P2JW098000-6-A00100-17FFFF5178F

****** TUESDAY,APRIL 7, 2020 ~VOL. CCLXXV NO.81 WSJ.com HHHH $4.00

DJIA 22679.99 À 1627.46 7.7% NASDAQ 7913.24 À 7.3% STOXX 600 320.58 À 3.7% 10-YR. TREAS. g 28/32 , yield 0.675% OIL $26.08 g $2.26 GOLD $1,677.00 À $43.30 EURO $1.0793 YEN 109.22 U.S. Deaths Cross 10,000 in Struggle to Control Contagion Credit What’s News Markets Regain Business&Finance Footing ey parts of the U.S. Kdebt markets are func- Fed’s efforts begin to tioning again, a sign the Federal Reserve’s extraor- reduce disruptions in dinary steps are easing a the financial system; credit-market crunch. A1 the Dow leaps 7.7%  U.S. stocks rallied, with the Dow industrials surg- BY SAM GOLDFARB ing 1627.46points, or 7.7%, AND ANNA HIRTENSTEIN and the Nasdaq and S&P 500 posting gains of 7. 3% Keypartsofthe U.S. debt and 7%, respectively. B1 marketsare functioning again,  Trump said the govern- asign the Federal Reserve’s ment would buy nearly 167 extraordinarysteps areeasing million masks from 3M over a credit-market crunch.

the next three months,resolv- S Investorssaid the Fedhas ingadisputewith the firm. A4 reduced disruptions in the $17 PRES trillion U.S. Treasurys market

 Agrowing scarcity of oil- TED that had sent shock waves storagespace is driving some CIA

SO through the financial system.

of the biggest crude pro- AS Largebusinesses such as Ora- ducers to negotiate a truce Y/ GA cle Corp.and CVSHealth Corp. in the Saudi-Russian fight are borrowing money at a re- over market share. B1, B11 ERIC SAFETY CHECK: A medical worker has her temperature taken at a control point on a covered footbridge before entering cord pace. Some lower-rated  AutoinsurersAllstate the Dell Seton Medical Center at the University of Texas in Austin on Monday. The U.S. death toll surpassed 10,000. A4 companies areissuing bonds and American Family are again. And increased demand sending refunds to policy- formortgagebonds is starting holders, citing asharp drop to pull mortgagerates lower in accident claims as people U.K. Leader Sent to Intensive Care afterthey unexpectedly rose hunker down at home. B1 last month. On Monday, the DowJones  Thecommittee that helped BY MAX COLCHESTER old prime minister wascon- Monday, Mr.Johnson tweeted Industrial Averagerose broker a $13.5 billion set- scious when he waswheeled that he was “in good spirits.” 1,627.46 points, or 7.7%, to tlement forCalifornia wild- LONDON—U.K.Prime Min- intothe intensive-careunit of Theprime minister is the THE 22679.99. Gains were broad, fire victims in PG&E’sbank- ister Boris Johnson, fighting a acentral London hospital at firsthead of government lifting all 30 stocks in the Dow ruptcy case said it no longer CORONAVIRUS serious coronavirus infection, around 7p.m. local time on known to have been infected industrials and all 11 sectorsin supportsthe current deal. B1 wasadmittedtothe intensive- Monday,asteptaken in case with the newvirus,which PANDEMIC the S&P 500.Shares of beaten-  JPMorgan’s Dimon said care unit of aLondon hospital, he needed to be put on aven- erupted in China latelast year. down retail and travel compa- the bank can handle what leaving his country’s leader- tilator, an official said. His hospitalization risks creat- nies Kohl’sCorp., Nordstrom he expects to be a “bad re- ship in question at amoment Mr.Johnson, who tested ing aleadership vacuum as Touristtowns plead with Inc. and Carnival Corp. & PLC cession” brought on by the of deep crisis as the virus’s positivefor the newcoronavi- Britain faces its worst health outsiders to stay away,A3 helped lead the climb. coronavirus crisis. B10 spread accelerates. rusnearly two weeks ago, had crisis in more than a century. Noveltactics keep air traffic Marketsoverall have grown As Mr. Johnson’s condition led Britain’sresponse to the Thevirus outbreak is ex- morestable recently,sup-  Samsung Electronics controlcenters open, A5 worsened, he deputized For- pandemic while isolated in his pected to peak in the U.K. in ported by the Fed, the $2 tril- delivered a forecast for eign SecretaryDominic Raab official residencenextto10 the coming week and the gov- Jump in egg prices lion economic-rescue package first-quarter operating to runthe government, a Downing Street. He washospi- ernment has been grappling pressures grocers, B1 passed by Congressand some profit that exceeded ana- spokesman said. The 55-year- talized on Sunday. Earlier on PleaseturntopageA10 PleaseturntopageA8 lysts’ expectations. B4  Airbnb said it is raising $1 billion in funding from Silver Lake and Sixth Street Searchfor Coronavirus Cure Patient GuidelinesSow Partners, as the firm sees a global hit to itsbusiness. B2 Confusion on Recovery World-Wide AdvancesFast, the Virus Faster

BY DANIELA HERNANDEZ around the globe,and even  U.K. Prime Minister AND MIKE CHERNEY within countries. Johnson, fighting aserious Researchers have a host of projects—new drugs, old drugs, vaccines Adding to the uncertainty, coronavirus infection, was AfterRachel Wall described some guidelines differ depend- admittedtothe intensive- Fordrugcompanies,thereissuddenly research agencies,with hundreds moretrials her coughing spells,extreme ing on the severity and type of care unit of aLondon hospital, only one priority: the coronavirus. planned. Researchershavesqueezedtime- fatigue and fevers,her doctors case.Authorities in Australia leaving his country’slead- Morethan 140experimental drug treat- lines that usually totalmonths intoweeks or told her to self-quarantine in have three sets: forpeople who ership in question. A1, A10 mentsand vaccines forthe coronavirus are even days. her Denverhome for10days have mild cases and recover in development world-wide,most in early “Wehavenever gone so fast with so and until she wasfever-free completely at home,for people  TheU.S.death toll from manyresourcesinsuch ashort time frame,” for72hours. In Cincinnati, who have been hospitalized the coronavirus topped said Paul Stoffels, chief scientific officer of Elizabeth Edwards wasadvised and forhealth workers. 10,000 at the start of aweek By Joseph Walker, Peter Loftus that officials predicted would and Jared S. Hopkins Johnson &Johnson. to stay home for14days and Thevariation is sowing con- Even so,for most treatmentsand vaccines until she wassymptom-free for fusion about what patients be America’s most difficult stages,including 11 already in clinical trials, it will be midsummer beforehuman testing three days. should do and when they can yet during the crisis. A4 according to Informa Pharma Intelligence. reveals whether they aresafetotake, not to In the Netherlands,Kevin be considered well. It all adds  Asian nations that had Counting drugsapproved forother dis- mention if they work.J&J is excited about a Toms also gota14-daydirec- to their anxiety,they said. avoided harsh restrictions amid the pandemic are eases,thereare 254 clinical trials testing vaccine prospect but won’t be able to start tive.InAustralia, AmyMcKen- “We’re in uncharted terri- treatmentsorvaccines forthe virus,many testing it in humans till September.Research zie’shome isolation could last tory.Wereally don’t know. tightening controls afternew spearheaded by universities and government PleaseturntopageA12 even longer:She needs two con- That’sthe problem,” said John infections and lax obser- secutivenegativetests—and Gumina, chairman of family vanceofvoluntarycurbs. A9 she’ll be eligible to gettested medicine at Jersey ShoreUni-  Theacting Navy secretary Cardinal’sConviction Overturned only aftersymptoms aregone. versity Medical Center in New apologized forprofanity- Navy Head Because dataonCovid-19 Jersey.Herecommends a14- tinged remarks over the loud- Australia’shighest progression is scant and dayquarantine,but sometimes speakersofthe USS Theodore Apologizes court acquitted knowledgeabout the virus that “evenatthat point, the pa- Roosevelt in which he blasted former Vatican causes it is swiftly changing, tientsare feeling pretty funky,” the ship’sex-commander. A1 To Captain financechief guidelines about when patients he said.  Trump’s recent urging Cardinal George Pell in recovery cansafely resume Ms.Wall’s10-dayquarantine of child sex-abuse some aspectsoftheir pre-coro- ended April 5, but the 32-year- that even those without cor- S charges, overturning navirus lives vary greatly PleaseturntopageA12 onavirus symptoms take a He Berated mix of antimalarial and anti- PRES aconviction that

bacterial drugsdefies pub- TED has divided

In an about-face, acting CIA Catholics around lic-health experts’ advice. A5 Navy SecretaryThomas Modly SO the world. The 78-  Wisconsin’selection will apologized Mondaynight for AS year-old prelate,

proceed on Tuesdayafter con- his profanity-tinged remarks NBILL/ shown lastyear,

servativemajorities on the over theloudspeakersofthe OW wasserving asix- BR

federal and statesupreme USS TheodoreRoosevelt, in Y year prison courtsblocked Democratic

which he called the aircraftcar- AND sentence. A11 effortstoextendballoting. A2 rier’s former commander stu-  Australia’shighest court pidornaivefor writing and Manythings acquitted former Vatican distributing amemo about a finance chief Cardinal coronavirus outbreak. George Pell of child sex- Bubbe HasEntered the Meeting: have changed. abuse charges, overturn- By Nancy A. Youssef, ing his conviction. A11 Ben Kesling, The Virtual Passover Seder Begins Lucy Craymer Our commitment  The U.S. branded a Rus- and Gordon Lubold iii sian white-supremacist group and its top members Theremarks to crew mem- This sociallyisolated holiday, Jewish to youhasn’t. as global terrorists. A2 bersbyMr. Modly drew outrage  Died: Al Kaline, 85, De- from manysailorsand Navy of- familiesmakethe most out of videochat Our global team is ready with the troit Tigers Hall of Famer. ficials,calls from lawmakersfor his resignation and disapproval BY JOSHUA ROBINSON And does Bubbe knowI’m on technology,support and strategy to from President Trump. AND ANDREW BEATON my fifthglassofwine? keep your business moving forward. CONTENTS Markets...... B11 In the remarks,Mr. Modly Just like students and em- Banking &FinanceB10 Opinion...... A17-19 Business News.. B3,6 Sports...... A16 defended his decision to fire No Passover Seder would be ployees learning to work re- Capital Journal...... A4 Technology...... B4 Capt. BrettCrozier as the air- completewithout an ancient motely,families arecoming to Crossword...... A14 U.S. News...... A2-3 craftcarrier’s commander fol- traditionknown as the Four gripswith worship from home. Heard on Street.B12 Weather...... A14 lowing amemo by the com- Questions.For thousands of ManyJewish families arelean- Life & Arts...... A13-15 World News...... A11 mander regarding acoronavirus years, they have helped Jews ing intothe challengefor Pass- outbreak on boardthe ship. gettothe heart of this sacred over,which startsonWednes- > In his statement later Mon- holiday. day, with videochat Seders. day, Mr.Modly apologized to Due to the coronavirus pan- Theevening involves compli- the Navy and to Capt. Crozier demic,Sedersthis year might catedrituals,intergenerational See howat forthe tone of his remarks, come with four newquestions: PleaseturntopageA2 DellTechnologies.com/HereToHelp butdidn’t take back his deci- Did someone muteme? Why s 2020 Dow Jones & Company, Inc. All Rights Reserved sion to relievethe carrier com- isn’t my pictureworking? Can  Improvising to preserve PleaseturntopageA6 we wash our hands already? holiday traditions...... A13 P2JW098000-5-A00200-2------XA

A2 | Tuesday, April 7, 2020 ***** THE WALL STREET JOURNAL. U.S. NEWS Russian Group Draws Terror Label

BY JESSICA DONATI MatthewHeimbach, an or- ganizer of the “Unitethe Right” WASHINGTON—TheTrump rally in Charlottesville,Va., in administration branded aRus- 2017previously has praised sian white supremacist group Russian right-wing groups,in- and itstop membersasglobal cluding RIM. Alawyer forMr. terrorists on Monday, making Heimbach didn’t respond to a use of atool normally used to request forcomment. target radical Islamist groups TheState Department ac-

S overseas. tion Mondaylabels RIM as a

PRES Thedesignation named the specially designated global Russian Imperial Movement, or terrorist, which under an exec- TED

CIA RIM, aRussia-based organiza- utive order blocks any trans-

SO tion with ties to European and actionsorproperty interests AS U.S.-based whitesupremacists, the group or itsprincipals may as special designated global have under U.S. jurisdiction. TRINDL/

T terrorists. the State Depart- Aspecially designated global OT

SC ment said.Three senior RIM terrorist differssomewhat Republicans won a challenge to the governor’s order to move Tuesday’s election to June 9. Above, a polling site in Waukesha, Wis. membersalso were designated. from aforeign terrorist organi- The State Department said zation, which under U.S. law the designation aimed to curb maynot be supported in any Court Rejects Wisconsin Vote Delay a global rise in attacks linked material way by anyU.S.entity to whitesupremacistswho or individual. Also,receiving target religious and ethnic mi- training from such groups nority groups. It was the first BY ALEXA CORSE is set to buck the trend in choose between exercising plaintiffs hadn’t asked the dis- time awhitesupremacist other states; morethan a their right to vote and staying trict court forthat specific group has been designated as The U.S. aims to Voting in Wisconsin will dozenhavepostponed elec- healthyand safe,” he said. remedy,and that changing aSDGT, it said in astatement. proceed as scheduled on Tues- tions to comply with public- Last week,afederal judgein election rules under such cir- “This group has innocent curb a global rise in day, afterconservativemajori- health recommendations to Madison ordered election offi- cumstances wasunwarranted. bloodonits hands,” topU.S. attacks linked to ties on the federal and state limit contact between individu- cials to accept absentee ballots Themajority comprised counterterrorism envoy Na- supreme courtsblocked Demo- als during the pandemic.Polls received through April 13. Chief JusticeJohn Robertsand than Sales told reporterson white supremacists. cratic effortstoextendballot- have shown former Vice Presi- Monday’sSupreme Court order Justices ClarenceThomas, Monday, linking RIM to terror- ing fordays or weeks to reduce dent JoeBiden leading in the allows ballotsreceived through Samuel Alito, Neil Gorsuch and ist incidents in Sweden. public gatheringsduring the state’spresidential primary. April 13 to be counted, but only BrettKavanaugh. RIMprovided the training coronavirus pandemic. Localand stateraces areon if they were postmarked by Thedissent, by JusticeRuth to carry out attacks targeting would be considered acrime. Late Monday, the U.S. Su- the ballot as well. Tuesday, April 7. Bader Ginsburg, noted that the afar-leftgroup and migrant Seamus Hughes,deputy di- preme Court by a5-4 vote State Republicanleadersap- Results won’t be released pandemic had prompted a communities in Sweden, Mr. rector of George Washington overturned lowercourt orders plauded the rulingsand until April 13 because that part surge in absentee ballot appli- Sales said. RIM, which is University’s Program on Ex- extending by six days the dead- pointed out that voters have of the lowercourt’sorder re- cations,creating backlogs in banned in Russia, couldn’t be tremism, said the moveisun- line formailing absentee bal- requested over amillion absen- mains in effect, aspokesman election offices struggling to reached for comment. likely to have significant im- lots.The high court’saction teeballots. “This prudent ac- forthe Wisconsin Elections mail them out in time. Lawmakersand academics pact in the U.S. came shortly afterthe Wiscon- tion by the United StatesSu- Commission said. Earlier in Madison, a4-2 have been calling on the “Thereisnot alarge cadre sin Supreme Court invalidated preme Court addresses our Wisconsin’sRepublican-con- stateSupreme Court sided Trump administration to do of known RIM supportersinthe an executiveorder by Gov. concerns over ballot security in trolled Legislaturerebuffed ef- with the Legislature, which had moretocombat the rise of do- U.S. so on apractical level, the Tony Eversrescheduling the tomorrow’s election,” Wiscon- fortstoreschedule the elec- appealed to the justices after mestic extremism, following a effect of the designation will election to June 9. sin SenateMajority Leader tion. Gov.Evers issued his emer- surge in hatecrimes targeting have moreimportanceoverseas Both cases sawall conserva- ScottFitzgerald and Assembly “The wisdom of that deci- gencyorder earlier Monday. religious and ethnic minorities. in terms of stopping the flow of tivejustices side with Republi- Speaker Robin Vossaid in a sion is not the question before Gov.Evers,inabrief to the Mr. Sales declined to com- funding and such,” he said. cans who were seeking to statement. the Court. Thequestion before court, depicted an election sys- ment on reported connections Areport co-writtenby maintain voting on Tuesday, Gov.Evers,aDemocrat, said the Court is anarrow,techni- teminnear-breakdown: Poll- between RIM and whitesu- George WashingtonUniversity while all liberal justices agreed that allowing the election to calquestion about the absen- workerswererefusing to show premacistsinthe U.S. But Rus- and the Anti-Defamation with Democratic argumentsto proceed goes against the ad- teeballot process,” the Su- up,forcing officials to consoli- sian extremist groups appear League concluded anew domes- extend balloting in response to viceofpublic-health experts. preme Court’sunsigned datepolling stations and creat- to have inspired at least some tic terrorism statuteisneeded the contagion. “Tomorrow in Wisconsin, thou- opinion said. Themajority ing even largergatherings for support from right-wing to help addressthe challenges Therulingsmean Wisconsin sands will wake up and have to noted that the Democratic the virus to spread. groups in the U.S. posed by such groups. U.S. WATCH Bubbe Has FLORIDA OKLAHOMA Entered the

Jobless-Claim System Governor Gets New PLEMAN AM BolsteredAmid Influx Powers Temporarily Meeting ST Gov. Ron DeSantis said the The Oklahoma Legislature

state’s unemployment system granted new powers to the gov- HANNAH should now be able to handle ernor to respond to the corona- ContinuedfromPageOne S; the crush of applicants it is re- virus pandemic. singalongsand large amounts PRES

ceiving as workers lose their The House and Senate met in of horseradish. It took 10 UMA jobs because of the coronavirus special session Monday and ap- plaguestocreatethe epic /Z

outbreak. proved the resolution under the storybehind the Seder.Ittook TIMES

He said Monday that the never-before-used Catastrophic one moretomakethat Seder Y computer system’s capacity has Health Emergency Act, which completely meshuga. BA PA

been increased to handle gives Gov. Kevin Stitt the au- “Weare called each year to AM 120,000 simultaneous connec- thority to temporary suspend makethis storyoffreedom /T tions, about double the peak us- laws and regulations that inter- connect with people,” said KEELER

age in recent weeks. By Tuesday, fere with the state’s ability to Rabbi Josh Stanton, who leads T 750 additional state employees respond to the pandemic. East End Temple in NewYork OT SC

will be trained to handle and It also gives the governor the City.“This year,it’sgoing to P: process phone calls. authority to redirect state em- take alot moreplanning.” TO OM

Private call centers are also ployees and other resources, in- Thechallenges arethe 2020 FR being contracted to provide addi- cluding up to $50 million state equivalent of building the pyr- Hana Cowart mixes matzodough with her daughterwhile watching apresentation by Congregation tional service. Last week, 3.8 funds, from one agency to an- amids.Grandparentshaveto B’nai Israel of St.Petersburg, Fla. Below, Rabbi Josh StantonofEastEnd Temple in NewYork. million calls were made to the other, among other things. learn howtouse platforms like department, 50% more than all Those entering the Capitol on Zoom. Everyone has to figure cameraangles,they’ll never digital in response to the virus, of last year. Monday had their temperature out whose turn it is to read know.” giving rabbis at least one les- More than 520,000 Floridians checked, and most House and from the Haggada, the Pass- Louis Nayman, a73-year-old son. have applied for unemployment Senate members wore masks over book with songs and retired union organizer in Del- “You can’t have everyone since March 15, compared with and gloves as they filed onto the prayers. Everyone needs to lo- rayBeach, Fla., had his family sing at the same time or read 326,000 last year as a whole. floor in groups of 10 or fewer to cate the mutebutton. runatest last week.Therewill at the same time because —Associated Press cast their votes. Some members Andinthe same way their be about adozenpeople at his there’salag,” said Rabbi Don in the House also voted by ancestorsmade do with cakes virtual table,inFlorida, Mary- Cashman, of B’naiSholom Re- SPACE proxy, a move authorized under of unleavened bread long ago land and NewYork,and they form Congregation in Albany, new rules approved last month. in the Passover story, Jews in learnedtheir normally impro- N.Y.,who held aseminar for Supermoon Will Be —Associated Press 2020 aremaking the most of visationalstyle won’t exactly congregantsonhow to host a In Full Glow Tuesday theircurrent situation. work.Sothey set about parcel- Zoom Seder. Theseminar was TEXAS Actor Joshua Malina, who ing out as much as possible in on Zoom. A supermoon rises in the sky starred in “The West Wing,” a advance. One daughter, a What doesn’tchangeisthe this week, looking to be the big- Man’s Body Found TV showentirely based on schoolteacher,isincharge of Haggada, essentially an an- gest and brightest of the year. On Grounds of Capitol closetalking and walking all technology. Everyone else is cient script forPassover.Even The supermoon—which is a within 6feet of co-workers, in charge of the Hebrew.Com- making special exemptions. the word Seder literally trans- full moon that comes closer to A man’s lifeless body was said there may be advantages mentary, though usually en- Rabbis acrossthe world lates to “order.” Partsare split the Earth than usual—will be found Monday morning on the to amoresocially distanced couraged, will be kept to a have similarly spent recent up between readers. Themost 221,855 miles away at its fullest grounds of the Texas state Capi- affair.Hehopes to control the minimum. weeks teaching their con- frequently ignored pieceofthe Tuesday night, making it appear tol in Austin. microphone,giving him the As it wasfor Moses scram- gregantsthe finer pointsof Seder is noweveryone’sfavor- larger and more brilliant. Paramedics pronounced the divine powertosilencehis blingout of Egypt, time is of both the Talmud and video- ite: Urchatz, the washing of “Use this as an opportunity man dead at the scene, outside relatives.Healso thinks he the essence. Manyfamilies’ Se- chat etiquette.Rabbi Stanton the hands.Asitturns out, the to not physically distance your- the Texas Workforce Commis- candosomething that his derslast between two and opened up his Seder to the recommended 20 seconds of self, but emotionally connect sion building. The Texas Depart- parentswould never allowat three hours, including the re- community and expectsmore hand-washing matches up ex- with something that is physi- ment of Public Safety didn’t their Seder: use plastic cut- telling of the Passover story, than 100 people in e-atten- actly with one verseand the cally far from us,” said scientist identify the man or say what lery. the actual meal and all the dis- dance. Theresponse wasso chorus of the Passover song, Noah Petro of NASA’s Goddard caused his death. The Texas “I would not do that in the cussion in between. Zoom, for overwhelming that his syna- “Dayeinu.” Space Flight Center in Maryland. Rangers are investigating. presenceofmyfolks,” Mr.Ma- those who don’t have access to goguehad to send out detailed Theresponsibility of reading —Associated Press —Associated Press lina said. “But with the proper apaid account, caps meetings the Four Questions normally at 40 minutes. falls to the youngest person at “The 40-minutetime limit the table.But with generations THE WALL STREET JOURNAL CORRECTIONS  on Zoom is the existential cri- kept apart by social distancing, (USPS 664-880) (Eastern Edition ISSN 0099-9660) sis right nowofJews,” said Al- youngest becomes arelative (Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241) ana Newhouse,editor of the term. Mr.Malina joked his fa- Editorial and publication headquarters: 1211 Avenue of the Americas, NewYork, N.Y. 10036 AMPLIFICATIONS Jewish online magazine Tablet ther could claim the honorsfor Published daily except Sundays and general legal holidays. Periodicals postage paid at NewYork, N.Y.,and other mailing offices. and anew Haggada. “The idea the firsttime in 70 yearsasthe Postmaster:Send addresschanges to The Wall Street Journal, 200 BurnettRd., Chicopee, MA 01020. Iowa’s governor recom- they would be limited in how youngest physically at his own AllAdvertising published in The Wall Street Journal is subject to the applicable rate card, copies of which mended on March 15 that much they would be able to table. areavailable from the Advertising Services Department, DowJones &Co. Inc.,1211 Avenue of the schoolsclose,and schools sayand talk feels potentially He might have to wait only Americas, NewYork, N.Y. 10036. The Journal reserves the rightnot to accept an advertiser’s order.Only publication of an advertisementshall constitutefinal acceptanceofthe advertiser’s order. statewide followedthe recom- like abridgetoo far.” 24 hourstodoitagain. Seders Letters to the Editor: Fax: 212-416-2891; email: [email protected] mendation. A graphic with an Afterfielding adelugeof areoften held on the firsttwo Need assistancewith your subscription? Exchangearticle Saturday questions from nervous first- nightsofthe eight-dayholiday, By web: customercenter.wsj.com; By email: [email protected] about howthe coronavirus af- time hosts, Tablet magazine Virtual bread which could come in handy in By phone: 1-800-JOURNAL (1-800-568-7625) fected businesses during introduced itsown daily video case of technical glitches on Reprints &licensing: By email: [email protected] |Byphone: 1-800-843-0008 March incorrectly said that tutorials that were appropri- instructions.One sentence nightone.Mr. Nayman, how- WSJback issues and framed pages: wsjshop.com Iowa’s schools remained open. ately dubbed SederAcademy. merited underlining: “Please ever,isconsidering another Our newspapers are100% sourcedfromsustainably certified mills. Even some Orthodoxrabbis, startbymuting your ownau- option. Readers can alert The Wall Street who normally wouldn’t con- dio.” “Maybe we’ll just playthe Journal to any errors in news articles GOTATIP FORUS? SUBMIT IT AT WSJ.COM/TIPS by emailing [email protected] or done using electricity on holi- Shabbat services forthe recording of the firstnight,” by calling 888-410-2667. days and the Sabbath, are past several weeks have gone he said. P2JW098000-2-A00300-1------XA

THE WALL STREET JOURNAL. ** Tuesday, April 7, 2020 | A3 U.S. NEWS Federal Workers Isolated by theCrisis, Backed on AgeClaims Small Town TriestoStick Together

BY JESS BRAVIN Residents of Taneytown, Md., like in much of the nation, Area of detail WASHINGTON—TheSu- Taneytown preme Court sided with fed- find a way to cope and help one another as restrictions Md. 194 eral employees raising age-dis- disrupt daily life. ‘People here are very caring.’ 140 crimination claims,finding that Congressgaveits civil BY SCOTT CALVERT servantsgreater protection Flowserve than those in the private sec- TANEYTOWN,Md.—In this historic at-home ordertothe state’s6million res- tor. Bess and Ben’s In asecond decision issued burg surrounded by farmland, there are idents on March 30. CountryKitchen Antrim on Monday, the court eased no morein-person Sundayservices at “It tearsatthe fabric of asense of 1844 Fourth Amendment limits on Taneytown Baptist Church. No daily community,” said Chris Tillman, 57 years New police, holding that an officer breakfast gatheringsatBessand Ben’s old, who runs the Georges on York bed- Beginnings is free to assume that a car’s CountryKitchen. No meetingsofthe and-breakfast herewith his wifeand who driver is its registered owner, travel club at the Carroll Vista55-plus co-owns a construction company. “I’m a 140 and to pull the vehicle over if Carroll Thunderhead community. handshaker and a hugger. I have to fight Bowl &Grill theowner’s license has been Residents of this 3-square-mile city in my instinct every time I see somebody I Vista revoked. northern Maryland, population 6,800, know.” Thecivil-servicecase aren’t even supposed to leave their house Hereisalook at howlifeinTaneytown 1mile turned on whether Congress, 1km by enacting adifferent antidis- unless necessary. In an effort to contain changed over afew weeks in March, as crimination provision forfed- the coronavirus pandemic,Maryland Gov. stateofficials steadily ratcheted up ef- Source:European SpaceAgency (satelliteimage) eral employees than it did for LarryHogan, aRepublican, issued astay- forts to contain the virus. Dylan Moriarty/THE WALL STREET JOURNAL those in the private-sector and stateand local government, Among the grateful recipients directed greater protection for were Aliceand Chuck Odell, a92- March 27 itsown workforce.Byan8-1 year-old World WarIIveteran. Neigh- Maryland orders day-care centers to vote, the court said yes. borshavetaken them “all kinds of shut down. “ThatCongresswould want soupsand dishes and desserts,” he When Lisa Patterson heardthat

to hold the Federal Govern- (4) said. “People here are very caring.” day-care centershavetoshut, she ment to ahigher standard quicklyapplied for, and received, a than stateand privateemploy- waiver allowing her NewBeginnings ersisnot unusual,” Justice JOURNAL March 23 Christian Learning Center to stay

Samuel Alitowrote forthe REET Governor ordersall nonessential busi- open—though only forthe children of court. ST nesses to close. essential workers. Thechangemeant LL

That wasclear from the WA Likemanyother businesses across reducing enrollment from 103 children text of theAge Discrimination the U.S.,Taneytown Family Barber- to 44, and cutting employees’ hours. THE

in Employment Act, he wrote, R shop shut down. which protectsworkersover FO In Taneytown, barbers, giftshops 40.Asinitially passed in 1967, AR and other storefrontstaped notes to HUK

the ADEA applied only to pri- SC their front door telling customers

vate employers. Amendments SA they were closed indefinitely. YS

in 1974extendedthe lawto AL “Please take care and we will see the public sector,but Congress Cousins WyattStonesifer,left and Arthur Wilson passthe time shooting baskets. youwhen this is over,” reads the note used different languagefor the at Buddy’s PlaceDog Grooming.Two federal workforce than it did that,” he said. “I knowTaneytown weeks ago, the shop bustled as 30- forstate and local government March 12 can’t. IknowIcan’t.” year-old proprietor Stephani Rickerd employees,JusticeAlito Governor limitsgatherings to 250 Thesame daythe inn closed, Thun- gave a trim to a schnauzer named wrote. people; all public schools are closed. derhead Bowl &Grill on the eastern Mabel. Thestatute’stextdeclares Some of the first Taneytown resi- edgeoftownhad to take itsbowling When Ms.Rickerdstopped by days it unlawful to take an adverse dentsaffected by the coronavirus re- alley andrestaurant seating offline. later,“it looked likesomething in the employment action, such as sponse were studentslike14-year-old But owner Mark Kraus,50, said a ‘Walking Dead,’” she said. “Eerie.” dismissal, failuretopromote Arthur Wilson and his 15-year-old brainstorming session led to apossi- Her husband is still being paid Taneytown Family Barbershop or refusal to hire, “because of cousin and neighbor, Wyatt Stonesi- ble lifeline: reviving the long-dormant even though theautoshop wherehe such individual’s age.” fer. TheNorthwest Middle School drive-through window. works on an Armybase is closed, she Ms.Patterson, 51, said she bor- In other words, an individ- eighth graderssay they have slid into Nowbetween 30 and 40 customers said, but the grooming businessis rowedaforehead thermometer from ual is entitled to sue only if an easy routine, playing videogames aday roll up alongside the blue metal their main income source.“We have a arelativeafter finding none to buy his or her age was the decid- andshooting hoops next to aset of wall forhomemade farelikemeatloaf nest egg, but we weren’t planning on and stocked up on alcohol wipes.But ing factor. railroad tracks. and pot pies,hesaid. Still, he said using it this way,” she said. she said she had ajarring middle-of- Butthe provision forfed- “Somewhat boring,” Arthur said. businessisoff 75%and he has had to YetMs. Rickerd is charging ahead the-night realization: She didn’t eral employees is writtenmore School will remain closed at least pareback his staff of 28 by about half. with aplanned movetoalargerbuild- check with her staff beforerequesting broadly,JusticeAlitowrote, through April 24,with instruction Mr.Kraus said he thinks Thunder- ing acrossthe street. She signed the the waiver.The next day, she asked if protecting them from apro- moving online. head canlast amonth under these lease,and two weeks agoher husband they felt fine about it. “Every one of cess tainted by discrimination conditions.“It would hurt,” he said, and father helped paint the interior. them said yes,” she said. even if they can’t provethe butadded, “I plan to be here.” outcome would have been dif- At Bessand Ben’sCountryKitchen, ferent but fortheir age. It owner Rod Grossbegan offering deliv- March 25 March 30 reads: “Personnel actions” af- ery, in addition to carryout, when he Taneytownmunicipal playgrounds are Governor issues stay-at-home order fecting individuals aged 40 had to close the 52-seat dining room. closed,cordonedoff with yellowtape. for all residents. and older “shall be made free Just two days earlier,asteady crowd Taneytown’ssecond-largest em- Taneytown Mayor Bradley Wantz from anydiscrimination based of regularssat down forbreakfast. By ployer, Flowserve Corp., on March 26 said he worries that some small busi- on age.” early April, the restaurant waslimp- closed its235-worker facility fortwo nesses won’t survive the slowdown, Thecase wasfiled by Noris ing along.Mr. Gross, 69,said he days afteranemployeebegan showing even as supermarkets, liquor stores Babb, aclinical pharmacist for stopped paying himself and divvied up symptoms associated with Covid-19, andafew other establishmentsla- the Department of Veterans the dwindling income among his 14 theTexas-based companysaid. beled essential keep ringing up sales. AffairsinBay Pines,Fla. In employees.Short on cash to make Flowserve traced the employee’s And he wonders about the linger- 2014, when she turned 54, Ms. payroll, he said he had to dip into contactsand quarantined some em- ing effects on the 266-year-old town Babbsued the VA alleging she Rita Bassler gets takeout from Bess emergencyreserves. ployees,and had the plant disinfected after the crisis ends. waspassed over forpromotion and Ben’s Country Kitchen. Nowheiscounting on afederal over two days,said aspokesman for Fornow and the foreseeable fu- and lost eligibility forholiday small-businessloan to tide him over. thecompany, whose productsinclude ture, he said, he presides over aghost pay. “I don’t think we cancontinue with- industrial pumps,seals and valves. town. “It’screating anew normal,” he Lowercourtsdismissed the March 16 outthat little boost. In fact, Iknow Thefacility has sincereopened. said, “and that’s a little terrifying.” suit,finding she hadn’t shown Governor ordersbarsand restaurants we won’t,” he said. that discrimination wasthe to close(though takeout,drive- reason for those decisions. through and delivery areallowed); TheevidenceMs. Babbin- limits gatherings to 50 people. March 22 troduced included age-related Patand SteveRaley had plans to comments by supervisors. Antrim 1844, a40-room inn with invitefriends over fordinner at their At oral arguments in Janu- an upscale restaurant and event space home in the Carroll Vista55-plus ary, Chief JusticeJohn Rob- on 24 acres,shut itsdoorssoon after community.“Then the virus came,so ertsprompted laughs when he the decree.“We were literally put out Idecided to have aMeals-on-Wheels asked alawyer whether saying of business,” owner RichardMollett sort of thing,” said Ms.Raley,79, a “OK, boomer,” to a job appli- said. “I had no choicebut to layoff retired nurse. cant could be proof of bias. about72people.” Mr.Raley,80, cooked up a15- On Monday, Chief Justice Mr.Mollett, 69,peggedMarch rev- pound turkey.The couple prepared Roberts,along with Justices enue at $50,000,afraction of the stuffing,mashed potatoes,cranberry RuthBader Ginsburg, Stephen $400,000 or so he took in during the sauce, rolls and an applesauce cake. Breyer,Sonia Sotomayor, El- same period last year.Hesaid he Then they set out to deliver the feast ena Kagan, Neil Gorsuch and hopes to getaloan as part of the gov- to nine families,leaving it in garages Brett Kavanaugh all voted for ernment’s$2trillion stimulus package and on doorsteps and giving long-dis- Ms. Babb’s position. that would let him hireback staff. tance hugs. JusticeClarenceThomas,a “When youhear someone saythis “Wejust felt so good we did some- former chairman of the Equal is going to last until July or August, I thing that maybe put asmile on Employment Opportunity just don’t think the countrycan stand somebody else’sface,” Ms.Raley said. Lisa Patterson’sday careisstill open forthe children of workers deemed essential. Commission, dissented. The case is Babb v. Wilkie. Tourist Communities Plead With Outsiders to Stay Away

BY JOE BARRETT about going to your second way to avoid disaster. 1960s.“Ithink people shouldn’t has aclinic,but no hospital. Outer Banks,said lawenforce- home because it’savacation.” Pamela Wilkes,aretired be going down theretouse up Tourist boards and mayors ment is sticking to the restric- Resorttowns rely on visitors From Sedona, Ariz., to the health-careexecutivewho theresourcesand also infect of South Lake Tahoe,Calif.; Se- tions despitehomeownerstry- as their economic lifeblood, but Florida Keys,tourist spots lives in Albany, N.Y., but owns them.” dona, Ariz.; and Moab,Utah, ing to gain access. as the new coronavirus pan- across the country are trying asecond home on the Cape, Massachusetts officials said are discouraging visitors and Thecounty of 36,000 per- demicrages,manyare asking to figure out waystokeep out- said the petition is outrageous. they have no plans to set up asking or even ordering hotels manent residentshas just one nonresidents to stay away. siders from bringing the new “My thought is I’m ataxpayer roadblocks on the bridges for and short-term rentals to stop hospital with 24 beds and no Morethan 12,000 residents coronavirus with them. of Massachusetts,” she said. “I now. Visitorsfromout of state booking. intensive-care unit, she said. of Cape Cod, Mass.,signed a In some cases,that means substantially support local are asked via electronic signs The Florida Keys last week In the summer,when the petition recently asking au- taking aggressivesteps such as business.” all over the Cape to self-quar- banned visitors but not prop- population swells to 300,000, thorities to turn away visitors banning people who own sec- But other nonresident antine for 14 days. erty ownersfromthe chain of “they see thingslikeafish and nonresident homeowners ond homes from their own homeownerssay they under- TheIsland of North Haven, islands.The Outer Banks of hook in the finger,” she said. from the two bridges that are property.Inother cases,it stand and plan to stay away. Maine,adopted aresolution last North Carolina banned both More serious cases are trans- theonly roads in to the Bos- means shutting down key ac- “Thereare 70-and 80-year- month strongly urging outsiders visitorsand nonresident ported by helicopter to trauma ton-area summer playland. cess points. old retirees down therethat except those providing essential homeownersasofmid-March. centersthat canbehoursaway “It’sastay-at-home order Full-time residentsinthese aresort of our best friends,” services not to come to the is- Both areas have set up road- by car. for a reason,” said Beth Hick- communities saytheir health- said TomChamberlain, an in- land in Penobscot Bay, reversing blocks to enforce the bans. DareCounty officials on man of South Yarmouth, who care systems weren’t built to suranceagent in Bridgewater, what had been aban on outsid- DorothyHester,public-in- Thursdayreported three cases started the petition, in aradio handle pandemics,and shut- Mass.,whose family has had a erscoming to the island of 355 formation officer forDare of Covid-19,the illnesscaused interviewThursday. “It’snot ting outvisitorsisthe only home on the Cape sincethe permanent residents. Theisland County,which includes the by the new coronavirus. P2JW098000-5-A00400-17FFFF5178F

A4 | Tuesday, April 7, 2020 P W L C 10 11 12 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. THE CORONAVIRUS PANDEMIC A Simple Mask Can Be a Powerful Symbol

ment by declaring that he cloth mask cangreatly reduce mask/facecovering seriously. and, frankly,mistakes claring from the White wouldn’t wear a the chancethat youwill #COVID19 is avirus that can made—two to four weeks House lectern that he doesn’t mask: “Somehow, Idon’t see spread it through your own spread to anyone.” ago, when the virus wasim- want to talk to governors it formyself….I won’t be do- coughing,sneezing,oreven Beyond those health and planting itself faster and who arecritical of him cer- ing it personally.” talking,ifyou areanunknow- social-welfarearguments, the wider than manyrealized. tainly wasone of those low It wasanopportunity lost. ing transmitterofthe vi- economic one figurestobe- Alongside the grim picture points(though Vice Presi- Mr.Trump might have pulled rus. Wearing one is,inshort, come compelling in coming of this week and next are dent MikePence, in his un- on amask to demonstrate something youdofor oth- weeks. some glimmersofhope that derstated way,has made CAPITAL JOURNAL that Americans shouldn’t feel ers—and asign of patriotism. It seems lessand less social distancing and the clear that he continues to By Gerald F. Seib awkwardabout wearing one, likely that therewill come painful shutdown of wide talk to those governors). and said: This is what we are urgeon General Jerome some magical moment when swaths of the American Democratstrying to jam going to do forone another. Adams made that case the president canflip a economy areslowing the ideologically chargedinitia- Oh, and it is also critical that S At the regular White at the same briefing switch and the nation canbe spread of the virus. tives intoastimulus package House coronavirus briefing we do this if we want to get whereMr. Trump announced reopened forbusiness. wasanother. Friday, President Trump an- our economyrunning again the newguidance: Newstud- Rather,the countryismore erhaps those glimmers Still, the president and nounced that the Centersfor sooner rather than later, ies have shown that asignifi- likely to go through astag- of hope also carrythe congressional leadersfrom which we all really want. cant portion of Americans geredrestart, with select P Disease Control and Preven- promise that the coun- both parties have come to- tion,after Masks arebeautiful right carrythe coronavirus but groups of employees return- try’seconomycan start to gether rapidly three times to weeks of con- now, because wearing them is shownosymptoms,meaning ing in stages to getplants, reopen in afew weeks.But enact economic rescue legis- flicting ad- asign of doing something not they arespreading the virus factories and stores off life that canhappen only if lation. Perhaps they all can vice, had foryourself but foryour fel- unknowingly,hesaid. Thus, support and moving again. Americans have figuredout do the same with amessage changed its lowAmericans.They area it is critical that people wear Masks mayprove invaluable waystobeout and about on masks. guidanceto sign not of selfish behavior, masks “inpublic settings to helping Americans move without sparking anew wave Maybe masks will become Americans but of the opposite: of citizens whereother social-distancing through those stages earlier of coronavirus.Oncethe the symbol of howAmeri- about wearing facemasks to acting forthe common good measures aredifficult to and moresafely. now-famous curves of infec- cans banded together in this this: Wear them in public. in atime of shared sacrifice. maintain.” Right now, the countryis tions and deaths start to moment, much likewomen That will help reducethe Unlessyou arewearing a Firstlady Melania Trump braced forwhat Dr.Adams movedown, they still cango rolling bandages during spread of the disease to new high-grade N95 mask,sup- took the messagetoheart, on Sundaycalled “our 9/11 back up. World WarIand citizens victims from people who plies of which need to be pre- twicetweeting out over the moment,” aweek in which America’sresponse to the planting Freedom Gardens don’t knowthey arecarrying served forhealth profession- weekend messages encourag- deaths and confirmed cases coronavirus has been admi- during World WarII. Mr. the virus. als, wearing acloth mask ing people to wear masks: “I both areexpected to soar. rable in manyways.But the Trump had achanceto But then the president un- can’t guarantee that you ask that everyone take social Yetdeaths and cases both re- political response has had its model that behavior; he still dercut his ownannounce- won’t take in the virus.But a distancing &wearing a flect problems encountered— lowpoints. Thepresident de- does. 3M Will Supply Millions Of Masks GES

