supermarkets have in-
vested heavily in their online
businesses in recent years, they
er rs
m e
m rp
co Fo
Out of Sync
iShares iBoxx $ Investment Grade
Corporate Bond ETF
Share price Net asset value
$140
n-
130
120
110
100
Feb. 2020 March
Source: FactSet
contracts have superseded actual
spot transactions as a way to mea-
sure the price of crude.
In today’s globalized, highly
complex financial markets, top-
down macroeconomic information
may simply be more relevant than
bottom-up facts. During the coro-
navirus selloff in particular, trad-
ers have often been clueless about
the worth of individual issues,
while still having strong views
about the economic shock. They
have expressed them primarily
through ETFs.
Investors should still avoid com-
plex, poorly designed ETFs, like
the inverse-volatility ones that im-
ploded in 2018, or those that track
assets too illiquid to have a rea-
sonable price. But the fact that
even junk-bond ETFs are function-
ing properly suggests that the
threshold is higher than some
feared.
For those still doubtful, the U.S.
Federal Reserve’s announcement
this week that it would buy shares
in investment-grade corporate-
bond ETFs as part of its stimulus
policies—even though it is also di-
rectly buying the underlying
bonds—sends an “all clear” signal.
This is a piece of financial engi-
neering that has become too useful
to fail. —Jon Sindreu
ON
THE
are not ready for current levels of
demand. Infrastructure is still im-
mature globally: 7.6% of groceries
in the U.K. were bought over the
web before the outbreak, while in
Spain just 2.4% of sales have
moved online, according to Kantar
data. The U.S. has around 3.1%
penetration.
During the pandemic, it is prov-
ing harder to ramp-up capacity
quickly online than in physical
stores. Automated warehouses in
the U.K., like the ones that Kroger
is currently building with grocery-
tech company Ocado in the U.S.,
need time to increase output. And
OVERHEARD
Zoom has been one of the
hottest stocks on the market
this year—just not the Zoom
you think.
Shares of Zoom Technolo-
gies have surged 10-fold since
the first of the year. But most
of those traders likely think
they are buying Zoom Video
Communications. The latter is
a Silicon Valley wunderkind
that developed a videoconfer-
encing service, which has
proven to be hugely popular
with a world now stuck work-
ing at home. The former is a
Chinese company that once
made modems and hasn’t filed
any public financial documents
since 2015.
Some confusion is under-
standable. Zoom Technologies
benefits from having the more
intuitive ticker symbol, ZOOM.
It also benefits from being
hard to find. A Google search
for “Zoom Technologies Inves-
tor Relations” leads to Zoom
Video’s IR page. The Securities
and Exchange Commission ap-
pears to have had enough. The
agency announced Thursday
that it has suspended trading
on ZOOM, citing “the public in-
terest and the protection of in-
vestors” in its orders.
They should have known
something was amiss earlier.
Zoom Video went public in
April 2019, and it had an im-
mediate effect on trades of the
other Zoom. Still, the wrong
ZOOM was selling for a buck a
share at the first of this year,
and investors who picked it up
then could have sold for $20 a
share at the end of last week.
Not bad for a sucker’s play.
Only one of these stocks (the
one above) is camera-ready.
* ***
.
ly
getting additional delivery vans on
the roads is complicated by the
fact that they need to be specially
equipped with refrigerators for
chilled orders.
That is leading to a frustrating
experience for web shoppers in
many markets. U.S. consumers face
delays when using the services of
retailers such as Walmart and Am-
azon Fresh. Ocado, which runs one
of the most advanced e-commerce
operations in the U.K. in partner-
ship with local retailer Marks &
Spencer, is no longer accepting
new customer registrations. The
risk is that some consumers trying
Eli Lilly workers prepared drive-through Covid-19 testing in Indianapolis.
Drugmakers See Plans
For New Drugs Upended
Pharmaceutical companies tend
to be relatively safe places to in-
vest during economic shocks, but
even they aren’t immune to the
ripples from Covid-19.
Demand for prescription medi-
cation is mostly insensitive to the
economy. Drug companies have
strong balance sheets and pay sta-
ble dividends—desirable invest-
ment traits in a weak economy.
And in the short term, prescrip-
tion activity could actually in-
crease as patients stock up on
medication.
But big drugmakers haven’t
been much of a haven. A broad in-
dex of pharmaceutical stocks is
down about 15% this year through
Thursday. That isn’t much better
than the benchmark S&P 500,
which has lost 21%.
One difference is that the major
economic shocks in recent history
weren’t caused by a health crisis.
This time, the chaotic state of hos-
pitals across the U.S. and Europe
will affect drug development—the
source of future revenue for re-
search-led companies.
