Trump says coronavirus is ‘under control,’ stock market looks ‘very good’

President Donald Trump said Monday that the spread of the deadly coronavirus was “under control” in the US and that the stock market looked “very good” to him — following a dismal day on Wall Street partly due to the illness.

“The Coronavirus is very much under control in the USA,” Trump tweeted from India at around 5 p.m. New York time.

“We are in contact with everyone and all relevant countries. CDC & World Health have been working hard and very smart.

“Stock Market starting to look very good to me!”

The Centers for Disease Control announced Monday that 18 more cases had been diagnosed in the US, bringing the total to 53.

In part due to the effects of the virus, Wall Street’s three major stock indexes all tumbled on Monday. Traders fear the growing threat to the global economy after a surge in cases outside China fanned worries about a pandemic.

Experts warned that a pandemic in the US could batter medical companies in addition to threatening the health of large swaths of the population.

“If it were to become a pandemic in the United States, that would be a significant impact to the operations for managed care,” David Heupel, healthcare analyst at Thrivent Investment Management, told Reuters.

“Obviously you would have a massive increase in ER visits,” Heupel said. “There’s a lot of expenditures associated with that, so this would be a pretty significant increase in cost trend. That plays directly to the managed care group.”

The president was making his first state visit to India on Monday.

Source: Read Full Article