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FR sickest patientswith Covid-19, Texas troopers monitored travelers entering the state from Louisiana. Below, an emergency medical technician brought a patient to a hospital in Brooklyn, N.Y. the disease caused by the virus. An official on Mondaysaid the Trump administration didn’t U.S. Coronavirus Death Toll Passes 10,000 plan to take anyfurther action against 3M under the DPAinad- dition to the mask purchases. TheU.S. coronavirus death Chuck Schumer (D., N.Y.)has Theadministration will buy 55.5 toll surpassed 10,000 at the urgedthe WhiteHouse to ap- million masks from 3M in each startofaweek that officials point aczartooversee medical- of the next three months,the of- predictedwould be America’s equipment production and dis- ficial said. most difficultyet during the tribution. In acall with White “The 3M sagaends very hap- global pandemic. House chief of staff Mark Mead- pily,” Mr.Trump said at abrief- owsonSundaynight, Mr. ing on Monday. “We’revery By Jennifer Calfas, Schumer suggested the czar proudtobedealing nowwith Chong Koh Ping should be asenior militaryoffi- 3M and itsCEO,MikeRoman. I and Nick Kostov cial and provided alist of just spokewith him and I names forapotential appointee. thanked him forgetting it done.” Confirmed infections in the TheWhiteHouse said Mr. Mr.Roman had pushed back U.S. were morethan double that Meadows had manycalls with againstMr. Trump’scriticism of anyother nation, at more membersofCongress, includ- last week,telling TheWall than 368,000,with the death ingone with Mr.Schumer,but Street Journal that his company toll at morethan 10,900,ac- wouldn’t comment further. wasdoing everything possible cording to dataMondayfrom House Speaker NancyPelosi to increase mask production. Johns Hopkins University. (D., Calif.) on Mondayprovided 3M, which confirmed the pur- In the 24 hoursending 8 newdetails on the fourth bill chase,has doubled itsproduc- p.m. on Monday, 1,164 people that Congresswill take up to tion of masksinrecent months died from the coronavirus ac- combat the economic impact of to about 100 million N95 masks cording to aWall Street Journal the pandemic.Mrs.Pelosi told globally each month, including analysis of Johns Hopkins the Democratic caucus in acall 35 million in the U.S. 3M said data—roughly even with the that she sees the next bill last week that it would raise prior four days’death counts. amounting to at least$1trillion production in the U.S. to a TheU.S.milestone came as and that theremust be more monthly rate of 40 million some Asiancountries readied Coronavirus Daily Update assistancefor small businesses within weeks,and that it also forasurge in newinfections and forthose who rely on food would import 10 million masks and European nations showed stamps,according to multiple from itsoperations in China signs that restrictions were 368,196 10,986 Democraticaides. with the administration’shelp. helping to slow the spread of As of 11:01 p.m. EDT Thespeaker also said in the Other manufacturersinclud- thedisease there. April 6 U.S. cases U.S. deaths call that the onetime checks be- ing Honeywell International Globally,morethan 1.3mil- ing sent to manyAmericans Inc.are raising mask output in lion people have been infected will likely notbeenough to the U.S. TheDepartment of by the coronavirus as of Mon- 1,347,803 74,807 277,402 help,according to aides. Health and Human Services esti- day, according to the datafrom Strict containment measures mated in March that the U.S. Johns Hopkins.Morethan World-wide cases World-wide deaths World-wide recoveries appeared to be helping to curb would need about 300 million 74,800 people have died of the spread in Europe’sworst- N95 masks amonth to deal with Covid-19. Source: Johns Hopkins University Center for Systems Science and Engineering hitcountries. apandemic. U.S. Surgeon General Jerome In Italy andSpain, the rate TheTrump administration’s Adams said Sundaythat this Morethan 130,000 NewYork underestimated sinceday one, AnthonyFauci, the nation’s of infection has slowed, with order with 3M, for166.5 million week would be “the hardest stateresidentshavetested posi- and we have paid the price topimmunologist, said he was the number of confirmed cases facemasks total, includes respi- and saddest week of most tivefor the virus,and 4,758peo- dearly,” Mr.Cuomo said. encouraged by trends on Mon- increasing lessthan 5% from rators that areapproved under Americans’ lives.” ple have died, he said. Other cities and states have dayand said therewas a the previous dayinboth coun- the typical N95 standard—so Infections in some of the “While none of this is good also ramped up protectivemea- chancetotal deaths could total tries.They arenow recording called because those masks worst-hit American cities,in- news,the possible flattening of sures.South Carolina Gov. lessthan the estimates of fewerdaily deaths than they block 95% of very small parti- cludingNew York,Detroit and the curveisbetterthan the in- HenryMcMaster issued astate- 100,000 because of mitigation have in over aweek. cles—as well as ordersfor prod- NewOrleans,are expected to creases that we’veseen,” Mr. wide stay-at-home order Mon- measures. Meanwhile,countries in Asia uctscertified under asimilar peak in the coming days,new Cuomosaid. day, joining the majority of U.S. Ahead of an expected surge that have avoided harsh restric- standardused in China. models suggested. Mr.Cuomo warned it waspos- states that have issued similar in patients, officials acrossthe tions on activity are nowtight- These respiratorsare in high NewYork Gov.Andrew sible NewYork’scrisis could be mandates.A9p.m. curfew in U.S. have worked to increase ening controls afternew infec- demand because they arede- Cuomo said the number of plateauing at ahigh level that Boston will take effect Monday hospital capacity—turning are- tions and lax observanceof signed to keep health-carework- daily deaths from Covid-19 has wasstill toodifficult forthe night, while checkpoints nasintotemporarywards and voluntarycurbs threatened their erssafe. Surgical masks and been “effectively flat” in his health-caresystemtomanage. opened along the Texas-Louisi- seekingtoreopen shut-down success in checking the virus. even simplercottonmasks are statefor the past two days, He ordered nonessential busi- ana border Sundaytomonitor hospitals.They have also sought Japanese Prime Minister intended to prevent the spread suggesting stringent social-dis- nesses and schools to remain travelerscoming intoTexas. to fill in gaps of much-needed ShinzoAbe said he would de- of disease from wearers. tancing measures have proved closed through April 29,and in- Health officials said the medicalequipment; California, clareanemergencyinthe To- Mr.Trump, who initially was effective. Thenumber of daily creased state-mandated fines for number of newcases would Washingtonand Oregon have kyoand Osaka areas on Tues- reluctant to invoke the DPA,also hospitalizations,intubations violating social distancing rules start to stabilizeifpeople fol- said they would loan ventilators day, empowering local hasinvoked it to compel compa- and people in intensive-care from $500 to $1,000. lowstate government ordersto to other states. authorities to order residentsto nies to work faster to makeven- unitsisalso down. “Thisisanenemythat we’ve stay home. SenateMinority Leader stay home and close schools. tilators. P2JW098000-4-A00500-1------XA

THE WALL STREET JOURNAL. **** Tuesday, April 7, 2020 | A5 THE CORONAVIRUS PANDEMIC Novel Tactics Keep Control Centers Open

BY ANDY PASZTOR ment and industry officials. One important strategythe Nimble maneuversbythe FAAhas relied on, some of the Federal Aviation Administra- officials said, is designating

tion have managed to keep the core groups of controllersat S

nation’sair-traffic control sys- each site to work together on NEW temopen, despitecoronavirus- thesame shiftfor five days, G related problems at nearly half and then take time off simul-

of all centershandling high-al- taneously.The goal is to re- OOMBER titude flights. duce spread of the contagion /BL In the past three weeks, to membersofthose specific

nine of 22 such locations have teams in the event someone HARRER been affected by employees tests positive.

testing positivefor Covid-19, Such safeguards makeit ANDREW along with morethan 26 other easier to identifycontrollers Aplane left Ronald Reagan Washington National Airport on Monday. Aplunge in commercial flights has allowedthe FAAtoreducestaffing levels. federal traffic-control facilities who might have been exposed, that were closed temporarily andreduceimpact on facilities the FAAhas determined mini- passed on “while minimizing TheFAA hasn’t detailed the staffing levels nearly every- or otherwise affected. But by when employees need to self- mum daily staffing levels in contact with employees on number of controllers off the where, which also makes it embracingnovel staffing ar- quarantine.Technicians who light of reduced traffic and so- othershifts and crews,” the job due to the pandemic.It easier to alert and isolateem- rangements, establishing spare maintain and repair traffic- cial-distancing guidelines, ac- memo said. has said contingencyplans are ployees who might have been airport towers wherever feasi- control equipment have em- cording to amemo that was Teams areusually sched- in placetoshiftduties among infected by co-workers. ble and relying on swiftclean- braced the same phased staff- distributed at the end of uled to report over five-day facilities and that itscommit- At the end of last week, ing procedures acrossthe ing principle while relying on March and reviewedbyThe work stretches and canbe ment to safety hasn’t wavered. government datashowed board, the agency has limited bare-bones crews. Wall Street Journal. When one placed on administrativeleave An estimated 70%plungein flightsweredownby65% or disruptions, according to an In cooperation with the shiftends,the goal is to en- to guarantee full paychecks, overall commercial flightshas more at six of the nation’s 10 FAAdocument and govern- union representing controllers, sure priority information is according to the memo. allowedthe FAAtoreduce typically busiest airports. President’s Promotion of Certain Drugs Defies Experts

BY REBECCA BALLHAUS itivefor Covid-19,the disease proven to treat Covid-19,but “Therehavebeen cases that beforehecould answer. “Do negotiatetrade deals,Mr. Na- AND JARED S. HOPKINS caused by the coronavirus,be- doctorsand scientistsare showtheremay be an effect, youknowhow manytimes he’s varroresponded: “Touché.” fore giving them the drug. studying their use.Several and thereare otherstoshow answeredthat question? Maybe Thepresident’srepeated President Trump in recent “Ifyou’readoctor,anurse,a studies in alimited number of there’snoeffect,” he said. “So I 15—15 times,” Mr.Trump said, commentsand tweetsabout days has begun urging even firstresponder,amedical per- patientsinFranceand China think in terms of science, I pointing at thereporter.“You chloroquine and hydroxychloro- those without symptoms of the songoing intohospitals,they have provided early signs the don’t think we could defini- don’t have to ask the question.” quine have spurred concerns newcoronavirus to take acom- saytaking it beforethe fact is drugsmay work in helping re- Mr.Navarro, speaking on about further straining the sup- bination of antimalarial and an- good,” Mr.Trump said of hy- lievesymptoms.But public- CNN on Monday, acknowledged ply of the drugs,which areal- tibacterial drugstocombat it, droxychloroquine on Sunday, health officials and some doc- Dr. Fa uci said the media reportsthat he had ready in short supply.After Mr. defying the adviceofpublic- flanked by two doctorsinhis tors caution that most of the clashed with Dr.Fauci at atask Trump firstendorsed the drugs health expertsashis ownad- administration—AnthonyFauci studiesthat have produced re- data on the drug’s forcemeeting on Saturday. in March, pharmacistsreceived visers debatethe effectiveness and Deborah Birx—who haven’t sultsweretoo small to prove effectiveness was ‘at Asked about Dr.Fauci’scom- an influx of prescription orders of thedrugs. supported the push forbroad the drugsare safeand effective. mentswarning about the lack from doctors, according to In WhiteHouse briefings, useofthe drug.“What do you Inside the WhiteHouse,the best, suggestive.’ of evidencefor the drug’seffec- pharmacistsand stateofficials. the president said he might have to lose?” president’sown advisershave tiveness, Mr.Navarrosaid the Sincethen, at least 20 states take the antimalarial drug,hy- Thepresident advised Amer- sparred over the promotion of doctor could “speak forhim- implemented emergencyre- droxychloroquine,and sug- icans to consult their doctors thedrugtreatments,including self,” but added: “I have two strictions or guidelines to pre- gested health-careworkers— beforetaking hydroxychloro- adebateinrecent days be- tively sayitworks.” wordsfor you: Second opinion.” vent hoarding of the two drugs whether they have symptoms quine and azithromycin, an an- tween trade adviser PeterNa- At the briefing later that “My qualifications,interms fortreatmentofthe newcoro- or not—should consider taking tibacterialdrugthat some doc- varroand Dr.Fauci. On Sunday, evening, areporter asked Dr. of looking at the science, is that navirus,aneffort to preserve it beforetreating coronavirus tors have also prescribed to Dr.Fauci said the dataonthe Fauci forhis viewonwhether I’m asocial scientist. Ihavea supplies forautoimmune pa- patients.Some states arespe- coronavirus patients. drug’s effectivenesswas “at thereisevidencehydroxychlo- Ph.D.,” Mr.Navarrosaid. Asked tientswho rely on themedi- cifically asking pharmaciststo None of the drugsthe presi- best, suggestive” in an inter- roquine helps treat coronavi- by the CNN host whether he cines to remedy ailmentssuch makesureapatienttested pos- dent mentioned has been view on CBS. rus. Thepresident interrupted would want medical doctorsto as lupus and arthritis.

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A6 | Tuesday, April 7, 2020 **** THE WALL STREET JOURNAL. THE CORONAVIRUS PANDEMIC SpiesCan’t Come in From the Cold

BY WARREN P. STROBEL AND DUSTIN VOLZ

WASHINGTON—U.S.spy agencies,already challenged in their missions relating to for- eign-election meddling and North Korea’sweapons pro- grams,and by aU.S.president who sometimes dismisses their work, face a new obsta- cle: the coronavirus. Thousands of personnel at major intelligenceagencies,in- cluding the Central Intelli- genceAgencyand the National Security Agency, which con- ductselectronic eavesdrop- ping,are working in staggered shifts.Inany given week,as much as half of their work- Y forceissent home while the

OMETR other half reportstoworksites,

PICT according to current and for- More than 1,800 inmates are housed at the Oakdale federal correctional institution compound. The outbreak so far has been confined to one of the prisons there. mer U.S. intelligenceofficials. Most government agencies have offered “maximum tele- work flexibilities” to all em- Virus Puts a Prison Under Siege ployees who candotheir jobs remotely, under White House instructions.But aside from a Guards, inmates at Rivers, a32-year-old from cers who work theresaid. handful of the most senior of- Tennessee serving time at Agency Scrambles encing similar struggles. Early on, some newinmates ficials, intelligence personnel Louisiana facility say Oakdale foradrugconspiracy The Bureau of Prisons, criti- were put intocells with poten- typically don’t have the capac- tight quarters, lack of conviction said in an interview. To Stem the Spread cized for weeks by staff and tially sick ones,they said. ity to access and analyze clas- Theprison has runout of inmates as slow to respond to Common areas likebathrooms, sified material at home. caution led to crisis tests, union officials said. the coronavirus, said it has each shared by ahundred or U.S. intelligenceofficials, State health officials have ad- Eight inmates had died in been implementing a plan to more men, still aren’t being likeAmericans acrossthe coun- ALouisiana prison guard vised that anyone showing federal prisons from the new stem the spread in phases that frequently cleaned with try, aretaking steps to enforce sat alongside asick inmatefor symptoms should be consid- coronavirus as of Sunday, in- have included suspending visi- bleach. “There’s guys huffing social distancing at work,fa- morethan an hour inside a ered to be infected. Three- cluding three at a low-security tation, limiting transfers of in- and spitting in thereand urine voring securevideoconferences vanand his hospital room, quartersofthe 980 inmates prison in Elkton, Ohio. mates between prisons and on the floor,” said Mr. Rivers. between offices over large in- told by a supervisor he didn’t arequarantined, the union Nationwide in the federal holding newly arriving prison- Inmates said they have person meetings, the current need a mask despite the pris- says. Running out of space to system, another 138 inmates ers in quarantine for 14 days. triedtoclean their cells,but andformer officials said. oner’s severecough and other hold them, officials con- and 59 employees had tested On April 1, bureau officials that the prison wouldn’t give At Liberty Crossing,the telltale signs of Covid-19. structed at least six tentsin positive, according to figures took the rare step of imposing them bleach because it canbe suburban Virginia headquar- the recreation yard in recent from the Bureau of Prisons, a nationwide policy of keeping lethal if mixed with other ters of the Officeofthe Direc- By Sadie Gurman, days to house inmates who which operates Oakdale and all inmates in their cells and quar- cleaners. Officials at the bu- torofNational Intelligence, Zusha Elinson have been symptom-free for federal lockups. State and local ters all day with very limited reau said that they provide in- which coordinates the work of and Deanna Paul two weeks afterpossible expo- detention facilities are experi- exceptions. mates with “cleaning products 17 intelligenceagencies,sev- sure, prison officials said. as needed to clean their cells,” eral individuals have been con- Within 10 days,onMarch Thecrisis at Oakdale fore- and that it sent three memos firmed infected with the coro- 28,the 49-year-old inmate, shadows what has started to medical workersarrived American Federation of Gov- to inmates “reminding them of navirus,anODNI official said. Patrick Jones, was dead from play out at other jails and pris- March 31. They beganhanding ernment Employees union; the importance of good hand At Fort Meade in Mary- the coronavirus. The officer, ons acrossthe country,where out paper masks to some in- they aredemanding hazard- washing and hygiene.” land—which houses the NSA Aubrey Melder, wasback at 2.2 million individuals areheld, mates,and the doctorslast ous-duty pay. Thedisease’sspread has and U.S. Cyber Command, as work, having been told days including morethan 175,000 in week started regularly check- Attorney General William been compounded by other well as other militaryand civil- earlier to return, without the federal system. Health ex- ingtemperatures,something Barr, who has said the prisons pressures.Guards saythey are ian personnel—at least four quarantining,tohis duties in- pertshavelong warned that prisons officials said is now are operating under a “rigor- hesitant to report symptoms people have tested positive. side the low-security prison in thecramped quartersand of- being done nationally. ousset of protocols,” on Fri- because they don’t want to Gauging the impact of coro- Oakdale,alawyer forthe tenunhygienic living condi- In response to questions dayordered officials to speed have to use sick time to quar- navirus on the vast U.S. intelli- union representing prisons tions givecontagion free rein. from TheWall Street Journal, release to home confinement antine for14days.Inmates say genceapparatus is difficult. employees said. Mr.Melder,who hasn’t expe- the bureau sent afour-pagere- eligible,high-risk inmates at they arereluctant because Agencyrepresentatives declined Theprison, 200 miles west rienced symptoms,declined to ply broadly outlining the mea- Oakdale and two other prisons they don’t want to go intoiso- to provide manydetails,citing of New Orleans, has emerged comment through arepresenta- sures it has takenatOakdale hard hit by the virus. The bu- lation or force cellmates into concerns about giving toomuch as afocal point of the corona- tive. Within the federal system, reau said it was “urgently re- quarantine. information to adversaries. virus pandemic inside the na- inmates and their guards say viewing all inmates” to deter- Residents of the town of Theagencies,whose work tion’s lockups. Five prisoners theunique risks they faceasa ‘Pray this don’t get mine who could be released. Oakdale,population about spans the globe and deals with have died there from the dis- result of tight spaces,short At Oakdale,prisonersand 7, 500,fear an outbreak will potential threatsranging from ease, the most of any federal staffing and strained health- in your joint,’ says a corrections officials said those spilloutside the gatesofthe terrorism to climatechange, prison. At least 25 inmates care systems areintensified by union representative measures were haphazardly prison complex that has long areprioritizing “mission criti- and21workershavetested alack of access to protective imposed and came too late. been asource of employment. cal” activities,acongressional positive, including seven pris- masksand other gear,faulty who works there. “Praythis don’t getinyour “Most of Oakdale has come official said. For the NSA and onerswho areinintensive thermometersand insufficient joint,” said Corey Trammel, a in contact with someone that’s Cyber Command, forexample, care and four on ventilators; cleaning supplies. union representativewho worked there, whether it’s at that means protecting the two employees arealso hospi- Adding to the challenge, works there. thegrocery store, or the gas 2020 election from interfer- talized, according to datafrom nearly 5,000 inmates in the fed- andthroughout its122 facili- Outside,family members station or whatever,” said ence, though coronavirus has officials at the facility.The ac- eral system areover65, accord- ties nationwide.“It is our areunable to getanswers MayorGene Paul. Thewifeand rapidly ascended as an area of tual figure is almost certainly ing to the Bureau of Prisons, highest priority to continue to about their loved ones.Inside, daughter of Mr. Melder work focus, a former senior intelli- higher as thereislittle testing. putting them at greater risk of do everything we cantomiti- inmates arepleading to be re- forhim at city hall. Mr.Paul gence official said. Interviews with inmates and becoming moreseverely illwith gate the spread of Covid-19 in leased. said he sent them home upon Still, the pandemic is com- their families,corrections offi- Covid-19,expertssay. our facilities,” the bureau said. “The way they gotusliving learning that Mr. Melder had plicating the spy agencies’ two cers and local officials showa President Trump declared a But it didn’t answersome here, Iemailed my loved ones been exposed. main roles: collecting informa- prison under siegebyaninvisi- stateofemergency concerning specific questions,including todayand let them knowthat I Thecomplexconsistsof tion and analyzing what it ble enemy. Inside cells holding the virus on March 13.The Bu- whyMr. Melder,who escorted apologizefor everything that I two minimum-security prisons means,the current and former six men each, feverish, cough- reau of Prisons said it imposed Mr.Jones to the hospital, caused them, told them to tell and a prison camp, which has officials said. ing inmates at times weren’t “enhanced modified opera- wasn’t given a mask and was my kids that Ilovethem,” said dormitory-style living arrange- “There’snoquestion that separated from their healthy tions” at Oakdale on March 21. told to return to work,accord- RodneyHarrison, a39-year-old ments; morethan 1,800 in- thereare considerable impacts cellmates,but instead layin That meant limiting inmates’ ing to union officials.Those Oakdale inmatewho is months mates arehoused at the on the IC [intelligencecommu- their bunks an arm’slength movement and rotating them details arepart of alawsuit away from completing his sen- Oakdale federal correctional nity] and the conduct of itsmis- away.Some inmates fashioned out of their cells in small filed last month against the tencefor adrugconviction. institution compound. The sion,” said retired Air ForceLt. masks from their ownclothing. groups forthingslikeshowers Trump administration on be- Mr.Melder isn’t the only outbreak so far has been con- Gen. James Clapper,who was “Our sentences have turned and meals, the bureau said. half of four federal corrections guardtohavereturned to fined to one of the prisons, director of national intelligence intodeath sentences,” Sterling At Oakdale,ateam of eight employees belonging to the work afterbeing exposed, offi- FCI Oakdale I. under former President Obama.

ous violation” of militarylaw, Smith (D., Wash.), the chairman Navy Head he said. of the House Armed Services In recordingsofMr. Modly Committee, called forMr. remarks,sailorscan be heardin Modly’s removal. “His decision Apologizes S the background jeering and to relieveCapt. Crozier wasat PRES shouting disapproval in re- best an overreaction to the ex-

TED sponse to Mr.Modly’s criticism traordinarysteps the captain

To Captain OCIA of Capt. Crozier. took to protect his crew,” Mr. SS In his apology, Mr.Modly re- Smith said. /A

VY visited that point. Mr.Modly’s remarks to crew ContinuedfromPageOne NA “I believe, precisely because memberswerepeppered with mander of duty. .S. he is not naiveand stupid, that profanity, according to are- “Let me be clear,Idonot A/U he sent his alarming email with cording and descriptions by thinkCaptain BrettCrozier is MOR the intention of getting it into those on board, relatives and naivenor stupid,” Mr.Modly’s VID thepublic domain in an effort others, with Mr.Modly saying DA

latest statement read. SS to draw public attention to the that sailorswereexpected to

Mr.Modly had spent the CLA situation on his ship,” Mr. “keep their shit together and previousdays defending his T Modly said in the Monday take care of each other.” 1S decision to fire Capt. Crozier statement. “I apologizefor any At another point, Mr.Modly, in multiple interviews with confusion this choiceofwords addressing fearsoverthe virus, news outlets, public state- OFFICER mayhavecaused. Ialso want to said:“If the ship wasincombat

mentsand alettertothe edi- PETTY apologizedirectly to Captain andtherewerehypersonic mis- torinwhich he pointedly de- Acting Navy Secretary Thomas Modly, second from left, toured the hospital ship Mercy last week. Crozier,his family,and the en- siles coming at it, you’dbe fended his decision. tire crew of the Teddy Roose- pretty f------scared too.” His apologycame under sincelast year,was considered Mr.Modly. ferred disparagingly to Capt. velt forany pain my remarks Some crew membersconsid- pressurefromDefense Secre- interested in persuading the Mr.Modly relieved Capt. Crozier.“If he didn’t think,in mayhavecaused.” ered the remarks by the acting tary Mark Esper to make WhiteHouse to givehim the Crozier of duty last week after my opinion, that this informa- Mr.Modly had traveled to secretarytobeinappropriate. amends forhis tone and tenor, nod forthe position perma- the carrier commander wrotea tion wasn’t going to getout Guam over the weekend to de- “All of our jaws areonthe floor according to people familiar nently,defense officials said. memo demanding moreassis- intothe public,inthis informa- fend his decision to remove right now. He just made the PR with the discussions,and con- Hoursearlier,atapress tancetoaddressthe coronavi- tion agewelivein, then he was Capt. Crozier to the sailorsof situation abillion times worse,” sisted of the one-paragraph briefing about the coronavirus rusoutbreak,and distributed either toonaiveortoo stupid the nuclear-poweredaircraft one sailor aboardthe Roosevelt statement lateMonday. outbreak,Mr. Trump described thememo to others. It quickly to be acommanding officer of carrier.Capt. Crozier last week messaged to afamily member Despitethe apology, Mr. Mr.Modly’s word choiceas became public and drew wide- aship likethis,” he said over drew cheersand applause from afterMr. Modly’s comments. Modly’s futurewas considered “rough” and said he would in- spread media attention, draw- theRoosevelt’spublic address sailorsashewalked off the As of Monday, 173ofthe ap- to be in doubt. Mr.Modly,who vestigatefurther,adding he ing Mr.Modly’s ire. system. ship’sgangplank last week for proximately 5,000 membersof as acting secretaryhas been had heardpositivethings In the addresstothe crew “The alternativeishedid the last time. the crew have tested positive the topcivilian Navy official about both Capt. Crozier and of the Roosevelt, Mr.Modly re- this on purpose,which is aseri- On Monday, Rep.Adam forthe virus. P2JW098000-0-A00700-1------XA

THE WALL STREET JOURNAL. Tuesday, April 7, 2020 | A7 THE CORONAVIRUS PANDEMIC A Displaced Waitress Now Serves a Local Food Pantry

As the new tips.She’snow earning about a only meal they will getall day. coronavirus thirdofthat—but takeshome “Wealways had food at forces big an extradose of satisfaction for home; Inever really sawthis changes in the help she provides. part of life,” said Ms.Mendoza, how we Her waitressing job required whose father works in con- work, The Wall Street Jour- working 10-hour shifts on struction and mother is a nal is looking at how differ- weekdays,and longer ones on kitchen manager in nearby Fort ent people are coping with the weekends.She loved joking Worth. “Maybe Iwas un- the stresses and risks. For with customers, including regu- aware—I lived abusy life, earlier articles in the series, larswho oftentipped as much worked long shifts.” visit wsj.com/makingitwork. as 30%. Ms.Mendoza and her As coronavirus cases rippled OurCalling co-workersbake BY TE-PING CHEN acrossthe globe in recent marble cake and mix butterlet- months,she rememberswatch- tucesalads,dish up cauliflower As awaitress, RosaMendoza ingYouTube videos about what riceand muse over what to do wasused to working long shifts wasgoing on. “I tried to be in- with frozenchicken legs. and serving salt-rimmed mar- formed,” she said, “but sinceit Around half adozenofthem garitas and aged mole sauceat wasn’t happening here, it arelikeherself,laid off from José,anupscale Mexican res- wasn’t affecting my daily life.” restaurants, and arenow being taurant in Dallas. On March 16,that changed. paid $10 an hour fortheir work

Then the newcoronavirus Management at José told her OUP by Get ShiftDone. GR

pandemic hit, closingthe res- and about 50 co-workersabout P Ms.Mendoza,who earned

taurant. Rather than sit home, itsdecision to temporarily AM an associate’sdegree in busi-

Ms.Mendoza has turned her close.Dallas would issue ashel- KLEK ness, said somedayshe might attention to the homeless. ter-in-placeorder soon after. Rosa Mendoza, a waitress in Dallas, now serves food to the homeless at a local food bank. like to open her ownrestau- These days,Ms. Mendoza Almost overnight, Ms.Men- rant. But even oncethe econ- gets in her carand makes an doza’s world wastransformed. Volunteer ranks shrank,and tries—and it connected Ms. Done—areenough to coverher omyrecovers, she plans to keep early-morning drivetoOurCall- Work,the gymand regular vis- food donations from big-box Mendoza to OurCalling. rent, and that her savings volunteering in her community. ing,alocal food pantry. Upon itswith her parentswereruled stores disappeared as panicked By the time she arrived, should coverother expenses for If nothing else,she said, the arriving,she and other workers out. She grew depressed, she shoppersemptied shelves. OurCalling wasmaking do with another six months. coronavirus has made her real- arechecked forfeversatthe said. She had spent the past de- Ms.Mendoza and other wait donations from now-closed res- In some ways, she said, the izehow good it canfeel to help door with aforehead thermom- cade in the restaurant business, staff were contacted by one of taurants. crisis has made her feel lucky. others. “I never discovered this eter.Oncecleared, they put on and nowwork all around her José’s restaurant managers, Ms.Mendoza is working five By the time she arrives at 7:45 side of myself before,” she said. gloves and masks,and getto haddried up. who wanted to let them know days aweek at the pantryand in themorning at OurCalling, “I feel fortunatetobeout on work preparing meals. OurCalling,anoutreach cen- about anew nonprofit initiative, expectstomakeabout $325 a thereare numerous people lined the streets,” she added. “I feel I At José,Ms. Mendoza,26 terthat in normal times pro- Get ShiftDone.Itplaced hun- week,helping prepareits daily up waiting fortheir lunch meal, have amajor task.I’m consid- yearsold, earned at least vides arangeofservices to the dredsofidle hospitality work- meal. She said her wages— she said. Formanyofthe 400- ered an essential employee $1,000 aweek,mainly from homeless, wasalso struggling. ersatlocal food banks and pan- which arepaid by Get Shift odd who areserved, it’sthe now.” Small-Business Help Goes to Bigger Firms ShakeShack Inc.hardly “The conversation is liter- seems likeasmall enterprise, ally from 8a.m. until 1inthe with 7,600 employees,about morning,” she said. $500 million in annual revenue Portland, Ore.,restaurateur and net income last year of $24 and cookbook author Naomi million. Even so,itplans to ap- Pomeroy said she filed for a ply foranew government-guar- loan with her bank Fridayand anteed small-businessloan. was told that funds were al- ready drying up.She and other By Bob Davis prominent chefs fear that big- in Washington gerchains will be at an advan- and Heather Haddon tage to access funds. in Chicago “A lot of people areapply- ing,and that money is running TheNew York-based fast- out very,veryquickly.Weare food chain says it needs the going to need moremoney for help to get through the virus restaurantstoget open again,” pandemic.Manyofits roughly Ms.Pomeroy said. 140company-owned U.S. Many independent restau- stores areinhigh-traffic urban rantsclosed their doorsafter areas now largely shut down. states ordered dining bans last Sales aredown70% on aver- month rather than trying to age, the company said, and it slap together carry-out pro- has furloughed or laid off 20% grams—andthus need more of its corporate staff. time to rehirestaff and be eli- “We’relooking at it all,” gible forloans.Large fast-food said acompanyspokeswoman. chains,particularly those with “Tothe extent we believe drive-throughs,remain opera- we’reeligible and partsofthe tional andhaveretained more package will benefit the com- of their staff as demand hasn’t pany, then we’ll look to pursue declined as starkly. applicable options.” “WeknowChili’sand While the new $350 billion Denny’sare looking at this. Paycheck Protection Program Everyone has access to this is aimed at businesses with same,finitepie,” said Cheetie 500 or fewer employees, lan- Kumar,owner of Raleigh, N.C.- guageinthe $2 trillion federal based restaurant Garland, who stimulus bill allows big restau- put in her application forthe rant and hotel chains to par- ticipateregardlessofhow many people they employ. Restaurant and hotel “The restaurant industryis uniquely affected by this pan- chains canget loans demic,” said Sean Kennedy, regardlessofhow executivevicepresident for the National Restaurant Asso- manytheyemploy. ciation, which lobbied for the exception. “It wasthe firstin- dustryshut down. We think we deserveaunique response payment program last week. from the federal government.” Ms. Kumar has entirely shut ButJohn Lettieri,president her operation, furloughing of the Economic Innovation most of her workers. Group, aWashingtonthink Trump administration offi- tank,says big companies cials have said they would seek should rely more on their own additional funding if money resourcesorother federal runs out. Congressional sup- stimulus programs. port is likely,said an aide to Thesmall-business-loan Sen. Marco Rubio,the Florida program is “the only lifeline Republicanwho chairsthe Sen- we’reoffering to these classes ateCommitteeonSmall Busi- of businesses,” he said. “It nessand Entrepreneurship. stretches the intent of statute Theloans aremade by beyond recognition to apply it banks,credit unions and other to national entities.” lendersand have a1%interest Some smallerfranchisees rate.They aredesigned to keep and ownersworrythat the big employees on the payrolls for firms could elbowthem out for eight weeks.Ifaborrower loans if the fund gets depleted. doesn’t layoff workers, the “This stuff is meant forme, government plans to forgivethe the little person,” said Daniel loan, including interest. Bor- Krause, who owns two Cracked rowers mayalso use the money breakfast restaurants in Illi- forrent and utilities.The maxi- nois.“If it all ends up going to mum loan is $10 million. the big dog,that’ssohard,” he In addition to the exemp- said. With sales down 80%, he tion forhotel and restaurant worries others will beat him chains,asecond exemption out of the funding, and then wasgranted forfranchise he will be furtherinthe red. ownersinany line of business On Monday, morethan who employmorethan 500 5,000 chefs,restaurateursand people,aslong as no single food-serviceworkerssent a outlet employs that many. letter to Congress asking for That provisionwill help fixestothe program that Todd Recknagel, who employs could help smaller establish- morethan 2,000 people at the mentstap the funds,including 68 MassageEnvyoutletshe one that would allowfor alon- owns. Mr.Recknagel says he gerwindowtoreopen. has been able to pay employ- Stephanie O’Rourk,apart- ees, but he can’t continue to nerinthe hospitality division do that without a loan. of consulting firm CohnReznick “We’reacollection of small LLP, said she has talked to hun- businesses,” said Mr. Reckna- dreds of clientswith concerns gel, who says he will seek the about the program. maximumloan of $10 million. P2JW098000-5-A00800-1------XA

A8 | Tuesday, April 7, 2020 ***** THE WALL STREET JOURNAL. THE CORONAVIRUS PANDEMIC Veterinarians Face Trying Times States Enlist Animal hospitals are changing practices, Troubled giving ventilators to human ones Hospitals

BY MICHAEL M. PHILLIPS BY PEG BRICKLEY

WASHINGTON—Veterinar- From small-townVermont ian Christine Klippen cries in to LosAngeles,local govern- the carprettymuch everyday. mentsare commandeering Maybe it’sbecause anxious shut-downhospitals to add ownersaren’t allowedinside spaceamid the coronavirus Friendship Hospital forAni- pandemic—a trend that could mals anymoretowatch her revamp the market forhealth- care fortheir sick pets. Maybe care facilities. it’sbecause her hospital Just months ago, St.Vin- packed up itsventilator to lend cent Medical Center in LosAn- to ahuman hospital, should geles and Astria Regional

the coronavirus pandemic JOURNAL Medical Center in Yakima, overwhelm Washington, D.C.’s Wash., were closed, unable to REET

medical system. ST bring in enough revenue to

On arecent drivehome,it LL stay afloat. Both arepoised to wasdefinitely because that day WA reopen with the help of state

she had to tell awoman by /THE funds and, in the case of St. phone—a woman just outside Vincent, $135 million from the of the hospital’sclosed doors— family foundation of Patrick PHILLIPS

that her dog wasn’t going to M. Soon-Shiong,the billionaire makeit. owner of the LosAngeles These weren’t hardmedical Times. decisions.Keeping ownersout- MICHAEL In Vermont, abankruptcy O; side to protect them from the court pulled back from the staff and the staff from them. brinkone of manyhospitals CALABR Giving up the ventilator and facing afinancial squeeze choosing human lifeoverani- NINE from the drop-off in lucrative JA

mal life. P: surgeries that arecritical to But those momentsare driv- TO their bottom lines. OM

ing home to Dr.Klippen, a38- FR In West Virginia, a govern- year-old emergencyveterinar- Friendship Hospital for Animals in Washington, D.C., has readied its ventilator to lend to humans; the virus has changed vet practices. ment-funded community ian, just howthe pandemic is health-caregroup stepped in erodingher ability to care for the hospital door,trying fu- one family member inside to with adeal that will save criti- petsand the ownerswho love tilely to keep close to their keep the pet companyasit cal beds at another bankrupt them. dogsand cats and 6feet away dies.The hospital has set aside small hospital. “I have to meet people when from each other. Nowstaff are the largest exam room foreu- These hospitals’ rebirth they’rescaredand sad, when shooing ownersback to their thanasia procedures to allow comes as health-carefacilities thingsaren’t going well,” she cars or to empty sidewalks doctor and owner as much dis- arebeing pushed to their lim- said. “That human connec- outside of closed businesses tanceaspossible between itsbythe pandemic.Asmedi- tion—I didn’t realizehow much nearby. them. calcentersacrossthe U.S. pre- Ineed that not only to relayin- Inside the hospital, vets On that Friday, the owner parefor an influx of hundreds formation, but to showsome- have turned the lunchroom and cradledher dog on the exam of thousands of new patients, one that Ihavecompassion for conferenceroom intowork ar- table as Dr.Klippen, wearing a President Trump is expected their situation and their pet.” eas to spread themselves out. gown, stood apart and pushed to use afederal stimulus pack- Veterinarians saythe virus Dr.Klippen moved her com- thedrugs intoanintravenous agetopayhospitals that treat doesn’t appear to seriously af- puter intoanexamination line.Dr. Klippen said she asked uninsured people infected with fect pets, although atiger at room. the owner to step aside while the new coronavirus. the Bronx Zoo has fallen ill Shecommutes from Silver she placed the stethoscope on Bankruptcy judges are act- with Covid-19, and Hong Kong Spring,Md., whereshe lives the dog’schest and listened for ing quickly on creativear- has quarantined the petsof with a5-year-old son and two the final heartbeat. rangements that allow public sick people after adog there lazy cats.“We’reanxious be- As alarm spread over the officials to rescue health sys- tested positive. cause we’recontinuing to put shortage of ventilatorsinhu- tems that could be pushed to Friendship offers24-hour ourselves at risk and our fami- man hospitals,veterinarians their limitsbyasurge in emergencycareand oncology, lies at risk to be able to pro- talked among themselves Covid-19 cases. nephrology, dermatologyand vide essential services,” said about handing over their ma- Vermont has agreed to prop otherspecialty services in the Dr.Klippen. chines to the humans.People up ailing Springfield Hospital, well-to-do Upper Northwest TheVeterinaryMedical As- and animals use the same kind in the southeast of the state, area of Washington, D.C. The sociation Executives,atrade of ventilators. with a loan approved in court city last week imposed astay- group, sent asurvey in March Dr.Beth Davidow, incoming Thursday. Without the state at-home order,ontop of apre- asking vethospitals nation- president of the American Col- loan, Springfield could have vious edict closing nonessen- wide to report howlong they legeofVeterinaryEmergency tial businesses,toslowthe cancontinue to practicewith gloves up when treating dogs phone. Critical Care, started alist of spread of coronavirus. existing stocks of masks, with leptospirosis,which can Theworst is when the news vets who have lent out their Local governments Policestopped one Friend- gloves,gowns and other per- infect humans. is bad. On arecent Friday, Dr. ventilators, pledged their ma- ship emergencyveterinarian sonalprotectiveequipment. “Just likewith the human Klippenexamined adog that chines to human hospitals,or are commandeering walking to work forthe night Thegroup wantstomakesure hospitals,there’sgoing to be a had collapsed at home with a offered to do so if asked. More shut­down facilities shiftlast week.Hospital staff vets aren’t leftout when the breaking point,” said Dr.Klip- catastrophic abdominal infec- than 200 veterinaryhospitals carryletters explaining that government divvies up safety pen. “Everybody is trying to do tion. Theowner remained out- in the U.S. and Canada have to add space. vets areessential workers. gear among doctors, nurses, their best.” side while Dr.Klippen, calling signed on; at least seven veter- Thehospital has put itsown paramedics and other essential Emergencyvetssay one of from theofficeline,told her inaryventilatorsare already in safety measures in place. Most workers. the thingsthat hurtsmost is that herdog would suffer if use in NewYork or NewJersey ownershand their petsoverto Friendship has already de- thelack of personal contact not euthanized. Normally dur- intensive-careunits. been forced to close due to a aFriendship technician curb- cided not to wasteprotective with petowners. Dr.Calabro, ing euthanasia, Dr.Klippen and Friendship cleaned up its drop-off in revenue as people side through the carwindowor equipment on “your routine, 44, says during normal times, family membersare side-by- $10,000,refurbished ventilator forgoelectivemedical care, door.Those arriving on foot garden-variety vomiting and shewatches an owner’s body side,atatable or on the floor, over aweek agoand took it according to court papers. check in at an outdoor tent and diarrhea patients,” said Dr.Ja- languageand facial expressions so close they touch as she in- out of service, to be ready for “The global pandemic is passtheir dogsorcatstostaff nine Calabro, director of emer- when she explains adog or jectsasedativeand then a anylocal hospital in need. having asignificant negative membersinside the building. gencyservices.Technicians no cat’sprognosis.She canread drug to stop the animal’sheart. Still, it wasn’t ahardcall, impact on small ruralhospi- During the early days of the longer don gloves to adminis- whether the owner under- She oftenhugsfamily members choosing people over pets. tals.Outpatient visitsare dry- crisis,worried family members terrabies vaccines or draw stands the flurryofinforma- when it’sall over. Said Dr.Calabro: “Humans are ing up and nonessential proce- gathered on benches outside of blood, although the staff still tion. Harder to do over the NowFriendship allows just animals,too.” dures arenot taking placein manyofthese hospitals,” said Andrew Helman, a lawyer for Extrayield to hold agency U.S. investment-grade year Treasuryyield has fallen leases—instead of Treasurys Springfield. Credit mortgage-backed securities corporate-bond issuance, back to 0.675% as of Monday’s has generally declined in the Springfield has 25 hospital overU.S.Treasurys weekly* close.Another is that average past two weeks.But investors beds andanother 12 beds in mortgagespreads have re- said thereare large variations itsbusy emergencyroom, Markets 2.0 pct. pts. $100 billion cently been hovering around 1 even within sectors, depend- which logged16,235 visitsin Rate cut percentagepoint. Puttogether, ing on howvulnerable specific 2018.The hospital also has the moves should push down borrowers aretothe economic testing and laboratoryfacili- Steadier 1.5 75 mortgagerates andhand more downturn. And sales of new ties,four ventilatorsand hun- money to homeownerswho re- asset-backed securities are dreds of employees. Federal Reserve finance their mortgages. likely to be on hold until the But pandemic rules against ContinuedfromPageOne rate cut Just the promise of the Fed Fedstartsupaprogram to nonessential activity have early indications that lock- 1.0 50 buying corporatebonds has al- buy the highest-rated debt in squeezedthe revenue streams downs in the U.S. and Europe ready provided alifttolarger the asset class. at Springfield so badly that might be helping slowthe cor- businesses. Central-bank support for thehospital could have been onavirus pandemic. In recent Last week, companies out- some short-term municipal- forced to choose between weeks,investorshavetaken 0.5 25 side thefinancial sector,in- bond prices helped pull the making payrolland buying grim economic data in stride, cluding Oracle,Dollar General market out of amajor liquidity supplies,had Vermont not betting that prices of stocks Corp.and General Mills Inc., crunch that brought stateand stepped in, court papers said. and bonds nowmoreappropri- sold arecord$104 billion of local government borrowing to Losing out on revenue from ately reflect the likelihood of a 0 0 investment-grade bonds,beat- a standstill in mid-March. outpatient and electiveproce- sharp economic contraction. Jan. Feb. March April Jan. June Jan. ing the previous record of $73 Also helping: congressional dures,small ruralhospitals Feware celebrating just 2019 2020 billion set the previous week. endorsement of aprogram arealso looking at increased *Excludes financial-sector businesses yet. TheDow industrials re- Sources: Tradeweb(yield); Dealogic (issuance) In manycases,companies that would provide liquidity demand foremergencycare main down about 20% this have been selling bonds at forlonger-dated maturities. due to the pandemic,Mr. Hel- year and debt marketsare far ported entities and starting ward,with the 10-year yield yields that were barely above Prices rebounded sharply, man said. He said he has shakier than they were about new programs to buy higher- climbing to 1.259% from 0.5% those on their existing bonds, though they later fell again. Is- alerted the judgeoverseeing a month ago. Most new bond rated corporate bonds. the previous week. The extra asign of strong demand from suanceofnew bonds has in- the bankruptcy turnaround ef- sales arestill coming from “The liquidity side is being yield, or spread, investorsde- investors. creased slightly but remains fortsofPenobscot Valley Hos- well-established companies fixed,” said Michael Collins, a mand to hold ultrasafe mort- Five companies also issued around 10% of Februarylevels, pital and Calais Regional Hos- with higher credit ratings. Li- senior portfolio manager at gage bonds over Treasurys speculative-grade bonds, according to Refinitiv. pital in Maine about the quidity,orthe ease with which PGIM Fixed Income. jumped to around 1.75 per- kicked off by PizzaHut owner Aseries of ratings-firm financial squeeze of Covid-19. investors can buy and sell se- Investorssaid the Fed’s centagepoints, according to YumBrands Inc., with the first downgrades over the course of “I have been working curities at what they think are main goal remains simple: to Tradeweb. That is compared high-yield bond sale since the past week reminded inves- closely with states where my market prices,remains poor in hold down borrowing costs with 1.52 percentagepoints March 4. tors of manyissuers’ vulnera- chapter 11 hospital clientsare some riskier cornersofthe across the economy, so indi- just beforethe rate cut and In addition, cruise operator bility.S&P Global reset itsout- located to obtain necessary market. Some worrycondi- viduals,businesses and com- lessthan 0.3percentagepoint Carnival—which is invest- look on Wednesdaytosupport,” Mr.Helman said. tions could quickly deteriorate munities areencouraged to a week earlier. ment-grade but facing urgent “negative” on all U.S. public-fi- “These businesses need to stay again if the economic outlook borrow and spend money.But In both cases,investorssaid liquidity pressures afterit nancesectors. NewYork’s open.” darkens further. that has proved challenging in the moves were fueled by shut down operations—sold Metropolitan Transportation Pennsylvania health chief Still, investorsand analysts recent weeks,pushing the cen- money managersrushing to $4 billion of secured bonds at Authority has frozennew proj- Rachel Levine said Wednesday said the Fed’shistoric inter- tral bank to take ever-more- raise cash by selling what they a hefty 11.9% yield. ectsdespitebillions of dollars the state is deciding whether ventions have spurred amean- aggressive and creativeac- could: ultrasafedebt. That Therecoveryhas been in planned aid. to reopen Ellwood City Medi- ingfulreduction in market tions. contributed to deteriorating li- more mixed in other areas of Some investorssaid thereis calCenter,which wasstripped stress. Those steps include an- Shortly afterthe central quidity, as dealers demanded the credit market. Theamount still morepain to come,re- of its license in February. The nouncing plans to buy unlim- bank reduced the key interest more compensation to stand of extrayield that investors gardlessofwhat the Fedcan facility’s owner,Americore ited amountsofgovernment rate it controls to near zero on in the middle of trades. demand to hold securitized do to calm markets. Health LLC,filed forchapter 11 bonds and mortgagesecurities March 15,yields on longer- Onemeasureofthe Fed’s debt—backed by everything —Heather Gillers bankruptcy protection last issued by government-sup- term U.S. Treasurys shot up- recent success is that the 10- from student loans to aircraft contributed to this article. year. P2JW098000-0-A00900-2------XA

THE WALL STREET JOURNAL. Tuesday, April 7, 2020 | A9 THE CORONAVIRUS PANDEMIC Asian Nations NowAdding StrictCurbs

Facing a new wave of out in the hawker centers”— coronavirus cases, open-air food courts—“and coffee shops with their some countries are friends.The young people like ordering shutdowns to go out with their buddies andtheir friends in malls,” said LawrenceWong,co-chair Countries in Asia that had of Singapore’stask forceto avoided harsh restrictions on fight the virus.“But all of this activity arenow tightening cannot be tolerated anymore.”

controls afternew infections Japan and Singaporeare GES

and lax observanceofvolun- among several Asian nations IMA tary curbs threatened their that have avoided the thou-

successes in restraining the sands of deaths experienced GETTY T/

newcoronavirus. in the U.S. and manycountries UR

in Europe.Both had hoped to CO

By Alastair Gale, avoid stricter measures that CARL Niharika Mandhana could cripple their economies. Tokyo’sKabuki-cho entertainmentdistrict, which has seen adisproportionately high number of coronavirus infections, wasbustling on and Dasl Yoon That became moredifficult Monday. Prime MinisterShinzoAbe, below, said he would declareastate of emergency in Tokyoand other centers as cases rise. in recent days when it became On Monday, Japanese clear that normal daily life aren’t mandatory. which economistssaid was Prime Minister ShinzoAbe wascontributing to the South Korea, which has likely to cause the economyto said he would declareastate spread of the virus.Tokyo been seen as amodel of how shrink morerapidly.OnMon- of emergencyinmajor popu- Gov.YurikoKoikeurged Mr. to tackle the pandemic with day, he said he wasplanning lation centersafter an accel- Abetodeclareanemergency widespread testing,isdoing to propose an economic pack- eration of viruscases in re- as infections in the capital moretolimit public gather- ageworth about $1 trillion, cent days,particularly in surgedpast 1,000 cases,about ings as the weather warms. equivalent to 20% of Japan’s Tokyo, the center of the athirdofthe national total. In Seoul, bus stops on annual output, including more world’smost populous urban LikeinSingapore, it isn’t streetslined with cherryblos- than $50 billion in direct cash region. known in manyofthose cases soms were closed over the paymentstofamilies. Thedeclaration, expected howpeople gotinfected. weekend to keep people from Singaporehas used sophis- Tuesday, will ask people to “Tokyo is certainly adan- flocking to see the flowers. ticated tracing operations to stay home unlessabsolutely gerous placeright now,” said Last week,the northeast- identifypeople who might necessaryand call forall pub- KentaroIwata,aninfectious- ern city of Samcheok used CK have been exposed, isolate TO lic gatheringstobesuspended disease specialist at Kobe Uni- tractorstodig up adisplayof them and prevent emerging forabout amonth. Mr.Abe versity in western Japan. bright-yellowrapeseed flow- clusters from growing.The

said the moveisnecessarybe- In Singapore, most work- ersthat wasthe sizeofeight SHUTTERS country’sstrategykept the cause infections areincreas- places will close Tuesdayand soccerfields.Visitorscame to A/ disease from spreading widely ingrapidly and hospitals are employees must either work see it despitesigns saying the fortwo months without large- facing acrisis. from home or stop working annual flowerfestival was scale disruptions to everyday BICHON/EP

Singaporealso has experi- altogether.Schools will move canceled, according to acity RO life. enced asurge in newvirus online the following day. Sin- official. South Koreahad asurge in ANCK

cases,prompting the govern- gaporeans have been asked to “Ifthe people had partici- FR infections that quickly made it ment on Fridaytoannounce leave their homes only if they pated in social distancing the most seriously affected significantly tighter restric- need to buy food or other gro- moreactively,wewould have ond sharp rise.Movement coronavirus cases given their countrybythe virus in Asia tions that areset to last ceries and to exercise alone or seen much betterresults,” among citizens increased by proximity to China. They took afterChina. Instead of impos- through May4.The city-state with afamily member. South Korea’svicehealth min- 20% over the weekend com- various steps to limit the vi- ing social controls, it imple- recorded 120 newcoronavirus Japan will ask shops and ister,Kim Gang-lip,said Mon- paredwith lateFebruary— rus’sspread—Japan closed mented abroad program of cases Sunday, itshighest sin- businesses that have many day. when infections shot up—ac- most schools in early March— testing forthe virus and gle-dayincrease.Morethan customers, such as movie the- Although the number of cording to South Korea’s but stopped short of trying to tracking techniques likeSing- half haven’t been linked to ex- atersand hotels,toclose in newcases in South Koreafell Centersfor Disease Control keep the entirecountryat aporethat helped it bring the isting cases or clustersofin- major urban areas.Trains will Mondaytothe lowest level and Prevention. home all day. infection rate under control. fection. continue to run, and most of sinceFebruary, officials were East Asiancountries were Mr.Abe hesitated to de- —Suryatapa Bhattacharya “The elderly liketohang the government requests worried about apossible sec- among the firsttoreport new clareastate of emergency, contributed to this article.