Earlier this week, Eli Lilly said it
would delay the start of most new
studies and pause enrollment in
most trials under way, though tri-
als will continue for patients who
have enrolled. Smaller biotech
companies, like Bluebird Bio, also
have announced delays.
Many health-care systems have
had to restructure operations to
care for a surge in patients with
Covid-19 and “limit or cease”
other activities, Lilly said in a
THE WALL STREET JOURNAL.
Mixed Bag
Web orders as a share of overall
grocery sales
China 15.2%
U.K. 7.6
France 6.2
U.S. 3.1
Spain 2.4
Note: year through June 2019
Source: Kantar
the service for the first time will
be turned off for good.
Still, some retailers are betting
that the extra demand will stick.
Ahold Delhaize, owner of the Pea-
pod delivery service, has doubled
its server capacity in the U.S.
since the crisis began. Its website
will be able to handle much
higher order volumes after the
spike subsides.
The rush of orders is bringing
some benefits. Online grocers are
learning how to allocate delivery
slots most efficiently in times of
peak demand. They are testing in
real time how different order-ful-
fillment methods, such as manual
picking in stores or from dedi-
cated online warehouses, perform
under stress.
But the constrained capacity on-
line also has one important advan-
tage. Sales delivered to a shopper’s
home are far less profitable than
those made in stores. Grocers need
time to manage the shift online to
avoid a big hit to their already thin
operating margins.
Online grocery businesses may
be struggling at the moment, but
they will emerge from their unex-
pected trial better equipped for
the future.
—Carol Ryan
MICHAEL CONROY/ASSOCIATED PRESS
press release. Trial enrollees might
need to stay home in the era of so-
cial distancing, especially those
who are ill.
What is more, many drug com-
panies have diverted their research
efforts toward solving the Covid-19
health emergency. That is obviously
the right thing to do for patients,
but treatments for the disease are
unlikely to be major business op-
portunities for the industry.
Hospital chaos is already
causing delays in drug
development—a key
source of future revenue.
That shift of resources won’t af-
fect financial results right away,
but the delays are bound to
weaken research productivity over
time. There are nearly 150,000 tri-
als under way for experimental
drugs, according to the Journal of
the American Medical Association.
Slowed-down development is an
obvious worry for smaller biotech
stocks, which rely on access to the
capital markets to fund operations.
But bigger companies aren’t ex-
empt from the pressure. If new
drugs don’t arrive to replace older
ones facing generic competition,
profits could become squeezed in
the years ahead.
Drug investors should be moni-
toring the situation carefully.
—Charley Grant
Another random document with
no related content on Scribd:
 The “Controller” of the train, an official in plain clothes, whose
exact duties I was not able to determine, except that he was able to
turn the second-class passenger out of our carriage, spent a day and
a night with us. He and the engineer talked without ceasing of the
meetings of the Zemstva all over the country; of the discontent of the
public servants and of the imminence of a strike. They told me there
would be a big railway strike, but I did not pay much attention to
this, nor did I in the least realise the importance of what they were
discussing. In one of the second-class carriages I made friends with
two young officers who were going out to the war as volunteers, and
two ladies, one the wife of an officer already out there, and the other
a hospital nurse. With them also was the son of the officer’s wife, a
student from Odessa, who told me many interesting things. He
described to me in great detail the mutiny of the Black Sea Fleet, and
he prophesied, if not a revolution, at least a great change in Russia in
the immediate future. One of the carriages of the train was barred,
and in it sat a political prisoner, a schoolmaster from Irkutsk. Some
of my friends went to speak to him, but they came back in
melancholy and disappointment, since they said this prisoner was
hissing hatred and rage through the bars in an undignified and
painful manner.
Soon after we left Baikal a young man joined us who said he was
employed in a firm at Chita. He had brought with him some flowers
from Irkutsk. These he carried in a large basket full of wet sand. They
were a kind of pathetic stock but not “in fragrant blow”; poor, feeble,
starved and rather dirty flowers they were. But in Transbaikalia
flowers were rare, and he had paid 18 roubles, he said (£1 8s.), for
this nosegay, and he was bringing them to Chita as a gift to the girl to
whom he was engaged to be married. He looked after these flowers
with the utmost care; the basket was put in my berth and, as it was
full of water, a constant stream trickled down from it and made a
small pond on the floor of the carriage.

