Shock waves hit the economy as the number of COVID-19 cases soars in the US

The stock market has lost $8 trillion in value in the last month and analysts estimate more than 2 million people have filed for unemployment insurance last week.
1:10 | 03/23/20

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Transcript for Shock waves hit the economy as the number of COVID-19 cases soars in the US
Turnout ABC's Rachel Scott who's in Washington DC she has the latest headlines for us good afternoon regional. Hi Amy let's get to some of the developments that we are following here with the number of those co mid nineteen cases soar here in the US. The shockwaves to the economy the stock market losing eight trillion dollars in value in the last month. Let's take a look at the numbers analysts estimate more than two million people filed for unemployment last week. The highest number ever spikes. I an on precedents surge in layoffs. And Japan is expected to now quarantine all visitors from the US this adds pressure mounts over whether to go forward. With the Tokyo Summer Olympics the International Olympic Committee now considering a postponement to 20/20 one a final decision. Is expected with in weeks. And back here at home concern that the Washington DC cherry blossoms are a health hazard and they're cracking down on overcrowding at the popular destination. Too many people there this weekend putting lives at risk of catching co in nineteen. The mayor now imposing a restricted access so in decree on the tidal basin. With the help of the National Guard until further notice. That's all for now any back to you.

This transcript has been automatically generated and may not be 100% accurate.

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