Staying home saves lives.

For moreinformation, visit coronavirus.gov P2JW098000-6-A01000-1------XA

A10 | Tuesday, April 7, 2020 ****** THE WALL STREET JOURNAL. THE CORONAVIRUS PANDEMIC SouthKorea Recovers,but EconomyLags

Nation’searly actions Newly confirmedcoronavirus casesinSouth Korea, daily helped check outbreak, 900 but businesses will suffer forquiteawhile 750

BY ANDREW JEONG 600 SEOUL—When the coronavi- rus ripped acrossSouth Korea in mid-February, bar owner 450 Seo Ji-won felt somewhat se- cure. He had some savings, 300 didn’t have afamily to feed and ranapopular establish- ment in abusy neighborhood. 150 Lastweek, Mr.Seo decided JOURNAL

to close his 10-table business, REET

called CTavern, foratleast a ST 0 month. Emergencyfunds ear- LL

WA FebruaryAMarch pril marked forsmall establish- THE Source:Korea Centers forDisease Controland Prevention

mentslikehis have yettoma- R

terialize. Even as South Korea’s FO coronavirus pandemic has cused on widespread testing. be released for weeks.

eased, his bar remained nearly CHUNG Anditactively traced where Another measure aimed at

empty.Sales plummeted 90%. JEAN infected individuals had trav- accelerating the fiscal rollouts “I’m not going to reopen Seo Ji-won decided to close his CTavern bar and restaurant in Seoul after sales dropped 90%. eled and imposed quarantines is anewly created low-interest untilarebound feels near,” forthose who were near infec- loan program of roughly $10 said Mr.Seo,who is going suggestsalengthypath back firmed virus patients but has edge. tion clusters. billion—and demand forithas without a paycheck. to normalcyfor the U.S.,Eu- seen asteep drop-off of new SouthKorea, acountryof Yetsome of South Korea’s been high. Having turned the corner rope and other regions where cases in recent weeks. 52 million people that is about early economic measures,like Mr.Seo,the bar owner, on itscoronavirus battle, the Covid-19 pandemic’s worst “The best antivirus mea- the geographic sizeofIndiana, offering subsidies to landlords closed his business in part so South Koreaisconfronting the days have yet to pass. sureswill be the best eco- has abig economic advantage to lowerrentsand stipends to his three workers could qual- punishment delivered to its The Seoul government has nomic policies,” South Korean over China and most of Eu- working parentsforcedtotake ify for government assistance economy. It is worse than ex- earmarked emergencyfunds Prime Minister Chung Sye- rope and the U.S.:Itnever unpaid leave, did little to stoke that is easier to access when pected, small-businessowners and aid of at least $80 billion. kyun said recently.“Because turned to locking down cit- spending. furloughed. He is frustrated say, with no clear sense when But little has yettotrickle without proper containment ies—which cancurb commerce NowSouth Korea, likethe that his application forhelp in commerce will bounce back. down due to bureaucracy and we can’t go into economic re- dramatically—and instead rec- U.S.,isturning to one-time paying his workers’ wages, South Korea’seconomic pa- the decision to prioritize ini- covery.” ommended that people work payments, which will be of- filed about amonth ago, ralysisshows howelusivea tial spending on tamping Yetwith clustersoffresh from home and avoid large feredtomorethan two-thirds hasn’t produced any funds. swift recovery might be even down the pathogen. South Ko- infections still popping up, gatherings. of households based on in- “I’m just hoping this ends afterapublic-health victory. It reahas about 10,000 con- South Koreans remain on Thegovernment also fo- come.But those funds won’t soon,” Mr. Seo said. More Chinese GetaMove On As Travel Curbs Are Eased

BY TREFOR MOSS covering nowfromthe domes- ing asecond wave of infections. tic market in China,” said Jane “Most travelersinChina re- SHANGHAI—Aftersome Sun, Trip.com’schief execu- main cautious,” said Jacques two months hunkered down at tive. Thecompany’sApril tour Penhirin,the head of Oliver home to fight the coronavirus, bookingsare three times the Wyman’s retail and consumer- manyChinese people traveled March number,acompany goods practiceinChina. Sixty this weekend—for the annual spokeswoman said. percent of the people surveyed tomb-sweeping holiday— Thejump in travel will recently by the consulting firm boosting beleaguered hotels come as arelief to China’s said they wouldn’t travel any- and travel companies. economic managers. While the whereuntil at least amonth Travel bookingsfor the National Bureau of Statistics afterChina’slast Covid-19 pa- three-dayweekend were up said last week that manufac- tient had recovered. But in 50% from the weekend before, turing activity had surgedin good news forthe travel sec- according to Trip.com,China’s March afterabrutalslowdown tor, most respondentssaid largest travel-services com- in February, some economists they expect to push ahead with pany, while hotel bookingsin- say consumer demand will be vacations planned forlater in creased 60%. Fliggy,anonline much slower to recover. theyear,Mr. Penhirin said. travel serviceoperated by Ali- TheTomb-Sweeping Dayhol- While individuals cantravel baba Group Holding,said train iday, traditionally atime to visit between provinces,several pro- reservations doubled and hotel the resting placeofone’sances- vincial governmentshavetem- bookings rose 30%. tors,has also become an oppor- porarily barred travel compa- CK

Railway passenger flow on tunity forashort vacation. nies from offering trips across TO Saturdaywas the highest since Manywho did travel over provincial boundaries. January’sLunar NewYear hol- the three-dayweekend favored And while thousands of tour-

iday,and crowdsSunday short trips to neighboring cities ist attractions around the coun- SHUTTERS morning at Huangshan, asce- or local beauty spots, according tryhavereopened, the Shanghai A/ /EP nic mountain in eastern China, to Trip.com. That reflectstheir government last week ordered

grew so large that authorities owncaution and also travel re- major attractions to reclose in a PILIPEY had to stop people from enter- strictions still in forceasthe sign of anxiety about acting too MAN

ing the area. government balances healing boldly beforethe virus has been RO “We are seeing signs of re- the economyagainst prevent- completely suppressed. Hotel bookings and train travel have jumped in China. Wuhan was the epicenter of the outbreak.

“It really depends on every- ter’srecovery. “Americans are ing some of the more same week he fell ill Mr.John- Johnson’s one just accepting that that all praying for his recovery— stringent clampdowns being son attended avirtual cabinet U.K. Foreign person has the same author- he’sbeen averygood friend, imposed acrossEurope in an meeting,sitting with the ity,” said Catherine Haddon, a something really special: effort to minimizedisruption. health secretaryand the coun- Secretary Condition constitutional expert at the In- strong, resolute, doesn’t give Thegovernment’spandemic try’smost senior civil servant. stitute for Government. up,” President Trump said. plan, which wascrafted by sci- Thevirus then spread In time,inaprocess that Thenumber of confirmed entistsoverthe past two de- through his topteam. Mr. Steps In to Worsens could take months, the ruling cases and deaths in the U.K. cades,playeddownthe need Johnson’schief of staff,Domi- ConservativeParty would has been climbing rapidly, to shut schools and ban mass nic Cummings, and the coun- Handle Crisis choose anew leader who though datareleased on Mon- gatherings, arguing they did try’schief medical officer, ContinuedfromPageOne would become prime minister. little to stop a virus’s spread. Chris Whitty, isolated them- BY JASON DOUGLAS with critical policy decisions, Mr.Raab led the cabinet’s Meanwhile,British epidemi- selves with symptoms.The including howlong to continue civil contingencies meeting in TheU.K. government ologistsinitially underesti- health secretary, MattHan- LONDON—Weeks before restrictions on businessand Mr.Johnson’sstead on Mon- mated howmanypeople could cock, subsequently fell ill. Prime Minister Boris Johnson other social-distancing mea- daymorning.The foreign sec- first took a laissez­ require intensive care if they Mr.Johnson’spregnant fian- entered intensivecareonMon- sures that have shut swaths of retary also led an afternoon faire approach to got ill, officials said. Worried cée, Carrie Symonds,said she dayevening suffering from se- the economy. news conference, wherehere- that the British public has also suffered symptoms. rious symptoms of the new Mr.Johnson, who wasre- iterated that Mr.Johnson was the illness, wouldn’t isolate for weeks on Most of Mr.Johnson’steam is coronavirus,hegavethe job of cently elected on his promise to still running the country. How- end, the government reasoned back at work and Ms.Symonds steering the U.K. through the deliver Britain’sdivorce with ever, Mr. Raab said he hadn’t it was better to wait until the tweeted over the weekend that economic and public-health the European Union, has in- talked to the British leader virus’sspread wasaccelerating she wasfeeling stronger.Mr. crisis triggeredbythe infec- stead found himself leading the since Saturday. dayshowedthe number of new to impose a lockdown. Cummingsisn’t back in Down- tion to Dominic Raab,the country’sfight against Covid-19, On Mondayevening,the cases falling from Sundayand Even as evidencemounted ing Street yetbut is working. country’s top diplomat. the respiratoryillnesscaused U.K.’s topcivil servant, Mark 439 deaths related to Covid-19 about the seriousnessofthe vi- Mr.Johnson put on abrave Mr. Johnson was admitted by the coronavirus.Britain, like Sedwill, briefed the cabinet on in the previous 24 hours, the rus’sspread, Britain’scrowded faceonceinisolation. He pub- to an intensive-careunit at St. several other Western nations, the prime minister’s worsen- lowest daily figure in April. Parliament and the warren of lished aseries of videos in Thomas’ Hospital in central is trying to come to terms with ing health by video link as Mr. But scientistssaid that fatali- buildingsaround Downing whichhesaid he had mild London andasked Mr.Raab, ashortageofequipment for Johnson wasshiftedintoin- ties arealagging indicator of Street, whereMr. Johnson lives symptoms.However, people the foreign secretary, to depu- protecting medical personnel tensive care. the spread of the pandemic. and works,werehumming with who were in contact with him tize for him where necessary, and testing forthe disease. Politicians acrossthe globe TheBritish government ini- people.“Iamshaking hands in the middle of last week ex- Downing Street said. Mr. Some doctorsand epidemiolo- on Monday offered their best tially took alaissez-faireap- continuously,” Mr.Johnson said pressed concern about his Johnson’sdeterioration marks gistshavecriticized Mr.John- wishes forthe prime minis- proach to the illness, eschew- at thestart of March. “I wasat well-being.Mr. Johnson con- the firstinstanceofanational son forfailing to movefaster to ahospital the other night tinued to lead cabinet meet- leader having such aserious put the countryintolockdown wheretherewereactually a ingsvia video link in his study. case of Covid-19. afterthe virus arrived in the few coronavirus patientsand I He also appeared outside his Arelativenewcomer to U.K. at theend of January. shook hands with everybody.” door in Downing Street on powerinthe U.K.,having been Adding to the complications, Downing Street continued Thursdaytojoin anationwide amember of the topmost level if Mr.Johnson’shealth contin- to operatemuch as normal applause of National Health of government forlessthan ues to deteriorate, it could raise with briefingsinthe state Serviceworkers. Thegovern- two years, Mr. Raab, 46 years aconstitutional headache at a room and meetings convened ment insisted hissymptoms old, takesthe reins at atime crucial moment in the U.K.’s around crowded tables in the were still mild but admittedhis of national emergencythat battle against the virus.Britain building’s drawing rooms. condition wasn’t improving. would test far moreexperi- doesn’t have the equivalent of a On March 16, scientists ad- By Friday, apale-looking Mr. enced politicians. vicepresident who automati- vising the government con- Johnson told the nation via a TheU.K.has shut down a cally takesoverifthe prime CK cluded that the clampdown self-filmed video that he would large part of itseconomyand TO minister dies or is incapacitated. needed to be accelerated fol- continue to isolatebecause of ordered citizens to stay indoors Mr.Johnson eased the tran- lowing aseries of reportsby apersistent fever. At 8p.m. on in an attempt to slowthe spread

sition by deputizing Mr. Raab SHUTTERS modelersshowing the Na- Sunday, as Queen Elizabeth II of infection. Thecentral chal- before he sickened. But if Mr. A/ tional Health Servicewould addressed the nation imploring lengefor the administration Mr.

Raab becomes incapacitated, it IN/EP quickly be swamped. people to followsocial-distanc- Raab nowleads,ifMr. Johnson RA

would be up to the members Y Even afterMr. Johnson ing guidelines,hewas driven failstomakeaswiftrecovery,

of the U.K. cabinet to decide AND locked down the countryon to anearby hospital fortests. will be to judgewhen the crisis among themselves who should U.K. Prime Minister Boris Johnson was moved to the intensive- March 23, he continued to at- —Jason Douglas is ebbing and economic and so- lead the country. care unit of London’s St. Thomas’ Hospital on Monday. tend cabinet in person. The contributed to this article. cial restrictions canbeeased. P2JW098000-6-A01100-1------XA

THE WALL STREET JOURNAL. ****** Tuesday, April 7, 2020 | A11 WORLD NEWS Cardinal’s Abuse Conviction Overturned

BY RACHEL PANNETT delivered to anearly empty unanimous verdict in Decem- Cardinal Pell has said pri- Theprosecution’scase re- “Victoria Policeremains AND FRANCIS X. ROCCA courtroom because of corona- ber 2018 afterajuryinanear- vately that he wantstoremain lied on the evidence of one of committedtoinvestigating virus restrictions. lier trial wasdeadlocked. Last in Australia, near friends and the former choirboys, now in sexual assault offences and Australia’shighest court on “The jury, acting rationally August, apanel of appellate family members, following his his30s with ayoung family. providingjusticefor victims Tuesdayacquittedformer Vat- on the whole of the evidence, judges in Victoria state ruled release from prison. But as the He reported the alleged abuses no matterhow manyyears ican financechief Cardinal ought to have entertained a clerical abuse crisis’ most to the policein2015,after the have passed,” police said in a George Pell of child sex-abuse doubt as to the applicant’sguilt prominent symbol in Austra- other former choirboydied of statement.They also acknowl- charges,overturning aconvic- with respect to each of the of- Australia’s High lia, his continued presence in an accidental drug overdose. edged the work on the case by tion that has bitterly divided fenses forwhich he wascon- the countrymay makeit Theother choirboynever pub- investigatorsovermanyyears. Australian society and Roman victed,” the High Court judges Court found the jury harder forchurch leadersto licly made accusations against Born in agold-mining town Catholics around the world. said in astatement. They or- ‘ought to have move beyond the scandals. Cardinal Pell. west of Melbourne,Cardinal The78-year-old prelatehad dered that the convictions be On the other hand, his pres- Theaccuser’s lawyer said Pell has been adominant force been the highest-ranking Cath- quashed and that verdictsofac- entertained adoubt.’ enceinRome would be inconve- they would make a statement in the Catholic Church in Aus- olic official convicted of child quittalbeentered in their place. nient to the pope,raising the Wednesday after reading and tralia fordecades,befriending sexcrimes.Heserved more Cardinal Pell has maintained possibility that he would be en- considering the High Court de- powerful figures, including than 12 months of asix-year his innocence. In astatement couraged to movetoathird cision. prime ministers. An Oxford prison sentenceafter a jury Tuesday, released by the Arch- 2-1 to uphold his conviction. countrysuch as the U.S. Cardi- PoliceinVictoria, the scholar, he rose through the found him guilty of assaulting diocese of Sydney,hesaid he Tuesday’sdecision by a nal Pell has the right to vote in southern state where the car- ranks to become firstArch- two 13-year-old choirboys in a hadsuffered a“serious injus- panel of seven judges in Aus- aconclave to elect afuture dinal waschargedand tried, bishop of Melbourne, then of Melbourne cathedral while he tice” that wasnow remedied tralia’shighest court was pope,ifone should take place said they respect the High Sydney,beforeheading to wasthe city’s archbishop in the by theunanimous High Court unanimous,and followeda beforeheturns 80 in June 2021. Court decision and will con- Romeand taking up one of the 1990s.Heleftprison after decision. two-dayappeal hearing in TheVaticancouldn’t be tinue to provide support for Vatican’shighest postsas Tuesday’sruling,which was He wasconvicted by a Canberra last month. reached for comment. the complainants. Pope Francis’ finance chief. WORLDWATCH

UKRAINE UNITED KINGDOM AFGHANISTAN Forest Fire Rages Consumer Sentiment Taliban Say Deal Near Chernobyl Dives in Lockdown With U.S. Faltering

Emergency teams in Ukraine U.K. consumer confidence The Taliban said their peace on Monday continued to battle a plummeted in the last two deal with the U.S. wasnearing a forest fire in the contaminated weeks of March, the biggest breaking point, accusing Wash- area around the Chernobyl nu- drop yet recorded, as the nation ington of violations thatin- clear-power plant that has raised entered a state of lockdown in cluded drone attacksoncivil- radiation fears. an attempt to slow the rapid ians, while also chastising the Police said they tracked down spread of the coronavirus. Afghan governmentfor delaying a person suspected of starting An index of consumer confi- the release of 5,000 Taliban the blaze by setting dry grass dence gathered by market re- prisoners promised in the agree- on fire in the area. The 27-year- search firm GfK fell by 25 points ment. old man said he burned grass to minus 34. It was the index’s The Taliban said theyhad re- “for fun” and then failed to ex- lowest reading since February stricted attacksagainstAfghan tinguish the fire when the wind 2009 and the biggest single securityforcestorural out- caused it to expand quickly. drop since the index started in posts, had notattacked interna- Twoblazes erupted Saturday 1974. tional forces and had notat- in the zone around Chernobyl Consumer sentiment nose- tacked Afghan forces in cities or thatwas sealed after the explo- dived as Britons feared a sharp military installations. The Tali- sion at the plant. The 1,000- decline in their financial situation ban said these limits on their S square-mile Chernobyl Exclusion and the economy. attackshadn’tbeen specifically

PRES Zone wasestablished after the A subindex gauging consum- laid out in the agreementwith

TED April 1986 disasteratthe plant ers’ expectations about their the U.S. signed in February.

CIA thatsentacloud of radioactive personal finances in the next 12 The Taliban’sstatementis- SO

AS fallout overmuch of Europe. The months fell 20 points to minus sued Sundaywarned of more

O/ zone is largely unpopulated, al- 17 and another, on their views violenceifthe U.S. and the Af- though about 200 people have about the state of the economy ghan governmentcontinue al- remained despiteorders to leave. in the year ahead, fell 29 points leged violations of the deal. Firefighters said they man- to minus 56. U.S. military spokesman Col. YEMELIANENK

V aged Monday to put out the In a worrying sign for retail- SonnyLeggettdenied the Tali-

SLA smaller of the two fires, which ers, a gauge of consumers’ likeli- ban allegation, saying the U.S. RO engulfed about 12 acres, but a hood to make major purchases forces in Afghanistan were up- YA A forest fire burned Sunday near the village of Volodymyrivka in the exclusion zone around the 50-acre fire continued burning. slumped 50 points to minus 52. holding the terms of the deal. Chernobyl nuclear-power plant. Police say a 27-year-old man is suspected of starting the blaze. —Associated Press —William Horner —Associated Press

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A12 | Tuesday, April 7, 2020 THE WALL STREET JOURNAL. THE CORONAVIRUS PANDEMIC

She stayed home but con- canbedifficult to knowfor CDC guidelines sayCovid-19 tion could last longer. quarantine. Recovery tinued working.Six days later, certain when the countdown patientscan discontinue home Ms.McKenzie said because “It’sclear that if youget she went to the emergency should begin. “Thisisreally isolation if they meet these of her job thereare morestrin- symptoms,you’vegot to iso- room afterher shortnessof hardbecause I’m not sureany- three criteria: They have been gent requirementsfor when lateyourself and wait 14 days,” Orders Sow breath worsened. It felt like one knows,” said Alicia Fernan- fever-free foratleast 72 hours she cancease home isolation. he said. “But if you’vegot it, drowning,she said. dez, aprofessor of medicine at without taking fever-reducing Afterher symptoms aregone, howlong do youwait? That’s TheERphysician advised the University of California, drugs, respiratorysymptoms she will have to return two notquiteconsistent.” Confusion self-isolation, plus rest and hy- SanFranciscoand aprimary- like cough and shortnessof negativetestsfor the coronavi- On March 11, Mr.Toms felt dration. She followedthat ad- care doctor at ZuckerbergSan breath have improved, and at rus, taken24hoursapart, be- hot flashes while watching vicemoreclosely this time, FranciscoGeneral Hospital. leastseven days have passed fore she canbereleased. television. By the next day, he ContinuedfromPageOne taking vitamins and drinking Part of the problem is that sincesymptoms firstappeared. “People arethinking it’sjust developed adry cough. The old baker,aformer laboratory freshjuices and water. scientistsdon’t yetfully under- 14 days.It’snot,” Ms.McKen- following day, he felt likehis scientist, said she is battling a Her symptoms evolved: She stand when patientsbegin to zie said. “You could be in isola- lungsweregetting smaller,he cough that makes it difficult to started coughing up phlegm, be infectious,orwhen they Some patients have tion foralong time.” said. talk.Drinking fluids and cough the fevers let up,and slowly cease to be. Ms.McKenzie is isolating at Over atelemedicine consul- medicine has helped, she said, her energy and ability to Manyofthe guidelines focus symptoms so mild home with her boyfriend, and tation, his doctor told him he buther heart raceswhenever breathe normally returned. on symptoms,but some pa- that they may be herchildren arestaying with probably had Covid-19 and he shestands up. March 26,the dayher 14- tientshavesymptoms so mild otherfamily. should stay home for14days. “It’sjust frustrating to not dayisolation ended, “was the they maybeimperceptible. imperceptible. Morethan aweek afterher Over three days,tension in be able to have the testing and firstmorning whereIfelt like And as manyas25% of infected positivetest result, Ms. his chest worsened. He took fe- the knowledgeweneed to ade- Icould take adeep breath,” people in the U.S. might be as- McKenzie said she felt her verreducersand rested. By the quately combat this,” she said. Ms.Edwards said. ymptomatic,federal Centers symptoms were improving. fourth day, his symptoms Ms.Edwards,a38-year-old Therewas some confusion forDisease Control and Preven- When Ms.McKenzie,a30- Daily chores canstill be achal- seemed to have stabilized, but venturecapitalist, started feel- aboutwhat her release date tion director Robert Redfield year-old mother of three in lenge. She recently took ahot it took another six days to ing on March 12 likeshe should be.She said her doctor said. Whether they areinfec- Australia, tested positive, she showerbut had trouble breath- “feel normal again…and it got couldn’t breathe.She called had told her that her 14-day tious is unknown, expertssaid. said local health authorities ing. She felt betterafter using steadily betterafter that,” he herdoctor,who told her she clock started on March 11. She Asymptomatic patientscan test initially told her to prepareto an inhaler. said. likely had Covid-19 and should decided it would start on positivefor the virus almost a self-isolatefor 14 days.But Ms. In the Netherlands,Mr. Now, he has resumed riding self-quarantine. March 12, the dayshe had first month afterthe initial expo- McKenzie,amental-health co- Toms,a62-year-old software his bike. “My energy levels are “I’dnever felt likethat,” she felt shortnessofbreath. sure,some case reportsfrom ordinator at ahealth-carepro- developer,also felt perplexed definitely loweratthe mo- said. Even physicians have said it China and the U.S. suggest. vider,soon realized her isola- about when he could end his ment,” he said.

lowcost. Gilead said it won’t HowVaccines Work medicines fail even after they Pursuit charge for1.5 million doses it showpromising test-tube and has manufactured. Vaccines aredesignedtoteachyour immune systemhow to fightoffcertain kinds animal results. Scenes from labs showthe of germs —and the serious diseases theycause Of Vaccine quest from the inside. Some types of vaccines and their groups One weekend in January, Testing Whole-Pathogen Subunit Nucleic Acid Kizzmekia Corbettrushed to NealBrowning wasscroll- Moves Fast Building 40 on the National ing through his Facebook feed Institutes of Health campus in in early March when afriend’s Bethesda, Md. post caught his eye. ContinuedfromPageOne Dr.Corbettisaresearcher Mr.Browning is anetwork progressthat is remarkable by at theNational InstituteofAl- Live-attenuated Inactivated Toxoid Recombinant DNA engineer at MicrosoftCorp. usual standards remains far lergy and Infectious Diseases, Uses a Uses the Uses atoxin Uses DNA from the Synthetic DNA living in the Seattle suburb of behind theracing virus. or NIAID. Foryears, she and weakened killed thatcreates targeted pathogen instructs the cells to Bothell, Wash., not far from Health officials arewarning colleagues have braced fora (orattenuated) version of immunityto and inserts it into a makeproteins that one of the country’searliest Americans to bracefor the pandemic,studying bacteria form of the germ the germ the parts of the differentvirus that resembleapathogen. andworst coronavirus out- most difficult days this week, andviruses that popped up thatcauses thatcauses germ thatcause has been rendered Thebodyreacts by breaks.Healso lives close to with the number of infections around theworld to gain a adisease adisease. adisease. non-infectious. producing antibodies. the research center doing a in the nation’shardest hit cit- betterunderstanding when a human study of the vaccine ies expected to peak. In the bad one finally came. mRNA Vaccine that Modernaand the NIAID U.S.,morethan 10,000 people Around Jan. 10,she gota aredeveloping. have died from Covid-19. cellphone alert with avital Work by introducing a'messenger' RNA sequence(the molecule thattells cells whattobuild) Theresearch center,Kaiser It usually takesyearstode- pieceofinformation about a which is codedfor adisease specific antigen. Onceproduced within the body,the antigen is PermanenteWashington velop anew drug treatment or mysterious virus emerging in recognisedbythe immune system. Health Research Institute, was vaccine.The compounds must China. Aconsortium of re- Antibody urgently seeking healthyvol- be tested in the lab,inanimals searchersincluding Chinese secreted unteerstotest the experimen- and extensively in humans.If scientistshad published online talvaccine’ssafety.Mr. they succeed, moretime is the virus’sgenetic sequence. Browning’sFacebook friend needed to manufacturelarge That provided itsmolecular knewofthe recruitment ef- numbersofdoses. makeup,information needed fort. AfterMr. Browning ex- Theurgent, high-speed to craftavaccine.Italso indi- pressed concern about the vi- search is moving on three catedthe newvirus belonged rus, the friend texted him fronts. One is to get a vaccine to awell-known family,the details of the trial. that could provide immunity, coronaviruses.Named forthe Ribosome Manymedical facilities allowing areturn to normalcy. crown-likespikes protruding across the U.S. areseeking Among the farthest along is from their surface, coronavi- Vaccine Administration Virus Inactivation people to test the safety of po- avaccine hatched by govern- ruses had caused two deadly mRNA is encasedinalipid The mRNA then instructs the These proteins resemblethe virus. tential coronavirus drugsor ment researchersand Mod- outbreaks since2002: severe nanoparticle.After injection, cells to start making aprotein They inducethe body's immune vaccines.Tomakeway,they erna Inc., abiotechnology acuterespiratorysyndrome, getsintothe body's cells. thatcan be found on the virus. systemtomakeantibodies. aresuspending trials of other companyinCambridge, Mass., or SARS,and Middle East re- medicines,clearing spacefor forwhich safety testing in hu- spiratorysyndrome,MERS. coronavirus study subjects mans has begun.Ifclinical Dr.Corbettand acolleague Covid-19 candidate vaccines Months from viral sequenceselection and assigning data-entry studiessucceed, it could be studied the genetic code— as 20 of March 2020 to phase1study of vaccine workers, pharmacistsand ready foruse as soon as early seemingly endlesscombina- other staff to deal with the pa- next year,researcherssay. tions of the letters A, G, Cand SARS Coronavirus (2003) perwork. In addition, Inovio Pharma- T, each standing forthe chem- Subunit Other mRNA Massachusetts General Hos- ceuticals Inc.ofPlymouth icals making up DNA.The se- 15 11 7 Influenza A/Indonesia (2006) pital, one dayafter agreeing to Meeting,Pa., said human trials quencelooked similar to that test Gilead’sremdesivir, were starting Mondayfor an of the SARS virus.This meant Influenza A/California (2009) walked federal health officials experimental coronavirus vac- researcherswho had investi- through howitplanned to cine it is developing.Chinese gatedaSARS vaccine,which Unknown DNA Zikavirus (2016) conduct the trial. It did so by companyCanSino Biologics didn’t advanceafter the epi- 5 3 phone forsafety reasons and Inc.and aresearch arm of the demicwaned, could pursue a Covid-19 (2020) because time wasshort, said Chinese militaryhavestarted similartack against the new Inactivated 1 Libby Hohmann, who oversees human testing of avaccine, coronavirus. LiveAttenuatedVirus 1 0 5 10 15 20 the hospital’sclinical-trial ef- according to the World Health Avaccine would deliver a fort. Organization. In Europe,Ger- disabled spikeprotein, or the Drugs in the Pipeline That evening, Dr.Hohmann man companyCureVac AG and genetic instructions to makea assembled about adozen the University of Oxfordare close copy,intothe human Start datesofclinical trials forexperimental Covid-19 drugs pharmacists, researchersand developing vaccines. body.This wouldn’t infect a NotFDA-approved FDA-approvedfor other diseases physicians in aconference Scientistsalso areexploring person but would train the im- room to parcelout trial’s whether existing drugs such mune system to recognizeand Remdesivir Regeneron Takeda Pharmaceutical tasks,such as collecting blood as hydroxychloroquine for ma- attack the virus.Ifavacci- Maker:Gilead Sciences Pharmaceuticals† samples and tracking patients laria or HIV treatmentsmight nated person encountered the Eli Lilly/AbCelleraBiologics oncedischarged. Kevzara work against the coronavirus, virus,antibodies would spring Vir Biotechnology* To save time,they skipped and some doctorsare already intoaction and neutralizeit. Regeneron typical pretrial exercises such treating patientswith hy- “We’re luckythat this is a Pharmaceuticals/Sanofi as training the staff in show- Emergent droxychloroquine.Resultsof coronavirus because we know ing hospital doctorsand BioSolutions two Chinese studies of Gilead what to do,” said Barney Gra- Actemra nurses the way to administer Sciences Inc.’s antiviral rem- ham, deputy director of the Roche the drug.“We’resort of doing desivir, previouslytested in Vaccine Research Center at NI- those on the fly,” Dr.Hohmann Ebola, areexpected this AID. Feb. March April MayJune July August said. month. Regeneron Pharmaceu- As the virus spread in Wu- Sincethe trial began March ticals Inc.and partner Sanofi han, China, and then in other 15,MassGeneral has enrolled Antiviral Anti-inflammatory Developing Developing Developing Developing SA aretesting arheumatoid countries,U.S.government 35 subjects. Among them is a to clear drugs to treat antibody drug plasma-derived antibody plasma-derived arthritis drug against the cor- researcherssearched fora man in his 40s who agreed to infection to clear antiviral antivirals onavirus. partner to help design and overactive drugs to clear be in the study just before On the thirdfront, re- make avaccine.Dr. Graham immune response infections to clear infections infections to clear infections nurses inserted abreathing

searchersare hunting foren- reached out to Moderna, Sources: Vacinnes (National InstituteofAllergy and Infectious Diseases; World Health Organization; U.S. DepartmentofHealth and Human Services; tube down histhroat because tirely newdrugs. Among these which is pioneering anew CureVac) Drugs (the companies)Note: Companies’estimatesfor projected start dates. *July to September.†Early summer of respiratoryproblems from efforts, which take longer,are technologyfor making vac- AlbertoCervantes/THE WALL STREET JOURNAL thevirus,Dr. Hohmann said. programs to mine the blood of cines.Ituses “messenger” He is nowstable,she said. recoveredpatients forinfec- RNA,genetic material that can Forthe test of Moderna’s tion-fighting soldiersknown instruct cells to makeproteins chief scientific officer at Re- in people in months rather that blocked the virus from vaccine,Mr. Browning,the Mi- as antibodies that canbecon- able to triggerimmune re- generon in Tarrytown, N.Y., than the yearsittakes to birth entering cells.Ifitcouldn’t en- crosoftengineer,showedupat verted intodrugs. sponses. texted hishead of infectious atraditional drug from tercells,itcouldn’t replicate. the Kaiser research institutein “I think we canfind some- Like theNIH, Moderna re- disease research. “Good luck scratch. Atreatmentwas still far downtownSeattle on March thing that, at least, helps peo- searchersstudied the newvi- today,” he wrote. “The world Theteams had spent weeks away—but nowwas in sight. 16,becoming only the second ple out,” said Derek Lowe,a rus’sgenetic sequenceand is sort of maybe depending on collecting antibodies from Thechampagne popped open. volunteer. veterandrugresearcher. concluded the spikeprotein you;).” miceexposed to the coronavi- “My head wasinarush: It had been just nine weeks “Whether anyofthese things would be the part to target. By It was8:41a.m. on Satur- rus’sspikeprotein, in hopes ‘We’vegot it,’ ” Regeneron sinceresearchersselected a work well enough to getpeo- Monday, Jan. 13,the NIAID day, March 14,the latest in a that two of the antibody mole- Chief ExecutiveLeonardSchle- section of the virus’sgenetic ple out of their houses,that’s and Moderna agreed on avac- string of weekends consumed cules could be combined intoa ifer recalls thinking afterhis sequence to target, an unusu- another question. Maybe it cine design. Moderna made a by the company’shunt fora drug able to stop an infection. chiefscientific officer gave ally short period. Even so,the works well enough to reduce small batch fortesting.Dr. medicine that could knock out They also gathered antibodies him the details. “The world is trial is unlikely to have pre- thenumber of people who go Corbettand colleagues started the virus.Spearheading the ef- from the blood of recovered starting to fall apart, and if we liminaryresultsuntil summer, on ventilators.” testing it in miceonFeb.4. fortswas Christos Kyratsous, coronavirus patients. canjust hold on, in that lab,in followedbymoretesting re- Johnson &Johnson said it Twoweeks later,initial results drug-discoverychief forinfec- Experimentstosee whether those tubes,isacure.” quired that would push the andadivision of the Depart- showeditelicited antibodies tious diseases,who used a these killed the virus in test Regeneron said it would vaccine’savailability out about ment of Health and Human to coronavirus in the blood. rapid-response platform tubeswerebeing finished up choose the best two antibod- 12 to 18 months,according to Services together have com- Months of testing in hu- formed afterthe 2014Ebola that March Saturday. ies foradruginApril and the NIAID. mittedmorethan $1 billion of mans would be necessary.. epidemic in West Africa. “You cancome now,” Dr. startclinical trials by early Afterhis shot, Mr.Brown- investment to co-fund vaccine Moderna retrofittedequip- His team collaborated with Kyratsous texted Dr.Yanco- summer.Itispreparing to ing stayed forabout an hour research, development, and ment at itsplant outside Bos- colleagues who tended some poulos at 2:45 p.m. Dr.Yanco- makehundreds of thousands so the staff could makesure clinical testing.Other govern- ton, and by Feb. 25 the NIAID special micewith immune sys- poulos gotoff aconference of doses a month by the sum- he didn’t have anyside effects. ment agencies and universities wasready to recruit healthy tems genetically engineered to call and walked to the lab.As mer’send. He drovehome and worked arealso spending on research. volunteers. have ahuman-likeresponse to he entered the lab and sawDr. Getting the drug on the that afternoon helping Micro- Unlikemanydrugquests, viruses.Because the mice Kyratsous smiling,hetexteda market isn’t assured. Clinical softconfigurenetwork fire- there’snot necessarily abig makeantibodies indistinguish- colleague to bring abottle of trials showing the treatment walls to accommodateasurge payoff at the finish. Some Champagne moment able from people’s, research- champagne. is both effectiveand safe in employees working re- companies have indicated One morningthe following ersworking with them can Datashowedthey had could take months.These are motely,until the threat posed they’ll provide drugsfreeorat month, George Yancopoulos, have acompound ready to test found hundreds of antibodies the stages wheresomany by the virus canbequashed. P2JW098000-2-A012A0-1------NS

THE WALL STREET JOURNAL. ** NY Tuesday, April 7, 2020 | A12A GREATER NEW YORK Island Prepped for Temporary Burials

As private cemeteries newly hospitalized with the disease fell to itslowest point struggle to handle sinceMarch 18 on Sunday, rising deaths, officials with 358 newadmissions,rep- resenting three straight days look to potter’s field of declines in hospitalizations for the virus. BY BEN CHAPMAN New virus hospitalizations AND KATIE HONAN forthe statepeaked on April 2 with 1,427 newadmissions,ac- New York City is consider- cording to state officials. ing using temporarygravesin Thegovernor said intuba- itspotter’sfield to handle the tions and admissions to inten- mounting deaths from the new sive-care wards also declined coronavirus pandemic,city of- Sunday, but he warned that ficials said Monday, even as precautionarymeasures to datashowthat the outbreak in stop the spread of the virus the nation’s hardest-hit state arestill needed. He said he mayhavepeaked or plateaued. would extend the closureof The city has a contingency schools and nonessential busi- plan to burypeople temporar- nesses until April 29.And he ily on Hart Island, depending also said he would raise fines on the city’s capacity needs as forviolating rules to stop privatecemeteries struggle to Covid-19 from $500 to $1,000. deal with an increase in inter- “This is an enemy we have ments, the officials said. underestimated sinceday one, Theisland is acity park off and we have paid the price the coast of the Bronx and is dearly,” Mr. Cuomo said.

one of the largest public ceme- /REUTERS On Monday afternoon, the teries in the country. Formore governor said President than acentury, it has been a Trump agreed to allowpa- burial ground for low-income MCDERMID tients with coronavirus to be NewYork City residentsand AN treated on the USNS Comfort,

unclaimed bodies. BREND which is docked in the Hudson Theisland is operated by Workers on Hart Island, which formorethan acentury has been aburial ground forpoor NewYork Cityresidents and unclaimed bodies. River at aManhattanpier.The the city Department of Correc- Comfort, which has 1,000 hos- tion. Inmates at the city’s Rik- $1.50 an hour to $6,asitsought city’s OfficeofChief Medical fortemporaryburials.That’s or plateaued, Gov.Andrew pital beds,previously only ersIsland jail complexhave to increase the pool of prison- Examiner said that no decision all I’m going to say,” the Cuomo said at a news confer- served patientswho didn’t worked on burials at Hart Is- ersavailable to staff operations has been made yetonimple- mayor said. ence on Monday. have the virus. land formorethan 50 years, there, the officials said. menting the plan. NewYork statefaces apiv- Still, the state has 130,689 At Manhattan’sJacob K. according to correction offi- The plan to place bodies at When asked about the mat- otal point in itshandling of positivecases,with morethan Javits Convention Center, the cials. Hart Island existsonly as a teratanewsconferenceon the novel coronavirus, as the half of them in NewYork City, governor said he would build In March, the city increased contingency, said aspokes- Monday, Mr.deBlasio said the daily death toll from the dis- according to statefigures.In hospital capacity by allowing the amount of money it pays in- woman for Mayor Bill de Bla- city has plans forbodies as ease has remained relatively all, 4,758 have died statewide 1,500 temporaryhospital beds mates to help placecasketsin sio on Monday. the local death toll mounts. flat fortwo days,indicating from the disease. in to be used by coronavirus graves at Hart Island from Aspokeswoman forthe “We will have the capacity the outbreak mayhavepeaked Thenumber of people patients. Gov. Cuomo Turns an Eye to Restarting Economy

BY KATE KING marketing effortscould be re- ness owners being able to ac- opening anew restaurant,” ally helpful,” Mr. Bowles said. cess the capital they need to Mr. Chirico said. One day—hopefully soon— “When it comes to restarting restart. Liz Neumark, owner of the the city that never sleeps will the city’s economy, I’m abso- Some advocacygroups and Bronx-based Great Perfor- turn to the task of waking up lutely convinced that tourism lawmakershaveproposed can- mances,which caters corpo- its comatose economy. is going to be key.” celing rent paymentsduring rate,nonprofit and private Manyare dreaming of the Kathryn Wylde,chief execu- the pandemic, but Ms. Wylde events,said she also is wor- daywhen NewYork City’s JOURNAL tive of the business organiza- said that could prevent prop- ried aboutcash flow during

shops,restaurants, bars, ho- REET tion Partnership forNew York erty ownersfrommaking loan what she expectswill be a tels,theaters, salons,tourist ST City,said NewYorkersshould payments and banks from is- very slowrecoveryfor the LL

traps,stadiums,concert halls, WA apply as quickly as possible suing lines of credit. hospitality industry after the museums and galleries will re- forthe unemployment benefits “There are large questions public-health crisis ends. THE

open afterbeing closed for R and small-businessassistance looming that makeitvery “Money’s going to be areal weeks to prevent the spread of FO provided by the recently en- hardtoplan forrecovery,” Ms. issue,” she said. “As we ramp the new coronavirus. acted federal stimulus pack- Wylde said. “The firstbeing, up we’ll need help from finan-