August 20th. Later.

We are nearing Chita; the husband of the lady to whom I gave my

place has arrived to meet her and take her home. He is an engineer.
They are deeply engaged in discussing local politics. The husband
talks of a coming strike, and tells me that if I wish to see political
meetings I had better stay in Chita. There are meetings every
evening; some of them are dispersed by the police. I now realise the
importance of flowers in this country; it is “a land of sand and ruin
and gold.” The young clerk has produced two perforated
bouquetholders (is there such a word?) and has carefully placed the
flowers in them, with a sigh of relief. They have not quite faded,
although they droop sadly. At Chita the lady and her husband get
out. The engineer also. I am now alone in my carriage. Beyond Chita
the country is mountainous and fledged with fir-trees.

August 21st.

The hilly country has ceased and we have once more reached the
flat plains. This morning the guard brought a man into my carriage
and asked me if I minded his sitting there. I said I did not mind. I
offered him some tea. The man made no answer, and looked at me
with a vacant stare. Then the guard laid him down at full length, and
said, “This man is the assistant station-master at Manchuria station.
He is drunk, but you need not be alarmed; he will be quite quiet.” He
was quiet; at Manchuria station he woke up from his stupor
automatically, as though from frequent habit.

August 22nd.

We arrived at Manchuria station last night. The chaos that always

reigns there is terrific. I had the utmost difficulty in obtaining
permission to continue my journey. The officials said I needed an
extra paper, besides those I had with me, from the Chief of the Staff
in Kharbin. The initial difficulty was to get one’s ticket, as the crowd
was dense and long. What quantities of people seem to be drawn to
Manchuria, like filings to a magnet! An officer got me my ticket, and
just when I had utterly despaired of being able to travel further, the
gendarme brought me my permission to proceed. Then came the
struggle for a place in a third-class carriage. This was successfully got
through. I obtained an upper berth across the window. The
compartment is crammed with people.

August 23rd.
 We are travelling through the hills of northern Manchuria. News
has arrived of the summoning of a new Duma. Now people say there
will not be peace, and the war will become a national war because it
will have the consent of the people. Others contest this; there are hot
discussions. I have moved into a second-class carriage in which there
is a photographer and a captain. I had my fortune told with cards by
a lady in the train. She said I should soon meet a lot of friends and
experience a change of fortune for the better.

August 28th.

We arrived at Kharbin the day before yesterday. The town seems to

have got much bigger than when I left it last year. The climate has
not improved, nor have the prices at the hotel diminished. I have
already met some old friends of last year at the bank and at the staff.
There is a new restaurant opposite the bank, where a band plays the
overture to “William Tell” without ceasing. Kharbin is empty. It
appears that Linievitch does not allow officers to come here except
on pressing errands. I dislike Kharbin more than any place I have
ever seen in the world. The one topic is, of course, the peace
negotiations. The matter is hotly discussed; some are in favour of
peace, others vehemently against it. The news is contradictory. I have
asked for leave to go to the front. I shall have to wait some days
before I receive it.

August 31st.

I am laid up in bed, and Mr. Ostrovski of the Russo-Chinese bank

has just been to see me. He has come from the staff, where they told
him that news had been received from St. Petersburg that there
would not be peace. Orders had come to dispatch everything
available to the front with all possible speed and to get ready for an
offensive movement.

September 1st.

Peace has been officially announced. Among the officers I have

seen, opinions vary, but the men are delighted. They are tearing the
telegrams from each other.
 September 7th.

I arrived at Gonchuling yesterday. Gonchuling is now what

Mukden used to be before the battle of Mukden was fought. It
consists of dozens and dozens of small grey brick houses, with slate
roofs, on one side of the line, and on the other side of the line is a
small Chinese town. The Military Attachés are here in their car. I am
living with the Press Censors. People talk about peace as if it was not
yet a fact. An officer, whose wife I met in the train coming out, has
been sent to fortify positions. Kouropatkin’s army is said to have
received orders to advance. People express doubts as to whether the
peace will be ratified, and there is talk of a revolution in Japan.
I have the intention of joining the 2nd Transbaikal Cossack
battery, with which I lived last year. I have telegraphed to them to
send horses to meet me at Godziadan, the Head Quarters of the Staff.

September 10th.

I have arrived at Godziadan. In the station is the train of the

Commander-in-Chief. There is also a correspondents’ car, where I
have been put up and hospitably entertained by Boris Nikolaievitch
Demchinsky, correspondent of a Russian newspaper. The news has
come of the first pour-parlers which are to take place between the
Russian and Japanese Commanders-in-Chief.
 CHAPTER II
JEN-TZEN-TUNG

September 13th.