But with the city and state BLESENER age. when will we be able to go cial institutions for cash flow

still grappling with the public- H “Get that $2 trillion into back to business? And then, and for that jump-start.” RA

health crisis,noone knows SA ourlocal economyasfast as will our financial system be Ms.Neumark waspreparing when businesses will be al- Times Square last month. The governor has asked former aides to possible,” she said. “That’sthe able to provide the capital forgala season, which usually lowedtoresume operations— develop an ‘NYS Forward’ plan to unwind the virus restrictions. most important way to ensure necessary to reopen?” includes hundreds of events, or howthey will surviveinan recovery.” Marco Chiricosaid he and wasforcedtofurlough economywhere hundreds of chief administrator of the said, noting that the needs of Businesses with fewerthan wantstoreopen one of his two 25% of her 1,200 employees. thousands of NewYorkers are holding companyMacAndrews lawfirms aredifferent from 500 employees,including non- Brooklyn restaurants, Marco Sheistrying to figure out filing forunemployment bene- &Forbes;Bill Mulrow,senior the needs of restaurants. profits, canapply for first- Polo,after the pandemic ends howpeople will feel about din- fits. advisorydirector at private-eq- Jonathan Bowles, executive come,first-served forgivable butthe expenses involved are ing out afterthe pandemic “You turned off the engine uity firm Blackstone;and Law- director of the nonpartisan pol- loans that canbeused to daunting.Mr. Chiricoclosed ends,including such questions quickly,how do younow start renceSchwartz,chief strategy icygroup Center foranUrban coveruptotwo months of the 36-year-old Italian restau- as when people will feel com- or begin to restart or plan the officer at OTG,anairport-con- Future, said tourism wasessen- payroll. rant in mid-March and has fortable eating in large groups restart of that economic en- cessions company. All three re- tial to reviving NewYork City’s Taking advantageofthese been offering deliveryand again, and howthey will want gine?” said NewYork Gov.An- viously held senior roles in Mr. economic recovery afterthe loans will save employers the pickup out of his other restau- their food served. drew Cuomo at aMarch 23 Cuomo’s administration and Sept. 11, 2001, terrorist attacks. time of rehiring laid-off work- rant, Enoteca On Court. “I do have faith that the news conference. He had or- political campaigns. Thecity and stateun- ersand hopefully gettheir Mr.Chiricosaid he is con- world will come back,” Ms. deredall nonessential busi- Themen areconsulting leashed a robust promotional businesses back up and run- cerned about being able to Neumark said. “People will nesses closed as of March 22. with medical and economic ex- campaign afterthe attacks, ning quicker, Ms. Wylde said. hire back all the employees he have events again. People will Thegovernor has tapped pertsabout whether certain andtourism has increased “It keeps payroll going, laid off,having enough money getonairplanes.People will several former aides to de- industries might be able to re- sincethen, with morethan 65 even whilethe economyis to paythe bills that arepiling pass the hors d’oeuvres with- velop astatewide “NYSFor- storenormal operations more million people visiting New down, so businesses don’t up during the pandemic and outcringing.But Ithink it’s ward” plan to examine howto quickly than others, a person York City last year compared have to restart from scratch,” finding the cash to replenish going to be really, really slow unwind the restrictions. familiar with their work said. with lessthan 40 million in she said. his inventory. and really difficult.” Theteam includes Steven It’stoo soon to saywhat 2000. Ms. Wylde said she is nev- “When this is all said and —Jimmy Vielkind M. Cohen, general counsel and they will decide,the person “I thinkthat those kinds of ertheless worried about busi- done,it’sgoing to be like contributed to this article. Ultra-Orthodox Community Warned on Large Gatherings

BY PAUL BERGER the weekend have shown hun- liamsburg, said the community AND BEN CHAPMAN dreds of men crowding side- should find waystopractice walks and streetsfor ultra-Or- social distancing whilestill NewYork officials on Mon- thodoxfunerals.Most weren’t honoring the religious ritual. dayurged ultra-OrthodoxJew- wearing masks or maintaining “Of all thingstoask acom- ish communities to follow so- 6feet of separation, the vid- munity not to do,Ithink fu- cial-distancing rules after eos show. nerals are probably the hard- policebroke up crowdsat Ultra-Orthodoxleadersand est,” he said. three religious funerals in NewYork PoliceDepartment Meanwhile,Rockland Brooklyn over the weekend. officials said Mondaythat the County,which is about 30 Gov.Andrew Cuomo said at gatheringsinBrooklyn were miles north of New York City

anewsconferencethat he outliers and that most people andishome to alarge ultra- GES

would double the maximum arefollowing social-distancing Orthodox population, has one IMA fines to $1,000 forpeople who guidelines imposed because of of the highest per-capitarates flout the rules. the new coronavirus. of the disease in the nation, ETTY /G

“Thisismyway of saying, NYPD officersdispersed the according to federal officials. TT

this is serious,” Mr.Cuomo funeral crowdsoverthe week- RocklandCounty Executive PLA said,referencing large ultra- end with sirens and by playing Ed Day, who has been frus-

Orthodoxgatherings. “What messages about social distanc- trated by several recent Jew- SPENCER right do you have to act irre- ing. ish funerals involving more Crowds of ultra-Orthodox Jewish men gathered Sunday for a funeral in Brooklyn’s Borough Park section. sponsibly in a way that could “These gatheringsmust than 100 mourners, welcomed get you sick?” cease immediately,” said NYPD Mr.Cuomo’s remarks on Mon- and masks. as well as dozens of grand- restrictions were put in place. NewYork is the epicenter spokeswoman Sgt. MaryFran- day. Agudath Israel of America, children. “There’sprobably no dayin of the nation’scoronavirus cri- ces O’Donnell. Mr.Day said in an interview an umbrella organization of “The vast number of de- the Jewish year wherethere’s sis,accounting forathirdof Yosef Rapaport, an ultra- that policeofficersinRock- ultra-Orthodoxrabbinical scendantsofadeceased per- more physical contact among the cases in the country. Orthodoxjournalist and media land County would use local groups,planned to release sonwill basically be barred Jews and moredense crowds,” Brooklyn neighborhoods consultant based in Borough health codes to fine people up guidancelimiting funeral par- from the funeral,” Rabbi Rabbi Shafran said of the fes- with largeultra-Orthodox Park, said Jewish rabbis have to $2,000 for flouting social- ties to 20 people. Shafran said. tival, which is celebrated with communities,such as Borough told followers to adhereto distancing rules. Rabbi AviShafran, a Rabbi Shafran added that large parties wherepeople Park, Midwood and Williams- health guidelines. He said gatheringsshould spokesman forthe group,said he believed the large number danceand hold hands. burg, have among the highest “It’sapuzzle to me how be capped at 10 people, that although the recom- of coronavirus cases in some “There’snodoubt that wasa numbersofconfirmed cases of some people know and still though officerswould use dis- mended number might seem ultra-Orthdoxcommunities major vector.” the virus in NewYork City,ac- don’t comply,” he said. cretion if the group was high to secular society,many waspartly because the festival —Katie Honan cording to city data. City Councilman Stephen slightly largerbut properly ultra-Orthodoxfamilies in- of Purim fell in early March, and Jimmy Vielkind Videos on social media over Levin, who representsWil- spaced out and wearing gloves cludeeight or nine children beforemanysocial-distancing contributed to this article. P2JW098000-2-A012B0-1------NS

A12B | Tuesday, April 7, 2020 NY ** THE WALL STREET JOURNAL. GREATER NEW YORK Pandemic Many Are Worried About Their Finances

Claims BY LEE HAWKINS Yorkerssay that “ifitwasn’t forthe ability to see and talk About three-quartersof to othersvia the internet, FirstRikers NewYork stateresidentsare they think they’d be going concerned the coronavirus crazy,” the poll found. crisis will cause them serious “The coronavirus crisis has Prisoner financial problems,according turned lifeupside down for to anew poll released Mon- nearly all NewYorkers,” said BY BEN CHAPMAN day. Don Levy,the director of the TheSiena CollegeResearch institute. ARikersIsland inmatewho Institutepoll also found that Thepoll is asurvey of ran- had tested positivefor the 51% of NewYorkersare wor- dom phone calls to 402 New newcoronavirus died Sunday, ried they won’t be able to York adultsand 400 drawn marking the NewYork City jail meet their monthly financial from aproprietarypanel of complex’sfirst death of an in- obligations,with 37% con- NewYorkersfromMarch 30 matewho fell ill from the dis- cerned about being laid off. to April 2. It has amargin of ease, officials said. NewYork stateaccounts error of 3.6percentagepoints. TheRikersIsland inmate, for36% of the country’s Thepoll had some encour-

identified by his attorneysas 337,971 Covid-19 cases,ac- GES aging findings: 76%ofNew

Michael Tyson, 53 yearsold, cording to dataasofMonday IMA Yorkerssay they feel likethey wasmoved to Bellevue Hospi- morning from Johns Hopkins are“enjoying the small things ETTY

talinManhattanonMarch 26 University. Thevirus has led /G even more now,” and 75%say afterbecoming ill, Department to closureofnonessential that they are“appreciating

of Correction officials said. businesses in the state. ANCUR theextratime that they are Mr. Tyson’sattorneys said NewYork’sDepartment of BET having with those that are

he hadbeen jailed foralleg- Labor processed morethan KENA close to them.” edly violating his parole after 369,000 initial unemployment A poll found 51% of New Yorkers fear they won’t be able to meet their monthly financial obligations. “With all the thingsto being released following a applications in the week that worryabout—health, money, conviction forattempted drug ended March 28,representing NewYorkers’ lives as well. about their lives as usual, ac- younger residentsinthe state food and bills—most of us say sales.His family couldn’t be a2,674%increase compared About 95% of residentssay cording to the poll. saythat “not being with other that we feel likeweare enjoy- reached for comment. with the same week last year. they areeither quarantining Two-thirds of those sur- people is making them ing the small thingseven Thecity OfficeofChief Medi- Theoutbreak has takena or practicing social distanc- veyedsay their anxiety level lonely,” the poll showed. morenow than before,” Mr. calExaminer has yettodeter- physical and emotional toll on ing,and only 4% aregoing is up,and morethan 60% of Meanwhile, 60% of all New Levysaid. mine Mr.Tyson’scause of death. According to Department of Correction records, therewere 273 Rikers inmates with con- Museums Begin Chronicling the Deadly Crisis firmed cases of the coronavi- rusasofMonday.Another 374 jail workershavebeen con- BY CHARLES PASSY cle the pandemic.Soare insti- chronicling the storyof9/11 by aQueens resident, that firmed to have the virus,ac- tutions outside NewYork,such within aday of the tragedy, reads, “This too shall pass.” cording to the department. NewYork City could be fac- as the Atlanta History Center. Ms.Mirrer said. By November The Museum of the City of Four Department of Correc- ing itsmost challenging week “Weare realizing alot of 2001, the institution presented NewYork is taking adifferent tion staffershavedied from to dateduring the novel coro- thingsare ephemeral,” said itsfirst exhibit devoted to 9/11. approach and inviting New Covid-19,the disease caused navirus pandemic.But for Sheffield Hale, president and Chronicling apandemic Yorkerstosharephotos,via by the virus,said Peter Louise Mirrer,president and chief executive of the Atlanta poses unique challenges, said Instagram, that offer awin- Thorne,adepartment spokes- chief executiveofficer of the institution, referring to the officials with the society and dow into their lives. The mu- man. Mr.Thorne declined to New-York Historical Society, relevant documentsand ob- other institutions.Chief seum plans to review the pic-

name the deceased workers, thereisnopoint in waiting JOHANSEN jectsthat areoften unwittingly among them is the fact that tures and likely will share A

citing privacy concerns. until the worst passes before LIS discarded afteramajor histor- field work,asinmeeting with some of them on other plat- City andlaw-enforcement thinking aboutdocumenting New-York Historical Society is ical event. “Ifyou don’t cap- individuals and soliciting forms,said LindsayTurley,the officials have moved to reduce the moment in time. capturing history in the moment. turethem now, they’regone.” itemsofmerit, is difficult, institution’s vice president of the population of RikersIsland Ms.Mirrer is leading her To some extent, it was 9/11 given the need for social dis- collections. by releasing inmates and pros- team of roughly 360 employ- Side.She cites astatement that changedhow archivists tancing. Even as the institutions do ecuting fewerlow-level crimes. ees to gather what they can from the 216-year-old institu- approach contemporaryhis- TheNew-York Historical theirchronicling work,they Therewere4,485 inmates as that tells the storyofthe vi- tion’s founders: “If we do not tory,manyinthe museum Society is neverthelessfinding also aredoing their part to of Friday, the latest Depart- rus’ spread and howitput the collect and preserveright now, field say. Theterrorist attacks waystowork around the situ- help.The NewYork State Mu- ment of Correction figures city at a standstill. Items the historywill be nothing more weren’t only significant, but ation.Ithas reached out to seum recently made available show, down from about 5,600 society is seeking range from than dust and speculation.” also leftarecordthat easily shopkeepersabout keeping 20,000 pairsofrubber gloves, beforethose effortsbegan. signs in shop windows to do- TheNew-York Historical could be preserved, be it in signs they have placed in their normally used forhandling Jail officials said they are it-yourself face masks. Society is hardly alone in tak- theform of relics from the windows forcollection at a rare or delicatedocuments, to taking steps to limit the Theidea of capturing his- ing this approach. TheNew former World Trade Center or later time. medical workers, given the spread of the virus. As of Fri- tory in the moment, said Ms. York State Museum, located in photographs or video record- It has also been able to need for such supplies. day, the department expanded Mirrer,isbuilt intothe DNA of Albany, N.Y., and the Museum ings taken that day. gather afew items,such as “That’sthe oppositeofcol- thescope of itsdistribution of the society,which is located of theCity of NewYork also Indeed, the New-York His- some do-it-yourself facemasks lecting,” said Mark Schaming, maskstoall staff and inmates. on Manhattan’sUpper West are starting efforts to chroni- torical Society started itswork and adecorativerock,created the museum’s director.

DISASTERSDON’T PLAN AHEAD YOUCAN

DON’TWAIT. COMMUNICATE.

Talk to your lovedonesabout howyou are goingtobeready in an emergency.

VISITNYC.GOV/READYNY OR CALL 311. P2JW098000-0-A01300-1------XA

THE WALL STREET JOURNAL. Tuesday, April 7, 2020 | A13 LIFE&ARTS MER UZ ZA Y EMIL OE; OK ST RINNE CO MER; UZ ZA BEN P: TO OM FR WISE OCK CL Video Streams for the Holidays

For Easter and Passover, families stuck at home improvise to preserve traditions; leg of lamb by the laptop

BY CLARE ANSBERRY youngest of the Figotenchildren, made the individual placecards, he Figotenfamily has writing each name in fancyscript been gathering for against abackground pictureof Passover Seder meals matzo.Ironically,through marriage foralmost 70 yearsin and the passing of generations,no LosAngeles—some one at the Seder has the surname T Figotenanymore. membersflying across the countrytoeat, pray,visit and AmyRichlin joined the Seder in sing songs, including their original 1990 aftermoving to LosAngeles “Ballad of the FigotenClan.” Every- from NewJersey.Atone Seder,Dr. one had their ownplacecards, Richlin,aclassics professor at the manymade by afamily member University of California, LosAnge- who passed away. les,interviewedsome older rela- This year, the coronavirus has tives and wrotethe “Ballad of the made their usual celebration impos- FigotenClan,” telling the storyof sible.It’sareality faced by many howthe family migrated from To- families this month, when far-flung rontotoDetroit and then LosAnge- relatives normally unitefor Pass- les,and sung to the tune of the over,Easter or Ramadan holidays. Some Figoten Seder place cards, top; above, the family Seder in 2017; at right, theme song of the old TV sitcom Nowfamilies,who forgenerations Corrine Stokoe and her family, photographed last Easter at church. “The Beverly Hillbillies.” have come together to perform tra- Dr.Richlin says that everysoof- ditions they learned as children, are Seder “to-do” list. “Dear Passover Zauzmer,who is activeinthe Re- writes afashion blog.Her three tenshe has longed to stay home grasping forways to connect virtu- Planning Team” it began: Daughter form Jewish congregation. girls will wear newEaster outfits, and makealeg of lamb forSeder, ally,re-creating long-held rituals. Emily wasincharge of figuring out With houses of worship closed, and they will take afamily picture, setting her owntable.“Be careful Passover,aspecial ritualized din- away to digitally hide the afiko- “thereseems to be areturn to an annual tradition that follows one what youwish for,” she says.This ner with family and friends that in- men, apieceofmatzothat is tradi- home-based religiosity,” says Brie from her ownyouth. “My mom al- year,she will makeher lamb— volves theretelling of the Exodus tionally hidden in the house for Loskota, executivedirector of the waysdressed us in special outfits which she and her husband will eat storyand the liberation of Jews children to find. Thesolution: She Center forReligion and Civic Cul- forEaster.I’vedone the same with in front of their laptop so they join from slavery,presentsparticular hid an imageofthe matzo in a tureatthe University of Southern my kids,” says Ms.Stokoe. in the virtual Seder. challenges.Itdoesn’t involvesyna- photofromaprevious Seder,and California in LosAngeles.The home She will continue with other tra- To add to the traditional service, gogues,sothere’snoeasy way to guestswill race to find it. Thewin- is wherebeliefs and values have ditions,filling Easter basketswith Mr.Zauzmer looked fornew read- record and broadcast services.Plus, ner will getaprizevia Venmo. long been instilled daily and infor- books,toys and candy and making ingsand contemporarycommen- Passover involves preparing many Jan’sson, Ben, who lives in Los mally,she says. her mother’s cherryJell-O,even tary.“Obviously this year Iwill talk foods that areoften symbolic and Angeles,emailed each guest photos That’struefor Corrine Stokoe, though her children don’t likeit. about this modern plague,what it crucial to the ceremony. of the beloved placecards.Daugh- who lives in OrangeCounty,Calif., In the Figotenfamily Seder,the means and what we arelearning Forthe Figotens,that has forced terJulie prepared aPowerPoint with her husband and three chil- stewedfruit compotewas the dubi- about togetherness, family and the arethinking of family traditions presentation, which will include dren. On Easter,her family will ous but oft-repeated dish. TheSe- thingswevalue,” says Mr.Zauzmer, they have performed forseven de- prayersfromthe Haggada, awrit- have aprayerserviceinthe home, dersstarted in the early 1950s and whose mother wassecond cousin to cades.Inmid-March, Bob Zauzmer, tenguide to the Passover Seder. with the focus on the resurrection eventually moved to abanquet hall, the Figotens. who lives in Philadelphia but has Theparticipantshavechosen the of Jesus.Ms. Stokoe, who is the or- which could accommodatethe Jews close the Seder with “Next returned with his family to Califor- Zoom conferencing platform to use ganist at her church, will playthe group of 30 to 40 people. year in Jerusalem,” aline that is nia to lead the FigotenSeder for40 forthe event. “Therewill be mixed piano.The servicewill last as long Food wasalways secondary. “We meant to look forwardwith hope. years, emailed all attendees,letting feelings—both sadnessatnot being as the attention span of her chil- gettogether only onceayear en Next year,the family memberssay, them knowabout plans foravirtual able to celebratethe holidayto- dren—ages 7, 4and 1. masse,” says BruceRawitz, 64. “It’s they hope they canbetogether in ceremony. gether and joyatbeing able to “Wewill do averyshort sacred asocial time.Not just areligious person. “I expect manyofuswill be His wife, Jan, created avirtual reach acrossthe miles,” says Ms. service,” says Ms.Stokoe, who time.” His latemother,Dorothy, the choked up,” says Ms.Zauzmer.

sures roughly one-foot square, de- APicasso Drawing pictsanunidentified blue-eyed woman, whose somber faceis framed in browncurls.Picasso fin- ished the drawing,along with Skips the Auction Block roughly 70 paintings, during amel- ancholic phase early in his career known as his Blue Period. Paintings BY KELLY CROW from this stage, which runs from 1901 to 1904, have sold at auction APABLOPICASSO pastel drawing forasmuch as $67.4 million. GES sold in desperation by a German Julius Schoeps, a Mendelssohn- IMA Jewish banker before World War II Bartholdy heir and a historian who ETTY is returning to the market for at is the director of the Moses Men- /G least $10 million. The banker’s de- delssohn Center for European Jew- BILD scendants, who recently won resti- ish Studies at Potsdam University

TEIN tution of the work from the Na- in Germany, in a statement called

ULLS tional Gallery of Art in the events “a poignant reminder of S; Washington, have asked New York the enormous impact that Nazi

PRES dealer Larry Gagosian to sell policies had upon the contents of

TED “Head of a Woman,” a pensive por- Picasso’s ‘Head of a Woman,’ far left, and ‘Portrait of many private and public art collec- trait Picasso made in 1903. Angel Fernández de Soto,’ above, were once owned by tions today, as well as the Men- OCIA

SS Mr. Gagosian said that the heirs Berlin banker Paul von Mendelssohn-Bartholdy, left. delssohn family’s tragic history in /A

TZ of Paul von Mendelssohn-Bar- Nazi Germany.” tholdy, the Berlin banker who with Picasso’s estate for years, and Theswift yers,but details weren’t fully Mr. Gagosian’s involvement with bought the drawing around 1912, has a track record of major shows turn of events hashed out until March 30. re-selling “Head of a Woman” is KNIPPER

J. approached his gallery last Sep- and sales of the artist’s work, Mr. that brought Last week,Mr. Gagosian said he the latest twist in the saga of a tember and asked if the gallery Gagosian said. “Head of a worked with the museum to transfer German banking family pressured could help them sell “Head of a The dealer said he came up with Woman” to the painting to his NewYork gallery by Nazis to dismantle their art col- HERMANN Woman,” should they ever win it the estimated price based on the NewYork last from Washington. He engaged acou- lection within months of Adolf Hit-

IAN; back from the museum. condition and exceptional aspects week reveals rier from Pennsylvania, complying ler’s rise to power. OS Mr.Mendelssohn-Bartholdy’s of the drawing, which Picasso that even with the museum’sstipulation that Mr. Mendelssohn-Bartholdy—a AG

/G several dozendescendants, who made early in his career. “What amid an art world largely shut he send someone who lived far from descendant of composer Felix NY arelargely elderly andbased in makes this particular work so rare down by thepandemic,interna- NewYork,which remains under Mendelssohn—asked a dealer to

ARS, Europe,said they opted to sell the is that it’s so finished, unlike other tional restitution effortschurn on. siegefromthe pandemic. help him sell Picasso’s “Head of a O/

SS drawing because it is difficult for works on paper from this period Spurred by a2016 lawinthe U.S. In a statement, the National Woman” soon after Hitler took so manypeople to shareone art- that were more like sketches,” Mr. that has given heirsmoreyearsto Gallery, which has owned the Pi- power and Nazi threats gutted the PICA

O work. Gagosian said. “You can tell Pi- layclaim to art that vanished dur- casso since 2001, confirmed it in- banker’s income, Mr. Byrne said. BL

PA They will likely use some of the casso has found his voice.” ing the Holocaust, as well as muse- sisted on working with a courier For now, Mr. Gagosian said he

OF proceeds to pay legal fees and Theheirs’ decision in favorofa ums’ global effortstobetranspar- from outside New York for health- plans to reach out to Picasso col- E fund potential restitutions—a com- privatesale through agallery rather ent about the provenanceoftheir safety reasons. The museum said it lectors who don’t yet own a Blue TAT

ES mon arrangement in such long- than an auction house follows a holdings, heirsofJewish collectors chose to return “Head of a Period work. : term efforts. John Byrne, a lawyer trend among ownersofother high- and institutions saythereisnorea- Woman” to “avoid the heavy toll The dealer added that he hopes LEFT for the heirs of Mr. Mendelssohn- profile works or collections to avoid son to postpone their efforts. of litigation” and added that the to find a buyer willing to exhibit OM

FR Bartholdy, said he couldn’t discuss the attention and risk of apublic Mr.Byrne said sincethe Na- move “does not constitute an ac- “Head of a Woman” as soon as Mr. financial details of the plan. auction at atime when most major tional Galleryagreed to return the knowledgment of the merit or va- Gagosian reopens his New York WISE The heirs engaged Mr. Gagosian sales have been postponed until af- work in February, he has been lidity of the asserted claims.” gallery. “I’d like to work something OCK

CL because his gallery has worked terthe coronavirus pandemic. emailing with the museum’slaw- “Head of aWoman,” which mea- out so people can see it,” he said. P2JW098000-0-A01400-1------XA

A14 | Tuesday, April 7, 2020 THE WALL STREET JOURNAL. LIFE & ARTS The Strokes Lost ADecade— NowThey’re Back

Theyresuscitatedrock,then theyfizzled. Back with anew album, the band leans into mystique CK TO BY NEIL SHAH bum “Is This It” for$25,000,us- ing money from aprior music- SOME BANDS stay together. Oth- publishing deal, SHUTTERS A/ ers break up, only to reunite. Then according to there’s the Strokes. Ryan Gentles,

The New York group, which their longtime RRILLA/EP started in clubs on the Lower East manager.Inan ZO

Side in the early aughts, is known unorthodox VIER JA

for resuscitating rock ’n’ roll at a move, they li- S; time when many people thought it censed it to RCA was dead. After releasing two re- Records,retain- PRES

cords in three years, the band put ing ownership UMA out just three in the next decade of their sound /Z and a half. recordings. (La- APR

Forfans,it’shardnot to won- bels typically GNA/D

der about the band’slost decade: demand owner- CA

Did lead singer Julian Casablancas ship of such “masters” in ex- CUC P:

prefer the freedom of asolo ca- changefor an advancepayment.) TO

reer? Did some memberswant to “I had to convince some of the OM focus moreonfamilies? Was higher-ups,” says Mr. Rovner. “But FR therebad blood driven by dis- I wasn’t going to let any corporate putes over money? bean-counter stop me.” (He now tivewho brought the Strokesto There was a conscious decision live appearances, the band found “There’s always been a mystery co-manages the band with Richard RCA.“‘First Impressions’ wasabit to rest, Mr. Gentles says. “It prob- themselves a top draw at festivals around them,” says Jack Rovner, Priest and Mr. Gentles.) of aturning point.” (The Strokes ably lasted a little bit longer than globally. the music executive who signed “Is This It” debuted in October declined to be interviewed.) any of us thought it was going to.” In 2018, Mr. Casablancas and them 20 years ago. 2001 to glowing reviews, winning Unlike most bands with issues, Another potential factor: The the Voidz released the album “Vir- That mystique will help propel fans over with Mr. Casablancas’s the Strokes never actually broke Strokes, early on, split everything tue,” which won critical praise for them when the Strokesrelease “The meticulous songwriting and dis- up. For years, they muddled equally, including with Mr. Gentles, its genre-defying sound. On the NewAbnormal,” their sixth full- torted vocals, and the band’s chug- through a perfect storm of per- according to a former associate of song “Lazy Boy,” he sang: “I don’t length album on Friday. Together sonal and pro- the band. (Mr. Gentles declined to want to be a puppet that the ghost again and seemingly committed, fessional con- comment on the band’s business.) of my young self still controls.” they’vehired producer guru Rick flict. “Julian was writing it all, and The Strokes “were successful Rubin,asign that they’reserious Around the they all were sharing everything,” with something that was not main- this time.“We took the 2010s— time of “First this former associate says. “When stream,” Mr. Casablancas said in a whatever the f— they’recalled—we Impressions,” you’re a kid, that sounds great. As Wall Street Journal interview that took them off,” Mr.Casablancas,the Mr. Casablan- you get a little bit older, you’re year. “But I don’t think it was re- band’schief songwriter,said at a cas quit drink- like, ‘Hey, wait a second, they’re ally pushing the boundaries I was NewYear’s Eveshow. “Nowwe’ve ing; guitarist just showing up and playing their interested in.” been unfrozen.” Albert Ham- instruments!’” Then, in another twist—with Sincelast year,the band has mond Jr. dab- Then there were the solo proj- kids getting older and solo proj- made the concert rounds,even bled increas- ects. “The Strokes as a band was ects under their belt—the Strokes stumping forBernie Sandersback ingly in drugs, no longer the prime focus,” Mr. returned again. in February. Their newalbum according to Zinker says. Mr. Hammond Jr. re- “The Strokes had reached out a comes with shows and festival ap- current and leased his first solo album in couple of times over the years and pearances,assuming the concert in- former associ- 2006; Mr. Casablancas went solo demo ideas at those moments dustry—shutteredbythe coronavi- ates of the in 2009, having launched a label, didn’t illustrate a direction to ruspandemic—reopens eventually. band. While Cult Records. In the 2010s, every move in,” producer Rick Rubin “That’s a complicated relation- Mr. Casablan- Strokes member had outside proj- says. This time, “it was clear to me ship, there,” says Harley Zinker, a cas wrote most ects. Mr. Casablancas even had a we could collaborate.” sound engineer who has mixed of the material, new band, the Voidz. It “probably The band recorded quickly over shows for Interpol, the Strokes other members extended that time between re- two sessions of roughly 10 days and the Yeah Yeah Yeahs. “Like wanted more cords,” says Mr. Cotterman. each. In a notable move, Mr. Casa- any band. But this one, maybe say. And some In 2011, they regrouped for blancas relied less on the distor- more so.” were starting “Angles,” their fourth album, for tion that has long shrouded his The complicated dynamic The Strokes are in demand globally. They performed at families: Bass- which membersco-wrotematerial singing. “I love Julian’s voice,” Mr. evolved over time. The five mem- L’Olympia in Paris, top right, and in Bilbao, Spain, above. ist Nikolai Frai- more than in the past. But instead Rubin says. “I fought to be able to bers are childhood and teenage ture had a of the extensivetouring normal hear it.” friends. After their first concert in ging guitars. It is now regarded as child in 2004, guitarist Nick Va- forrock bands,they focused in- This year, the Strokes regain the September 1999, they built a cult one of the most important rock al- lensi had twins in 2006. creasingly on festival appear- right to exploit 2001’s “Is This It” following playing New York City bums of the 21st century. “The dynamic between all of ances.Two yearslater,“Come- commercially; RCA’s license has indie-rock clubs like the Mercury Theband’squick follow-up, them is maybe what’s gotten in down Machine” arrived. There expired. This opens up potential Lounge. “The Strokes were insepa- 2003’s“RoomonFire,” fueled their the way of them putting out more wasnopromotion or touring. for the band to reissue it, but Mr. rable in the early days, they were superstar rise,but didn’t generate material and touring more regu- They didn’t even hire apublicist. Gentles says there are no plans. all best friends,” says Lucas as manysales,frustrating the band; larly,” says Mr. Zinker. “But there’s “A band is a great way to de- Just as the Strokes released “Is Cotterman, a former lighting tech 2006’s“FirstImpressions of Earth” also, ‘Hey, I want to be home with stroy a friendship,” Mr. Casablan- This It” in the midst of the Sept. 11 who worked for the band during sold even less. That’swhen, after my kids... Because I’m a dad now.’” cas told GQ magazine in 2014. attacks, “The New Abnormal” its first three albums. “It was actu- some touring,they decided to take Mr. Casablancas found it hard to Fans were surprised in 2016 comes during a pandemic whose ally great to be around.” an extended break. write on the road, according to Mr. when the Strokes released “Future U.S. epicenter is New York City. Media buzzwas intense and “Remember,these kids came to- Gentles. Meanwhile, they drifted Present Past,” an EP that seemed The band discussed whether to bidding among labels to sign gether when they were barely in apart geographically. Mr. Valensi to grapple with the band’s issues postpone the album—and opted to them grew fierce.Rather than their 20s,and they were on arocket lived in Los Angeles, for example, by having each song represent a stay the course. firstsign with alabel, the band ship forsix or seven years,” says and Messrs. Hammond Jr. and Cas- different stage in its career. “I can’t believe we’re coming self-financed their 2001 debut al- SteveRalbovsky, the record execu- ablancas on the East Coast. Thanks in part to their sporadic full circle,” Mr. Gentles says.

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NewYork City 63 52 pc 63 48 sh Dublin 57 42 pc 59 43 pc Warsaw6939s 68 43 pc s ADMI TEGOSANTE Oklahoma City 83 53 pc 82 46 pc Edinburgh 57 45 pc 56 41 c Zurich 70 39 pc 71 40 s Solvethis puzzle online and discussitatWSJ.com/Puzzles. DOSES LENT BASS P2JW098000-0-A01500-1------XA

THE WALL STREET JOURNAL. Tuesday, April 7, 2020 | A15 LIFE & ARTS

CULTURAL COMMENTARY freshly cut graves.(Curi- ously,you don’t see many photographs of empty Photographing aPandemic streets, although physical distancing wastried as a preventivemeasure.) These images were usu- Capturing the invisible is the challenge facing those whose job it is to document the visible world ally made with cameras on atripod and so almost ev- eryone is formally posed. In the next decade,smaller, handheld cameras liberated photographers, who took them everywhere. Themis- eryofthe Great Depression looks different from earlier catastrophes because Doro- thea Langeand her col- leagues could photograph on the go, and from anyan- gle the faces and gestures of individuals caught in the maelstrom. Thescale of the current pandemic is hardtocom- prehend now, and itspre- dicted length will tryevery- one’spatience.Perhaps, when the curveisflattened and strangerscan gather safely together again in crowds, ambitious curators will organizeanexhibition along the lines of “HereIs NewYork,” the massive outpouring of photographs by professionals and ama- teursabout 9/11. TheInter- national Center of Photog- raphyisalready collecting personal images of the cri- sis.Perhaps families af- fected will createsome- thing likethe AIDS quilt and giveusnames and sto- ries rather than statistics about those who aregone. Meanwhile, social media has become the main plat- form for photography. Previ- ous international disasters A nearly empty Times Square on Thursday during the current coronavirus pandemic that has much of New York staying inside did not have Instagram, Tik- Tok, FaceTime or Zoom, BY RICHARD B. WOODWARD through will likely illustrate human activity. It has been proving to be critical to deemed to be forthe greater which have provided wel- their texts with photographs over two months since Wu- many patients’ survival? good, isn’t an easy task.The come connectivity, amuse- HOWDOYOU photograph a of people wearing surgical han was locked down and And howdoyou commu- eyes of photographersaren’t ments and distractions. The pandemic? A disease whose masks, ubiquitous in the became the first ghost city. nicateinpictures the trained to look forthe coronavirus pandemic is un- cause is invisible to the na- news since January. The im- Because the U.S. has been wrenching isolation of this spaces between people. folding in the age of self- ked eye, moves by stealth ages were at first unsettling. behind Asia and Europe in disease—on both the people Photographersofthe documentation. What once across the globe, kills indis- Mixed motives can lie be- the upward arc of the viral dying alone in hospitals 1918 influenzapandemic could be annoying, people criminately, provokes eco- hind the need to hide one’s curve, we have already seen without visitsfromtheir had similar dilemmas.Their sending you photos of their nomic as well as social face from others. The numberless photographs families,and on the families work falls generally into meals, is now comforting. panic, and against which, from both continents of themselves,kept away from three categories: vast As a friend of mine re- for now, there is no vaccine empty streets, shopping their parentsorchildren in rooms or tentspacked with ported, after spending a few or remedy? Some voids defy malls, piazzas, churches, air- their final hoursor, in some patientsinbeds; people in hours online, “everyone It should be easy. The ports and amusement parks. cases,fromtheir gravesides? masks (doctors, nurses,sol- seems to be making soup.” coronavirus is disrupting illustration, such as In the past month, as New Dramatizing enforcedsepa- diers, police, barbers); and the lives of pretty much ev- the absence of much York City has become the ration and the loneliness coffins being carried into Mr. Woodward is an arts eryone on the planet and so new epicenter of the out- that canensue,evenwhen ambulances or lined up at critic in New York. wherever you aim your cam- needed ventilators break, news programs have era, you should see the ef- often opened with an empty fects. In reality, the virus is Times Square or Grand Cen- taxing the skills and imagi- tral Terminal. The cancella- nations of those whose job masked figure is associated tion of baseball’s opening it is to document the impact with criminals as well as day brought forth an array of an event with insidious doctors and nurses. But blog of empty stadiums around ramifications. Seeing the posts from some photogra- the country. same sorts of images on a phers indicate they are al- We are so used to these daily basis for the next few ready tiring of taking these images by now that the only months may add another pictures. shocking ones are those of kind of fatigue as we’re The other popular option places where formerly nor- stuck at home. has been to show the voids mal activity has continued— Historians summarizing and lacunae in daily life— such as college kids carous- the period we’re living the eerie absences of typical ing on a beach in Florida, a sight that provoked public outrage, or dancing in a club. Everyone surely has had the Netflix experience I had recently. Watching strangers kissing or eating in a restaurant on screen, I couldn’t help thinking: What are they doing? Don’t they know they’re endangering themselves and others? Movies and TV episodes made only months ago, be- fore social distancing, al- ready seem to date from an- other era. Other voids defy simple illustration, such as the ab- sence of needed ventilators in this emergency. To dra- matize a shortage of food, you need only photograph empty store shelves. But Florida’s Fort Myers Beach on March 13, above; pedestrians wear how do you show the short- masks while walking on 34th Street on Monday, below ages of a machine that is GES IMA ETTY /G ANCUR BET KENA JOURNAL; REET ST LL WA THE R FO EDELHEIT EVE GES; IMA ETTY /G BENNETT UCE BR P: TO OM FR P2JW098000-4-A01600-1------XA

A16 | Tuesday, April 7, 2020 **** THE WALL STREET JOURNAL. SPORTS

JASONGAY An Opening DayThat Wasn’t

A spring baseball ritual for Little Leaguers is canceled—but it’s a trivial matter in a deadly crisis

Firstofall, howisev- eryone doing? Iknow: It’sweirdand probably abit ooey-gooey fora sportscolumn to begin with aquestion like that, and Ipromise to knock it off when this whole thing is over.But I hope you’redoing OK.Ihope you’re healthy, and your loved ones are, too, and you’reable to stay home,if you’reable to stay home.Ifyou need to be out thereworking,thank you. If you’rebaking three pounds of chocolatechip cookies everyday, and eating them by yourself,also thank you. This is ajudgment-free column. Youshould see the haircut I gavemyself.Ilook likeIwas getting adecent haircut, and then Igot at- tacked by arabid animal. It’sfine. It’sOK. I’m luckyand Iknowit, even GES if Ihaveareally terrible haircut. IMA This past Saturdaywas supposed to be our local Little League parade. ETTY /G If you’veeverbeen to one of these CARR

things, youknowthey’rethe best. B

Hereit’sclose to athousand Little RO Leaguers, from afew different or- An empty baseball field in Towson, Md. Little League is on hold this season. ganizations,all in their brand-new, yet-to-be-grass-stained uniforms, This pandemic has exposed fault angle,he’snever going to getthat 9:30 a.m. yesterday. its. On Sundaymorning, Iwatched a clickety-clacking in their cleatsupa lines between the vulnerable and the $350 million MLB contract and take Thething about these rituals is, “virtual” bike race contested by top closed-off street to the city ball privileged. To fret about aLittle care of his old man. they’recomforting.Simply being professional cyclists—the action un- fields.Itisn’t orderly; this ain’t League parade is ablessing. The5-year-old, she’sanatural. I able to focus on little thingsis folding on acomputer screen as Macy’sThanksgiving.It’sabunch of Still, alocked ball field on asunny think we’vegot something there. deeply fortunate. There’salot of real-lifequarantined cyclistsped- sugared-up Little Leaguers. Mr.Met spring dayfeels unnatural. So much She’sgot ayear or so until Little unimaginable out there. There’s aled furiously on stationarytrainers wassupposedly coming.There’sa does on our locked-down planet League,but watchout. ScottBoras: bravery, but people areincrisis, in their basementsand living band and adrumcorps.Someone right now. Theother day, President call me. too. Thesirens areconstant. Every rooms.Itwas apiddling substitute gives aspeech. Thekids getbored Trump tweeted to the nation’sLittle We look likelunatics,afather and time Ithink the sirens arestarting forthe actual thing,but even the and clang their aluminum batson Leaguersto“hang in there,” and two small children back in this alley- to calm down, Ihear another. approximation wassoothing.Some the ground. All they want to do is “you will be playing baseball soon,” way,foam baseballs bouncing all This is the newnormal fornow, NBAplayers competed in abasket- chase each other around. and that sounds great, but Idon’t over the place, but it’smyfavorite arecalibration. In sports, youcan ball videogame contest the other Theimportant thing about the knowabout that. Does anyone? part of the day. It’sour ritual. Every- tell that people aregetting jumpy night; ESPN covereditlikeitwas parade is what it signifies: Play Ball. We’restill doing batting practice, one has rituals now. Perhaps you’re to getgoing again; the WhiteHouse the Western ConferenceFinals.Now Twowords that no one’sgottena in alittle concretestrip behind our cooking more. Perhaps you’reread- huddled with league commissioners they’rereportedly trying to arrange chancetosay this spring,fromthe building.I’vegot abucket of foam ing books—not your phone,not a over the weekend and kicked agame of virtual H-O-R-S-E. major leaguersall the way down to balls that won’t break anyofmy device, but real-lifebooks,with around the possibilities of when Sure.Why not? the first-timersinmismatched socks. neighbor’s windows—at least Ihope pages and stuff.Perhaps you’reone and howthey might resume.But Nothing’ssurprising anymore. I Thefields around hereare empty, not—and we’vecarved out ahome of these people who has organized this is all just talk,because nobody have afeeling it’sgoing to be a locked sometimes,with asign on the plateand giveitagoafew times a the garage,then organized the ga- really knows—the situation is far good long while forustoreturn to chain-link fencereminding about the week.I’vegot the 7-year-old out rage again, and then organized the toofluid; the risks unknown. A normal. Iwonder what the normal need forsocial distancing. there, and the 5-year-old, too. The7- garage again, to the point wherethe storyinthe Journal put it suc- will be—if lifewill foreverchange It’sthe right thing to do,it’swhat year-old swingslikeadrunk lumber- garage asks: Are we really going to cinctly: When will you feel safe afterthis.IdoknowIwant pa- everyone needs to do,ifthey can. jack; Ineed to gethim my colleague do this again? You know where the around 20,000 strangers again? rades,but the firstshould be for Thesituation hereinNew York City JaredDiamond’snew book,“Swing rake is. Idon’t know. It sounds nice. But the doctors, nurses,emergencyre- remains an emergency, the worst Kings,” and explain to him that if he Perhaps you’vedone nothing at Idon’t know. spondersand essential workers. said to be still to come.Already the doesn’t start focusing on an upward all. It’sOK. Again: This is ajudg- Fornow,wemakedowith the Then the Little Leaguers, so we can suffering and lossisunspeakable. trajectory, and improvehis launch ment-free column. Iate acookie at rituals,along with strangenew hab- finally playball. PitchersKeep The Masters Movesto Arms Ready November

BY JARED DIAMOND enough to begin the season BY ANDREW BEATON quickly,without overdoing it THE MOST PRESSING con- and hurting their arms. TheMasters, which would cern in LosAngeles Dodgers Nobody knows the right have been playedthis week pitcher RossStripling’spro- approach. Interviews with but wascalled off in response fessional lifethese days in- several MLB pitchersand to the coronavirus,has been volves avoiding injury. Not to coaches last week revealed given anew home on the golf his body,necessarily,but to just one common truth: Mak- calendar. his pride: He needs to hop ing the wrong choices now The“intended dates” for over achain-link fencetoplay could result in serious conse- this year’s MastersatAugusta catch, and amishap might quences if the 2020 cam- National Golf Club arenow permanently fracturehis ego. paign happens. Nov.12-15,placing the presti- Stripling considershis “Therecertainly isn’t a gious tournament seven climbing adventures an occu- scientific answer, because months afteritwas originally pational hazardunder the it’snever happened before,” scheduled. current circumstances,with Cincinnati Reds pitching “Wewant to emphasize the baseball season—and ev- coach Derek Johnson said. that our futureplans arein- eryother American profes- “Thereisn’t anysort of tem- cumbent upon favorable sional league—on an indefi- platefor this.” counsel and direction from nitepause because of the Johnson is trying to create health officials,” club chair- coronavirus pandemic.The one on the fly. He had all of man Fred Ridley wroteina hiatus has forced players to his pitchersfill out asurvey memo.The averagetempera- find creativeways to hone explaining their situation, tureinAugusta, Ga., on Nov. their skills,like Stephen such as whether they have a 15 is 69 degrees,according to Currystruggling to assemble throwing partner or access to the websiteWeather Under- ahoop in his driveway or gymequipment. Then John- ground. Joey Gallobuilding amake- son gaveeach of them rec- Also on Monday, the Brit- shiftbatting cage in his ommendations foraplan ish Open wascanceled forthe apartment. based on their responses and Dodgers starting pitcher Ross Stripling warms up in the bullpen before a spring-training game. firsttime sinceWorld WarII. But pitcherscan’t do that. offered adviceabout howto Previously,inMarch, the Theveryact of hurling aball work out with simple house- from the mound, sitsdown Odorizzi said. “Taking time comes around.” PlayersChampionship was overhand 100 times or more hold items. forawhile,and then returns off would be toodetrimental.” Anyschedule in 2020, no called off afterthe first everyfivedays leavespitch- Some pitchershaveiteas- to the mound, just as he Not everyone has that lux- matterwhen it starts,will be round, as event organizers ersinaperpetual stateof ier than others. Stripling would during an actual start. ury: LucasGiolitoofthe Chi- morecompressed than usual. slammed the brakes on large risk forserious injury. hasn’t thrownoff amound He wantstohover at the 60- cago WhiteSox said that he Both MLB and the players’ gatherings. “A basketball playercould sinceeverything stopped. to-70 pitch mark through the has been throwing intoanet union have said they want to ThePGA of Americasaid have agym to stay in shape He’sbeen hopping over a end of April and then plan to set up in his backyard and a trytoplayasmanygames as that the PGAChampionship, and getshotsup, so when fencetoget ontoafield in reassessbased on whether fenceatanearby park. possible.They have discussed which wasoriginally set to they call, they’reready to go Houston to throw and moreinformation “Asastarting pitcher it’s having scheduled double- take placeinMay,isnow in amatterofdays,” Stripling playlong toss a has emerged important to tryand getoff headers, scheduled off days scheduled to teeoff Aug.6

said last week.“Forapitcher couple of times a about when the aslope as much as possible and regular-season games and will remain at TPCHard- CK that’s, quitefrankly,impossi- week along 70 season might and trytoget up-and-down through October to cram ing Park in SanFrancisco. TO ble.” with Minne- start. work to maintain that stam- moregames intoashorter TheUSGA rescheduled the Number of pitches Avoiding injuryrequires sota’sTyler To do ina,” Giolitosaid. “We’redo- period. U.S. Open forone month after most starters had SHUTTERS

pitcherstomaintain arigid Duffey,Oak- this,hehas ing our best to do that with Recognizing the issues,the that, starting on Sept. 17.The A/ advanced to per outing schedule,with no room for land’sDaniel aportable limited resources.” league appearswilling to ex- tournament will stay at /EP

even theslightest deviation Mengden and when spring training mound at his At some point the pitch- ploremaking structural Winged Foot Golf Club in Ma- SER

from mid-Februarythrough free agent closed on March 12. home near erswill have to trytoramp changes to help pitchers. One maroneck,N.Y., and had been LES September.During spring ScottKazmir. Tampa, Fla., back up aftercooling down, possibility is having ex- originally set forthe middle S.

training,they progressback- “It’simpossible and has gone out areality they’venever had panded rosters, so teams of June. ERIK ward from opening dayto in this quarantined to throw at alocal to contend with before. would have additional arms S; slowly preparetheir arms for lifetoexpect 150 major- park with his teammate, Striplingssaid he thinks at their disposal. PRES

the rigor of the marathon league starterstofind some- Tyler Clippard. Odorizzi also pitching rotations would They’llneed them, since TED known as abaseball season. wheretothrow four innings has access to alocal facility need 3to3½weeks of a nobody expectspitchersto CIA SO

When training camps and stay built up likeit’sthe that has opened itsdoorsto second “spring training” be- be fully ready when the sea- AS abruptly closed on March 12, middle of March,” Stripling him so he canthrow to a fore playing real games. son starts. BULL/

two weeks beforeopening said. catcher—all while practicing Odorizzi hopes he could “Chances arewe’renot go- Y

day, most startershad ad- Right-hander Jake Odor- proper social distancing to be ready with just two exhi- ing to have the perfect build- GOR

vanced to about 70 pitches izzi, an All-Starfor the Twins avoid infection. bition starts, enough to go up,” Johnson said. “So if GRE per outing.Now,nocalendar in 2019,ischoosing to throw “Wethought that wasthe from 70 pitches to around we’renot going to have : exists, leaving pitchersina asimulated game oncea best plan of attack because 100.Still, he acknowledged, enough time,how canwe LEFT OM

weirdlimbo.They need to week.That means he throws our bodies aresoused to “Startersare the ones at find waystobecreative and FR keep throwing to remain fresh an inning’sworth of pitches throwing during this period,” biggest risk when all this innovative?” Tiger Woods at the Masters P2JW098000-0-A01700-1------XA

THE WALL STREET JOURNAL. Tuesday, April 7, 2020 | A17 OPINION How We Get Our Lives Back BOOKSHELF | By Benjamin Shull

NewYork Gov. “It’s difficult,” says Ashish public confidenceinwhat our omyrunning.Ithas done this, Sojourns Andrew K. Jha,director of the Harvard medical professionals have moreover,while keeping its Cuomo spoke Global Health Institute. “But been recommending.Italso count of totalcases at only formany it’snot moredifficult than suggestsapath notjust to re- 373and totaldeaths to five. when he took what Americahas done in the opening the economy, but to This despiteits proximity to In aBattleground amoment past.” keeping it open. the belly of the Covid-19 MAIN during one of Dr.Jha says he understands “Seeing that apeak has beast, China. STREET his recent the frustration of Americans been reached and that the Taiwan has done this with Something of Themselves news confer- cooped up at home. He attri- number of daily deaths start aggressive testing and trac- By William ences to go butes this mostly to the lag— decliningcould be indeed a ing—along with quarantines By Sarah LeFanu McGurn beyond the about three weeks—between psychological moment that forthose arriving from out- (Oxford, 381 pages, $29.95) Covid-19 num- when substantial social dis- could be aturning point,” says side and enforcedisolation for bersand speak to howdispir- tancing is imposed and when potential carriers. Theecon- henRudyardKipling visited South Africawith his iting it’sbeen forAmericans to it starts showing results. omydoesn’t go on quiteas W family in early 1898,the 32-year-old writer have their lives and livelihoods “This is avirus that tests Partial reopening of normal, but it does go on. lunched immediately with Cecil Rhodes, the turned upside down with so our patiencebecause anything As forthe U.S.,Dr. Jha says financial and mining magnatewho,until recently,had also little to showfor it. we do we don’t see the bene- the economy wouldn’t that, at least forthis year,we been prime minister of Britain’s“Cape Colony.” Aftera “The anxiety is what is the fits for a while,” says Dr. Jha. be perfect. But it’d be probably won’t be going to month of long talks,Kipling reported to acorrespondent: most oppressivehere,” Mr. Yetwelcome signs may anyRed Soxgames.But he “Rhodes alone wasworth the voyage.” Cuomo said. “Not knowing. come sooner than we think. a huge step forward. canimagine offices and Both men were notorious colonial boosters, but Kipling Notknowing I’m positive, if NewYork and NewJersey are schools reopening,and even saw Rhodes as the man doing the empire-building work my friend is positive, if my the epicenter forcoronavirus. barsand restaurantsaslong that he advocated. Kipling, author of the Jungle Books and loved one is positive. Not According to the University of John Ioannidis,aStanfordep- as they limit capacity and seat perhaps the most popular writer in English at the time, knowing when this is going to Washington’sInstitutefor idemiologist who is also co-di- diners unusually far apart. had begun to form his ideas about empire as a young man end. Theanxiety of dealing Health Metricsand Evalua- rector of the university’s To achievethis,hesays, living on the Indian subcontinent. Running with Rhodes with the isolation dayafter tion, in NewYork statethe de- Meta-Research Innovation America’s top priorities must helped shape his belief in South Africa as a key piece of a dayafter day. It’slikeabad mand forresourcessuch as Center.“Ithink we have al- be “testing, testing and test- powerful British Empire. He thought it wasworth fighting for. ‘Groundhog [Day]’ movie.” hospital beds and ventilators ready reached that turning ing”—toidentifywho’s in- In October 1899,Britain went to warwith the Transvaal Epidemiologistssay coro- is expected to peak on point in the curves forseveral fected, who’s not, who’s im- and the OrangeFreeState—the Boer republics—and Kipling navirus won’t be defeated un- Wednesday, and the dayafter European countries and we mune and who needs to be set out from England for til either avaccine is devel- fordaily deaths.For NewJer- will see it very soon also for isolated so they don’t infect South Africaoncemore. As oped or it petersout when sey,the respectivedates are the USA.” anyone else. SarahLeFanu writes in “Some- enough Americansare in- April 15 and 16. Even afterNew York hits “My sense is that we can thing of Themselves,” Kipling’s fected that the virus has diffi- If true,itmeans that within itspeak,thingswill continue get90% of our lives back if we “jingoistic views would culty finding vulnerable peo- two weeks or so Americans to getworse in states that have areally well-deployed harden” during the Boer War, ple to infect. Manyrightly could see the firstevidence haven’t. Which is whyittesting infrastructurede- and what he sawinwartime worryhow long that could we’vereached the downside makes moresense to begin ployedand we’retesting peo- South Africawould soon be take and whether the econ- of these curves in the worst- looking at reopening some ple and areidentifying people reflected in his work.Inhis omycan remain shut that long hitpartsofthe country. The partsofthe countrybefore who aresick and pulling them 1902 story“TheCaptive,” set without, as the president says, situation would still be ugly— others—and the conditions out,” Dr. Jha says. in abarbed-wire-enclosed making the cureworse than the number of daily deaths, required. This isn’t perfect either. camp in Cape Colony, he refers the disease. forexample,would remain Taiwan’sexample offers But it beatsthe two likeliest to the warasa“first-class Butwhat if therewerea high, and with moretesting so some ideas.Though it mayyet alternatives: keeping the dress-parade forArmageddon” middle way,inwhich we would would the number of new end up imposing stricter mea- economyshut down formany —a tasteofthe carnagethat, get90% of our lives (and econ- cases. sures if a big second wave of moremonths,orspending the as it turned out, wastocome in omy) back? It’snot perfect. But Even so,itwould be an un- Covid-19 infections material- next 18 months in acycle of World WarI.Inanewspaper dispatch, it would be agiant step for- deniably positiveindicator. izes,thus far Taiwan has man- reopenings and reclosures. “The Sin of Witchcraft,” he excoriated the pro- ward over what we have now. This in turn would likely boost aged to keep most of itsecon- Write to [email protected]. Boer Dutch in Cape Colony, accusing some of passing militaryintelligencetothe Boer republics.Kipling would viewthe 1902 Treaty of Vereeniging,which brought the Boer republics under British rule but allowedfor eventual The Coronavirus Threat South of the Border self-government, as a“betrayal of the ideals of Empire.” In “Something of Themselves,” Ms. LeFanu places Kipling TheCovid-19 them, “social distancing” of the of the pandemic both reduced companythe closing of fron- alongside Arthur Conan Doyle and Mary Kingsley at the pandemic has type employedinAsia, Europe production of rawmaterials tiersthroughout the region, center of a fascinating study recounting their experiences yettostrike and North Americafaces stark for drugs like crystal meth in including our own. in the Boer War, a conflict that all three witnessed at close Latin America limitsinLatinAmerica. Across China and disrupted the trans- Venezuela is in no shape to hand. The author, whose works include a life of the novelist and the Carib- the region, 50% or moreofthe port chain, leaving drug car- withstand even arelatively Rose Macaulay, styles her book as a group biography, one bean at full population work in the “infor- tels short of critical supplies. limited Covid-19 outbreak.The that culminates with her subjects’ sojourns in South Africa. GLOBAL force, but the mal sector,” performing domes- Theclosureoffrontiersand collapse in world oil prices Conan Doyle,then as now, wasbest known as the VIEW region’sfragile tic labor,casual construction, the abrupt decline of civilian meansthat Venezuela can’t creator of Sherlock Holmes, whom he had invented while societies are working in marketsorother air and maritime transport has sell oilfor morethan itscost still practicing as a doctor in the south of England. In 1893, By Walter already groan- undocumented jobs.Ifthey crippled the traffickers’ distri- of production.Its hospitals— he “killed off” his famous character, wishing to write about Russell Mead ing under the don’t go to work in the morn- bution networks.These vio- understaffed, underequipped, more serious topics. In fact, one reason for his journey to stress. In ing,manywill have nothing to lent cartels and their private oftenwithout powerorclean South Africa (he arrived in March 1900) was that he was Guayaquil, Ecuador,with hospi- eat. Even workerswith formal armies, which in many places water, to saynothing of medi- writing ahistoryofthe war. In Ms.LeFanu’stelling,he tals and morgues overwhelmed, jobs oftenliveinsprawling,un- exercise morepowerthan na- cations—areinadequateeven wasparticularly concerned about voting rights for the relatives have been storing the derserved urban slums.Mil- tional governments, maynow foreverydayneeds.Much of Uitlanders,foreigners(that is,Britons and other non- bodies of the deceased in their lions suffer from malnutrition fall intoanarchic and murder- the population is malnourished Boers) who had been drawntothe Transvaal by gold. homes; some bodies layunat- and untreated health condi- ous competition over dwin- and stressed. Millions have al- Conan Doyle worked as adoctor in Langman’sField tended in the streets. That tionsthat arerisk factorsfor dling resources. ready fled the collapse,and Hospital in Bloemfontein (the capital of the OrangeFree could be asign of thingsto severecoronavirus complica- millions morewill seek to fol- State)and contributed to alocal paper that Kipling briefly come; Latin Americaisalmost tions.Guayaquil maynot be the low them. In the next few worked for. He traveled to Pretoria, the capital of the Trans- completely unprepared forthe only city whereasurge of in- Latin America isn’t months,ifitacceptsAmerica’s vaal, afteritfell to the British in June.His belief that the multifaceted catastrophe now fection and mortality swamps offer to drop sanctions in ex- British cause in South Africawas righteous never wavered, headed itsway. localservices; much of South ready for Covid-19. changefor amovetofreepres- though he waslessbombastic than Kipling,ultimately dub- Afterdecades of underin- and Central Americalies virtu- Infected migrants idential elections,Venezuela bingthe conflict a“fair squarefight.” His history, “The Great vestment in health systems, ally helplessbeforethe advanc- maybegin to return to some Boer War,” waspublished soon afterheleftSouth Africafor most of Latin Americaand the ing disease. could flee to the U.S. kind of civilized order—or de- Britain in July; he published asecond book on the warin1902. Caribbean arenowherenear It isn’tjust the disease.The scend to depths of miseryona ready forapandemic.The re- region is experiencing the scale rarely seen. gion’saverage annual health- greatest economic shock of Thepotential foreconomic Even if theworst-case sce- How the Boer War loomed in the lives care spending per capitais modern times. Capital flight, and humanitarian disastersto narios proveoverstated, the and literary reputations of three British $949: lessthan one-fourth of along with the simultaneous createsocial unrest in Mexico pandemic has already dis- averagespending acrossthe collapse of commodity prices, is something no American rupted U.S.-China relations, writers who experienced it at close hand. Organization forEconomic Co- tourism and export markets, president canaffordtoignore. opened up acolossal riftinthe operation and Development, has knocked the supports out TheTrump administration’s European Union,thrownglobal and only two-thirds of the from under the region’sal- achievementsinmanaging mi- energy marketsintodisarray, Kingsley’s worldview was markedly different from level in the Middle East and waysfragile economies.Re- grant flowswith cooperation and set both Americaand the Kipling’s or Conan Doyle’s. Born in London in 1862, she had North Africa. Theregion’s mittances from workers from Mexico and itsCentral world on course foragreater been a voracious reader of travel and exploration books, health systemsare already abroad (up to 20% of grossdo- American neighborsare un- economic disaster than the and after the death of her parents in 1892, the inheritance stretched beyond capacity to mestic product in the North- likely to survivethese trou- 2007-09 financial crisis. allowed her to travel herself—first to the Canary Islands, meet the needs of a“normal” ern Triangle countries of Hon- bles.Waves of refugees in a Tempted as they maybeto and then on two separate voyages to West Africa. The year; going intothe crisis, duras,Guatemala and El chaotic region pose gravehu- overlook the Western Hemi- journeys took her from Sierra Leone to as far as Angola, Mexicohad fewerthan 6,000 Salvador)will fall sharply as manitarian and political chal- sphereinthe faceofdramatic and they led to a pair of travel accounts. In “West African ventilatorsfor apopulation of unemployment growsinthe lenges.U.S.voterswon’t easily events elsewhere, Washington Studies” (1899), she attacked the “malign influence” of almost 130 million, and even U.S. Even the region’sprob- welcome large numbersofpos- policymakersneed to remem- British colonial policy, accusing it of “sowing debt and relatively well-developed lematic economic success sibly infectious refugees pour- ber that the security and pros- difficulties all over West Africa.” CostaRicahas lessthan half as storyofrecent decades—the ing acrossthe border.Yet the perity of our home region re- Like her male contemporaries, Kingsley was drawn to the manyhospital beds per 1,000 boom that has made itsdrug American consciencealso mains acorenational interest. war in South Africa. Arriving in Cape Town in March 1900, people as the U.S. cartels the richest and most won’t toleratethe suffering Geographymatters;this is a she promptly ventured to nearby Simon’s Town, where she While conditions vary both powerful in the world—has that, absent adecent provision time when the U.S. must stand worked as a nurse for Boer prisoners of war. Her first-hand among countries and within come under threat. Theimpact fordesperatepeople,will ac- with itsneighbors. accounts of life among the prisoners, which Ms. LeFanu quotes extensively, evoke the horrible conditions she was witness to. She caught typhoid and died in June 1900, mere months after her arrival. Upon her death, Kingsley was New Yo rk’s Kings of Clean remembered by a doctor in Simon’s Town as a “brilliant victim . . . whom this world can ill spare.” By Tunku Varadarajan ya!” “You areonmyhero truck.Trash bagspop like giene,I’m fascinated by the Ms. LeFanu takes her time recounting the early lives of list!” People thanked him for balloons as they aremashed. mechanics of American clean- her subjects; her book is at its best once her trio is situated Brooklyn, N.Y. his serviceinatone that Then, with asweet hydraulic liness: the garbagetrucks,the on stage in South Africa. Because Kingsley is much less ’m agarbageman,” Americans usually reservefor hiss, the truck moves on. snowplows in winter and the known than Kipling or Conan Doyle, bringing her to greater ‘I wroteaCalifornian soldiers, sailors, airmen and This happened right on whirring broom-trucks that attention is one of the strengths of “Something of Them- who calls himself Marines. schedule last Wednesday, with sweep the roadsides,their selves.” The author sees Kingsley’s ideas as an inspiration Jester DonMarch 14.“Ican’t This civic communion NewYork locked down. Burly brushes kissing the edge behind the Congo Reform Association, founded in 1904 to work from home and my job struck achordwith me.One workerswearing big gloves whereroad and sidewalk bring attention to the horrific deeds being committed in is an essential city service of my rituals is to getup andfluorescent vestsdis- meet (and, it is said, imperil- the Congo Free State. “The ideology of the Congo Reform that must getdone.” As early on Wednesdays to patched our garbagewith the ing anysmall dogswho might Association,” Ms. LeFanu writes, “was rooted in her Americans began to feel the watchfrommywindowas usual nonchalance. This time be nearby). understanding of and support for the principle of African effectsofthe Wuhan corona- workersfromthe NewYork no cars lined up behind, wait- Thesightsand sounds of ownership of land and natural resources.” virus,his series of tweets en- City Department of Sanitation ing forthe garbagetruck to cleaning,the whooshes,the One prominent figure who became involved with the thralled tens of thousands of inch forward. Thestreet was crunching, the suction, the CongoReform Association wasConan Doyle,the Boer War people. empty but forthe collection sound of steel crushing apologist. UnlikeKipling,Conan Doyle had come to see Jester Ddescribed the Garbagemen are truck and amiddle-aged man glass—I loveitall. To watch the peaceterms ending the Boer Warasa“desired and onerous natureofhis job in finally getting the namedMike, who is hearing- NewYork’sgarbagemen swing appropriateoutcome,” and in 1909 he published “The SanFrancisco, “fromgetting and speech-impaired. He lives intoaction, and to see them Crime of the Congo,” abook that, as Ms.LeFanu notes, up pre-dawn to the physical respect they deserve. on our street, and the gar- duly thanked at atime like brought the reign of terror in the Congo“to the noticeof toll it takes on my body.” Ad- bagemen have adopted him as this,fills my heart with hope. his hundred of thousands of readers” in Britain and around dressing the city’s growing one of their own. He wearsa Therefuse collectorsofmy the world. “Never before,” he wroteinthe book’spreface, panic,with scared people haul away the garbageonmy NYCSanitation uniform and Indian youth were pariahs at “has therebeen such amixtureofwholesale expropriation “peeking out their windows street. Thereisrobust beauty helpsthe men as they gather the bottomofthe casteheap, and wholesale massacreall done under an odious guise of at me,” he emphasized pro- to the removal, and acathar- up thetrash. They treat him treated badly by the people philanthropy and with the lowest commercial motives as a fessionalism. “Doctorsand sis.One moment the sidewalk as afellowworker,and he they served.New York’sgar- reason.” It would be wrong to claim that Conan Doyle fully nurses aregonna keep doc- teems with refuse; the next, it earnshis street cred in the bagemen, by contrast, are repudiated his feelingsabout empire—he is writing,of toring and nurse-ering,” he is reborn. Black bundles of companyofthese brusque but rightfulkingsofthe city course,against Belgium’sLeopold II, not Britain—but Ms. said. His ownpromise: “Us household waste, stacks of kindly men. streets. LeFanu’sfocus on his time in South Africacertainly helps garbagemen aregonna keep cardboardand newspapers, Perhaps because Igrewup us understand apolitical cause that would become one of collecting the garbage.” transparent bagsfull of bot- in India, aland that falls Mr. Varadarajan is execu- the greatest of his career. Tweetsofappreciation fol- tles andcans—all areheaved some way short of the high- tive editor at Stanford Uni- lowed: “God blessyou!” “Love intothe maws of agrowling eststandards of public hy- versity’s Hoover Institution. Mr. Shull is an assistant books editor at the Journal. P2JW098000-0-A01800-1------XA

A18 | Tuesday, April 7, 2020 THE WALL STREET JOURNAL. OPINION

REVIEW & OUTLOOK LETTERS TO THE EDITOR Congress’s Small-Business Ve ntilator We Are Paying the High Cost of Low Interest

ongresscreated a$350 billion lending Then there’sthe question of whether start- James Grant’s timely “The High penchant to hop to it and cut rates facility in last month’s $2.2 trillion re- ups backed by venturecapital or privateequity Cost of Low Interest Rates” (op-ed, whenever the stock market experi- C lief bill forsmall businesses gasping qualify. TheSBA’s “affiliation” rules exclude April 2) brings to mind a seemingly enced a precipitous drop in response innocuous prediction made 18 years to a rate increase by the Fed—usually forliquidity amid coronavi- smallcompanies with com- Trying to pass out $350 ago by then-Fed Governor Ben Ber- in response to a contemporaneous de- russhutdowns.But itsrushed mon ownership that have nanke. “The Fed,” he told his audi- mand by the president. Someone relief has unsurprisingly re- billion in days or weeks morethan 500 employees ence, “might consider attempting to needs to remind Chairman Powell sulted in confusion, leaving combined. Thelaw waives this influence directly the yields on pri- that the Fed’s mandate doesn’t in- the Trump Administration to is harder than it sounds. rule forthe hospitality indus- vately issued securities.” Inasmuch as clude hand-holding the stock market. mop up the mess. tryand franchises,but not Mr. Bernanke was proposing a theory Once this crisis passes, let’s hope that In anormal year the Small ventureorprivateequity- on a nonexistent deflation, we paid those of us who have worked and BusinessAdministration makes about 60,000 backed companies.Powerful California Reps. little attention. Big mistake. saved all our lives quit being the sac- loans totalling $30 billion. Congresslast month NancyPelosi and Kevin McCarthysay these When I retired 11 years ago at age rificial lambs for a damaging free- vastly increased itsworkload by making the rules should be waived forventure-backed 69, the fed-funds rates had averaged money regime. The economy will be agencyresponsible forshovelling out $350 bil- startups.Nodoubt their donorsinSan Fran- 6% for the previous 30 years. Like much stronger for it. most retirees, I was risk-averse and AL KROEMER lion in loans to millions of small businesses in ciscoare grateful. But whyshould startups chose to commit most of my nest egg Lantana, Texas days or weeks.But the lawprovides precious backed by Kleiner Perkins benefit from govern- to insured municipal bonds and FDIC- few details on howthe agencyissupposed to ment liquidity and not those by KKR? insured CDs, not realizing at the time I wish Mr. Grant had addressed the administer the loans.Democratswho distrust Inevitably,therewill be political recrimina- that a group of unelected bankers and impact of financial regulation on mar- the Trump Administration and Republicans tions that businesses that don’t need the loans academics had been given the power ket liquidity. Mr. Grant’s comments who oppose administrativedeferenceboth left areborrowing to financetheir payroll. Who’s to reduce rates to 0% for the next regarding the investment-grade bond the executivetofigureitout. going to reject free government cash? The seven years via what Mr. Bernanke market and the rapid price moves in Hencelast Thursdaynight Treasuryrode Small BusinessAdministration Inspector Gen- called “quantitative easing.” Those these high-grade instruments merit to the rescue of the SBAwith 31 pages of guid- eral estimated a2.77% improper payment rate savers (myself included) who took attention. Market participants have anceaswell as bank and borrowerapplication forloans made in the 2018 fiscal year,but the what Mr. Grant calls “imprudent continually highlighted the less liquid forms.Businesses with 500 or feweremploy- rate was 13.65% for 2017 disaster-relief loans. risks” to achieve positive returns in fixed-income markets post the the past 11 years are now paying the 2008-09 financial crisis. Once the ees canborrow up to 2.5times their monthly At that rate,$50 billion of the $350 billion price of those risks in the form of dust settles, and the intense humani- payroll minus compensation forworkersearn- could end up going to ineligible borrowers. large equity losses and reduced or tarian risks have abated, this is an ing morethan $100,000.Congresssaid that But then Congressessentially ordered Trea- eliminated dividends. area policy makers should revisit. theloans could be good forasmanyas10 suryand banks to push money out the door Notwithstanding the idiocy of GRAY SCHWEITZER years, but Treasuryrightly decided this was as fast as possible. modern monetary theory, I long for Brooklyn, N.Y. toolong and reduced the maturity period to Treasuryinits guidancewrites that lenders the day when any present or former two years. It also allowedrepaymentstobe “will be held harmlessfor borrowers’failure Federal Reserve official not only ex- Low interest-rate monetary policy deferred forsix months. to comply with program criteria.” But Con- plains the conditions under which we results in a proliferation of assets Congresssaid the SBAcould charge an in- gressdidn’t repeal the Bank SecrecyAct or might return to a market economy, (new debt) and asset-price bubbles terest rate of up to 4%. But Treasurydecided the False Claims Act, and manybanks simply but also apologizes for the collateral (stocks and real estate). Our firms damage inflicted on those in society were already crippled by debt, and 1% would sufficetoprovide low-cost funds to don’t trust that they won’t later be sued for who chose a lifetime of frugality over household debt levels of every possi- borrowers while covering the cost of funding making loans to borrowers who fudgetheir today’s free credit. ble type are at historic highs as a per- the loans forbanks.Treasuryalso says loans qualifications. MIKE SMITH centage of GDP. Inflation has been canbesold back to the SBAafter seven weeks That’swhat happened afterthe 2008-2009 Sugar Land, Texas kept artificially low because the mon- at thecost of the expected loan forgiveness financial panic when the Obama JusticeDe- etary actions primarily affect asset so banks shouldn’t lose money. partment used the False Claims Act to shake While a dramatic response to the prices, and growing trade deficits But small businesses arecomplaining about down lendersfor poor underwriting on failed 2007-09 recession was justified, the keep consumer prices low. There is a Treasury’sterms of loan forgiveness—namely loans securitized by Fannie Mae or insured by need for that extraordinary interven- crisis: The value of financial assets is that 75%ofthe loan must covertheir payroll the Federal Housing Administration. tion was over long ago. The artifi- currently less than the value of finan- costs. Employers in some places likeNew York Worries about legal liability have caused cially low interest rates have unneces- cial liabilities. City or SanFranciscoinnormal circumstances banks to delayloan approvals and prioritize sarily punished savers—especially The new powers apparently senior citizens. Fed Chairman Jerome granted to the Fed now extend to pur- spend moreeach month on rent, mortgages existing customers. Senator Marco Rubio took Powell’s flippant response to a ques- chasing U.S. bonds from foreigners. and utilities than labor,sothis could preclude to TwitterFridaytobash Bank of America: tion asked at his press conference fol- This will fuel more debt and higher them from obtaining loan forgiveness. “The requirement that a#SmallBusinessnot lowing the January meeting said it asset prices as those foreigners re- Congressalso made it harder forbusi- just have abusinessaccount but also aloan all. The question was whether the Fed lend dollars. The real economy is nesses to retain workersbyproviding en- or credit card is NOT in the lawwewrote & was concerned about these adverse what matters, but when the payments hanced unemployment benefitsthat in many passed or in the regulations.” effects of the low rate policy on sav- system is distorted or expensive, and cases paymorethan wages. Workerswho quit Ok.But then Mr.Rubio and his colleagues ers. His response was, essentially we cannot value assets properly, we aren’t eligible forjoblessbenefits, but state in the peanut galleryshould provide explicit “no” because that wasn’t part of the have the tail wagging the dog. unemployment offices probably won’t check. legalprotection to banks and fixthe other Fed’s mandate. That is particularly of- MILLICENT TAYLOR If Congresswanted to help businesses retain problems they created in their attempt to res- fensive in light of the Fed’s recent Oak Ridge, Tenn. workers, it shouldn’t also provide workersan cue small businesses from the government de- incentivenot to work. cision to denythem customers. Virus Crisis Brings Telemedicine to the Fore Yanks for Boris Johnson Regarding “Telemedicine: A Good more experience than any of the pro- but Incomplete Answer” (Letters, viders in an urgent-care setting. The here’snobetterexample of the wide- We tend to forget during crises that our politi- April 1): I have practiced board-certi- overwhelming majority of the calls I spread danger the coronavirus poses calleadersare also human beings. That’snoargu- fied primary-care internal medicine, handle such as work releases, medica- T than that it hasnow reached the topof ment against vigorous policydisagreements—they for 40 years in all primary-care prac- tion refills and the assessment of one of the world’smost impor- sign up forthe job expecting to tice settings: intensive care, office straightforward medical problems tant governments. U.K. Prime Americans are praying duck those slingsand arrows— based, emergency room and urgent would be lost or far too expensive in care. For the last three years I have other practice settings. Much of med- Minister Boris Johnson on but instead areminder that they for the British PM as been practicing telemedicine with one icine involves reassuring the worried Mondayevening wasmoved toocan be physically vulnerable. of the largest most successful compa- well. Telemedicine requires learning intoaLondon hospital’sinten- he battles Covid-19. Especially so when the enemy nies in Oregon, Utah and Arizona. I certain principles and techniques that sive-careunit as he battles the world is fighting is an invisi- have licenses for all 50 states and patients greatly appreciate. Being a Covid-19. ble killer. Guam. I can handle 85% of the medi- telemedicine provider has renewed Media reportssuggest the 55-year-old leader Covid-19 has penetrated the family lives of cal problems that I saw in my office- my enthusiasm for primary-care prac- is conscious and not currently on ventilation, but other leaders, such as Canadian Prime Minister based practice. I can see the patients’ tice. I provide medical care to pa- his condition took aturn forthe worseafter he Justin Trudeau’swife, and therewill probably medical records. I do this from my tients in very remote areas of the U.S. wasadmittedSundayevening.The Prime Minis- be more. They canbestricken as Mr.Johnson home, any time of the day, providing Telemedicine is in many ways often terfirst announced he had tested positiveMarch has been when their countries need them most. immediate access to hundreds of pa- better than office-based or urgent- 27 and self-isolated in an apartment in Downing TheBritish government will continue fornow tients a month who would otherwise care practice. wait for weeks to be seen by their PHILLIP TAGGART, M.D. Street but failed to recover. His partner,Carrie under the stewardship of Foreign Secretary primary-care doctor and. I have much Scottsdale, Ariz. Symonds,who is pregnant, also developed Dominic Raab.Britons,and Americans,will wish symptoms.Sohas Charles,the PrinceofWales, Mr.Raab well, and especially wish forMr. John- who has nowrecovered. son to beat this insidious disease. There Must Be a Safe, Better Birthing Policy Policies forcing pregnant women to suggests that continuous labor sup- The Teachers Union Ate My Homework endure labor and delivery alone are port is linked to shorter duration of inhumane and flout scientific evi- labor, an increase in the likelihood of he coronavirus has shut down schools remoteofferingsasoptional “supplemental,” dence linking continuous labor sup- a vaginal birth, a reduction in the use acrossAmerica, and desperateparents “enrichment” or “review” material instead of port with improved maternal and fe- of anesthesia, a reduction in oxytocin T arescrambling to ensuretheir children’s for-credit classwork.Among the few schools tal outcomes (“Hospitals Keep augmentation and a decrease in the Partners From Rooms During Births need for analgesia, forceps and cae- education doesn’t suffer.The that do grade, some have for Safety,” U.S. News, March 31). As sarean births. Further, as Dr. Sauls U.S. Department of Education School districts fear moved to pass/fail. Chicago Donna Sauls reported in a 2002 arti- writes, “all outcomes, for births, in- could help with some guidance lawsuits if they grade Public Schools, in newguid- cle in the Journal of Obstetric, Gyne- fants, and mothers, seem to be af- about howschools canmove ancefor parents, says it will let cologic & Neonatal Nursing, research fected more positively by support forwardonremoteteaching.If remote assignments. teachersreview assignments, provided by a lay person or doula the feds don’t take the lead, but “grades will be counted than by intrapartum nurses.” I deeply the teachersunions will—to only if they improveastu- Virus Commission: Monday appreciate the health-care services thedetriment of students. dent’sgrade.Grades will not negatively impact Morning QBs at Halftime that brave doctors and nurses are Not everystudent has alaptop and Wi-Fito anystudent’sacademic standing.” Chicagoisnot providing to all of us during this dan- study online during the shutdowns.Insome dis- alone in this approach. Regarding your editorial “Corona- gerous time, but there has to be a virus Recriminations Come First” better way to protect the health of tricts, this inevitably has an adverse effect on This is equitable only in itsdisservicetostu- (April 3): I question the timing of doctors and nurses than prohibiting poor studentsorchildren who don’t speak Eng- dents. Administratorsare forcing all children at- Rep. Adam Schiff’s call for a commis- pregnant women from having one lish as their firstlanguage. Schools fear that if tending public schools to put their education on sion to investigate the Trump admin- healthy partner present for labor and they produceonline lessons that not all students hold, depriving them of itsstructureinachaotic istration’s pandemic response just be- delivery. canaccess, they could lose federal funding or time.Kids who areequipped to study remotely fore the general election. I find it to JENNIFER C. SCARBOROUGH, PH.D. facelitigation under the Civil RightsAct or the will lack incentiveiftheir work countsfor noth- be so conspicuously politically moti- Miami Equal Educational Opportunities Act. ing.Schools won’t have the metrics to identify vated. And I can’t think of anything Theteachersunions loathe assessmentsin whichchildren arefalling behind during the more disunifying for our nation, at a the best of times,and nowthey’reclaiming that shutdowns and will need remediation later.Bad time like this, than to call for another Pepper ... the only fair recourse is to stop tracking the teacherswill escape accountability fortheir fail- congressional investigation. And Salt progressofall studentsuntil schools reopen. For ures.InChicagothe datawill maketheir perfor- Eventually, there will most likely be an examination of the govern- THE WALL STREET JOURNAL students“who have no online access to teacher mancelook betterthan it really was. ment’s response to Covid-19 and tutoring with visual aids,mandatorygrading is TheEducation Department could help by giv- many books and articles will be writ- essentially aguarantee that they will be leftbe- ing school districtssome clarity about the path ten. But you can’t do any Monday hind,” says ChicagoTeachersUnion spokes- forward. It has already offered helpful guidance morning quarterbacking until it’s woman Chris Geovanis. on howtoensureschools don’t runafoul of dis- Monday morning. And we aren’t even School administratorsare accepting this ar- ability law, and it should provide similar guid- at halftime yet. gument. But their determination to sidestep lia- ancetoschools worried about exacerbating ra- BARBARA FOTINE ATKINS bility has made the switch to remoteeducation cial and economic inequities. North Las Vegas, Nev. even more sluggish. TheUniversity of Washing- Some school boards and nonprofitsare al- ton’sCenter on Reinventing Public Education ready working hardtoprovide laptops and Wi-Fi Lettersintended forpublication should looked at 82 public-school districtsand reported access to the neediest students. State and fed- be addressed to:The Editor,1211 Avenue of the Americas, NewYork, NY 10036, Fridaythat 27 aren’t offering anycustomized eral lawmakerscould set aside funding forextra or emailed to [email protected]. Please curriculum or remoteinstruction. Only 13 dis- help forthe kids who struggle most during the includeyour cityand state. All letters trictsrequireteacherstograde some of the re- shutdowns.It’snot aperfect fix, but it’sbetter aresubject to editing,and unpublished motework done by students. than bluntly concluding that fairnessrequires letters canbeneither acknowledged nor “These unintended consequences returned. Themajority of school districtsare treating canceling everyone’seducation. are exactly what I’d hoped for.” P2JW098000-0-A01900-1------XA

THE WALL STREET JOURNAL. Tuesday, April 7, 2020 | A19 OPINION Joseph I’s Coronavirus Solution The Fed’s New Mission By A. Wess Mitchell dozens of miles deep. wasalso asecurity issue. And Charles Ingrao By the middle of the Themonarchy’sposition 18th century, 2,000 forti- vis-à-vis the Ottoman Em- To Save the scountries around the fied watchtowers stood ev- pireparallels the West’s world frantically erect bar- eryhalf mile,punctuated currentrelationship with riersagainst the spread of by 19 border crossings China insofar as the Economy A the novel coronavirus,it with facilities that regis- world’sworst conta- might be helpful to look at tered, housed and isolated gions—SARS (2002-03), one of the most successfulquarantine everyone entering forat avian flu(2005) and now By Gary Cohn systems ever created. In 1710 Em- least 21 days beforegrant- Covid-19—originatefrom And Glenn Hutchins perorJoseph Idecided to block the ing them passportstoen- apowerthat is also astra- chronic spread of diseases from the terthe empire’sterritory. tegic rival. It is no acci- ongressaspart of itsCares Balkans by creating acontinuous Quartersweredisinfected dent that Italy,the first C Act hastapped the Federal Re- “sanitarycordon” along the Habsburg daily with sulfur or vinegar and hardest hit European serveasapartner in the fiscal monarchy’ssouthern frontier with the and trade goods graded on country, is also one of Bei- response to the coronavirus pan- Ottoman Empire. His action failed to their susceptibility to jing’sclosest partnersin demic.The Fedwill be operating at

save him; he died of smallpoxinApril transmitting germs.Habs- GES the European Union, with an unprecedented scale,reportedly

1711 afterhehuddled with his prime burgagentsposted to Ot- IMA some of the heaviest lending as much as $5 trillion, which minister,who wasunaware that his toman territoryprovided China-bound air traffic in is morethan itsentirebalancesheet

daughter had just contracted the dis- intelligencethat enabled GETTY Europe.Inthe aftermath beforethe crisis.Itwill also be en-

ease.Noone then knewmuch about officials to adjust quaran- VIA of this crisis,epidemics gaging in apracticeinwhich it has

“social distancing.” Nonetheless, the tine times—or even tempo- TINI must be takenmoreseri- little experience: targeting capital to empire’ssanitarycordon outlived him rarily suspend them. OS ously as asecurity threat, individual companies in commercial AG