I arrived at the quarters of the battery this morning. It is quartered in

a village near the large Chinese town of Jen-tzen-tung on the
Mongolian frontier. I started from Godziadan at eight o’clock in the
morning on the 11th, when I found two Cossacks waiting for me, with
a third pony for me to ride, saddled with my own English saddle,
which I had left behind me last year. As we started one of the
Cossacks said: “You must be careful with that pony, he throws
himself.” I wondered what this meant; whether the pony ran away, or
bit, or kicked, or stumbled, or bucked, or fell, my experience of
Chinese ponies being that they do all these things. I was not long in
finding out; it meant that the pony took a sort of dive forward every
now and then, tearing the skin off one’s fingers in the effort to hold it
up.
After we had ridden for about two hours, one of the Cossacks
asked the other if he knew the way. The other answered that he did
not. The first one told him he was a fool. “But,” I interrupted, “as you
have just come from Jen-tzen-tung, surely you know the way back.”
“Oh!” they answered, “we came by quite a different way along the
lines. But, nichevo, it doesn’t matter. We shall get there somehow.”
We stopped for luncheon at an encampment of the Red Cross. I was
entertained by the doctors and the hospital nurses. They expressed
the most bitter and violently revolutionary sentiments. After
luncheon we went on, asking the way of the Chinese in each village,
our destination for the evening being the large town of Oushitai. At
every village we asked, the Chinese answered by telling us how many
lis (a li is 1⅓ of a mile) Oushitai was distant, and the accuracy with
which they determined the distance was, as far as I could judge,
amazing. We arrived at Oushitai at moonrise. We went into a yard
where there was tea, and straw to lie on, and provisions, but the
Cossacks refused to stay there because there were “soldiers” there.
The Cossacks, being Cossacks and not “soldiers,” often consider it
beneath their dignity to mix with soldiers. So we had to find another
yard, where we drank tea and slept until dawn the next morning,
when we started once more. We halted at midday in a small Chinese
village for our midday meal. It was a small, rather tumble-down
village, with a large clump of trees near it. A Chinaman came out of a
house, and seeing the red correspondent’s badge on my arm, asked
me if I was a doctor. To save the bother of explanation I said I was a
doctor. Then he conveyed the information in pidgin-Russian that his
son was ill, and requested me to cure him. I went into the house and
he showed me a brown and naked infant with a fat stomach. I made
him put out his tongue. It was white. I asked what he had been eating
lately. The Chinaman said raw Indian corn. I prescribed cessation of
diet and complete repose. The Chinaman appeared to me to be much
satisfied, and asked me if I would like to hear a concert. I said very
much. Then he bade me sit down on the khan—the natural divan of
every Chinese house—and to look (“smotrì, smotrì” he said).
Presently another Chinaman came into the room and, taking from
the wall a large and twisted clarion (like the wreathed horn old
Triton blew), he blew on it one deafening blast and hung it up on the
wall again. There was a short pause, I waited in expectation, and the
Chinaman turned to me and said: “The concert is now over.”
I then went to have luncheon with the Cossacks under the trees.
The luncheon consisted of hard rusks (hard as bricks), made of black
bread, swimming in an earthen bowl of boiling water on the top of
which tea was sprinkled. When we had finished luncheon, and just as
we were about to resume our journey, the Chinaman in whose house
I had been entertained rushed up to me and said: “In your country,
when you go to a concert, do you not pay for it?” The concert was
paid for and then we started once more to ride along the
mountainous roads, a flat green country, with few trees, and great
pools of water caused by recent rain, through which we had to wade
and sometimes to swim. Towards the afternoon the aspect of the
country changed; we reached grassy and flowery steppes. It was the
beginning of the Mongolian country. We met Mongols sitting
sideways on their ponies, and dressed in coats of many colours. I
have never felt quite so tired in my life as while that interminable
afternoon wore on. The distance from Godziadan to Jen-tzen-tung is
eighty miles, and when the sun set, and the Cossacks announced that
after arriving at Jen-tzen-tung we should have to ride yet two miles
further to find the battery, I inwardly resolved that no force on earth
should make me ride another inch that night. We arrived at Jen-
tzen-tung at eight o’clock in the evening. There I found my old friend
Kizlitzki, of the battery, who, as usual, was living by himself in
Chinese quarters of immaculate cleanliness. His servant being the
former cook of the battery who used every day to make “Boeuf
Stroganoff,” Kizlitzki gave me an excellent dinner and a most
comfortable bed. The next morning I rode to the village, two miles
distant, where the battery was quartered, and here I found all my old
friends: Glinka, the doctor, Hliebnikoff, and others.
The house is a regular Chinese house, or series of one-storeyed
houses forming a quadrangle, in which horses, donkeys, and hens
disport themselves. We occupy one side of the house. Opposite us the
owner lives. In the evening one hears music from the other side. I
went to see what it was; a Chinaman lying on his back plays on a one-
stringed lute, “und singt ein Lied dabei, das hat eine wundersame
gewaltige Melodei.” Something like this:—

The first question everybody asked me was whether peace had

been declared or not. There has been some fighting here at the
outposts since peace was declared.

September 15th.

This village is exceedingly picturesque. It lies in a clump of willow-

trees and hard by there is a large wood which stretches down to a
broad and brown river. Next to our quarters there is a small house
where an old Chinaman is preparing three young students for their
examination in Pekin. One of these Chinamen came this morning
and complained that their house had been ruined by the Cossacks.
We went to inspect the disaster. It turned out that one of the
Cossacks had put his finger through one of the paper windows of the
house, making thereby a small hole in it. The old teacher is quite
charming. He recited poetry to us. When the Chinese recite poetry
they half sing it. I had lately read a translation of a Chinese poem by
Li-Tai-Po, which in the translation runs thus:—
“You ask me what my soul does away in the sky;
I inwardly smile but I cannot make answer;
Like the peach blossom carried off by the stream,
I soar away to a world unknown to you.”

By means of a small piece of wood, a flower, and some water I

made the Chinaman understand what poem I was alluding to, and he
recited it for us. The Chinese asked me to tell them their fortunes by
their hands. I said to one of them, at random, that I saw great riches
in his hand, thinking it would please him. The Chinaman said
nothing, but later, when this Chinaman, who was a visitor, had gone,
the others said to me: “You spoke true words. That man is a
‘Koupeza’ (pidgin-Russian for merchant) and he is enormously rich.”
These Chinamen take an acute interest in the result of the peace
negotiations, and wish to be informed as to all sorts of details of
which we are ignorant. The impression among the officers here is
that it is a very good thing that peace has been concluded. “We ought
to thank Heaven that our men have not been beaten again,” one of
them said, and he added: “It is silly to say that the higher authorities
are the only guilty ones; we are all equally guilty.”

September 16th.