by acenturyand ahalf. Therules were strictly DE even as theWest looks for industries.This is an important and enforced. One English ob- Emperor Joseph I (1678-1711) the right balance in a complextask that requires great server noted: “Ifyou dare trade relationship that care and speed. Before modern medicine, to break the laws of the quarantine, France’s annexation of Croatia must involvelessrelianceonChinese TheFed‘sability to identifyand youwill be tried with militaryhaste; (1810-13). supply chains. implement appropriatetools will the Habsburg monarchy the court will scream out asentence Thereasons forthe cordon’sde- Finally,the Habsburgexperience be critical to itssuccess in this new kept epidemics at bay to youfromatribunal some fifty mise would be recognizable in our shows that fighting epidemics does role.Itisvital that the central yardsoff ...and afterthat youwill owntime.Itwas assaulted by both nothavetocome at the expense of bank succeeds in mitigating the for more than 150 years. find yourself carefully shot and care- liberals (because it impeded trade) alliances,international trade or civili- pandemic’sdamagetothe economy. lessly buried.” and nationalistsinHungaryand Cro- zation in the broadest sense,assome It is also important the Fedavoids Until 1881 the HabsburgMilitary atia(because it gavecontrol of the fear.Long beforeairport quarantines the stigma that followedthe 2008 ThesystemJoseph created had Frontier playedmanyroles,acting as border to the government in Vienna). andthe seamlesspassageofcontain- “bailouts.” This will requirea several strengths.Inanage when abarrier to illegal immigration, an Afterthe empiresplit intoAustrian erized cargo, the Habsburgs effec- thoughtfulapproach to staffing, most international borderswerede- early warning system against Otto- and Hungarian halves,Hungaryabol- tively fought irruptions of the plague processand disclosurethat ideally fined only by overlapping feudal ju- man raids,and asource of superb ir- ished the institution. from the east while maintaining an would be implemented at the risdictions, the Habsburg-Ottoman regularstofight Austria’swars. But it TheHabsburgexperienceholds in- orderlysystemoftrade with the Ot- outset. frontier wasavisibly delineated wasinfighting epidemics that it ar- sightsfor our time.One is the need to tomans,keeping largely open borders thousand-mile line of rivers, moun- guably made itsgreatest, largely un- foresee rather than react to threats. within their ownempire(akind of tain peaks and border markersposted heralded contribution. In the century Another is that physical spacemat- proto-Schengen zone), managing a The central bank’s lending by abilateral peacecommission. It and ahalf beforethe frontier’s per- ters in fighting epidemics.Hardasit well-regulated system of trade and wasalready amilitaryzone with ex- manent establishment, the plague is to swallowfor Western publics ha- diplomacywith their western neigh- programs will need top- tensivefortresses and armygarri- alonehad entered Europe from the bituated to globalization, well-regu- bors, and developing one of the most shelf staff and rigorous sons,which not only defended against Near East on at least eight occasions; lated, rational borderscontribute cosmopolitan civilizations in history. Turkish raids but enforcedcustoms afterward, no major outbreaks oc- substantially to the public good. Early We should have asimilar aim to- disclosure. and the processing of Christian refu- curred. At least five times,epidemics critics of the Trump administration’s day, even as we prioritizegetting a gees fleeing Ottoman rule. in the Ottoman and Russian empires travel restrictions failed to appreciate handle on the immediate, deadly im- Asense of the scale of this opera- were stopped cold at the empire’s the urgent medical rationale.AsAn- pact of Covid-19. Already, the Fed has mounted an tion canbeseen by comparing it with border. thonyFauci testified to Congress, no enormous and effectiveresponse to the American border today. Whereas Thecordon became aplacewhere public-health strategycan contain a Mr.Mitchell served as assistant this national health-carecrisis, we rely on 21,000 U.S. Border Patrol epidemics could be systematically contagion already inside the country secretaryofstate for European and drawing on itsconsiderable institu- agentsstretched tenuously acrossthe studied. One admirer wasNapoleon. without stopping the influx of new Eurasian affairs, 2017-19, and is au- tional strengths.Itpulled off the long Mexican and Canadian frontiers, Best known fordestroying his ene- carriers. thor of “The GrandStrategy of the shelfinitiatives designed and per- as manyas100,000 fierce,colorfully mies and their institutions,head- Another is that epidemics arenot Habsburg Empire.” Mr. Ingrao is a fected during the crisis of 2008. clad Serb and Croat infantrymen were opted it during his occupation of only about public health; they are professor emeritus of history at Pur- Some examples: injections of liquid- available to guardasouthern Habs- Egypt (1798) then ordered that it “be also about geopolitics.For the Habs- due University and author of “The ity intothe Treasury, repo,agency- burg border zone that wastypically preserved in itsentirety” following burgauthorities,their management Habsburg Monarchy 1618-1815.” mortgageand overseas markets, plus the rapid deployment of facili- ties that enable access to financing forcommercial paper and money- A Failure of Discipline Under Capt. Crozier’s Command market funds. TheFed also invented newfacili- By William J. Toti Roosevelt wasnot Capt. Crozier’s Formorethan 50 yearshis crew continues to itslogical extreme—mil- ties—targetedatcorporateand mu- ship, it was America’s. But to shot- fought for his exoneration. In 1998 itarydecisions by Twittermob. nicipal bond markets—whose oper- cting Navy Secretary Thomas gunthat kind of recommendation in they recruited me—then captain of And while Capt. Crozier recom- ation is similartoexisting tools.It A Modly relieved Capt. Brett alettervia an unclassified email is a the submarine that bears the same mended the crew be removed from moved quickly to relax reservere- Crozier of command last week violation of the highest order. name as their sunken cruiser—toaid his ship,it’sclear therewas much quirements, freeing up liquidity at afterthe presspublished aletter Capt. Crozier’s defendershave their case.Myrole wastodemon- they could have done but didn’t, as the largest banks.The Fedhas even about aCovid-19 outbreak on the nu- said he wasspeaking truth to power. stratethrough computer modeling evidenced by theirsocial-distance- borrowedthe European Central clear aircraft carrier USS Theodore But he could have done so directly. that even if McVayhad takenthe be-damned rock-star departurecel- Bank’snuclear-strength “whatever Roosevelt. Iagonizefor Capt. Cro- He could have generated serious ac- recommended action, the Japanese ebration, which will likely leave it takes” approach to forward zier,who has tested positivefor tion with a properly classified, im- attack would likely have succeeded. them with moreCovid-19 infections. guidance. Covid himself.Itoooncecom- mediate-precedence “Personal for” The Navy dug in and insisted it had Thevideo suggeststhat the crew Butnow Congresshas asked the manded awarship,and Ioncetook a navalmessagetoany of at least five acted properly 53 yearsearlier.Iwas didn’t know—or worse, didn’t Fedtoenter uncharted territory: ex- controversial position at risk to my warned that for the good of my fu- care—that their behavior wasthe tending loans directly to large and own career. tureIneeded to learn howtobe- navalequivalent of standing on top small companies acrossabroad YetIregret his decision. The He should have spoken come a“companyman,” but I of ahill with bulletsflying around rangeofindustries and geographies. video of the crew paying respectsto pressed on. Congresspassed areso- them to generate an Instagram mo- Practices forged over decades at Capt. Crozier as he leavesthe Roose- truth to power privately. lution exonerating McVay in 2000, ment. Such behavior reflectspoorly sovereign-wealth funds offer les- velt demonstrates his popularity.But His crew risked infection andthe Navy secretaryofficially on their commander. sons.Their model combines rigor- it leavesmewith graveconcern over cleared his record in 2001. Command is aprivilege. Iprayfor ousdisclosure, independent over- thefeelings-first zeitgeist on display, by gathering to cheer him. Which bringsmeback to the the recovery of Capt. Crozier and sight boards,and investment and it causes me concern that the video of Capt. Crozier leaving his everyone else who’s been infected. decision-making by professional crew’s actions will makethe ship’s ship.McVay’s crew exhibited more But this event’slegacyalso includes staffs.These practices generatein- situation much worse. operational commandersinhis chain discipline forthe greater good of the thousands,militaryand civilian, be- vestment portfolios that arecom- This event gives aworrisome of command. He could have reached ship than we sawinthe Roosevelt guiled intorooting foranineffective mercially sound and faithful to the peek intothe fraying of America’s out directly to the Navy secretary. video. form of leadership,alossoffaith in legislativemandate. Transparency militarycommand structure. That Instead, according to Mr.Modly, In today’sculture, even in themil- achain of command that wasnever helps win the trust of elected offi- structure relies on aggregated wis- Capt. Crozier shotgunned, thereby itary, the “right” side of an issue properly invoked, and ahorrified cials and the general public. dom and dispersed power. It re- losing control of, an email contain- tends increasingly to start with feel- home front—not to mention media TheCares Act temporarylending places emotion with cold logic.It ingclassified details reflecting the ings. Social media posts—“Westand punditsmaking matters worseby authority is unique in manyways. reins in impulse with carefully con- stateofreadinessofone of Amer- with Captain Crozier”—don’t merely sounding off on issues they don’t Most notably,this newauthority is sideredprotocols and procedures. ica’s most important ships. The up- reflect attitudes; they drivebehavior understand. meanttobeshort-lived and to go None of those virtues areevident in shot is that the Chinese received among the public and, moretrou- out of business. Thepurpose is to howthe Roosevelt incident played Capt. Crozier’s letteratthe same bling, among young sailors. The Mr. Toti, aretired U.S. Navy cap- extend loans that help businesses out. time as the Pentagon. Journal reports that some sailorssay tain, commanded the USS Indianapo- preserve employment and weather No doubt Capt. Crozier was con- TheNavydoesn’t always getit they won’t re-enlist over the way lis submarine, Submarine Squadron the pandemic until financing canbe cerned about the Covid crisis and right. Ispent morethan adecade de- they perceivethe incident to have 3 and Fleet Antisubmarine Warfare replaced with lending in the private wanted to escalatethe issue to pro- fending Capt. Charles McVay III.He been handled. Imagine if this trend Command Norfolk. market. Given the crunch fortime, tect his crew.That desireistobe commanded the heavy cruiser USS In- professional staff will have to be commended. But the crew’s welfare dianapolis when it wassunk in July smalland rely on an army of out- is only part of aNavycaptain’sre- 1945,the worstat-sea disaster in U.S. side experts, though the staff will sponsibilities,which areglobal in navalhistory. LikeCapt. Crozier, Poetry for a Pandemic need to be skilled in structuring scope.Capt. Crozier’s lettereffec- McVay’s storycaptured national corporatesecurities and pricing that tively recommended that the Navy headlines.McVay’s surviving crew ral- By Gregg Opelka Several of the sonnetsinvoked the risk. take an operational, forward-de- lied around him, fighting to vindicate irrepressible human tendencytore- Sincetime is so limited, perhaps ployednuclear-poweredaircraftcar- him even afterhis 1968 suicide. ntimes of calamity,some people silienceinthe faceofadversity. an oversight group could be se- rier offline, an event that would be McVay was convicted by a court- I turn forsolacetofaith, family or “Sweeter was loss than silver coins lected from regional Federal Re- classified and carrysignificant stra- martial for“hazarding his vessel” by the government. Iturn to my fa- to spend,” begins the 11th sonnet. serveBank presidentsand directors, tegic implications world-wide,hence failing to take action the Navy be- vorite poets. That seemscounterintuitiveuntil whose qualifications and conflicts would have to be escalated to the lieved would have spared his ship In 1934, Edna St.Vincent Millay Millayobserves afew lines later that have already been vetted. Further, president. From that standpoint, the from a Japanese submarine attack. publishedasequenceof18sonnets “forthen it washis neighbor washis theFederal Reserve’snew lending titled “Epitaph forthe Race of Man.” friend.” operations should be transparent to Thepoet who had encapsulated the Anecdotal reportsabound of the public,with aregularly updated insoucianceofthe Roaring ’20s in a neighborslooking out forneighbors. websitethat includes audited finan- PUBLISHED SINCE 1889 BY DOWJONES&COMPANY four-line epicurean lyric,“FirstFig,” On my ownblock it’snodifferent. cial statements. These will be sup- Rupert Murdoch Robert Thomson turned into alugubrious doomsayer. “Howare youdoing?” is no longer a plementedwith filingsatthe Secu- Executive Chairman, News Corp Chief Executive Officer, News Corp Thehedonist who had recently perfunctorygreeting but asincere rities and ExchangeCommission Matt Murray William Lewis Editor in Chief Chief Executive Officer and Publisher boasted “My candle burns at both expression of concern. Theprivate required of the public companies Neal LipschutzKaren Miller Pensiero DOWJONESMANAGEMENT: ends; /itwill not last the night; /But sector has collaborated with govern- that receiveloans. Deputy Editor in Chief Managing Editor Ramin Beheshti, Chief Technology Officer; ah, my foes,and oh, my friends— /It ment in unprecedented ways. No This health crisis has the poten- Natalie Cerny, Chief Communications Officer; Jason Anders, Chief News Editor; Louise Story, Chief Kamilah Mitchell-Thomas, Chief People Officer; gives alovely light” nowdedicated matteryour profession, color,creed tial to createaneconomic catastro- News Strategist, Product &Technology Officer EdwardRoussel, Chief Innovation Officer; 252lines to the proposition that it or age, it’s all hands on deck. phe of historic magnitude.The Thorold Barker, Europe; Elena Cherney, News Christina VanTassell, Chief Financial Officer wasoverfor mankind. It’sunfortunatethat it requires a countrycannot affordtoadd acrisis Features &Special Projects; Andrew Dowell, OPERATING EXECUTIVES: Millay—whom afriend of mine disaster to elicit our caring side,but of trust to that mix. The Fed’s mas- Asia; AnthonyGalloway, Video &Audio; Kenneth Breen, Commercial; AlexMartin, Print &Writing; Michael W. Miller, Jason P. Conti, General Counsel; once called “Edna St.Vincent Mal- in these detached, distracted, dis- sivelending authority is apowerful Features &Weekend; Emma Moody, Standards; TracyCorrigan, Chief Strategy Officer; aise”—proved abetterpoet than jointed times, so it is. Maybe when tool forlimiting the economic dam- Shazna Nessa, Visuals; MatthewRose, Enterprise; Frank Filippo, Print Products &Services; prophet. Yetthereare flashes of op- the smokeclearsand normal lifere- age. Best practices forstaffing,gov- Michael Siconolfi, Investigations; Nikki Waller, Live Kristin Heitmann, Chief Commercial Officer; Journalism; Stephen Wisnefski, Professional News NancyMcNeill, Corporate Sales; timism, which canboth comfort and sumes,we’ll remember that aneigh- ernanceand disclosurewould help Thomas SanFilippo, Customer Service; inspireusinour current peril. In the bor must also be a friend. createthe conditions forsuccess GerardBaker, Editor at Large Josh Stinchcomb, Advertising Sales; sequence’seighth sonnet, Millayde- Therewill be aday when the and aprosperous future. Paul A. Gigot, Editor of the Editorial Page; Suzi Watford, Chief Marketing Officer; Daniel Henninger, Deputy Editor, Editorial Page Jonathan Wright, International scribes howaJapanese farmer who ashes cool. Therewill be aday for Barron’s Group: Almar Latour, Publisher lost everything in the Great Kanto rebuilding.Therewill be aday when Mr. Cohn was director of the Na- WALL STREETJOURNAL MANAGEMENT: Professional Information Business: Earthquakeof1923 waitsdays for again we plant the purple iris in our tional Economic Council, 2017-18. Joseph B. Vincent, Operations; Christopher Lloyd, Head; LarryL.Hoffman, Production Ingrid Verschuren, Deputy Head the ashes to cool, then “builds roof. Mr. Hutchins served as aspecial ad-

EDITORIAL AND CORPORATEHEADQUARTERS: again / His paper house upon obliv- viser in the Clinton White House and 1211 Avenue of the Americas, New York, N.Y., 10036 ion’sbrim /And plantsthe purple Mr.Opelka is amusical theater is co-chairman of the Brookings Telephone 1-800-DOWJONES iris in its roof.” composer-lyricist. Institution. P2JW098000-0-A02000-1------XA

A20 | Tuesday, April 7, 2020 THE WALL STREET JOURNAL.

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S&P 2663.68 À 7.03% S&P FIN À 7.46% S&P IT À 8.78% DJ TRANS À 7.29% WSJ $ IDX g 0.15% LIBOR 3M 1.352 NIKKEI (Midday) 18808.53 À 1.25% See more at WSJ.com/Markets Dow Surges 1,600 as Tech Stocks Rally

Positive news on virus final 10 minutes of the trading Thenumber of daily hospi- though it is still down 21% this on 33 consecutivetrading session. By Xie Yu, talizations,intubations and year.The S&P 500 rose 175.03 days. provides initial boost, A late surge in tech stocks, Avantika Chilkoti people in intensive-care units points, or 7%, to 2663.68. The Thetech sector led the way late jumps in Visa, including Visa, Microsoft and and Paul Vigna is also down. Nasdaq Compositegained in the S&P 500,rising 8.8%. Apple,turbochargedthe gains: “Everyone is just desperate 540.15 points, or 7. 3%, to Thelatesurge pushed Visa Apple give final push theDow Jones Industrial Aver- than 50% for the year. forgood pieces of news,” said 7913.24. shares up 12%, Apple up 8.7% ageended the session up more Signs of progressinthe PeterCecchini,chief market Monday’sgain wasthe and Microsoft up 7.4%. Stocks rallied Mondayas than 1,600 points. fight against coronavirus strategist at Cantor Fitzgerald. Dow’s 12th consecutive move Whatever paththe pan- investors cheered early signs All 30 stocks in the index drove the optimism. “It doesn’t necessarily reflect up or down of at least 1%, the demic takes, the damageon that lockdowns in the U.S. and climbed, as did all 11 sectorsin NewYork Gov.Andrew anything fundamental. Noth- longest such streak since economic growth is going to Europe maybehelping slow the S&P 500. Cuomo said the number of ing’s changed.” March 2009,and its28th con- be significant, said Fred Can- the coronavirus pandemic, Beaten-down retail and dailydeaths from Covid-19, Indeed, with volatility in secutive move up or down at non, director of research at even as Americansbrace for travel stocks were among the thepneumonialikedisease the market as elevated as it least0.5%, according to Dow Keefe Bruyette & Woods. another difficult week. biggest gainers. Kohl’s, Nord- caused by the virus,havebeen has been lately, he said, Mon- Jones Market Data. He expectsaslowrecovery, Major indexesinthe U.S. strom, Carnival and Marriott “effectively flat” in hisstate day’s swings are typical. Astreak likethat last oc- with growth at the end of 2021 opened sharply higher,held International each climbed at forthe past two days,suggest- TheDow Jones Industrial curred in October 1931 during still about 5% belowits level relatively steady formost of least 19%, though all four ing social-distancing measures Averagejumped 1,627.46 the Great Depression when the from before the downturn. the dayand then soared in the stocks arestill down more have proved effective. points, or 7.7%, to 22679.99, indexrose or fell at least 0.5% PleaseturntopageB11

Change in average weekly national priceof Shortage selected foods sincethe first week of January. Of Storage Tries Oil 250% EGGS Producers 229%

BY BENOIT FAUCON AND SUMMER SAID 200 Agrowing scarcity of oil storage space is driving some of theworld’sbiggest crude S producerstonegotiateatruce

PRES this week in aSaudi-Russian

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150 /Z contributed—along with the TER coronavirus pandemic—tothe GIS

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UNTY set forThursday, Saudi Arabia CO and others in OPEC are work- NGE ing to convince oil producers 100 RA /O that therewill be very little

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LES they don’t curb production, as

WILL oil tradersscramble forempty A Stater Bros. market employee restocks eggs at a store in California. Retailers expect supply to remain at current levels. vaultsinremotecornersofthe oil world like Morocco, Malta and the Caribbean. 50 47% As oil demand collapses amid the viral pandemic,the Saudi-led Organization of the Petroleum Exporting Countries GROUND CHEDDAR BUTTER CHICKEN HAM and Russia-led allies arehold- BEEF CHEESE ing avirtual gathering Thurs- 0 daytonegotiateatruce in the Saudi-Russian pricewar and JJFMAA JJJA A A J A debatecurbs of 10 million bar- –3% rels aday.The group hopes Source:USDA –15% North American producerswill join, and it has invited Nor- –26% way,the U.K. and Brazil to join –42% the meeting, delegates said. Jump in Egg Prices Pressures Grocers A spokesman for Norway’s energy ministrysaid itsoffi- cialswould be willing to at- tend if there is a broad atten- BY JAEWON KANG Agriculture data. year formanyU.S.egg produc- even higher,while trying to the speed of increase.” Prices dance from other countries. AND JACOB BUNGE That rise far outpaces cost ersthat prompted some to hold prices stable forconsum- arethe highest they have been OPEC producersmight increasesfor other common shrink their flocks. ers. sincethe avian influenzaof makethe implementation of Wholesale egg prices have foods likeground beef.Whole- Risingegg prices,along Retailers anticipatethat 2015 and supply is likely to get their production cuts contin- more than tripled as consum- sale costs for whole chickens, with rapidly changing prices eggsupplies will stay tight. It tighter, said Mr. Hucker, who gent on signals that other ers’ coronavirus-driven buying butter,cheese and ham have forother food commodities, takesfour to five months to heads the chain of more than Group of 20 nations are will- clearssupermarket shelves, fallen, despiteconsumers arecompounding grocers’ raise a hen to egg-laying age, 700storesthat includes the ing to join the curbs.The G-20 piling up costs for grocers as rushing to stock up,partly be- budgeting and planning chal- and few farmerssofar plan to Winn-Dixie and Bi-Lochains. is considering holding an they struggle to keep the sta- cause of plunging demand lenges as the coronavirus pan- build newbarns or signifi- Themoreeggsdisappear emergency energy summit on ple in stock and affordable. from restaurants. demic forces Americans to cantly expand their flocks in from theshelves,the tighter Friday, the delegates said. Eggprices forgrocers Consumers’ sudden, surging shiftfromrestaurant dining to response to the coronavirus- the squeeze on grocerystores’ G-20 organizersinSaudi acrossthe U.S. averaged $3.01 demand for eggs—with some eating at home.Soaring prices driven demand surge. profit margins. Over the four Arabia didn’t return arequest adozenatthe end of last supermarketsordering four to are frustrating some grocery- AnthonyHucker,chief exec- PleaseturntopageB2 for comment. week,compared with 94 cents six times their normal volume, chain executives,who are utiveofSoutheastern Grocers, In recent days,Russia has at thebeginning of March, ac- industry officials estimated— scrambling to secure supplies said: “Egg is by far the steep-  Meat plants slow output as accused Saudi Arabia of trying cording to U.S. Department of comes afteramoney-losing and girding for prices to rise est and the fastest in terms of some workers get sick...... B2 PleaseturntopageB11 Car Insurers Refund INSIDE PG&E Settlement Fraying as Locked-Down Drivers Fire Victims Group BacksOut S BY LESLIE SCISM ily is returning $50 per insured

vehicle.That representswhat PRES

One of the largest car-insur- the carrier already has saved— TED BY KATHERINE BLUNT PG&E’splans to securecourt utility filed forchapter 11 pro-

ance companies in the country, and expectstosavethrough CIA approval to exit bankruptcy by tection in January2019,citing SO

Allstate Corp., and asmaller mid-June—as aresult of the re- AS Thecommitteethat helped June 30,adeadline to partici- billions of dollarsinliability Midwestern autoinsurer are duced claim volume.“It is real broker a$13.5 billion settle- pateinastate wildfirefund. To costsitfaces because of itsrole refunding hundreds of millions dollarsweexpected to payout ment forCalifornia wildfire do so,itneeds the support of in sparking wildfires in 2017

of dollarstotheir policyhold- this year and no longer have to SENTINEL/ victims in PG&E Corp.’sbank- fire victims and other creditors, and 2018 that collectively killed ers, citing adramatic drop in payout,” said Telisa Yancy, ruptcy case said it no longer who have until May15tovote morethan 100 people and de-

accident claims from people American Family’s chief operat- RLANDO supports the current deal, a on the plan. stroyed roughly 15,700 homes. hunkered down in their homes. ing officer.“We aresharing it /O setbackfor the giant utility’s PG&E said in astatement Theattorneysfor the fire Allstatesaid it would dis- back right nowwhen our cus- effortstoexit chapter 11. that all parties that signed the victims have asked U.S. Bank-

patch morethan $600 million tomersprobably most need it.” BURBANK In acourt filing Monday, victims’ settlement understood ruptcy JudgeDennis Montali for

in shelter-in-placepayback Compared with last year, JOE attorneysfor the fire victims that the company’sstock price permission to send aletterto checks,while American Family claims were down 20% to 40% committeeraised numerous could fluctuateand that the ef- victims explaining that they will Mutual Insurance Co.said it is weekly from March 11—when BUSINESS concerns about the settlement fort to “recut the deal” jeopar- trytonegotiatewith PG&E in returning $200 million to its the World Health Organization SeaWorld’schief andsaid they were nowadvis- dized victims’ ability to get coming weeks to address“un- smallerpolicyholder base. declared the pandemic— executiveresigned ing victims to hold off on vot- paid quickly. foreseeable and significant risk” Themoves highlight aloom- through April 3, Ms.Yancysaid. ingfor it until the issues are “SincePG&E entered Chap- to the $13.5 billion settlement. ingdilemma forthe auto-insur- TheMadison, Wis.,insurer esti- afterabout five resolved. ter11, the company’sprimary Under the settlement, the anceindustry: Apotentially mates that policyholdersdrove months in the post. B3 Thedeal proposes to pay goal has been to getvictims portion paid in shares would go large Covid-19 windfall is tak- 40% fewermiles in the last victims half their settlement in paid fairly and in atimely man- to atrust that would in turn ing shape at the same time threeweeks of March. The PG&E shares.The lawyersare ner,” the companysaid. distributepaymentstothe vic- manycustomersare suffering companyoperates in 19 states. PERSONAL nowconcerned the payment in Thecompanyadded that its tims.Inaddition to concerns financially from lockdowns cov- AllstateChief ExecutiveTom TECHNOLOGY shares will be lessthan pro- sharepriceonMondaywas about the value of those shares, ering much of the U.S. Wilson said mileagewas down Some online retailers jected as the stock market falls higher than it had been, on av- the lawyershavealso criticized Allstatesaid most of itscus- 35% to 50% acrossthe U.S. under the weight of the corona- erage, during the two months last-minutechanges PG&E tomerswould receive15% of sincemid-March, including in out-Amazon virus pandemic. priortoreaching asettlement made to itsbankruptcy restruc- their monthly carpremium in states without shelter-in-place Amazon. B4 Thelack of support from fire with victims in December. turing plan that they saynega- April and May. American Fam- PleaseturntopageB10 victims threatens to upend TheSan Francisco-based PleaseturntopageB6 P2JW098000-4-B00200-1------XA

B2 | Tuesday, April 7, 2020 **** THE WALL STREET JOURNAL. INDEX TO BUSINESSES BUSINESS & FINANCE

These indexes citenotablereferences to mostparent companies and businesspeople in today’s edition. Articles on regional page inserts aren’t cited in these indexes.

A Gilead Sciences...... A12 R Meat Plants Slow Production Airbnb...... B2 Goldman Sachs GroupB3 Ravn Air...... B3 Airbus...... B3 H Reckitt Benckiser Group Allstate...... B1,B10 Hengfeng Bank...... B10 ...... B6 American Airlines.....B11 Hexcel...... B2 Regeneron American Family Mutual Honda Motor...... B3 Phaarmaceuticals...A12 As Employees Fear for Safety Insurance...... B1 Honeywell International Robert Bosch...... B4 Apple...... B1,B3 ...... A4 S B Hy-Vee...... B2 Samsung Electronics..B4 The U.S. meatindustryhas been producing record levels of serveacrossAmericaisour pri- I Some sites close, keep Bank of Jinzhou...... B10 Sanderson Farms...... B2 poultryand redmeatleading up to the coronavirus pandemic, maryfocus,” said Jeff Brown, Baoshang Bank...... B10 Informa Pharma Sandy Steele Unlimited workers farther apart which is nowdisrupting some plantoperations. Empire’schief executive. BASF...... B4 Intelligence...... A1 ...... B11 Thevarious plant closures Berkshire Hathaway.B12 Inovio Pharmaceuticals SeaWorld to halt virus’s spread; Annual U.S. commercial meat production BMW...... B4 ...... A12 Entertainment...... B3 food supply still ample aren’t expected to signifi- C J - K Shake Shack...... A7 60 billion pounds cantly affect the overall avail- ability of meat, at least in the CanSino Biologics.....A12 JBS USA Holdings...... B2 Starbucks...... B3 Carnival...... A1,B1,B10 JPMorgan Chase...... B10 T BY JACOB BUNGE Redmeat short term, sincemeat pro- Chevron...... B12 ductiongenerally has been Kohl's...... A1,B1 Tesla...... B10 50 CureVac...... A12 L 3M...... A4 Thecoronavirus pandemic is Poultry* high and restaurant closures CVS Health...... A1 hitting U.S. meat operations, mean fewerburgers and Lucid Motors...... B10 Tyson Foods...... B2 D Luckin Coffee...... B3 U slowing and temporarily halt- chicken consumed in food-ser- ingproduction at some plants 40 vicesettings, according to Len Deutsche Lufthansa...B4 M Uber Technologies....B10 Dollar General...... A8 as sicknessand fear keep work- Steiner,head of food-industry Marriott InternationalB1 United Airlines...... B11 ershome. consulting firm Steiner Con- E Microsoft...... B1 V Meat plant employees, sulting Group. Empire Kosher Poultry Moderna...... A12 Visa...... B1 30 ...... B2 Mugler...... B4 working by the hundreds in Some meat industryand la- Volkswagen...... B4 plants,with manystanding bor officials said they expect F N W Factual...... B4 No Borders...... B11 side by side on processing other slowdowns and further Walmart...... B4 20 Fiat Chrysler Nordstrom...... A1,B1 lines,playacritical role in re- interruptions as worker ab- Woodward...... B2 Automobiles...... B3 O - P plenishing supermarkets. But 1990 ’95 2000 ’05 ’10 ’15 sences rise. Foursquare Labs...... B4 Y workers’ concerns that they Sanderson Farms Inc., an- Occidental Petroleum *Includes federally inspected, certified, chilled &frozenpoultry Yum Brands...... A8 G ...... B12 could contract the coronavirus Source:USDA othermajor chicken company, General Electric...... A4 Oracle...... A1 Z have prompted walkoutsand on April 2said itsMoultrie, General Mills...... A8 Penske Media...... B10 Zoom Video complaints, while agrowing dayitsuspended operations at pounds of redmeat and poul- Ga., poultryplant will tempo- General Motors...... A4 PG&E...... B1 Communications.....B12 number of positivecases itsColumbus Junction, Iowa, try. rarily reduceproduction by promptssome meat companies pork plant aftermorethan two JBS has called the Souderton nearly one-fourth afteritasked to scale back operations. dozencases of Covid-19 were plant the largest beef facility 415 of the plant’sroughly 1,500 JBS USAHoldings Inc.has reported among employees east of Chicago, and in 2009 es- workerstostayhome.CEO Joe INDEX TO PEOPLE closed abeef-processing plant there. timated itsprocessing capacity Sanderson called it aprecau- in Souderton, Pa., fortwo TheArkansas-based com- at 1,900cattleaday,about one- tionarymoveascoronavirus B F Q weeks,aspokesman said over pany, the largest U.S. meat sup- thirdthe sizeofJBS’slargest cases jumped in the area. Brown, Jeff...... B2 Farley, Robin...... B10 Qian, Jenny Zhiya...... B3 the weekend. Theplant, which plier by sales,isdiverting hog Plains states beef plants. Em- Thecompanyplans to hire produces ground beef and deliveries from that plant to ployees in Souderton arebeing around 200 additional employ- C G R other productsand employs othernearby facilities,and em- paid fora32-hour workweek ees there, and is paying the Cannon, Fred...... B1 Graham-Taylor, Lyn..B11 Rivera, Sergio...... B3 morethan 1,000 people,gradu- ployees arebeing paid during there, aspokesman said, and current employees that are Cecchini, Peter...... B1 Griffin, Mark...... B2 S ally reduced operations last the anticipated one-week clo- supermarketsare being sup- staying home. Chesky, Brian...... B2 K Sanderson, Joe...... B2 week afterseveral managers sure. Tyson is performing extra plied from other JBS plants. Illness, fearsovercontracting Cook, Tim...... B3 Shim, David...... B4 were sent home with flulike cleaning that has required In central Pennsylvania, Em- the virus and the need to care Cordova, Kim...... B2 Krause, Daniel...... A7 Snyder, Joseph...... B11 symptoms. some other plantstoclose fora pireKosher Poultry Inc.last forout-of-school children led Curtis, Harry...... B10 L Steiner, Len...... B2 Wendell Young,president of day. around 800 to 900 employees of D Lu, Charles Zhengyao.B3 United Food and Commercial Theslowdowns come as the aJBS beef plant in Greeley, Y WorkersLocal 1776, which rep- $213 billion U.S. meat industry Colo., to stay home from work Dimon, James....B10,B11 N - P Up to 900 workers Yergin, Daniel...... B11 resentsworkersatthe plant, tries to adjust to the coronavi- each daylast week,according to E Narasimhan, Laxman..B6 Young, Wendell...... B2 said rising numbersofprocess- rus-forcedchanges to American at a Colorado beef Kim Cordova, president of the Evans, Dwyfor...... B11 Perdikis, Alex...... B12 Yuan, Eric...... B12 ing workershavefallen ill, and eating habits, reorienting the plant stayed home localUFCWunion. Theunion, otherswereafraid to go to flow of ground beef,chicken which representsJBS employees work.“It accelerated rapidly in breastsand sausagetoward su- each day last week. at theplant, didn’t coordinate the previous week,and it cre- permarkets and away from res- themove, she said. Airbnb Raises Funds ated some production chal- taurants. TheJBS spokesman put the lenges,” Mr.Young said. Meat supplies were high number at lessthan that by JBS altered schedules and heading intothe coronavirus week temporarily closed after aboutathirdand said atten- As Home-Sharing seating to createmoredistance pandemic.Total frozen some employees at the 550- danceisimproving; he said the between workers, but the na- chicken in U.S. cold-storagefa- person plant contracted Colorado plant, which employs tureofmeatpacking work com- cilities on Feb. 29 stood at 925 Covid-19,aspokesman said. more than 3,000 people,contin- Business Stumbles plicated those efforts, Mr. million pounds,arecordfor Thecompanyisthe largest U.S. ued to meet demand. Young said. the month, according to U.S. kosher chicken supplier and Concern over the virus,and BY KIMBERLY CHIN long-tenured hostswho offer TheJBS spokesman said the Agriculture Department data. typically closes forthe Pass- worries that close-quarters classes and toursthrough its temporaryclosureismeant to Supplies of frozenpork, over holiday, but it shut down work in meat-cutting lines and Airbnb Inc. said Monday it Experiences businesswho may ensurethe plant has sufficient beef and other redmeat early as aprecautionarystep plant locker rooms could help is raising $1 billion in funding need help. management in placefor itsex- climbed 5% compared with and plans to reopen the week spread it, have led moreplant from private-equity firms Sil- Airbnb’sstatedplans to go pected April 16 reopening.But February2019,and were up of April13. employees to walk off process- verLakeand Sixth Street public this year have been a forthat issue,hesaid, the plant 3% from this past January’s “The health and safety of ing lines and call forcompa- Partnersasthe companyreels subject of scrutinyand uncer- could operatesafely. level. In 2019,the industry our employees,their families nies to take further steps to from aglobal hit to itsbusi- tainty as the pandemic devas- Tyson Foods Inc.said Mon- produced arecord105 billion and those communities we protect workers. ness caused by the coronavi- tatedglobal travel. ruspandemic. Terms of the private-equity TheSan Francisco-based investment weren’t disclosed. startupsaid the funding will In 2017, the last time Airbnb Aerospace Suppliers Call Off Merger be acombination of debt and raised money,itwas valued at equity and is meant to sup- $31 billion. port Airbnb’slong-term work, Airbnb hadplanned to go BY MICHAEL DABAIE the deal would allow them to both companies. Colorado-based Woodward including itsnetwork of hosts public this year through adi- expand spending on research Neither party will be re- makes cockpit systems and ac- and stakeholders. rect listing,which wouldn’t in- Aerospace suppliers Wood- and development of moreeffi- quired to pay the other a ter- tuators—the motorsthat con- Thehome-sharing company volveraising additional ward Inc.and Hexcel Corp. cient engines and lightweight mination feeasaresult of the trol wing flaps and other said about $5 million of the money,but as revenue evapo- agreed to terminate aircraft parts. decision. flight-critical functions—for investment will go toward a ratesthe companyalso has their merger agreement amid Thecompanies said the Thecombined company, commercial and militaryair- Superhost relief fund. That been considering raising cash the Covid-19 pandemic. pandemic hasresulted in a which would have been known craft. Connecticut-based Hex- money will be used to provide through an initial public offer- The companies make parts need for each company to fo- as WoodwardHexcel, would celisaspecialist in composite grantsworth acombined total ing,people familiar with the for Airbus SE and Boeing Co. cus on itsrespectivebusi- have ranked among the aero- materials such as carbon fiber, of around $15 million to hosts situation have said. jets,including the grounded nesses and has affected their spaceindustry’slargest sup- which areincreasingly used in who rent out their ownhome Chief ExecutiveBrian 737MAX.When Woodward ability to realize the benefits pliers, with combined sales of aircraftand their engines sys- and need help paying their Cheskyisunder pressurefrom andHexcel announced their of the merger. Thetermination $5.3 billion last year and tems because they are lighter rent or mortgage, as well as employees to go public. merger in January,they said wasapproved by the boards of 16,000 staff. than metal and alloys. Egg Prices Pressure Grocers CIGARS S ContinuedfrompageB1 PRES 5 weeks ended March 22,sales of fresh eggs at U.S. retail stores TED OCIA

were about 30% higher than SS

/A $ the prior month, according to AT only market research firm IRI. Re- tail prices declined about 5%. Randy Edeker,president of Midwest grocerychain Hy-Vee Inc., said it is hardtoask con- TRIBUNE-DEMOCR 5 sumers to paymorefor eggs THE and other protein as the pan- Y/ SK

demic drives people to stock CO up.Eggshavelong been a RU

cheap source of protein for JOHN low-income families,food-in- The rise in cost comes as many producers had shrunk flocks after losing money in 2019. dustry officials said. “Costsare going up right Stores. perdozeneggsproduced last far avoided supply or transport now,” Mr.Edeker said. “We’re To keep eggs in stock,the year,according to the Iowa- disruptions. just going to have to lose chain bought surplus inventory based EggIndustryCenter,an Feed and fuel—two of the money on eggs.” from food-servicedistributor industry-funded research group biggest costsinproducing Lincoln, Neb.-based B&R SyscoCorp., which increasingly at Iowa State University.Cal- eggs—aregetting cheaper. Stores Inc.isselling adozen is selling food to supermarkets Maine Foods Inc., the biggest Corn andsoybean futures CIGAR.com is here to prove how serious we are about earning your trust and respect. How about five premium cigars for $5? Take 86% off MSRP eggs for$2.48,though the as restaurantsclose. U.S. eggsupplier,onMarch 30 prices in March fell 7. 5% and and savor some fine, flavorful handmade cigars. You’ll score one each of chain is paying $2.93,upfrom MargaritaHiggs, a26-year- reported a10% decline in sales 0.8%, respectively.Gasoline Nica Libre, CIGAR.com American Label, Ramón Bueso Genesis, HC Series 98 centstwo weeks prior. old stay-at-home mother,said forthe quarter ended Feb. 29, prices in some partsofthe Maduro, and Gurkha Class Regent. Each premium blend offers aunique Some productsare also in- she worries about the potential because of sinking eggprices countryhavedipped below$1a experience, making it the perfect mix for enthusiasts and beginners alike. This is alimited time, highly exclusive offer, so act quickly. creasing in price, but not as priceincrease because her and high supplies,with profits gallon. much as eggs. B&R’swholesale family goes through three to dropping by about two-thirds Thecoronavirus has driven priceofground beef increased four dozeneggsevery week. from the year earlier,to$13.7 up prices faster than the 2015 www.CIGAR.com/CGSA2066 by 25%, or $1 higher per “It’ssomething that’shard million. avian influenzaoutbreak, Enterfull webaddress or search keyword: CGSA2066 pound, and chicken and pork to replaceinyour diet,” said Coronavirus-driven demand which led to the death of about prices went up by roughly 15%. Ms.Higgs, who lives in Hous- could bring awindfall forCal- 10% of domestic egg-laying Call 800.357.9800 Mention CGSA2066 “We’reall selling eggs below tonwith her twins,parentsand Maineand other big eggsup- hens.Inmid-2015,wholesale Offer expires 5.15.20 market price. On astaple item brother.“We’vebeen eating a pliers. Chief ExecutiveDolph eggprices climbed by about Includes shipping.Purchase may be subjecttostate, localorexcise taxes whereapplicable.First-time purchasers only.One percustomer.Nosales to anyone under the age of 21. We do not ship to Utah and likeeggs, thereare times when lot of eggs.” Baker said that in recent weeks 126% over aperiod of four South Dakota. Formoreinformation see www.CIGAR.com/SHIP.Offer expires 5.15.20. youmakemoney and times Thesurge follows atough some eggprices have jumped months afterthe firstU.S.egg CIGAR.com | 1911 Spillman DriveDept. #26 | Bethlehem, PA 18015 when youlose money,” said period forU.S.egg producers, to record levels,and the Mis- farm case wasconfirmed, ac- Mark Griffin,president of B&R who on averagelost 2.7cents sissippi-based companyhas so cording to USDA data. P2JW098000-0-B00300-17FFFF5178F

THE WALL STREET JOURNAL. Tuesday, April 7, 2020 | B3 BUSINESS NEWS

SeaWorld’s CEO Leaves Post After Five Months at the Helm SeaWorld Entertainment Inc. ties filing. said Chief Executive Sergio Ri- SeaWorld has been grappling vera has resigned from the com- with falling attendance and panyafter being in the post for deeper losses after a 2013 docu- about five months. mentary, “Blackfish,” chronicled The theme-park company the company’s practices related said Finance Chief and Treasurer to its treatment of captive or- Marc Swanson is serving as in- cas, also known as killer whales. terim chief executive, while Chief The company in February said Accounting Officer Elizabeth it would pay $65 million to set- Castro Gulacsyis stepping in as tle claims that it violated securi- interim finance chief and trea- ties laws by not being up front surer. SeaWorld also appointed with investors about the effect Walter Bogumil, the company’s the critical documentary had on chief strategy officer, as its chief its business. operating officer. In 2018, James Atchison, who The departure on Saturday of resigned as chief executive in Mr. Rivera, a former timeshare- 2014, settled for more than $1 resort executive who took up million with the Securities and the position in November, comes Exchange Commission on similar after a string of leadership charges related to “Blackfish.” changes in the past few years. The company also said Mon- Gustavo Antorcha, Mr. Rivera’s day that executive officers are predecessor, resigned from Sea- cutting their base salaries by World in September, seven 20% until its parks resume nor- months after taking the helm at mal operations, as the coronavi- the Orlando, Fla., company. Mr. rus pandemic has led to park Swanson stepped in as an in- closures.

terim CEO then, too. SeaWorld last month said it S Mr.Riveraresigned overdis- was furloughing more than 90% PRES agreements on the board’sin- of its staff as of the start of UMA

volvementindecision making, April. /Z

the companysaid in asecuri- —Dave Sebastian TNS Loan to Luckin Chairman Could Cost BanksMillions

BY JING YANG andaGoldman spokeswoman Thursdaybydisclosing that as protect themselves from mar- filed in January. Moreforced tors and opened morethan declined to sayifthe investment much as 2.2 billion yuan ($310 ketpricedeclines.Atthe end of sales could weigh on Luckin’s 4,500storesacrossChina, Banks standtolose more bank wasamong them. million) in sales from the sec- 2019,when Luckin’sU.S.shares stockpriceand lead to more overtaking Starbucks in the than $100 million from aloan Thesecurities pledged to- ond quarter to the fourth quar- were trading at about $39 margin calls and loan defaults. countrybythe end of 2019. they made to the chairman of ward the loan areheld by Mr. teroflast year were fabricated apiece, the collateral backing As of January, Mr.Lucon- Some of the world’slargest Luckin Coffee Inc., whose share Lu and JennyZhiyaQian, by some employees.Ithas sus- the$518 million loan wasval- trolled about 36.8%ofthe com- investorsweredrawn in by the priceplunged afterthe Chinese Luckin’schief executiveofficer. pended itschief operating offi- ued at about $3 billion. pany’sshareholder voting company’srapid growth and coffee chain last week said much Thetwo areco-foundersofthe cerand several staffers. rights,while Ms.Qian had businessmodel of wooing cus- of its2019 sales were fabricated. company, which had quickly Thefalsified sales repre- 23.7%ofthe voting rights. tomerswith coupons and On Monday, Goldman Sachs emergedasarival to Star- sented close to half of Luckin’s Goldman said Mondaythat deliveries of freshly brewed Group Inc.said an entity con- bucks Corp.inChina. The reported or projected revenue even if allthe shares backing coffee made from what Luckin trolled by Luckin Chairman pledged shares were recently forthe nine-month period. 80% the $518 million margin loan said were premium Arabica Charles ZhengyaoLudefaulted valued at about $410 million, Luckin’sU.S.shares,which were aresold, Mr.Lu’svoting inter- coffee beans. on a$518 million margin loan based on Luckin’sclosing price trading above$26 beforethe The approximate drop in value in est in the companywouldn’t Credit Suisse AG’s Singapore facility.Itsaid agroup of lend- of $5.38per American deposi- news,lost nearly 80% of their Luckin’s U.S. shares in twodays decrease,but Ms.Qian’swould branch is the trustee holding ersisputting 76.3 million of tary shareonFriday. value in two days last week. decline significantly.The com- theLuckin shares on behalf of the Chinese company’sAmeri- TheNasdaq-listed shares Theforcedsale of the panyhas two classes of shares the lenderslooking to sell. The candepositaryshares—repre- sank furtherMonday, falling Luckin shares,which is the re- with different voting rights. Swissbank wasalso the lead senting the collateral forthe 18%to$4.39,giving Luckin a sult of amargin call, shows Themargin-loan default From itsfounding in 2017, bookrunner of Luckin’sIPO and loan—up forsale. market capitalization of about howbadly the banks were could be one of astring of simi- Luckin took lessthan 18 helped the companyraise Goldman said it is acting as a $1.1 billion. blindsided by the company’s lar defaultsbyother Luckin months to achieveaNasdaq additional funds from investors “disposal agent” forthe lenders, Aspokesman forLuckin de- recent revelations. shareholders. Thecompany’s initialpublic offering,one of in afollow-on shareoffering meaning it is helping to facilitate clined to comment. Lenderstypically build in a management and their family the fastest ascensions by a and asale of convertible bonds the sharesale in one or more Theembattled company, large cushion between the size membershavepledged other startup globally.The company in January. ACredit Suisse transactions.The identities of which is based in Xiamen, of their loan and the value of shares as collateral forborrow- raised morethan $2 billion spokesman declined to thelenderswasn’t disclosed, China, stunned investorson thecollateral securing it, to ings, according to aprospectus from privateand public inves- comment. BUSINESS WATCH

APPLE Tech GianttoMake AMillion Face Shields Apple Inc. and its suppliers have begun producing face shields forhealth workers, which the companydesigned to pack flat and assemble in under twomin- utes, said Chief ExecutiveTim OUTLAST. Cook in avideo postedSundayon Twitter. The tech companysaid thatit plans to makeone million of the THE VALUEOFALONG-TERM PERSPECTIVE. RIGHT NOW. face shields weekly using materi- als and manufacturing facilities from the U.S. and China. The first shipmentwenttoKaiser Perma- nente hospitals in Santa Clara County,Calif., whereApple is based. It initially will distributethe S shields acrossthe U.S. but hopes 1

to expanddistribution laterto PRES INVESTMENT EXPERIENCE THROUGH 30 MARKET CYCLES other countries. UMA In addition to the shields, Mr. /Z PORTFOLIO MANAGERS WHO AVERAGE 23 YEARS’ TENURE

Cook said Apple has gathered and LHO donatedmorethan 20 million VA masksinthe pastmonth, adding CAR 200 INSTITUTIONAL CLIENTSFOR 20+ YEARS thatthe companyisworking with SA NES

governments world-wide to give VA the masksto“places of greatest The iPhone maker sent its first shields to hospitals in California. need.” It takes conviction to see beyond the volatility in today’s —Tripp Mickle AUTO INDUSTRY AIRBUS markets. PGIM brings expertise across asset classes Fiat and Honda Keep Production Halted RAVN AIR and risk management rigor to the search forconsistent Plants Closed Longer At U.S. Jet Factory Alaska-Based Carrier long-termreturns. Files forBankruptcy Fiat Chrysler Automobiles NV Airbus SE is pausing produc- and Honda Motor Co.are extend- tion at its Mobile, Ala., plant, where Find out moreatPGIM.com/longtermism Alaska’s Ravn Air Group Inc., ingsome North American factory it manufactures the A320 and an airline with more than 70 closures through early May. A220 families of single-aisle jets. planes, has filed for bankruptcy, Fiat Chrysler said Mondayit The pause is slatedtobegin saying its business has dried up plans to progressively restart this week and will continue until and it has run out of cash in the plants in the U.S. and Canada be- April 29. The companyhas 1,100 wake of the novel coronavirus. ginning May4,while its Mexico permanentemployees at the site. The Anchorage-based carrier facilities will be addressed sepa- Theywill takepaid leave during said it applied for aid last week rately. the period. under the $2 trillion stimulus re- Honda’sU.S. and Canadian fac- The halt is in response to high cently approved by Congress, tories will remain shut through inventory levels at Airbus facto- but it is unsure whether or May1,the Japanese automaker ries, as airlines acrossthe globe when it will get the financing. said Monday. defer taking deliveries of aircraft, Government assistance will Both companies movedlast as well as governmentsafetyrec- be key to helping Ravn Air re- month to close plants and send ommendations in the wake of the sume operations and rehire the workers home in an attempt to pandemic. Twoadditional plants roughly 1,300 employees it has curb the spread of the newcoro- in Germany--in Bremen and laid off as a result of the pan- navirus. Sincethen, consumer de- Stade, whereAirbus employs demic-related business interrup- mand fornew cars has fallen pre- about 4,600 staff combined--will tions, the company said Sunday cipitously. also be temporarily halted, Airbus FIXED INCOME |EQUITIES |REAL ESTATE|ALTERNATIVES |PRIVATECREDIT |QUANT SOLUTIONS in a filing. Fiat Chrysler had previously in- said on Monday. The company hasn’t ruled out tended to reopen plants as early Aircraft and wing production in ultimately selling the business or as April 14, while Honda’swere the U.K., Canada and Spain have liquidating it, court papers said. set to open April 10. also been paused due to high Data as of 12/31/19. 1Represents PFI’sasset management expertise through PGIM and its affiliates and its Ravn Air was formed through Closing plants is an immediate stock and governmentrestrictions predecessors. For additional information related to market cycles visit: www.nber.org/cycles. the combination of several Alas- hit to the bottom line, as car while factories in Francewere ©2020 Prudential Financial, Inc. (PFI) and its related entities. PGIM, Inc., is the principal asset management business of PFI and is aregistered investment advisor with the US Securities and Exchange Commission. PGIM is a kan airlines. It is majority-owned companies book revenue when shut to implementnew health trading name of PGIM, Inc. and its global subsidiaries. The PGIM logo and the Rock symbol are service marks of PFI by private-equity firms J.F. Leh- vehicles areshipped to dealers measures beforegradually re- and its related entities, registered in many jurisdictions worldwide. man & Co. and W Capital Part- from the factory. starting production beginning ners. —Nora Naughton March 23. —Becky Yerak and Ben Foldy —Benjamin Katz P2JW098000-4-B00400-1------XA

B4 | Tuesday, April 7, 2020 **** THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech German Firms Plan to UseTheir Own 5G

Industrial companies thansa Technik said the network increases security and apply for licenses for provides moreconfiguration private networks to be options,allowing the company to adapt the bandwidth forup- used in critical tasks loads and downloads forspe- cificprojects. BY CATHERINE STUPP Chemicals firm BASFisdis- cussing plans to build itslocal German carmakers, chemi- 5G network,and aims to decide calcompanies and other indus- by the end of the year which trial firms aretaking steps to- network operatorsand equip- ward creating their ownprivate ment supplierswill manageit, 5G networks,leapfrogging Ger- aspokeswoman forthe com- many’stelecommunications panysaid. Thenetwork will be carriers, used forBASF’sproduction fa- CYBERSECURITY which ha- cilities and logistics,she added. ven’t yetde- Germany’sindustrial giants ployedthe superfast networks canprotect valuable informa- forwidespread commercial use. tion by maintaining control BMW AG, Robert Bosch over operational dataand de- GmbH, Volkswagen AG, BASF ciding whereitisstored, said SE and Deutsche Lufthansa AG Gabriel Brown, aprincipal ana- areamong the companies that lyst at Informa PLC’sresearch

have applied to set up local 5G S business, Heavy Reading.Com-

networks in recent months af- PRES panies operating alocal 5G net- terGermany’snetwork regula- work choose whether to store torbegan accepting applica- ZUMA dataintheir owndatacenters A/ tions forthe radio spectrum or in the cloud, forexample. H/DP

last November.Sofar,33com- SC Morereliable connections at panies have bought licenses,a industrial production sites are GENT

spokesman forthe regulator O another potential benefit. A

said. FRIS Volkswagenspokesman said Private5Gnetworks arees- A conveyor vehicle works with 5G technology at an event booth of Robert Bosch GmbH, which is applied to set up a local network. the companywantstobuy ali- pecially useful forindustrial ap- cense foralocal 5G network, plications such as operating ro- is stored. We don’t have anyex- ploy5Gnetworks without a manager of political affairsat set up the network and is test- and that adedicated network is botsand driverlessvehicles ternal influences,” said Fabian telecom operator,and can the German Electrical and Elec- ing different suppliers’ equip- the only way to guarantee inside factories,which need Berger, aboardmember of Mu- choose the suppliersthat pro- tronic Manufacturers’ Associa- ment in alab,aBMW spokes- transmissions will be interfer- fast,reliable connections that gler AG, acompanybased in vide equipment. Britain started tion. man said. ence-free. canperform critical tasks in Oberlungwitz,eastern Germany, asimilar processlast year to TheU.S.government consid- BMW didn’t respond to a Volkswagenwantstouse 5G real time,expertssay. that provides enterprise tele- sell licenses forcompanies’ 5G ersHuaweianational-security question about whether the forbandwidth-intensiveindus- “You wouldn’t be comfort- coms services.Mugler is set- networks.The U.S. hasn’t threat and claims the company network will use Huaweiequip- trial tasks such as managing able putting your industrial ap- ting up alocal 5G network that opened up applications for5G could use itsproductstospy on ment and m3connect declined the5,000 internet-connected plications on aWi-Finetwork will span two officebuildings spectrum licenses to industrial behalf of the Chinese govern- to comment on whether it will robotsinits Wolfsburg, Ger- because there’snoreliability,” andtwo fabrication-and-logis- companies. ment. Huaweihas denied the use Huaweiproducts. many, plant. In the future, the said PetarPopovski, aprofessor tics facilities across40,000- Aspokesman forthe German claims. Local5Gnetworks come auto maker will need 5G to co- of wirelessconnectivity at Aal- square meters. Mugler may Federal Network Agencysaid Mobile carrierschoose with other security benefits, ordinaterobotsand driverless borgUniversity in Denmark. save money by building itsown theagencydecided to allow wheretobuy network equip- Mr.Popovski said. Companies cars in production sites and Seconds-long delays might not 5G network rather than using a private5Gnetworks in part be- ment,and their corporatecus- cankeep aclose eyeonactivity transmit volumes of datain matterinanoffice, but being public network,Mr. Berger cause of the potential benefits tomersand consumersmust ac- crossing privatenetworks,he real time,the spokesman said. able to control precisely when a said. forindustrial companies.Com- cept those decisions or switch said. “Any intruder in the area Thecompanywould prefer to heavy machine processes mate- In the U.S., Walmart Inc.is panies have so far paid be- carriers. By building their own will be detected simply because operatethe network itself,and rials canmakeabig difference in talks to test a5Gnetwork tween around €1,000 and €1 5G networks,industrial compa- youown it,” he said. “It’sthe is in the processofhiring mo- to an industrial company. provided by Verizon Communi- millionfor the licenses,de- nies canmaketheir ownsup- same as if youbought aparking bile-technologyexperts, the Theprivatenetworks will cations Inc., TheWall Street pending on the bandwidth and plierdecisions. placeand see someone else spokesman said. help strengthen cybersecurity, Journal reported last month. the sizeofthe area that will be Mr.BergerofMugler said park there.” the companies say, because Thenetwork would support covered, he said. the companywill use equip- Lufthansa’smaintenance they will be able to configure newdigital health services in Discussions about potential ment from several suppliers, subsidiary, Lufthansa Technik the networks to fittheir needs, Walmart stores.Verizon and cybersecurity weaknessinbut declined to name them. AG, in Februarysaid it set up a WSJ PRO use custom security features otherU.S.carriersare setting equipment from HuaweiTech- BMW bought spectrum fora private5Gnetwork operated by such as encryption and avoid up the networks in some cities nologies Co.sparked compa- private5Gnetwork at one of its Vodafone Group PLC,using CYBERSECURITY sharingbandwidth with other and sportsarenas. nies’interest in running their sites in Bavaria. M3connect NokiaOyj equipment, forre- firms. German manufacturersand connections independently,said GmbH, aGerman telecommuni- moteengine inspection and re- wsj.com/pro/cybersecurity “Wedecide wherethe data otherindustrial firms cande- Jochen Reinschmidt,senior cations software company, will mote3-D cabin design. Luf- TwoProviders PERSONAL TECHNOLOGY | By Nicole Nguyen Of Location Data Some Online RetailersOut-Amazon Amazon Iordered stores.Try searching “[prod- some gifts—a uct name] near me” in Google MergeinStock Deal hand salve, Maps.Asuccessfulsearch for tea, soap and puzzles yielded Chronicle acookbook— Books,aSan Franciscopub- BY SAHIL PATEL gaugethe effectivenessofads by from aWash- lisher with manyin-stock op- measuring foot traffic,the ington, D.C.,boutique on tions.Just be wary of the FoursquareLabs Inc.is mergerwith Factual will build on March 19. My friend’sbirth- fakelistings on the platform. merging with yetanother loca- itsad-targeting capabilities,ex- daywasn’t foranother week Foreverything youcan’t tion-focused startup, Factual ecutives said. and Ifigured the package find locally, use Google

Inc.,inanall-stock deal, the Factual’slocation software could take awhile.But it ar- Y Shopping. Thesitescours companies said. helpsmarketershome in on cus- rived on her NewYork door- listingsfrommegastores like Thefinancial terms of the tomer segments, forinstance, step two days later.Iwas SUNDR Best Buy, as well as smaller

deal weren’t disclosed. Thean- people who have visited certain stunned. The same cookbook AND boutiques online.Ithelped LT

nouncement on Mondaycame cardealerships in the last 30 on Amazon is currently de- SA me track down apair of hair lessthan ayear afterFoursquare days.Factual or Foursquare’s layeduntil lateApril. A cookbook ordered from Salt and Sundry arrived in a few days. clippers at Target, estimated bought Placed, another purveyor data is already integrated into Massiveorder volume, to arriveinone week.The of location dataand software, the digital advertising platforms fueled by the coronavirus cri- “Available Nearby” filter is from Snap Inc. of companies that include Oracle sis,iscausing alogistics Skip Credit Cards, should only be enabled forper- also handy. Foursquare, which first Corp.and RokuInc. backlog at Amazon. Shoppers sonal—notshared—devices. Tryordering directly gained fame foranapp that al- Foursquarealready allows ad- accustomed to receiving Speed Up Checkout  Apple Pay: Apple’spay- from the manufacturer.A lowedpeople to sharetheir loca- vertiserstotargetdifferent audi- packages in amatterof mentsystemworksinSafari recent win: On Amazon, a tion with friends,pivoted in re- encegroups,but Factual’sunder- days—the main perk of the on Mac and iOS. If youalready Belkin surge protector was cent yearstoproviding location lying dataset is better, said $120-a-year Prime member- Annoyed about handing out use Apple Payonyour phone, delayedfor weeks,while Bel- dataand software to businesses FoursquareChief ExecutiveDa- ship—arenow waiting forup your credit-card number over it’seasytoset up on your kin’sown website offered including marketersand ad vid Shim. to amonth foritems likelap- and over again? Set up one or Mac. Go to Wallet &Pay in free two-dayshipping forthe agencies,helping them see how Foursquare, which is based in topchargers and coffee mak- two online services that you SystemPreferences, where same product. well their ads steered people to NewYork,and Factual, based in ers. And foragood reason: can trust, to reduce the expo- you’ll be prompted to enter Consider using avirtual their stores and restaurants. LosAngeles,together generated Amazon is prioritizing essen- sure of sensitive information your iCloud credentials. credit-cardnumber.Both While the Placed deal im- morethan $150 million in reve- tial items such as medical like your credit card and ad-  Shopify: You’ve probably Capital One and Citi offer sin- proved Foursquare’sability to nue last year,executives said. supplies. dress. used this e-commerce software gle-use card digitsasasafety In astatement, an Amazon  PayPal: One big reason without realizing it—overone feature. Privacy.com canalso spokeswoman said the com- to use the service: Purchases million merchants arepowered createupto12virtual cardsa panyisfocusing on those es- made through PayPal arepro- by Shopify. When youcheck month foryou—but it can Samsung Says Profit sential items,and “selectively tected.Ifanitemisdamaged out from aShopify store,you only link to your debit card, bringing moreproducts” into during shipping, youcan open can choose to save your infor- so youcan’t take advantage itsfulfillment centers. areimbursementclaim. mation. Next time, Shopify will of credit-cardperks. To Top Expectations Meanwhile,retailerswith But beforeyou start shop- send youaverification code via Useyour password man- closed bricks-and-mortar ping, enable two-factor authen- text and auto-populate the ap- ager to auto-fill informa- BY ELIZABETH KOH intricately knittedintothe spaces arerivaling,and tication and, forthe fastest propriate fields. (Justmake tion. LastPass, Dashlane,and global marketplaceasboth sometimes even beating,the checkout, turn on One Touch, sureyou have aPIN protecting 1Password all help fill in your Samsung Electronics Co. manufacturer and supplier. e-commerce giant on ship- which lets youskip the user- your mobile account.) Youcan addressand other infoon provided some hope that the Thecompanyreportsfull re- ping times.“We’renimble name-and-password dance. It opt out at anytime. websites. businessslowdownspurred by sults later this month. and canimplement changes Because password manag- the coronavirus pandemic On Tuesday, Samsung esti- quickly without anybig cor- ershavestrict security mea- might only moderately dent mated an operating profit of poratewheels to turn,” said ping small. cation by your state. sures (likerequiring apass- one of the world’slargest 6.4 trillion South Korean won Amanda McClements, who Find in-demand items—or Locatesmall businesses word or biometric technologycompanies,deliver- ($5.2 billion), compared with owns Salt and Sundry, the the best alternatives.While in your city. Giveand Get confirmation when youopen ing aprofitforecast abovean- 6.23 trillion won at the same shop that shipped my pack- hand sanitizer and other Local by Squareand Ameri- the app), it’ssafer than let- alysts’ expectations Tuesday. time last year. The South Ko- agewith Prime-likespeed. sought-afterproducts remain canExpress’s Shop Small ting your browser fill out the TheSouth Korean com- rean electronics maker also Still, Ms.McClements, who limited on Amazon,they can showestablishmentsnear same information. pany’sprojected 2.7% rise in said it expectstoreport 55 has 40 employees acrossfour be found elsewhere. you. Rally forRestaurants, Track your deliveries. Ar- first-quarter operating profit trillion won in revenue, com- locations,had to reducepay Manybusinesses aremak- Save Our Faves,and Support rive is afreeiOS and Android provides one of the first cor- pared with 52.39 trillion won forfull-time staff and cut ing their ownsanitizers. Local list eateries in your app by Shopifythat automat- porateindicatorsofhow large for the prior year’s quarter. hoursfor part-time workers. Search “[your state] distillery town. Manycities have an Of- ically pulls order information an impact the coronavirus will Analystshad forecast about We’reoften reluctant to sanitizer” to see what’snear fice of Small Businessor from your email and sends have on the global technology 6.2trillion woninoperating ventureaway from Amazon. you. Hanson of Sonoma and Chamber of Commerce with younotifications about its market and the broader econ- profit and 55.6 trillion won in We’reunderstandably wary Prohibition Distillery aretwo comprehensivelistsoflocal progress. (Just know, omy. revenue,according to esti- of handing out our credit- examples in my area. merchants. Shopify’s privacypolicy says Theglobal shifttoremote mates gathered by S&P Global card number to retailers Medical masks arehardto Need abook? Buy titles it could use this datatoas- working lifteddemand for Market Intelligence. Thecom- we’venever orderedfrombe- come by these days.But now from independent bookstores sist with marketing.) Samsung-made memorychips pany’sexpected drop in smart- fore. they’reencouraged while online using Indiebound or If youdon’t want to grant that powerdatacentersand phone sales waspadded some- But expresscheckout soft- you’reinpublic. You’ll likely Bookshop.Ifyou prefer e- access to your email, Deliver- cloud computing,analystssay. what by an expected ware has made online pur- need to buy ahandmade one books, Hummingbirdand ies is abeautiful $5 iOS-only Samsung, the world’s larg- resurgenceinmemory-chip chasing moresecureand con- or makeyour own. Many Etsy Kobo sell copies forpartici- app,made by asmall Michi- est smartphone and memory- demand,which had been ex- venient. shops areselling nonmedical pating booksellers. If youpre- gan-based software company, chip maker, acts as an indus- pected to rally afteraslump Here’show to find what fabric masks.Get faster ship- feraudiobooks, Libro.fm that allows youtoadd orders trybellwether because it is throughout 2019. you’relooking forwhile shop- ping by filtering the shop lo- splitsthe profitswith book- manually. P2JW098000-0-B00500-1------XA

THE WALL STREET JOURNAL. Tuesday, April 7, 2020 | B5

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B6 | Tuesday, April 7, 2020 THE WALL STREET JOURNAL. BUSINESS NEWS Lysol MakerTargets SupplyChain PG&E Deal Over Fires Reckitt Benckiser CEO chine.Also,when people stop going to stores,or races to meet demand don’t hang around astore, Is Fraying for hygiene products sales of the thingsI’d con- sider impulse categories go during pandemic down. But we also sell di- ContinuedfrompageB1 rect to consumersonline tively affected fire victims,and BYSAABIRA CHAUDHURI and areseeing morepeople said thecompanyhas failed to using e-commerce to buy provide crucial details about As head of the company them. howand when the trust could that makes Lysol and other sell the shares to paythe claims. popular disinfectants, Lax- WSJ: Howdoyou go about They arerecommending that man Narasimhan has a leading alarge,global com- victims wait to vote on the plan close-up viewofhow con- panyremotely,particularly until May1,toprovide awindow sumersaround when you’resonew to the to rework the settlement terms. BOSS TALK the planet are S job? Theconcerns aren’t univer- trying to pro- NEW Mr.Narasimhan: I’m seeing sal among the numerous law G tect themselves from the people all the time,just on firms representing fire victims, newcoronavirus. screen. Iwas supposed to several of which have said.On “Asthe pandemic goes on OOMBER be in the Americas last Monday, firms representing forawhile,the real ques- week and we kept the meet- about 7,000 victims objected in tion is: Does it changepeo- ing—just did it virtually. acourt filing to the committee’s

ple’sbehavior in the long GUTIERREZ/BL You’vegot to be extremely request to send out aletter, ar- run?” said the chief execu- organized about howyou guing that victims have been tiveofReckittBenckiser deal with acrisis.Every adequately informed about the

Group PLC,whose products GUILLERMO eveningat6there’sacore plan. Attorneyswho favorthe include cold brand Mucinex, Mr.Narasimhan sees trends toward greaterrelianceone-commerce and betterplanning. group of us who geton plan mayadvise theirclientsto Airborne vitamin supple- video to talk,and we have a support it, regardlessofthe ments, Durex condoms,En- lockdown. Hereare edited number of buses running to toms worse. Howhaveyou dashboard—a customized committee’srecommendation. famil infant formula, and excerpts: factories so therewas social responded? online platform—totrack Fire victims arethe only ma- Dettol, one of the biggest distancing on the bus.For Mr.Narasimhan: Our medical key metrics likesafety,peo- jor classofclaimants that PG&E antiseptic brands outside WSJ: What trends hasthe some people we had to rent team gottogether immedi- ple,performance, any is proposing to compensate the U.S. pandemic triggeredthat hotels in Hubei provincedue ately.Wesaid, “Whereis emerging crises. with shares.The companyhas Mr.Narasimhan, who could stick around? to travel restrictions.Now the evidence?” From our Youalso need to think agreed to resolveclaims from joined the British consumer- Mr.Narasimhan: E-commerce we’retransporting these perspective, which is shared about howyou engagepeo- the 2017and 2018 wildfires for productsgiant last summer and digital will be even big- ideas and practices around by the WHO [World Health ple.Itook todayoff just to morethan $25 billion, but the from PepsiCo, is betting it ger. Supply can’t keep up the world to ensurewekeep Organization],thereisno think.Ifyou don’t create other major settlements—with does.Beforethe outbreak, with demand right now, but our people safeasthis datawehaveseen that sug- time to think,all you’redo- California governmentsand in- the 52-year-old executive we’reseeing moreolder spreads. geststhat what wastweeted ing is responding. surers—would be paid in cash. craftedastrategytoreinvig- people using e-commerce. wasbased on facts. Other Already, support forthe plan orateReckittBenckiser’s Therewill also be anew WSJ: What aboutother big WSJ: How’sthe adjustment has eroded within the commit- flagging sales,casting hy- depth to planning supply- markets? been? teerepresenting victims in the giene—and manyofthe chain resilience. And in Mr.Narasimhan: We’vebeen ‘You’ve got to be Mr.Narasimhan: In England, bankruptcy proceeding,which company’sbrands—as acor- some industries you’ll see a in close contact with our the home is averyprivate originally had 11 members. nerstone of health. shakeout wherethe compa- [retailer and wholesaler] extremely organized place, but nowsuddenly Threehaveresigned in the past Thefirst Lysol-brand dis- nies that win areones that customersinmanycountries about how you deal you’redialing intothe two weeks.“Therisk is too infectant wasintroduced in understand consumers. who arenarrowing product home.We’retrying to en- great,” wroteKaren Gowin, who the late1800s to help battle ranges to thingsthat really with a crisis.’ couragepeople to turn their quit out of concern that the acholeraepidemic in Ger- WSJ: Howhaveyou dealt sell. ForLysol, forinstance, cameras on. Idid avideo plan exposes victims to greater manyand waspromoted as with supply-chain disrup- which is made in the U.S. foremployees hereinmy risks than other creditors, in acountermeasureduring tions? and Mexico, youmight need living room whereIshowed her resignation letterThursday. the Spanish flupandemic of Mr.Narasimhan: In China, fewerfragrances and sizes. agencies have stepped in them the room and photos “I cannot support the plan, and 1918. we flew ingredientsthere At our factories and dis- since. It’sveryhardfor us, of my family.Iwant people Icannot recommend that oth- Now, even as thecorona- that would typically have tribution centersthere, as abrand, to step in. to feel their leader has no erssupport the plan.” virus disruptshis supply come on boatsortrucks.If we’resimplifying assort- problem doing this. At least two-thirds of the chains,Mr. Narasimhan ex- an ingredient we bought in ment. That helpsusproduce WSJ: Condom sales rose My wifeand kids arestill roughly 70,000 people and pectsittoacceleratethat China wasn’t available be- quicker sinceyou don’t have during the 2008-09 reces- in the U.S.,but my 79-year- businesses who filed claims strategy,asReckitt’sLysol cause that factorywas shut the downtime from switch- sion. HowhaveDurex sales old mother lives herewith against PG&E have to approve cleanersand Dettolsoap down, we imported it from ing lines. been affected sincethe out- me in West London. The the exit plan. If the dissenters and sanitizersfly off Europe. break,given that this time other dayshe walked into areable to influenceenough of shelves. We put in placemeasures WSJ: TheFrench health people arestuck indoors? one of my video meetings them, it could createaserious He recently spokeby to ensurepeople were safe— minister recently tweeted Mr.Narasimhan: Thereare and said, “You haven’t taken roadblock forPG&E, which last phone to TheWall Street check,test, trace, isolate— that Ibuprofen—which your definitely fewerpeople buy- the garbageout.” Ihad to month secured the support of Journal from his living room and we didn’t have people brand Nurofen contains— ing that single-servecon- stop the meeting and take California Gov.Gavin Newsom in London, whereheison infected. We increased the could makeCovid-19 symp- dom from avending ma- care of it. forits bankruptcy exit plan.

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THE WALL STREET JOURNAL. Tuesday, April 7, 2020 | B7 BIGGEST 1,000 STOCKS