We spend the time riding, reading, bathing, sleeping, and playing

patiences.
Jen-tzen-tung is a large and most picturesque town. A constant
stream of Mongols flows in and out of it. They wear the most
picturesque clothes, silks and velvets of deep orange and luminous
sea-green, glowing like jewels. We ride into the town to buy
provisions, fish mostly. The wines sold at the shops are all sham and
horribly nasty. At the corner of one of the streets there is a
professional wizard, dressed in black silk embroidered with silver
moons, and wearing the conical cap that wizards always do wear. You
ask a question, pay a small sum and shake coins out of a cup three
times, and according as the coins make an odd or even figure, the
wizard writes down a sign on a piece of paper, and then he tells you
the answer to your question. The Chinese consult him before striking
a bargain or setting out on a journey. I asked him whether I should
get back all right? He answered that I could go home either by the
East or the West, and that the West would be better, though I should
meet with obstacles.
He refused to prophesy for more than a hundred days ahead.
In the evening, after dinner, we discussed politics and the Duma
(that is to say the Duma as originally planned by the decree of August
6th). The doctor said that unless there were to be a constitution in
Russia, he would emigrate abroad, as he did not choose that his
children should be brought up in a country which was politically
inferior to Turkey. He is hopeful about the Duma; he says Witte will
be a national hero; and that a constitution is a foregone conclusion.
Somebody said the peasants were hopeless. He hotly contested this,
and said there was far more political sense among the peasants than
among the rest of the population. He has had great experience of the
peasants.

September 19th.

I had a long talk with Kizlitzki this afternoon. He is like a round

peg in a square hole in this army. Strict discipline and impeccable
order seem to him the first essentials of military life. The others don’t
understand this, although they are conscientious; but they like doing
things in their own way, which is a happy-go-lucky way, and they
think Kizlitzki is rather mad. Kizlitzki told me that at the battle of Ta-
shichiae, where he was in command of the battery, when he had
made all the necessary arrangements, placed his guns, &c., he
received orders to go and speak to a general; before he went, he
warned his subordinates to leave everything as it was. When he came
back he found that the battery, owing to the fancy of one of the
subordinates, had been moved two miles from where he had placed
it. So he had to fetch it back and arrange everything over again. The
result was that it did not open fire until two in the afternoon, a fact
which I had noticed at the time, although I was not with the battery
then. He said he had never made such an effort of self-control as not
to lose his temper when he saw what had been done. In the French or
German, and I trust also in our army, Kizlitzki’s methods would be
taken as a matter of course. Here they are considered to be an
unnecessary pose. On the other hand he is not in the least a
formalist, a lover of red-tape, or a pedant; he merely considers
elementary discipline to be necessary.
I had tea with a Chinese Mandarin. I do not know which was the
more exquisite, his tea or his manners. In the evening we discussed
writers of books. Hliebnikoff said he knew who was the greatest
writer in the world, and when some one else asked who, he answered
Dostoievski of course. The doctor vehemently disagreed with this.
Hliebnikoff went out of the room in disgust. It is astonishing what a
quantity of English novels these people have read in translations:
Mrs. Humphry Ward, Rider Haggard, Stevenson, Kipling, Conan
Doyle, Mark Twain, Jerome K. Jerome. The doctor admires Jerome
enormously. I think there is a human element in him which
especially appeals to Russians.

September 21st.

A fine, hot, and glorious September day. The evening was one of
those things that linger in one’s mind like music. The sky was a very
faint mauve, something between mauve and pink, like a hydrangea,
or as Dante says:—
“Men che di rose e più che di viole
Colore aprendo,”

and, hanging over the delicate willow-trees, silvery in the half-light

and faintly rustling, a large and misty moon—a moon made of
ghostly fire. The days pass in pleasant monotony; visitors come from
other divisions; but we go to bed about nine in the evening and get
up very early. It is a delicious life. We often visit the Chinese
professor in his peripatetic school. One of the students asked me
whether in my country “you write and a big captain comes to look-
see, and if all was not well, beats you.” I said that practically this was
the procedure of our competitive examinations.

September 27th.

Autumn has come and it is too cold now for the men to be
encamped here out of doors, so we have moved into quarters in the
town.

October 1st.

I left for Gunchuling, en route for Kharbin, with Hliebnikoff and

another, and bade goodbye to the friends who had so hospitably
entertained me. (Two of them I was never to see again, for they died
shortly after I left, one of typhoid and one of dysentery.) We arrived
at Oushitai at five in the evening. The country is said to be infested
by Hung-Hutzes, and some men were wounded by them yesterday in
the environs of this place. At Jen-tzen-tung I met a merchant, whom
I had known at Liaoyang, who had been caught by the Hung-Hutzes,
but—
“As no one present seemed to know
His use or name, they let him go.”

Jen-tzen-tung was on the extreme right flank of the Russian army.

The army therefore extended eighty miles from the extreme right
flank to the centre, and again another eighty miles from the centre to
the extreme left flank. Oushitai was connected with Gunchuling by a
kind of tram-railway drawn by horses.

October 6th.

In this tram we travelled to Gunchuling, and thence I proceeded to

Kharbin by train.
 CHAPTER III
THE STRIKE AND THE MANIFESTO OF
OCTOBER (30TH) 17TH

Moscow, November 3rd.

My return journey from Kharbin to Moscow was entirely uneventful

until we arrived at Samara. At Irkutsk I had got a place in the Trans-
Siberian express, which was crowded with all sorts and conditions of
men: officers, merchants, three Germans, three Americans who had
returned from working a mine in Siberia, a Polish student, and some
ladies.
The first inkling that I received of the fact that a revolution was
going on in Russia came to me in the following manner. We had
crossed the Urals and had only been travelling thirteen days. We had
arrived at Samara, when the attendant, who looked after the first-
class carriage, came into my compartment and heaved a deep sigh. I
asked him what was the matter. “We shan’t get further than Toula,”
he said. “Why?” I asked. “Because of the unpleasantnesses”
(niepriyat nosti). I asked, “What unpleasantnesses?” “There is a
mutiny,” he said, “on the line.” We passed the big station of Sisran
and arrived at the small town of Kouznetsk. There we were informed
that the train could not go any further because of the strike. Nobody
realised the extent of the strike, and we expected to go on in a few
hours. By the evening the passengers began to show some signs of
restlessness. Most of them telegraphed to various authorities. A
petition was telegraphed to the Minister of Ways and
Communications, saying that an express train full of passengers,
overtired by a long and fatiguing journey, was waiting at Kouznetsk,
and asking him to be so good as to arrange for them to proceed
further. There was no answer to this telegram. The next day a sense
of resignation seemed to come over the company. Although every
evening, towards dinner-time, one heard innumerable complaints
such as “only in Russia could such a bezobrazie (literally an ugliness,
i.e., a disgraceful thing) happen,” and one passenger suggested that
Prince Kilkoff’s portrait, which was hung in the dining-car, should be
turned face to the wall. The Polish student, who had accompanied
the Americans and made music for them, playing by ear any tune
they whistled to him, and consequently a great many tunes from the
Gaiety repertoire, played the piano with exaggerated facility and
endless fioriture and runs. I asked an American mechanic who was
with the mining managers whether he liked the music. He said he
would like it if the “damned hell” were knocked out of it, which was
exactly my feeling. But on the second day after our arrival my
American friends left by road for Samara, to proceed thence by water
to St. Petersburg. The passengers spent the time in exploring the
town, which was somnolent and melancholy in the extreme. Half of it
was a typical Russian village built on a hill, a mass of brown huts; the
other half, on the plain, was like a village in any country. The idle
guards and railway officials sat on the steps of the station-room
whistling. Two more trains arrived: a sanitary train and an ordinary
slow passenger train.
The passengers from these trains wandered about the platform,
mixing with the idlers from the town population. A crowd of
peasants and travellers, engineers, and Red Cross attendants,
soldiers, and merchants sauntered up and down in loose shirts and
big boots, munching sunflower seeds and spitting out the husks till
the platform was thick with refuse. A doctor who was in our train,
and who was half a German, with an official training and an
orthodox official mind, talked to the railway servants like a father. It
was very wrong to strike, he said. They should have put down their
grievances on paper and had them forwarded by the proper
channels. The officials said that that would be waste of ink and
caligraphy. “I wonder they don’t kill him,” said my travelling
companion, and I agreed with him. Each passenger was given a
rouble a day to buy food. The third-class passengers were given
checks, in return for which they could receive meals. However, they
deprecated the idea, and said that they wanted the amount in beer.
They received it. Then they looted the refreshment room, broke the
windows, and took away the food. This put an end to the check
system. The feeling among the first-class passengers deepened.
Something ought to be done, was the general verdict; but nobody
quite knew what. They felt that the train ought to be placed in a
position of safety. The situation on the evening of the second day
began to resemble that described in Maupassant’s masterpiece,
“Boule de Suif.” Nothing, however, could be done except to explore
the town of Kouznetsk. It was warm autumn weather. The roads were
soft and muddy, and there was a smell of rotting leaves in the air. It
was damp and grey, with gleams of pitiful weak sunshine. In the
middle of the town was a large market-place where a brisk trade in
geese was carried on. One man whom I watched failed to sell his
geese during the day, and while driving them home at night talked to
them as if they had been dogs, saying, “Cheer up, we shall soon be
home.” A party of convicts who belonged to the passenger train were
working hard by the station, and implored the passing tribute of a
sigh and a cigarette. Both were freely given. Convicts in Russia are
always alluded to as “unfortunates.” I met them near the station and
they at once said, “Give the unfortunates something.” In the evening,
in one of the third-class carriages, a party of Little Russians,
assistants in the Red Cross, sang songs in parts—melancholy,
beautiful songs, with a strange trotting rhythm and no end and no
beginning; and opposite their carriage on the platform a small crowd
of moujiks gathered together and listened, saying that the men sang
with cunning (lovko paiout).
On the morning of the fourth day after we had arrived the
impatience of the passengers increased to fever pitch. A colonel who
was with us, and who knew how to use the telegraph, communicated
with Piensa, the next big station. For although the telegraph clerks
were on strike they remained in the office conversing with their
friends on the wire all over Russia. The strikers were most affable.
They said they had not the slightest objection to the express
proceeding on its journey, that they would neither boycott nor beat
anybody who took us, and that if we could find a friend to drive the
engine, well and good. We did. We found a friend, an amateur
engine-driver, and an amateur engine, and on the 28th of October we
started for Piensa. We broke down on the way. The engine-driver was
supported by public contributions. The moment the engine stopped
work all the passengers volunteered advice as to how it should be
mended, one man producing a piece of string for the purpose.
However, another stray engine was found, and we arrived at last at
Piensa. There I saw mentioned in the telegrams the words “rights of
speech and assembly,” and I knew that the strike was a revolution. At
Piensa the rage of the military—who had had their return journey
from the Far East delayed—against the strikers was indescribable.
They were lurching about the station in a state of inebriate frenzy,
using language about strikes and strikers which is not fit to repeat.
One of them asked me if I was a striker. We stopped at Piensa for the
night. We started again the next morning for Moscow, but the train
came to a dead stop at two o’clock the next morning at Riansk, and
when I woke up the first-class attendant came, with many deep sighs,
and said that we should go no further until the unpleasantnesses
were at an end. But an hour later news came that we could go to
Riazan in another train, which we did. Riazan station, when we
arrived, was guarded by soldiers. A train was ready to start for
Moscow, but the scuffle for places in it was terrific. I found a place in
a third-class carriage. Opposite me was an old man with a grey
beard. He attracted my attention by the extraordinary courtesy with
which he prevented a woman, with many bundles, from being turned
out of the train by another moujik. I asked him where he came from.
“Eighty versts from the other side of Irkutsk,” he said. “I was sent
there, and I am returning home now after thirteen years at the
Government’s expense. I was a convict.” “What were you sent there
for?” I asked. “Murder!” he answered very gently. The other
passengers asked him to tell his story. “It’s a long story,” he said.
“Tell!” shouted the other passengers. His story briefly was this: He
had got drunk, set fire to a barn, and when the owner interfered he
had killed him. He had served two years’ hard labour and eleven
years’ banishment. He was a gentle, humble creature, with a very
mild expression, like an apostle in disguise. He had no money, and
lived on what other passengers gave him. I gave him a cigarette. He
smoked a quarter of it and said he would keep the rest for the
journey, as he had still got five hundred versts to travel. We arrived
at Moscow at eleven o’clock in the evening and found the town in
darkness, save for the glimmer of oil lamps. The next morning we
woke up to find that Russia had been given a Magna Charta; that the
railway and other officials had obtained the same concessions from
the Government as the Barons had won from King John seven
hundred years ago.
 Moscow, October 30th (Old Style, October 17th).
The first thing which brought home to me that Russia had been
granted the promise of a Constitution was this. I went to the big
Russian baths. Somebody came in and asked for some soap, upon
which the barber’s assistant, aged about ten, said with the air of a
Hampden, “Give the ‘citizen’ some soap” (Daite grajdaninon mwilo).
Coming out of the baths I found the streets decorated with flags, and
everybody in a state of frantic and effervescing enthusiasm. I went to
one of the big restaurants. There old men were embracing each other
and drinking the first glass of vodka to free Russia. After luncheon I
went out into the Theatre square. There is a fountain in it, which
forms an excellent public platform. An orator mounted it and
addressed the crowd. He began to read the Emperor’s Manifesto.
Then he said: “We are all too much used to the rascality of the
Autocracy to believe this; away with the Autocracy!” The crowd,
infuriated—they were evidently expecting an enthusiastic eulogy—
cried: “Away with you!” But instead of attacking the speaker who had
aroused their indignation they ran away from him! It was a curious
sight. The spectators on the pavement were seized with panic and
ran too. The orator, seeing his speech had missed fire, changed its
tone and said: “You have misunderstood me.” But what he had said
was perfectly clear. This speaker was an ordinary Hyde Park orator,
and not to be confused with the University professors who
afterwards spoke from the same platform. Later in the afternoon a
procession of students arrived opposite my hotel with red flags, and
collected outside the Governor-General’s house. He appeared on the
balcony and made a speech, in which he said that now there were no
police he hoped that they would be able to keep order themselves. He
asked them also to replace the red flag which was hanging on the
lamp-post opposite the palace by the national flag. One little student
climbed like a monkey up the lamp-post and hung a national flag
there, but did not remove the red flag. Then the Governor asked
them to sing the National Anthem, which they did; and as they went
away they sang the Marseillaise.
“On peut très bien jouer ces deux airs à la fois
Et cela fait un air qui fait sauter les rois.”
 At one moment a Cossack arrived, but an official came out of the
house and told him he was not needed, upon which he went away
amidst the jeers, cheers, hoots, and whistling of the crowd. The day
passed off quietly on the whole, the only untoward incidents being
the death of a woman and the wounding of a student and a workman
while trying to rescue a student from the prisoners’ van. A veterinary
surgeon called Bauman was also shot on this day.
To-day for the first time I heard the phrase “Black Gang” used. I
was standing on the doorstep of the Hôtel de France, when a woman
rushed frantically up and said the “Black Gang” were coming. A
student, belonging to a very good family, who was standing there,
also explained that the “Black Gang” consisted of roughs who
supported the autocratic cause. His hand, which was bandaged, had
been severely hurt while he was in the act of taking off his hat that
day, by a Cossack who had beat it with a whip, thinking he was about
to make a disturbance. He came up to my room and from the hotel
window we had a good view of the crowd which proceeded to—
“attaquer la Marseillaise en la
Sur les cuivres, pendant que la flûte soupire
En mi bèmol: Veillons au salut de l’Empire.”

Moscow, November 7th.

I went to see Maxim Gorki’s new play at the Artistic Theatre of

Moscow, “The Children of the Sun.” It was the second night that it
had been performed. M. Stanislavoshi, one of the chief actors of the
troupe and the stage manager, gave me his place. The theatre was
crammed. There is a scene in the play, where a doctor, living in a
Russian village, and devoting his life to the welfare of the peasants, is
suspected of having caused an outbreak of cholera. The infuriated
peasants pursue the doctor and bash some one on the head. On the
first night this scene had reduced a part of the audience to hysterics.
It was too “actual.” People said we see enough of our friends killed in
the streets without going to the play for such a sight. On the second
night it was said that the offensive scene had been suppressed. I did
not quite understand what had been eliminated. As I saw the scene it
was played as follows. A roar is heard as of an angry crowd. Then the
doctor runs into a house and hides. The master of the house protests;
a peasant flies at his throat and half strangles him until he is beaten
on the head by another peasant who belongs to the house. The play is
full of interesting moments, and was played with the finished
perfection which makes this theatre famous and unique. But M.
Gorki has not M. Tchekoff’s talent of representing on the stage the
uneventful passage of time, the succession of the seemingly
insignificant incidents of people’s everyday lives, chosen with such
skill, depicted with such an instinct for mood and atmosphere that
the result is enthrallingly interesting. M. Gorki’s plays have the faults
and qualities of his stories. They are unequal, but contain moments
of poignant interest and vividness. I do not think, however, that his
gifts are pre-eminently suited for the stage.
 CHAPTER IV
MOSCOW AFTER THE MANIFESTO

Wednesday, October 1st.

At dinner at the Métropole Restaurant a strange scene occurred. At

the end of dinner the band played the Marseillaise, and after it the
National Anthem. Everybody stood up except one mild-looking man
with spectacles, who went on calmly eating his dinner, upon which a
man who was sitting at the other end of the room, and was rather
drunk, rushed up to him and began to pull him about and drag him
to his feet. He made a display of passive resistance, which proved
effectual, and when he had finished his dinner he went away.

Thursday, November 2nd.

The outward aspect of the town during these days is strange.

Moscow seems like a city which has been undergoing a siege. Many
of the shops have got great wooden shutters. Some of the doors have
a large red cross on them. The distress, I am told, during the strike
was terrible. There was no light, no gas, no water, all the shops were
shut; provisions and wood were scarce. This afternoon I went to see
Bauman’s funeral procession, which I witnessed from many parts of
the town. It was one of the most impressive sights I have ever seen. A
hundred thousand men took part in it. The whole of the
“Intelligenzia” (the professional and middle class) was in the streets
or at the windows. The windows and balconies were crowded with
people. The order was perfect. There was not a hitch nor a scuffle.
The men walking in the procession consisted of students, doctors,
workmen, people in various kinds of uniform. There were
ambulances, with doctors dressed in white in them, in case there
should be casualties. The men bore great red banners and the coffin
was covered with a scarlet pall. As they marched they sang in a low
chant the “Marseillaise,” “Viechni Pamiat,” and the “Funeral
March”[1] of the fighters for freedom. This last tune is the most
impressive. From a musician’s point of view it is a shockingly bad
tune; but then, as Du Maurier said, one should never listen to
musicians on the subject of music any more than one should listen to
wine merchants on the subject of wine. But it is the tune which to my
mind is exactly fitting for the Russian revolution, with its dogged
melancholy and invincible passion, as fitting as the “Marseillaise”
(which, by the way, the Russian sings in parts and slowly) is totally
unfitting. The “Funeral March” has nothing defiant in it; but it is one
of those tunes which, when sung by a multitude, make one’s flesh
creep; it is commonplace if you will; and it expresses—as it were by
accident—the commonplaceness of all that is determined and
unflinching, mingled with an accent of weary pathos. As it grew dark
torches were brought out, lighting up the red banners and the scarlet
coffin of the unknown veterinary surgeon, who in a second, by a
strange freak of chance, had become a hero, or rather a symbol, an
emblem and a banner, and who was being carried to his last resting
place with a simplicity which eclipsed the pomp of all royal funerals,
and to the sound of a low song of tired but indefatigable sadness
stronger and more formidable than the pæans which celebrate the
triumphs and the pageants of kings.
1. By a strange irony of fate, this tune, which the revolutionaries have made
their own, was originally an official tune, composed probably by some obscure
military bandmaster, and played at the funerals of officers and high officials.
The impression left on my mind by this funeral is deep. As I saw
these hundred thousand men march past so quietly, so simply, in
their bourgeois clothes, singing in careless, almost conversational
fashion, I seemed nevertheless to hear the “tramping of innumerable
armies,” and to feel the breath of the
“Courage never to submit or yield,
And what is else not to be overcome.”

It is impossible for the Government or for any one else to accuse

these people of displaying a provoking attitude, of badgering or
insulting the soldiers or the authorities, or of not being able to keep
order among themselves.