Net Net Net Net Net Net How to Read the Stock Tables Footnotes: Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg The following explanations apply to NYSE, NYSE s-New 52-week high. Ecolab ECL 157.39 10.13 Hess HES 35.13 1.61 lululemon LULU 194.95 13.70 PPG Ind PPG 86.63 6.20 SareptaTherap SRPT 101.07 7.45 Trex TREX 73.565.89 Arca, NYSE American and Nasdaq Stock Market t-New 52-week low. Ecopetrol EC 11.23 0.07 HewlettPackard HPE 9.83 0.53 Lumentum LITE 74.80 7.94 PPL PPL 23.92 2.15 Schlumberger SLB 15.67 1.38 Trimble TRMB 31.14 2.68 listed securities. Prices are composite quotations dd-Indicates loss in the most recent four EdisonIntEIX 53.17 3.81 Hill-Rom HRC 109.00 4.00 Lyft LYFT 25.73 3.73 PRA HealthSci PRAH 79.12 6.16 SchwabC SCHW 36.08 2.48 Trip.com TCOM 23.45 1.44 that include primary market trades as well as quarters. EdwardsLife EW 195.42 6.35 Hilton HLT 63.80 7.86 LyondellBasell LYB 49.88 3.78 PTCPTC 59.59 4.59 ScienceApplicat SAIC 74.34 3.04 TruistFinl TFC 29.77 2.56 trades reported by Nasdaq BX (formerly Boston), FD-First day of trading. ElancoAnimal ELAN 21.98 1.79 Hologic HOLX 35.86 3.04 Paccar PCAR 64.94 3.33 ScottsMiracleGro SMG 102.08 2.01 TurkcellIletism TKC 4.80 0.13 Chicago Stock Exchange, Cboe, NYSE National and h-Does not meet continued listing Elastic ESTC 52.59 5.20 HomeDepotHD 191.33 12.63 M N PackagingCpAm PKG 85.43 4.92 Sea SE 44.80 2.70 Twilio TWLO 86.66 5.97 Nasdaq ISE. standards ElbitSystems ESLT 122.84 2.27 HondaMotorHMC 21.48 1.62 PagSeguroDig PAGS 19.75 2.43 Seagate STX 48.64 2.88 Twitter TWTR 24.93 1.84 The list comprises the 1,000 largest companies lf-Late filing M&T Bank MTB 102.79 11.12 ElectronicArts EA 106.51 3.68 Honeywell HON 134.00 6.55 PaloAltoNtwks PANW 171.34 8.68 SealedAir SEE 25.88 1.53 TylerTech TYL 299.85 15.03 based on market capitalization. q-Temporary exemption from Nasdaq MDU Rscs MDU 21.98 1.77 EmersonElec EMR 49.39 3.67 HorizonTherap HZNP 31.96 0.59 ParkerHannifin PH 130.77 14.96 s SeattleGenetics SGEN 124.47 7.96 TysonFoods TSN 56.45 2.63 Underlined quotations are those stocks with requirements. MGM Resorts MGM 12.91 2.33 Enbridge ENB 28.65 0.70 HormelFoods HRL 48.55 0.17 Paychex PAYX 65.29 5.74 SempraEnergy SRE 114.04 9.76 UBS Group UBS 9.56 0.72 large changes in volume compared with the t-NYSE bankruptcy MKS Instrum MKSI 85.30 10.32 EncompassHealth EHC 63.97 3.89 DR Horton DHI 36.85 4.71 PaycomSoftware PAYC 181.85 16.84 SensataTechs ST 31.44 3.55 UDR UDR 35.34 3.72 issue’s average trading volume. v-Trading halted on primary market. MPLX MPLX 11.90 0.13 EnelAmericas ENIA 7.11 0.29 HostHotels HST 10.42 1.36 Paylocity PCTY 82.37 8.35 ServiceCorp SCI 37.22 2.51 UGI UGI 26.63 1.63 Boldfaced quotations highlight those issues vj-In bankruptcy or receivership or being MSCI MSCI 302.49 31.88 EnelChile ENIC 3.73 0.20 s HoulihanLokey HLI 57.64 -0.42 ServiceNowNOW 269.95 20.38 Uber UBER 25.99 3.17 whose price changed by 5% or more if their reorganized under the Bankruptcy Code, MadisonSquGarden MSG 213.59 6.73 PayPal PYPL 101.67 9.28 EnergyTransfer ET 5.54 0.07 HowmetAerospace HWM 12.69 0.15 ShawComm B SJR 16.36 0.74 Ubiquiti UI 154.02 13.49 previous closing price was $2 or higher. or securities assumed by such companies. MagellanMid MMP 36.84 1.23 Pearson PSO 5.98 0.01 Entegris ENTG 48.50 6.39 HuanengPower HNP 13.30 -0.20 SherwinWilliams SHW 458.62 38.59 UltaBeautyULTA 188.68 31.94 MagnaIntl MGA 32.43 3.11 Pegasystems PEGA 67.53 6.53 EntergyETR 93.00 9.62 Huazhu HTHT 29.28 0.71 Unilever UN 49.22 1.52 ManulifeFin MFC 11.71 0.37 Peloton PTON 28.37 -0.38 ShinhanFin SHG 22.91 1.28 Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and EnterpriseProd EPD 14.90 0.47 Hubbell HUBB 115.86 8.06 Unilever UL 51.26 1.46 MarathonPetrol MPC 23.09 3.03 PembinaPipeline PBA 19.45 2.04 Shopify SHOP 392.65 35.00 changes in the closing prices from 4 p.m. the previous day. Equifax EFX 113.85 7.23 HubSpot HUBS 122.47 9.21 Pentair PNR 30.84 2.47 SignatureBank SBNY 76.22 4.21 UnionPacific UNP 147.85 9.28 s Equinix EQIX 652.22 27.53 Humana HUM 327.47 35.84 Markel MKL 924.94 57.64 UnitedAirlines UAL 24.02 1.14 MarketAxess MKTX 399.03 11.76 Penumbra PEN 163.14 4.98 SimonProperty SPG 54.06 7.34 Equinor EQNR 13.04 0.17 JBHuntJBHT 96.93 7.17 UnitedMicroUMC 2.29 0.16 Monday, April 6, 2020 Net Net Marriott MAR 70.59 11.51 People'sUtdFin PBCT 10.37 0.86 SiriusXM SIRI 4.79 0.31 Equitable EQH 14.26 1.24 HuntingtonBcshs HBAN 7.49 0.66 UPS BUPS 95.68 5.68 Stock Sym Close Chg Stock Sym Close Chg Marsh&McLen MMC 87.33 7.43 PepsiCoPEP 131.16 6.57 Skyworks SWKS 89.80 9.50 Net EquityCommnwlth EQC 32.75 0.44 HuntingIngalls HII 193.71 12.67 UnitedRentals URI 103.18 12.11 MartinMarietta MLM 176.96 7.45 PerkinElmer PKI 75.41 4.21 SlackTech WORK 24.31 0.05 Stock Sym Close Chg EquityLifeELS 58.57 6.20 HyattHotels H 46.45 6.53 US Bancorp USB 34.37 3.18 BP BP 25.05 0.33 Chewy CHWY 33.22 -0.15 MarvellTech MRVL 23.84 1.41 Perrigo PRGO 47.57 3.21 Smartsheet SMAR 44.52 5.12 EquityResdntl EQR 60.11 5.85 IAC/InterActive IAC 182.45 13.26 UnitedTherap UTHR 95.76 3.02 BWX Tech BWXT 51.00 0.42 ChinaBiologic CBPO 99.15 -1.85 MascoMAS 35.38 2.97 PetroChina PTR 38.50 0.52 SmithAOAOS 38.22 2.35 A B C ErieIndemnity A ERIE 170.38 6.24 ICICI Bank IBN 8.03 0.80 UnitedHealth UNH 248.34 18.85 Baidu BIDU 102.94 5.74 ChinaEastrnAir CEA 17.24 0.57 s Masimo MASI 185.13 3.01 PetroleoBrasil PBR 6.14 0.38 Smith&Nephew SNN 36.43 2.44 EssentialUtil WTRG 42.26 3.76 ICU Medical ICUI 207.01 2.14 UnivDisplay OLED 130.61 12.30 BakerHughes BKR 11.75 1.35 ChinaLifeIns LFC 10.13 0.47 MastercardMA 265.94 28.91 PetroleoBrasilA PBR.A 5.99 0.20 Smucker SJM 115.19 2.86 ABB ABB 17.58 1.11 EssexProp ESS 212.61 21.75 IDACORP IDA 92.95 7.48 UniversalHealthB UHS 96.50 11.12 Ball BLL 65.62 3.45 ChinaMobile CHL 40.17 1.06 MatchGroup MTCH 68.41 4.71 Pfizer PFE 34.57 0.93 Snap SNAP 12.16 1.10 ACADIA Pharm ACAD 43.29 2.53 EsteeLauder EL 160.50 6.42 IdexxLab IDXX 254.43 19.88 VEREIT VER 4.44 0.44 BancoBilbaoViz BBVA 3.14 0.21 ChinaPetrol SNP 51.67 0.14 MaximIntProducts MXIM 53.47 4.83 PhilipMorris PM 75.68 2.22 SnapOn SNA 106.06 10.54 AECOMACM 28.27 2.08 Etsy ETSY 46.46 8.31 IHS Markit INFO 64.47 2.89 VF VFC 54.67 5.79 BancoBradesco BBDO 3.64 0.38 ChinaSoAirlines ZNH 21.20 0.55 McCormickVtg MKC.V 148.59 3.44 Phillips66 PSX 57.42 5.80 SolarWinds SWI 16.23 1.91 AES AES 13.62 1.38 EuronetWorldwide EEFT 82.71 9.96 ING Groep ING 5.48 0.55 VICI Prop VICI 14.26 0.48 BancodeChile BCH 18.30 0.85 ChinaTelecom CHA 34.14 1.75 McCormick MKC 152.01 5.13 PilgrimPride PPC 18.23 0.62 SonocoProducts SON 47.61 3.17 Aflac AFL 35.22 2.81 EverestReRE189.93 11.91 IPG Photonics IPGP 113.95 11.21 VailResorts MTN 141.03 9.30 BancSanBrasil BSBR 4.93 0.46 ChinaUnicom CHU 6.66 0.45 McDonalds MCD 177.04 16.71 Pinduoduo PDD 38.49 1.59 SonySNE 60.87 3.39 AGNC Invt AGNC 10.38 0.87 Evergy EVRG 57.88 6.08 IQVIA IQV 117.14 14.42 Vale VALE 8.11 0.53 BcoSantChile BSAC 16.98 0.43 Chipotle CMG 689.99 78.98 McKesson MCK 135.20 9.71 PinnacleWest PNW 74.33 6.14 Southern SO 55.40 5.13 Ansys ANSS 242.46 24.16 EversourceEner ES 82.09 7.03 ITT ITT 47.30 2.77 ValeroEnergy VLO 46.10 5.76 BancoSantander SAN 2.39 0.16 Chubb CB 110.76 7.94 MedicalProp MPW 16.00 1.60 PinterestPINS 15.21 1.39 SoCopper SCCO 28.40 1.60 ASETech ASX 3.84 0.26 ExactSciences EXAS 62.27 6.52 IcahnEnterprises IEP 47.43 2.11 VarianMed VAR 104.19 7.84 BankofAmerica BAC 21.39 1.36 ChunghwaTel CHT 35.84 0.32 Medtronic MDT 94.09 7.82 PioneerNatRscs PXD 76.24 1.56 SouthwestAir LUV 30.70 0.16 ASML ASML 271.13 26.52 Exelixis EXEL 17.67 1.15 Icon ICLR 145.07 14.21 PlainsAllAmPipe PAA 5.23 0.04 VeevaSystems VEEV 156.81 6.70 BankofMontreal BMO 49.99 2.62 Church&Dwight CHD 68.86 1.21 MelcoResorts MLCO 12.30 1.30 SouthwestGas SWX 74.84 6.92 AT&T T 29.44 1.98 Exelon EXC 36.32 3.57 IDEX IEX 143.96 5.45 Ventas VTR 26.14 3.62 BankNY Mellon BK 35.24 1.49 Ciena CIEN 45.03 4.69 MellanoxTech MLNX 119.84 1.07 Pool POOL 195.98 17.71 Splunk SPLK 118.40 16.26 AbbottLabs ABT 82.73 3.28 Expedia EXPE 52.83 4.12 IllinoisToolWks ITW 151.04 10.63 VeriSign VRSN 195.85 13.16 BkNovaScotia BNS 39.18 1.21 Cigna CI 173.49 9.65 MercadoLibre MELI 506.16 51.69 PortlandGenElec POR 50.79 4.48 Spotify SPOT 122.52 0.40 AbbVie ABBV 75.73 2.36 ExpeditorsIntl EXPD 69.21 2.11 Illumina ILMN 278.01 14.51 PostHoldings POST 88.37 2.26 VeriskAnalytics VRSK 147.74 6.09 Barclays BCS 4.23 0.34 CincinnatiFin CINF 77.41 6.38 Merck MRK 80.31 4.06 SquareSQ50.42 6.70 Abiomed ABMD 150.26 8.86 ExtraSpaceSt EXR 99.88 3.75 ImperialOil IMO 12.18 0.18 PrincipalFin PFG 28.26 1.85 Verizon VZ 56.70 2.00 BarrickGold GOLD 20.55 0.60 Cintas CTAS 179.49 15.26 MercurySystems MRCY 73.97 5.59 StanleyBlackDck SWK 106.69 11.42 AcceleronPharma XLRN 87.21 6.43 ExxonMobil XOM 40.47 1.26 IncyteINCY 85.11 6.52 Procter&Gamble PG 117.81 2.73 s VertxPharm VRTX 255.30 16.99 BauschHealth BHC 14.62 1.31 CiscoSystems 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NomuraHoldings NMR 4.15 0.36 RoyalDutchB RDS.B 35.71 1.26 ThomsonReuters TRI 68.60 2.35 YumBrands YUM 70.50 7.20 AngloGoldAsh AU 19.34 1.55 CableOne CABO 1646.16109.78 DellTechC DELL 38.91 2.47 GeneralElec GE 7.23 0.50 Line LN 48.01 0.38 Nordson NDSN 139.69 12.26 RoyalGold RGLD 94.80 1.30 3M MMM 140.70 6.91 YumChina YUMC 43.67 2.38 AB InBev BUD 44.68 1.22 CabotOil COG 18.28 0.93 DeltaAir DAL 22.32 -0.16 GeneralMills GIS 57.70 0.99 LKQLKQ 20.06 2.71 NorfolkSouthern NSC 154.75 12.43 Ryanair RYAAY 57.11 6.99 Tiffany TIF 128.17 -0.11 ZTO Express ZTO 27.76 0.84 AnnalyCap NLY 4.25 0.23 CadenceDesign CDNS 69.42 5.49 DentsplySirona XRAY 37.73 2.28 GeneralMotors GM 19.55 1.51 LPL Financial LPLA 53.31 4.66 NorthernTrust NTRS 81.37 4.34 SAPSAP 112.01 6.82 Toro TTC 65.51 3.00 ZaiLab ZLAB 52.44 0.89 Anthem ANTM 225.72 22.42 CaesarsEntCZR 7.01 0.73 DeutscheBank DB 6.38 0.48 Genmab GMAB 21.54 1.32 L3HarrisTech LHX 184.00 5.50 NorthropGrum NOC 332.33 18.72 S&P Global SPGI 255.83 17.03 TorontoDomBk TD 41.73 2.29 ZebraTech ZBRA 191.85 13.77 AonAON 173.15 19.01 DexCom DXCM269.31 8.56 CamdenProperty CPT 79.94 7.99 Genpact G 27.41 1.21 LabCpAm LH 126.41 13.10 NortonLifeLock NLOK 18.97 0.68 SBA Comm SBAC 277.46 12.66 Total TOT 37.21 1.54 Zendesk ZEN 61.08 3.24 ApartmtInvAIV 35.52 4.88 Diageo DEO 126.41 5.17 CampbellSoup CPB 47.61 -1.92 Gentex GNTX 23.13 2.48 LamResearch LRCX 250.75 32.60 Novartis NVS 85.73 2.09 SEI Investments SEIC 47.75 3.67 ToyotaMotorTM 122.41 7.41 Zillow CZ37.12 6.81 ApolloGlbMgmt APO 35.92 4.00 DiamondbkEner FANG 32.10 0.51 CIBC CM 57.86 3.22 GenuineParts GPC 67.10 8.84 LamarAdv LAMR 43.44 5.37 NovoNordisk NVO 60.66 0.82 SINOPEC SHI 24.16 -0.09 TractorSupply TSCO 87.96 8.46 Zillow AZG36.52 6.94 Apple AAPL 262.47 21.06 DigitalRealty DLR 139.50 3.01 CanNtlRlwyCNI 79.98 3.90 GileadSciences GILD 77.73 -0.48 LambWeston LW 51.82 1.62 Novocure NVCR 69.10 5.76 SK Telecom SKM 17.58 1.03 TradeDesk TTD 190.05 29.66 ZimmerBiomet ZBH 97.94 5.93 ApplMaterials AMAT 46.15 3.87 DiscoverFinSvcs DFS 33.46 4.93 CanNaturalRes CNQ 13.50 0.21 GSK GSK 37.91 0.77 LasVegasSands LVS 40.70 2.78 NuanceComms NUAN 17.06 1.27 SS&C Tech SSNC 46.17 4.61 TradewebTW48.11 2.67 ZionsBancorp ZION 26.93 2.25 Aptargroup ATR 100.76 6.57 CanPacRlwy CP 223.03 10.20 DiscoveryB DISCB 27.40 -0.10 GlobalPayments GPN 143.74 17.44 Lear LEA 79.97 7.39 Nucor NUE 37.51 1.86 SVB FinSIVB 159.32 19.98 TraneTech TT 87.04 7.01 Zoetis ZTS 126.79 12.18 Aptiv APTV 49.93 6.64 Canon CAJ 21.15 1.20 DiscoveryA DISCA 19.65 1.29 GlobeLifeGL71.87 7.94 LeggMason LM 48.68 -0.40 Nutrien NTR 34.40 1.76 Salesforce.com CRM 147.55 13.24 TransDigm TDG 288.93 18.62 ZoomVideo ZM 122.94 -5.26 Aramark ARMK 19.22 2.22 CanopyGrowth CGC DiscoveryC DISCK 18.08 1.24 14.34 1.09 GlobusMedical GMED 42.16 2.35 Leidos LDOS 94.89 6.95 NVIDIA NVDA 268.40 24.49 Sanofi SNY 46.12 1.29 TransUnion TRU 64.63 5.58 Zscaler ZS 63.31 -0.09 ArcelorMittal MT 9.45 1.03 CapitalOne COF 49.42 7.15 DisneyDIS 99.58 5.70 GoDaddy GDDY 58.82 6.75 Lennar ALEN 39.22 5.83 SantanderCons SC 13.17 1.30 Travelers TRV 98.98 5.09 Zynga ZNGA 6.81 0.17 ArchCapital ACGL 27.03 2.42 CardinalHealth CAH 49.35 2.74 DocuSign DOCU 90.15 11.15 GoldFields GFI 5.82 0.61 Lennar B LEN.B 29.36 4.36 O P Q ArcherDaniels ADM 35.78 1.13 Carlisle CSL 119.82 6.99 DolbyLab DLB 55.11 3.26 GoldmanSachs GS 158.23 11.30 LennoxIntl LII 178.42 7.46 arGEN-X ARGX 137.00 4.89 Carlyle CG 21.82 1.93 s DollarGeneral DG 169.65 7.81 Graco GGG 46.64 1.07 LeviStraussLEVI 10.94 1.43 OGE Energy OGE 28.96 2.38 AristaNetworks ANET 207.60 12.96 CarMax KMX 54.45 5.85 DollarTree DLTR 76.28 6.04 Grainger GWW 251.18 12.42 LibertyBroadbandC LBRDK 114.17 5.77 ONE Gas OGS 85.82 7.89 Exchange-Traded Portfolios | WSJ.com/ETFresearch ArrowElec ARW 55.53 4.85 Carnival CCL 10.21 1.72 DominionEner D 74.11 4.56 Grifols GRFS 19.36 0.18 LibertyBroadbandA LBRDA 109.68 5.66 ONEOK OKE 23.33 1.69 AscendisPharma ASND 118.33 6.33 CarrierGlobal CARR 15.44 -1.48 Domino's DPZ 338.52 10.29 GuardantHealth GH 66.99 6.50 LibertyGlobal C LBTYK 16.18 1.34 OReillyAuto ORLY 333.43 38.05 AspenTech AZPN 93.42 4.62 CaseysGenStores CASY 135.98 15.41 Donaldson DCI 38.12 2.38 Guidewire GWRE 80.47 6.47 LibertyGlobal B LBTYB 16.52 -0.99 OccidentalPetrol OXY 13.44 0.44 AssurantAIZ 103.93 5.18 CatalentCTLT 52.39 3.46 DouglasEmmett DEI 28.62 1.02 HCA Healthcare HCA 93.58 11.75 LibertyGlobal A LBTYA 17.08 1.28 Okta OKTA 128.12 9.18 Largest 100 exchange-traded funds, latest session AstraZeneca AZN 44.31 0.35 Caterpillar CAT 120.43 5.76 DoverDOV 84.73 7.37 HDFC Bank HDB 36.95 2.36 LibertyFormOne A FWONA 21.67 1.06 OldDomFreight ODFL 138.18 15.67 Athene ATH 23.35 1.88 Celanese CE 72.47 5.37 DowDOW 30.54 2.57 HD Supply HDS 28.83 3.15 LibertyFormOne C FWONK 22.82 0.95 OldRepublic ORI 14.87 0.86 Monday, April 6, 2020 Closing Chg YTD Atlassian TEAM 136.86 6.90 Centene CNC 60.12 5.52 DrReddy'sLab RDY 42.34 1.19 HP HPQ 15.00 0.52 LibertySirius A LSXMA 28.97 1.87 OmegaHealthcare OHI 26.58 2.48 Closing Chg YTD ETF Symbol Price (%) (%) AtmosEnergy ATO 103.63 9.47 CenterPointEner CNP 15.30 1.86 Dropbox DBX 18.06 0.10 HSBC HSBC 25.43 1.10 Omnicom OMC 53.70 4.11 LibertySirius C LSXMK 29.24 1.99 ETF Symbol Price (%) (%) iSh1-3YTreasuryBd SHY 86.56 –0.07 2.3 Autodesk ADSK 152.32 13.32 CentraisElBras EBR 4.20 0.07 DukeEnergy DUK 81.25 5.23 Haemonetic HAE 102.24 3.84 ON Semi ON 12.87 1.93 LifeStorage LSI 95.40 5.55 iSh7-10YTreasuryBd IEF 121.39 –0.45 10.1 Autohome ATHM 74.74 4.42 CenturyLink CTL 9.43 0.32 DukeRealtyDRE 32.20 2.61 Halliburton HAL 7.91 0.30 EliLilly LLY 141.61 1.95 OpenText OTEX 36.64 2.64 CnsmrDiscSelSector XLY 100.10 8.32 –20.2 iSh20+YTreasuryBd TLT 168.06 –0.26 24.0 ADP ADP 139.65 11.08 CeridianHCM CDAY 44.47 5.26 Dunkin' DNKN 52.56 6.74 HartfordFinl HIG 33.95 1.80 LincolnElectric LECO 72.04 5.72 Oracle ORCL 51.49 2.09 CnsStapleSelSector XLP 57.41 3.72 –8.8 iShRussellMCGrowth IWP 124.49 8.09 –18.4 AutoZone AZO 875.10 84.54 Cerner CERN 63.96 1.69 DuPontDD35.39 3.52 HasbroHAS 71.20 4.26 LincolnNational LNC 26.99 3.53 Orange ORAN 12.47 0.53 FinSelSectorSPDR XLF 21.05 7.18 –31.6 iShUSTreasuryBdETF GOVT 28.07 –0.25 8.2 Avalara AVLR 71.00 7.37 CharlesRiverLabs CRL 132.81 13.97 DynatraceDT22.54 1.89 HawaiianElec HE 42.90 2.90 Linde LIN 175.92 13.79 Orix IX 56.07 2.19 FT ValDivFd FVD 28.12 7.04 –22.0 JPM UltShtIncm JPST 49.71 0.06 –1.4 AvalonbayAVB 145.07 12.85 CharterComms CHTR 459.55 25.75 ENI E 20.97 0.75 HealthcareAmer HTA 24.17 2.23 LiveNationEnt LYV 34.51 0.94 Oshkosh OSK 64.81 2.73 HealthCareSelSect XLV 91.33 5.24 –10.3 PIMCOEnhShMaturity MINT 99.38 –0.03 –2.2 Avangrid AGR 41.40 1.51 CheckPoint CHKP 103.58 5.27 EOG Rscs EOG 39.43 -0.46 HealthpeakProp PEAK 23.12 2.83 LloydsBanking LYG 1.42 0.13 OwensCorning OC 38.30 3.32 InvscQQQI QQQ 196.48 7.15 –7.6 SPDR BlmBarcHYBd JNK 92.80 2.50 –15.3 Avantor AVTR 13.13 0.95 Chegg CHGG 34.93 0.68 EPAM Systems EPAM 184.43 22.86 HeicoHEI 76.63 8.55 LockheedMartin LMT 367.95 17.45 PG&E PCG 8.56 0.63 InvscS&P500EW RSP 85.87 7.57 –25.8 SPDRBloomBar1-3MTB BIL 91.56 0.01 0.1 AveryDennison AVY 100.42 6.81 Chemed CHE 437.89 21.58 E*TRADE ETFC 37.54 3.25 Heico A HEI.A 66.22 5.14 LoewsL35.70 3.00 PLDTPHI 23.12 1.54 InvscS&P500LowVol SPLV 47.85 7.21 –18.0 SPDR Gold GLD 156.88 2.77 9.8 BCE BCE 40.66 0.23 CheniereEnergy LNG 34.17 1.97 EastmanChem EMN 50.18 5.09 HenrySchein HSIC 47.14 0.79 LogitechIntl LOGI 45.02 1.94 PNC FinPNC 95.31 10.12 iSh3-7YTreasuryBd IEI 132.89 –0.24 5.7 SchwabIntEquity SCHF 25.94 5.36 –22.9 BHP Group BHP 38.90 2.31 CheniereEnerPtrs CQP 27.71 0.16 Eaton ETN 77.40 6.15 Herbalife HLF 30.55 1.17 LogMeIn LOGM 83.64 0.67 POSCOPKX 33.39 2.13 iShCoreDivGrowth DGRO 33.66 6.79 –20.0 SchwabUS AggrBd SCHZ 54.72 0.35 2.4 BHP Group BBL 31.72 1.66 Chevron CVX 80.39 5.28 eBay EBAY 31.18 1.77 Hershey HSY 141.86 2.09 Lowe's LOW 88.77 6.57 PPD PPD 18.92 2.13 iShCoreMSCIEAFE IEFA 49.96 5.33 –23.4 SchwabUS BrdMkt SCHB 61.93 6.90 –19.4 iShCoreMSCIEM IEMG 41.39 5.02 –23.0 SchwabUS Div SCHD 46.77 5.58 –19.3 iShCoreMSCITotInt IXUS 47.19 5.24 –23.8 SchwabUS LC SCHX 62.83 6.80 –18.2 iShCoreS&P500 IVV 265.80 6.74 –17.8 SchwabUS LC Grw SCHG 81.78 7.45 –12.0 52-Wk % 52-Wk % 52-Wk % iShCoreS&P MC IJH 143.90 8.05 –30.1 New Highs and Lows | WSJ.com/newhighs Schwab US TIPs SCHP 58.82 –0.17 3.9 Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg iShCoreS&P SC IJR 55.15 8.16 –34.2 SPDR DJIA Tr DIA 226.53 7.56 –20.5 iShS&PTotlUSStkMkt ITOT 58.59 7.17 –19.4 CIIG MergerWt CIICW 0.60 -14.3 HuizeHolding HUIZ 5.94 -5.5 ProficientAlphaWt PAACW 0.04 -6.3 SPDR S&PMdCpTr MDY 262.83 8.12 –30.0 iShCoreUSAggBd AGG 115.54 0.49 2.8 The following explanations apply to the NewYork Stock Exchange, NYSE Arca, NYSE American ChinaSXTPharm SXTC 0.34 -0.4 Immucell ICCC 3.70 -2.2 Puxin NEW 3.62 -1.9 SPDR S&P 500 SPY 264.86 6.72 –17.7 iShSelectDividend DVY 74.30 –29.7 and Nasdaq Stock Market stocksthathit anew 52-week intradayhigh or lowinthe latest ClipperRealty CLPR 4.32 2.0 Infr&EnerAltern IEA 1.64 2.3 Reading A RDI 3.00 -8.4 7.11 SPDR S&P Div SDY 80.94 6.26 –24.8 Corts JCPen JBS 1.40 8.3 RedLionHotels 1.16 -1.6 session. %CHG-Daily percentage change from the previous trading session. JBN IntlGeneralIns IGIC 5.50 -11.1 RLH iShEdgeMSCIMinEAFE EFAV 61.74 3.72 –17.2 TechSelectSector XLK 83.70 8.53 –8.7 Curis CRIS 0.65 -4.8 SandRidgeEnergy SD 0.70 10.7 KewauneeSci KEQU 6.96 1.4 iShEdgeMSCIMinUSA USMV 55.65 6.30 –15.2 UtilitiesSelSector XLU 55.79 7.72 –13.7 ENDRA LifeSci NDRA 0.60 -0.9 ScorpioBulkers SALT 1.68 14.4 Monday, April 6, 2020 LIVCapAcqnWt LIVKW 0.21 -19.6 iShEdgeMSCIUSAMom MTUM 108.31 7.15 –13.7 VanEckGoldMiner GDX 26.34 5.57 –10.0 ElmiraSvgsBank ESBK 10.73 1.3 LSB Inds LXU 1.22 -3.5 SeaDrill SDRL 0.38 17.6 iShEdgeMSCIUSAQual QUAL 83.50 6.70 –17.3 Entercom 0.75 -2.0 SecondSightMed 0.71 -4.2 VangdInfoTech VGT 219.76 8.52 –10.2 52-Wk % 52-Wk % 52-Wk % ETM LuckinCoffee LK 4.27 -18.4 EYES iShFloatingRateBd FLOT 49.06 0.12 –3.7 1stConstBncp FCCY 10.09 -8.9 SoundFinBancorp SFBC 17.00 5.2 VangdSC Val VBR 87.82 8.21 –35.9 Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg MagyarBancorp MGYR 8.26 -3.2 iShGoldTr IAU 15.94 2.64 9.9 FirstFinNW FFNW 8.34 7.8 StableRoadWt SRACW 0.50 -6.7 VangdSC Grwth VBK 150.67 7.79 –24.2 MarroneBioInnova MBII 0.63 6.9 HainCelestial HAIN 27.99 -3.9 GFL Env Un GFLU 37.44 -2.8 StoneMor STON 0.51 -17.3 iShiBoxx$InvGrCpBd LQD 123.49 1.97 –3.5 VangdDivApp VIG 107.17 6.62 –14.0 MedallionFin MFIN 1.29 -7.0 Highs HoulihanLokey HLI 59.91 -0.7 Lows Gannett GCI 0.64 -17.8 SunlandsTech STG 0.95 -18.3 iShiBoxx$HYCpBd HYG 75.34 2.43 –14.3 VangdFTSEDevMk VEA 33.54 5.37 –23.9 MenloTherap MNLO 1.28 -45.9 LegacyAcqn LGC 11.04 0.2 GlobalCordBlood CO 2.87 2.7 Sunworks SUNW 0.29 1.0 iShIntermCorpBd IGIB 55.19 1.45 –4.8 VangdFTSE EM VWO 34.28 4.93 –22.9 Bristol-MyersRt BMYr 4.06 3.9 AeroCentury ACY 0.71 -18.4 Merus MRUS 10.19 9.8 Masimo 188.03 1.7 GordonPointeWt GPAQW 0.11 -19.5 TaronisTech TRNX 0.12 -13.2 iShJPMUSDEmgBd EMB 97.53 2.02 –14.9 CitrixSystems 150.33 4.1 MASI AmericaMovil A 10.42 -5.0 VangdFTSE Europe VGK 43.33 4.94 –26.1 CTXS AMOV HF Foods HFFG 5.85 -2.8 MillendoTherap MLND 1.26 -70.1 TesscoTech TESS 4.23 0.2 iShMBSETF MBB 110.01 –0.06 1.8 CogentComm CCOI 89.96 0.7 MeridaMergerCorp.I MCMJ 10.28 0.4 AndinaAcqnIIIWt ANDAW 0.08 -25.0 NewProvidenceWt 0.45 -10.0 VangdFTSEAWxUS VEU 41.42 5.21 –22.9 HLAcquisitionsWt HCCHW 0.03 9.1 NPAWW 36Kr KRKR 3.90 -5.6 iShMSCI ACWI ACWI 63.69 6.17 –19.6 DollarGeneral DG 170.13 4.8 PetMedExpress PETS 30.99 9.1 AsiaPacificWire APWC 0.89 6.3 ObalonTherap OBLN 0.62 0.1 VangdGrowth VUG 161.54 7.41 –11.3 HalladorEnergy HNRG 0.69 7.6 ThunderBridgeIIWt THBRW 0.65 -11.3 iShMSCI EAFE EFA 53.60 5.30 –22.8 EastStoneWt ESSCW 0.09 -26.2 SeattleGenetics SGEN 124.76 6.8 BcoSantMex BSMX 2.64 -2.9 OttawaBncp OTTW 9.50 -1.6 VangdHlthCr VHT 170.85 5.38 –10.9 HavertyFurn A HVT.A 10.67 -8.3 TItanIntl TWI 1.25 ... iShMSCI EAFE SC SCZ 44.29 5.30 –28.9 EasterlyGovtProp DEA 27.00 6.4 ShenandoahTel SHEN 52.25 7.5 BankFinancial BFIN 6.73 2.2 HaymakerII Wt HYACW 0.92 -5.0 PerformantFin PFMT 0.65 -1.2 Trevena TRVN 0.46 3.6 VangdHiDiv VYM 73.05 5.82 –22.0 iShMSCIEmgMarkets EEM 34.94 5.46 –22.1 Equinix EQIX 658.98 4.4 VertxPharm VRTX 256.65 7.1 Biolase BIOL 0.21 -2.1 HennessyCapWt HCACW 0.15 6.9 PhoenixTree DNK 5.42 -23.0 UnionAcqnIIWt LATNW 0.11 ... VangdIntermBd BIV 88.97 –0.11 2.0 FortySeven FTSV 95.52 0.1 WeisMarkets WMK 45.87 1.9 CF FinanceWt CFFAW 0.21 -2.2 HowmetAeroPfd HWMp 66.50 1.5 PivotalInvCorp.IIWt PIC.WS 0.58 -7.9 WVS Financial WVFC 13.00 -0.6 iShMSCIJapan EWJ 49.32 5.91 –16.7 VangdIntrCorpBd VCIT 87.12 1.02 –4.6 iShNatlMuniBd MUB 111.20 1.16 –2.4 VangdLC VV 121.64 6.66 –17.7 iShPfd&Incm PFF 30.93 3.07 –17.7 VangdMC VO 134.05 7.81 –24.8 iShRussell1000Gwth IWF 155.13 7.29 –11.8 VangdMBS VMBS 54.24 –0.48 2.0 iShRussell1000 IWB 145.30 6.87 –18.6 VangdRealEst VNQ 69.31 7.41 –25.3 Mutual Funds Data provided by Net YTD Net YTD Net YTD Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret iShRussell1000Val IWD 101.32 6.37 –25.8 VangdS&P500ETF VOO 243.53 6.80 –17.7 iShRussell2000 IWM 112.63 7.66 –32.0 VangdST Bond BSV 81.91 0.16 1.6 Guggenheim Funds Tru R2025 NA ... NA INSTTRF2030 21.72 +0.88 -13.5 iShRussell3000 IWV 151.73 6.97 –19.5 VangdSTCpBd VCSH 78.76 0.52 –2.8 NOTICE TO READERS TotRtnBdFdClInst 27.80 -0.03 3.1 R2030 NA ... NA INSTTRF2035 21.62 +0.97 -15.2 iShRussellMid-Cap IWR 43.91 8.05 –26.4 VangdSC VB 114.97 8.20 –30.6 Due to extreme market activity and delayedreporting of closing prices from the Harbor Funds R2035 NA ... NA INSTTRF2040 21.51 +1.06 -16.9 iShRussellMCValue IWS 64.64 7.91 –31.8 VangdTotalBd BND 86.23 0.31 2.8 CapApInst 68.04 +4.68 -10.2 R2040 NA ... NA INSTTRF2045 21.36 +1.15 -18.4 iShS&P500Growth IVW 170.63 7.30 –11.9 VangdTotIntlBd BNDX 56.42 0.48 –0.3 sources, some NAVs mayreflect previous day’strading. Harding Loevner Value NA ... NA INSTTRF2050 21.39 +1.14 -18.4 iShS&P500Value IVE 98.57 6.29 –24.2 VangdTotIntlStk VXUS 42.50 5.12 –23.7 Up-to-date mutual-fund data canbefound online at WSJMarkets.com. IntlEq 19.29 +0.76 NA PRIMECAP Odyssey Fds IntlVal 28.00 +1.36 -25.4 iShShortCpBd IGSB 52.27 0.50 –2.5 VangdTotalStk VTI 132.01 6.99 –19.3 Invesco Funds A AggGrowth r 34.98 +2.23 -22.1 LifeCon 19.44 +0.47 -7.1 iShShortTreaBd SHV 110.89 0.01 0.4 VangdTotlWrld VT 63.88 6.13 –21.1 EqIncA 8.30 +0.37 -18.9 Growth r 31.54 +1.97 -23.0 LifeGro 30.26 +1.44 -16.3 iShTIPSBondETF TIP 121.25 –0.07 4.0 VangdValue VTV 91.25 5.97 –23.9 Top250 mutual-funds listings forNasdaq-published shareclasses by net assets. Invesco Funds Y Putnam Funds Class A LifeMod 25.46 +0.91 -11.8 DevMktY 35.54 +1.39 -22.1 StDurInc 9.91 ... -0.9 PrmcpCor 21.72 +1.26 -22.2 e-Ex-distribution. f-Previous day’squotation. g-Footnotesxand sapply. j-Footnoteseand s JPMorgan I Class apply. k-RecalculatedbyLipper,using updateddata. p-Distribution costsapply,12b-1. r- Schwab Funds STAR 24.06 +0.96 -12.0 CoreBond NA ... NA Redemption charge mayapply. s-Stock split or dividend. t-Footnotespand rapply. v-Footnotes S&P Sel NA ... NA TgtRe2015 14.18 +0.30 -6.6 ADVERTISEMENT EqInc NA ... NA xand eapply. x-Ex-dividend. z-Footnote x, eand sapply. NA-Notavailable due to incomplete TSM Sel r NA ... NA TgtRe2020 29.37 +0.89 -9.7 price, performanceorcostdata. NE-Notreleased by Lipper; data under review. NN-Fund not JPMorgan R Class TIAA/CREF Funds TgtRe2025 17.49 +0.63 -11.8 tracked. NS-Fund didn’texistatstart of period. CoreBond NA ... NA BdIdxInst 11.40 -0.01 3.3 TgtRe2030 31.51 +1.27 -13.6 CorePlusBd NA ... NA VANGUARD ADMIRAL TgtRe2035 19.09 +0.85 -15.2 TheMarketplace Lord Abbett A 500Adml 245.93+16.15 -17.1 TgtRe2040 32.53 +1.60 -16.9 Monday, April 6, 2020 ShtDurIncmA p 3.95 ... -5.4 BalAdml 34.96 +1.42 -10.2 TgtRe2045 20.15 +1.08 -18.4 To advertise: 800-366-3975orWSJ.com/classifieds Net YTD Net YTD Net YTD Lord Abbett F CAITAdml 11.85 +0.08 -1.4 TgtRe2050 32.46 +1.74 -18.4 Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret ShtDurIncm 3.95 ... -5.4 CapOpAdml r 125.85 +7.40 -20.2 TgtRet2055 35.24 +1.89 -18.4 Lord Abbett I EMAdmr 28.48 +1.10 -22.8 TgtRetInc 13.28 +0.24 -5.1 American Century Inv EmgMktVa 20.11 +0.78 -29.9 Freedom2030 K 15.13 +0.56 -15.0 ShtDurInc p 3.95 ... -5.3 EqIncAdml 62.64 +3.59 -20.5 TotIntBdIxInv 11.32 ... 0.3 Ultra 46.46 +3.51 -10.9 EmMktCorEq 15.94 +0.68 -26.6 Freedom2035 K 12.33 +0.56 -18.2 FRANCHISE Metropolitan West ExplrAdml 71.61 +5.62 -26.3 WellsI 25.38 +0.54 -6.3 American Funds Cl A IntlCoreEq 10.02 +0.51 -27.3 Freedom2040 K 8.50 +0.43 -19.7 TotRetBd 11.13 ... 2.3 ExtndAdml 68.43 +5.12 -28.3 Welltn 37.79 +1.55 -12.2 AmcpA p 28.40 +1.64 -15.4 IntSmCo 13.14 +0.63 -30.5 Fidelity Invest TotRetBdI 11.13 ... 2.4 GNMAAdml 10.86 +0.01 3.6 WndsrII 28.20 +1.90 -22.5 AMutlA p 36.36 +1.67 -15.9 IntSmVa 12.83 +0.67 -33.7 AMgr50% 16.53 +0.50 -11.0 TRBdPlan 10.47 ... 2.4 GrwthAdml 83.39 +6.05 -10.9 VANGUARD INDEX FDS BalA p 25.52 +0.89 -10.1 TAUSCoreEq2 15.29 +1.06 -23.8 Balanc 21.36 +1.03 -12.7 MFS Funds Class I HlthCareAdml r 77.72 +3.68 -8.9 BondA p 13.51 -0.02 3.8 US CoreEq1 19.96 +1.36 -22.6 BluCh 94.74 +6.99 -12.1 MdCpVlAdml 42.53 +3.31 -30.6 ValueI 34.85 +2.25 -21.6 HYCorAdml r 5.19 +0.02 -11.7 7&/!+6#.+ CapIBA p 53.49 +1.47 -14.7 US CoreEq2 17.92 +1.23 -24.0 Contra 12.05 +0.77 -11.5 SmValAdml 37.83 +2.91 -35.5 MFS Funds Instl InfProAd 26.92 +0.05 4.1 CapWGrA 42.10 +2.01 -19.0 US Small 23.34 +1.76 -33.1 ContraK 12.07 +0.78 -11.5 TotBd2 11.28 -0.01 3.1 IntlEq 22.23 +0.91 -20.2 IntlGrAdml 87.98 +4.65 -14.4 .-A2 GDDG>;7-8;K3 EupacA p 43.22 +1.97 -22.3 US SmCpVal 20.73 +1.62 -39.6 CpInc r 8.24 +0.18 -18.7 TotIntl 13.64 +0.65 -23.4 Nuveen Cl I FdInvA p 49.91 +2.98 -19.2 US TgdVal 13.92 +1.11 -39.6 GroCo 19.32 +1.36 -9.6 ITBondAdml 12.07 -0.02 2.9 TotSt 64.33 +4.30 -18.9 HYMunBd 15.53 +0.10 -12.5 %"!(&!*# 1.!,/ #,+0* GwthA p 44.29 +2.62 -13.4 USLgVa 26.87 +1.79 -30.0 GrowCoK 19.36 +1.37 -9.5 ITIGradeAdml 9.84 ... -0.7 VANGUARD INSTL FDS Oakmark Funds Invest HI TrA p 8.44 +0.03 -14.9 Dodge & Cox InvGrBd 11.54 ... 0.5 LTGradeAdml 10.95 -0.01 1.6 BalInst 34.97 +1.42 -10.2 7./%6 !1,3%' 7,0 OakmrkInt 15.66 +1.19 -37.2 ICAA p 32.65 +1.68 -17.0 Balanced 80.14 +3.77 -19.6 LowP r 36.23 +2.40 -27.6 MidCpAdml 166.26+12.37 -24.3 DevMktsIndInst 10.79 +0.54 -23.5 #+,/)74*% $+) (',% Old Westbury Fds ;! IncoA p 19.55 +0.61 -15.1 Income 13.80 +0.03 -0.7 Magin 9.07 +0.63 -11.1 MuHYAdml 11.05 +0.06 -5.1 DevMktsInxInst 16.87 +0.85 -23.4 B6: 5'9* LrgCpStr 12.18 +0.68 -19.2 ! (@55!-01= )J N PerA p 39.28 +2.22 -16.9 Intl Stk 30.21 +1.66 -30.7 OTC 11.34 +0.76 -11.3 MuIntAdml 14.16 +0.08 -1.5 ExtndInst 68.42 +5.11 -28.3 =J#?J PGIM Funds Cl Z !I NEcoA p 38.63 +2.36 -15.5 Stock 138.09 +9.10 -27.3 Puritn 20.45 +0.83 -9.8 MuLTAdml 11.55 +0.08 -2.2 GrwthInst 83.39 +6.05 -10.9 &!30 ')@30)- (-" TotalReturnBond NA ... NA 2$5 NwWrldA 55.67 +2.70 -21.1 DoubleLine Funds SrsEmrgMkt 15.88 +0.73 -23.0 MuLtdAdml 10.94 +0.03 -0.8 InPrSeIn 10.97 +0.02 4.1 PIMCO Fds Instl ! .=!%5 %?!5%6! 5!?!-@! ): >98/41 SmCpA p 45.49 +2.52 -22.7 CoreFxdIncmI NA ... NA SrsGlobal 10.19 +0.48 -22.6 MuShtAdml 15.75 +0.03 -0.2 InstIdx 237.65+15.60 -17.1 AllAsset 10.12 +0.23 NA TxExA p 12.92 +0.07 -2.5 TotRetBdI NA ... NA SrsGroCoRetail 16.10 +1.14 -9.3 PrmcpAdml r 116.49 +6.71 -19.2 InstPlus 237.66+15.61 -17.1 TotRt 10.53 -0.01 2.6 ! *11 !7@4+ ()5<)5%0!$@30)/!5 &&&):!F6#I6H$E)"!$(IH6#"C@E@#F IncomeFd 10.92 +0.04 NA AggBdInst 11.34 -0.02 1.8 Fidelity TotalBond 10.77 ... -0.6 SmGthAdml 53.11 +3.92 -23.9 MidCpIstPl 181.13+13.48 -24.3 PIMCO Funds I2 $)-0%$03 0)0%14-6 "+;;2 D@#< 0!F6# %5,9+,4'+/1,* CorBdInst 11.51 -0.02 0.2 500IdxInstPrem 92.85 +6.10 -17.1 Fidelity SAI STBondAdml 10.74 -0.01 2.2 RealEstaInstl 15.24 +1.07 -24.6 Income 10.92 +0.04 NA BlackRock Funds Contrafund K6 12.78 +0.81 -11.7 TotalBd 10.29 ... -1.2 STIGradeAdml 10.51 ... -1.4 SmCapInst 55.14 +4.15 -30.3 PIMCO Funds Instl HiYldBd Inst 6.45 ... -15.8 ExtMktIdxInstPre 46.64 +3.49 -28.3 U.S.TreBdIdx 10.92 -0.03 8.8 TotBdAdml 11.36 -0.01 3.5 STIGradeInst 10.51 ... -1.4 IncomeFd 10.92 +0.04 NA BlackRock Funds A IntlIdxInstPrem 33.26 +1.60 -22.6 First Eagle Funds TotIntBdIdxAdm 22.64 +0.02 0.3 STIPSIxins 24.75 +0.02 0.2 Price Funds BUSINESSOPPORTUNITIES GlblAlloc p 17.08 +0.63 -14.4 MidCpInxInstPrem 17.51 +1.31 -25.9 GlbA 48.12 +2.19 -17.0 TotIntlAdmIdx r 22.81 +1.08 -23.4 TotBdInst 11.36 -0.01 3.5 BlChip 110.50 +8.12 NA BlackRock Funds Inst SAIUSLgCpIndxFd 14.31 +0.94 -17.2 FPA Funds TotStAdml 64.35 +4.30 -18.9 TotBdInst2 11.28 -0.01 3.1 DivGro 44.47 +2.83 NA MultiAstIncome 9.50 ... -12.4 SeriesOverseas 8.65 +0.39 -19.8 FPACres 26.84 +1.22 NA TxMCapAdml 135.82 +9.11 -17.7 TotBdInstPl 11.36 -0.01 3.5 THE MARKETPLACE EqInc 23.22 +1.46 NA StratIncOpptyIns 9.32 ... -5.8 SmCpIdxInstPrem 14.41 +1.09 -31.5 Franklin A1 TxMIn r 10.78 +0.54 -23.4 TotIntBdIdxInst 33.97 +0.02 0.3 EqIndex 70.76 +4.65 NA ADVERTISE TODAY StratMuniOppI 10.60 +0.08 -9.5 TMktIdxInstPrem 73.43 +4.92 -18.9 CA TF A1 p 7.35 +0.05 -3.2 USGroAdml 100.28 +7.15 -10.0 TotIntlInstIdx r 91.21 +4.32 -23.4 )"..%(#& +",%' *$,&.-!&$- Growth 63.73 +4.63 NA Bridge Builder Trust USBdIdxInstPrem 12.27 -0.01 3.7 IncomeA1 p 1.93 +0.05 -16.4 ValAdml 35.69 +2.08 -23.0 TotItlInstPlId r 91.22 +4.32 -23.4 HelSci NA ... NA (800)366-3975 (-:073+- 8)&$ &- 3/<&%4 3-.!74/!-4 :0-# CoreBond 10.52 -0.01 1.7 Fidelity Advisor I FrankTemp/Frank Adv WdsrllAdml 50.04 +3.37 -22.5 TotStInst 64.36 +4.30 -18.8 InstlCapG NA ... NA 3-.!743-6 3- 5!&145%&9!$ 37 0-#!96+3-6 & CorePlusBond 10.07 ... -0.2 NwInsghtI 27.45 +1.73 -16.1 IncomeAdv 1.91 +0.05 -16.5 WellsIAdml 61.49 +1.32 -6.3 ValueInst 35.69 +2.08 -23.0 IntlStk 14.75 +0.71 NA Formoreinformation visit: "2=' %&<34&1 9&37! 4+ 70<<+94 69+,45 +: Intl Eq 9.42 +0.47 -21.4 Fidelity Freedom FrankTemp/Franklin A WelltnAdml 65.26 +2.68 -12.2 WCM Focus Funds 45!39 %099!-4 <+94:+13+ ,531! &17+ %+-73#!93-6 MidCap 75.30 +5.38 -21.0 Del Invest Instl FF2020 14.34 +0.40 -11.5 RisDv A p 56.96 +3.68 -17.9 WndsrAdml 52.64 +3.62 -27.2 WCMFocIntlGrwIns 16.03 +0.94 -15.2 wsj.com/classifieds &- 3-.!74/!-4 3- *+.3# 4!743-6; (: >+0&9! N Inc 9.35 -0.01 NA Value 16.83 +0.92 -24.3 FF2025 12.46 +0.39 -13.0 FrankTemp/Franklin C VANGUARD FDS Western Asset *))!&'$,&' *"' $",&!&#,&' $" $"+&#,$"%( Dimensional Fds NHoriz 52.56 +3.51 NA DivdGro 26.07 +1.65 -14.6 FF2030 15.14 +0.56 -15.1 Income C t 1.96 +0.05 -16.3 CoreBondI NA ... NA ©2020Dow Jones &Company,Inc. %1:$9: '/$41! 3:88#4-8,94+-6)$<"+/ 5GlbFxdInc 10.75 ... 0.2 Freedom2020 K 14.32 +0.39 -11.6 FrankTemp/Temp Adv OverS SF r NA ... NA INSTTRF2020 21.77 +0.66 -9.7 CorePlusBdI NA ... NA R2020 NA ... NA All Rights Reserved. &; ($11 *2!0).<.56<57== DFARlEst 31.19 +2.16 -23.4 Freedom2025 K 12.44 +0.39 -13.0 GlBondAdv p 10.01 -0.06 -4.9 INSTTRF2025 21.80 +0.78 -11.8 CorePlusBdIS NA ... NA P2JW098000-0-B00800-1------XA

B8 | Tuesday, April 7, 2020 THE WALL STREET JOURNAL.

COMMODITIES WSJ.com/commodities

Futures Contracts Contract Open Contract Open Contract Open Open High hilo Low Settle Chg interest Open High hilo Low Settle Chg interest Open High hilo Low Settle Chg interest Metal & Petroleum Futures July 479.75 491.25 479.75 481.75 3.25 74,723 Swiss Franc (CME)-CHF 125,000; $ per CHF Mini S&P 500 (CME)-$50 x index Cattle-Feeder (CME)-50,000 lbs.; cents per lb. June 1.0255 1.0273 1.0234 1.0250 –.0022 29,659 June 2485.00 2668.50 2484.75 2644.50 161.75 3,486,777 Contract Open April 105.075 112.575 t 103.950 110.425 2.175 3,130 Sept 1.0285 1.0301 1.0274 1.0283 –.0023 67 Open High hi lo Low Settle Chg interest Sept 2483.75 2664.50 2482.50 2640.50 161.00 24,573 May 105.200 112.500 t 103.625 109.300 1.200 14,688 Australian Dollar (CME)-AUD 100,000; $ per AUD Mini S&P Midcap 400 (CME)-$100 x index Copper-High (CMX)-25,000 lbs.; $ per lb. Cattle-Live (CME)-40,000 lbs.; cents per lb. April .6028 .6103 .6000 .6091 .0091 766 April 2.2130 2.2390 2.2130 2.2350 0.0250 2,246 June 1346.10 1444.20 1330.30 1439.10 108.90 82,189 April 83.825 85.750 t 83.825 83.825 –4.500 15,123 June .6000 .6107 .5993 .6092 .0090 125,063 May 2.1885 2.2290 2.1820 2.2175 0.0250 85,764 Sept 1434.70 1436.00 1338.10 1446.10 108.90 1 June 76.800 82.950 t 76.600 80.300 –.550 123,811 Mexican Peso (CME)-MXN 500,000; $ per MXN Gold (CMX)-100 troy oz.; $ per troy oz. Mini Nasdaq 100 (CME)-$20 x index Hogs-Lean (CME)-40,000 lbs.; cents per lb. April .03936 .04056 t .03882 .04025 –.00002 40 April 1629.10 1696.70 1625.90 1677.00 43.30 1,906 June 7535.75 8099.00 7535.50 8029.75 507.00 182,620 April 40.225 42.750 t 37.500 41.125 .900 17,900 June .03941 .04019 t .03835 .03984 –.00001 99,787 June 1647.70 1715.80 s 1638.20 1693.90 48.20 354,372 June 43.825 51.075 t 43.825 49.650 1.325 78,645 Euro (CME)-€125,000; $ per € Sept 7625.00 8095.00 7531.00 8027.75 505.50 1,295 Aug 1648.10 1712.90 s 1638.20 1692.20 46.70 55,940 Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. April 1.0814 1.0836 1.0771 1.0799 –.0014 4,015 Mini Russell 2000 (CME)-$50 x index Oct 1645.00 1707.00 1645.00 1693.10 46.50 12,047 May 282.00 282.00 282.00 282.00 18.00 1,362 June 1.0835 1.0857 1.0792 1.0821 –.0013 536,742 June 1049.10 1138.00 1049.10 1128.70 75.70 573,475 Dec 1649.50 1713.50 s 1639.70 1693.10 46.60 41,059 July 300.10 300.10 300.10 300.10 18.00 912 Sept 1083.00 1136.20 1051.70 1127.70 76.10 114 Feb'21 1652.00 1712.00 1642.10 1693.30 46.20 9,842 Milk (CME)-200,000 lbs., cents per lb. Index Futures Mini Russell 1000 (CME)-$50 x index Palladium (NYM) - 50 troy oz.; $ per troy oz. April 13.99 13.99 t 13.62 13.88 –.19 2,984 June 1420.70 1457.00 1353.90 1448.90 95.10 8,383 April 1593.60 1593.60 1593.60 2105.30 –29.20 4 June 13.18 13.62 t 12.41 13.05 –.08 4,041 Mini DJ Industrial Average (CBT)-$5 x index U.S. Dollar Index (ICE-US)-$1,000 x index May …2260.00 s 2260.00 2093.10 –29.20 n.a. Cocoa (ICE-US)-10 metric tons; $ per ton. June 20944 22663 20944 22488 1531 53,978 June 2120.00 2137.00 2020.00 2076.80 –29.20 6,646 May 2,284 2,392 2,267 2,366 102 49,642 Sept 21181 22597 20907 22423 1518 167 June 100.87 101.03 100.54 100.76 .08 27,958 Sept 2102.30 2102.30 2047.40 2067.50 –26.60 614 July 2,269 2,367 2,269 2,348 88 61,506 S&P 500 Index (CME)-$250 x index Sept 100.66 101.02 100.66 100.77 .09 551 Dec 2120.80 2120.80 2119.80 2053.10 –26.20 433 Coffee (ICE-US)-37,500 lbs.; cents per lb. June 2506.00 2586.20 2485.40 2644.60 161.90 79,363 Platinum (NYM)-50 troy oz.; $ per troy oz. May 114.85 117.80 112.40 116.65 1.75 58,252 Sept …… …2640.50 161.10 11 Source: FactSet April 720.80 720.80 719.50 728.00 13.90 10 July 116.00 118.45 114.05 117.90 1.40 55,176 July 718.80 741.60 718.80 732.00 13.90 48,990 Sugar-World (ICE-US)-112,000 lbs.; cents per lb. Silver (CMX)-5,000 troy oz.; $ per troy oz. May 10.46 10.56 10.29 10.45 .14 298,361 April 14.550 15.120 14.550 15.111 0.675 54 July 10.49 10.55 10.30 10.42 .09 258,529 Bonds | WSJ.com/bonds May 14.540 15.405 14.355 15.169 0.675 76,182 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. May 26.50 26.50 26.50 26.55 .20 261 May 26.09 28.24 25.28 26.08 –2.26 595,835 July 26.30 26.30 26.30 26.30 …2,579 Tracking Bond Benchmarks June 29.20 31.27 28.13 29.98 –0.92 316,617 Cotton (ICE-US)-50,000 lbs.; cents per lb. July 30.94 32.97 30.05 32.04 –0.29 200,343 May 50.88 53.86 49.31 53.05 2.07 71,351 Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week Aug 31.70 33.65 30.77 32.93 –0.07 102,488 July 51.15 53.51 49.40 53.08 2.10 57,048 highs and lows for different types of bonds Sept 32.47 34.04 31.18 33.43 0.06 129,382 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. Total Total Dec 33.60 34.90 32.30 34.36 0.20 255,965 May 111.55 112.35 108.25 109.50 –3.00 5,101 return YTD total return YTD total NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. July 113.00 113.00 110.00 111.90 –2.10 4,784 Yield (%) Yield (%) close return (%) Index Latest Low High close return (%) Index Latest Low High May 1.0505 1.0900 1.0161 1.0457 –.0249 95,958 June 1.0740 1.1135 1.0497 1.0739 –.0207 50,487 Interest Rate Futures Broad Market Bloomberg Barclays Mortgage-Backed Bloomberg Barclays Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% May .6670 .7250 .6353 .7016 .0100 109,931 n.a. U.S. Aggregate n.a. n.a. n.a. Mortgage-Backed n.a. n.a. n.a. June 228-000 228-000 224-180 225-090 –2-31.0 1,051,991 n.a. n.a. n.a. June .7222 .7822 .6976 .7621 .0098 60,586 Treasury Bonds (CBT)-$100,000; pts 32nds of 100% n.a. n.a. Ginnie Mae (GNMA) n.a. n.a. n.a. Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. U.S. Corporate Indexes Bloomberg Barclays June 182-040 182-040 180-100 180-180 –2-00.0 1,000,998 May 1.650 1.755 1.630 1.731 .110 351,155 n.a. Fannie mae Sept 180-070 181-020 179-050 179-020 –2-00.0 132 3016.12 -3.8 U.S. Corporate 3.470 2.220 4.580 n.a. (FNMA) n.a. n.a. n.a. June 1.768 1.865 1.745 1.844 .106 104,680 Treasury Notes (CBT)-$100,000; pts 32nds of 100% July 1.950 2.014 1.928 1.989 .070 134,875 2791.74 -3.3 Intermediate 3.220 1.760 4.400 n.a. n.a. Freddie Mac (FHLMC) n.a. n.a. n.a. June 138-315 139-010 138-105 138-130 –23.5 3,243,102 Sept 2.039 2.101 2.022 2.085 .065 101,876 Sept 138-195 138-245 138-000 138-010 –23.5 67 560.33 -1.0 Muni Master 1.921 0.959 3.441 Oct 2.106 2.167 2.093 2.149 .058 101,765 4323.41 -4.8 Long term 3.900 2.950 4.930 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% Jan'21 2.790 2.822 s 2.785 2.804 .008 68,954 June 125-087 125-097 124-310 125-002 –13.0 3,722,949 643.12 0.8 Double-A-rated 2.350 1.670 3.360 394.30 -1.2 7-12 year 1.886 0.924 3.447 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% Agriculture Futures 763.02 -7.3 Triple-B-rated 4.280 2.570 5.350 446.42 -1.4 12-22 year 2.343 1.224 3.690 June 110-057 110-057 110-031 110-035 –3.1 2,707,959 Corn (CBT)-5,000 bu.; cents per bu. Sept 110-085 110-092 110-075 110-075 –3.2 1,290 High Yield Bonds ICE BofA 425.59 -3.4 22-plus year 3.127 1.765 4.123 May 329.75 331.75 t 325.50 327.75 –3.00 430,332 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. July 335.25 337.25 t 331.25 333.50 –3.25 409,628 April 99.9425 99.9450 s 99.9400 99.9425 .0000 228,712 397.36 -14.9 High Yield Constrained 9.770 5.151 11.400 Global Government J.P. Morgan† Oats (CBT)-5,000 bu.; cents per bu. May 99.9250 99.9250 99.9100 99.9100 –.0150 258,666 330.80 -24.4 Triple-C-rated 18.330 10.558 19.071 608.96 4.5 Global Government 0.620 0.390 1.470 May 274.00 279.00 268.00 273.50 .75 1,990 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% July 270.25 274.25 264.00 268.00 –.25 1,050 June 105-065 105-310 105-065 105-105 –24.0 64,527 2719.11 -14.9 High Yield 100 8.911 4.516 10.740 851.40 5.9 Canada 0.960 0.590 1.910 Soybeans (CBT)-5,000 bu.; cents per bu. Eurodollar (CME)-$1,000,000; pts of 100% May 853.50 859.00 848.50 855.50 1.25 245,883 April 98.7450 98.7600 98.7175 98.7250 –.0050 646,236 359.56 -14.7 Global High Yield Constrained 9.758 4.893 11.310 400.08 -0.02 EMU§ 0.559 0.109 1.023 July 858.50 864.00 854.25 861.25 1.75 197,928 June 99.4750 99.4800 99.4400 99.4450 –.0400 1,611,759 281.99 -14.2 Europe High Yield Constrained 6.878 2.464 8.183 761.33 0.3 France 0.310 -0.160 0.660 Soybean Meal (CBT)-100 tons; $ per ton. Sept 99.6300 99.6300 99.5950 99.6000 –.0300 1,515,711 May 302.70 303.50 296.80 297.00 –6.20 121,065 Dec 99.6550 99.6550 99.6150 99.6250 –.0300 1,065,080 U.S Agency Bloomberg Barclays 546.24 1.9 Germany -0.320 -0.740 0.200 July 303.30 304.00 299.30 299.90 –3.40 99,369 Soybean Oil (CBT)-60,000 lbs.; cents per lb. Currency Futures 1843.00 4.2 U.S Agency 0.920 0.730 2.630 297.30 -0.3 Japan 0.210 -0.070 0.270 May 26.43 26.94 26.20 26.83 .40 139,999 July 26.75 27.25 26.52 27.15 .40 111,144 Japanese Yen (CME)-¥12,500,000; $ per 100¥ 1605.99 2.8 10-20 years 0.780 0.640 2.520 603.03 1.2 Netherlands -0.110 -0.540 0.310 Rough Rice (CBT)-2,000 cwt.; $ per cwt. April .9195 .9227 .9145 .9170 –.0067 1,043 10.8 20-plus years U.K. May 1461.00 1474.00 s 1455.50 1468.00 13.00 6,278 June .9235 .9243 .9158 .9187 –.0068 120,122 4226.21 1.620 1.170 3.120 1080.39 7.5 0.630 0.390 1.540 July 1440.50 1450.00 t 1439.50 1445.00 6.00 2,673 Canadian Dollar (CME)-CAD 100,000; $ per CAD 2653.18 -2.7 Yankee 2.870 1.920 3.500 771.53 -12.5 Emerging Markets ** 6.692 4.523 7.480 Wheat (CBT)-5,000 bu.; cents per bu. April .7008 .7103 .7008 .7084 .0018 1,371 May 550.00 561.75 549.75 555.75 6.50 132,715 June .7021 .7110 .7017 .7089 .0018 109,103 *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds July 545.75 555.75 545.75 551.00 6.00 111,021 British Pound (CME)-£62,500; $ per £ ** EMBI Global Index Sources: ICE Data Services; Bloomberg Barclays; J.P.Morgan Wheat (KC)-5,000 bu.; cents per bu. April 1.2270 1.2325 1.2207 1.2302 .0028 1,217 May 472.25 485.00 472.25 475.75 3.75 90,071 June 1.2233 1.2336 1.2219 1.2311 .0029 151,472 Global Government Bonds: Mapping Yields Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in Cash Prices |WSJ.com/commodities Monday, April 6, 2020 selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points separate from the futures price on an exchange, which reflects what the commodity might be worth in future Coupon (%) Maturity, in years Latest(l)-2 -1 01234Previous Month ago Year ago Latest Prev Year ago months. 0.375 U.S. 2 0.272 s l 0.225 0.528 2.343 Monday Monday Monday 1.500 10 0.673 s l 0.596 0.767 2.494 Platinum,Engelhard fabricated n.a. Wheat,No.2 soft red,St.Louis-bp,u Energy 5.7100 2.000 Australia 2 0.214 t l 0.214 0.400 1.512 -5.9 -1.1 -83.1 Palladium,Engelhard industrial 2120.0 Wheat - Hard - KC (USDA) $ per bu-u 4.8475 Coal,C.Aplc.,12500Btu,1.2SO2-r,w 55.200 Palladium,Engelhard fabricated n.a. Wheat,No.1soft white,Portld,OR-u 6.0750 2.500 10 0.780 s l 0.765 0.686 1.913 10.7 16.9 -58.1 Aluminum, LME, $ per metric ton *1452.0 Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 11.550 Food 0.000 France 2 -0.496 t l -0.493 -0.720 -0.510 -71.8 -285.3 Copper,Comex spot 2.2350 -76.8 Metals Iron Ore, 62% Fe CFR China-s 82.6 Beef,carcass equiv. index 0.000 10 0.063 t l 0.078 -0.359 0.362 -61.0 -51.9 -213.1 Gold, per troy oz Shredded Scrap, US Midwest-s,m 280 choice 1-3,600-900 lbs.-u 193.91 Steel, HRC USA, FOB Midwest Mill-s 516 0.000 Germany 2 -0.659 s l -0.671 -0.858 -0.577 -93.1 -89.6 -292.0 Engelhard industrial 1641.00 select 1-3,600-900 lbs.-u 179.57 Engelhard fabricated n.a. Fibers and Textiles Broilers, National comp wtd. avg.-u,w 0.6661 0.000 10 -0.425 s l -0.439 -0.712 0.010 -109.8 -103.5 -248.3 Butter,AA Chicago 1.2550 Handy & Harman base 1648.30 1.200 Italy 2 0.441 s l 0.436 0.041 0.491 16.9 21.1 -185.2 Handy & Harman fabricated 1829.61 Burlap,10-oz,40-inch NY yd-n,w 0.5700 Cheddar cheese,bbl,Chicago 109.00 Cheddar cheese,blk,Chicago LBMA Gold Price AM *1609.75 Cotton,1 1/16 std lw-mdMphs-u 0.4930 112.75 1.350 10 1.488 t l 1.531 1.072 2.478 81.5 93.5 -1.5 Milk,Nonfat dry,Chicago lb. LBMA Gold Price PM *1613.10 Cotlook 'A' Index-t *60.75 86.25 Coffee,Brazilian,Comp 1.1262 0.100 Japan 2 -0.134 t l -0.132 -0.306 -0.149 -40.6 -35.7 -249.3 Krugerrand,wholesale-e 1725.26 Hides,hvy native steers piece fob-u n.a. Coffee,Colombian, NY 1.6130 Maple Leaf-e 1741.85 Wool,64s,staple,Terr del-u,w n.a. 0.100 10 0.004 s l -0.009 -0.146 -0.029 -66.9 -60.5 -252.3 Eggs,large white,Chicago-u 2.8250 American Eagle-e 1741.85 Grains and Feeds Flour,hard winter KC 14.85 0.400 Spain 2 -0.119 s l -0.131 -0.455 -0.279 -35.6 -262.2 Mexican peso-e 2008.14 -39.1 Hams,17-20 lbs,Mid-US fob-u 0.33 Austria crown-e 1629.05 Barley,top-quality Mnpls-u n.a. 0.500 10 0.721 t l 0.727 0.206 1.100 4.8 13.1 -139.4 Hogs,Iowa-So. Minnesota-u 56.02 Austria phil-e 1741.85 Bran,wheat middlings, KC-u 90 Corn,No. 2 yellow,Cent IL-bp,u 3.1250 Pork bellies,12-14 lb MidUS-u 0.5161 0.500 U.K. 2 0.101 s l 0.090 0.089 0.757 -17.1 -13.5 -158.6 Silver, troy oz. Corn gluten feed,Midwest-u,w 117.8 Pork loins,13-19 lb MidUS-u 1.1773 4.750 10 0.332 s l 0.313 0.238 1.118 -28.3 -137.6 Engelhard industrial 14.6000 Corn gluten meal,Midwest-u,w 497.2 Steers,Tex.-Okla. Choice-u n.a. -34.1 Engelhard fabricated n.a. Cottonseed meal-u,w 290 Steers,feeder,Okla. City-u,w 144.50 Source: Tullett Prebon Handy & Harman base 14.7450 Hominy feed,Cent IL-u,w 100 Fats and Oils Handy & Harman fabricated 18.4310 Meat-bonemeal,50% pro Mnpls-u,w 228 LBMA spot price *£11.7300 Oats,No.2 milling,Mnpls-u 3.0850 Corn oil,crude wet/dry mill wtd. avg.-u,w 46.2500 Corporate Debt (U.S.$ equivalent) *14.3900 Rice, Long Grain Milled, No. 2 AR-u,w 26.50 Grease,choice white,Chicago-h 0.2300 Price moves by a company's debt in the credit markets sometimes mirror and sometimes anticipate, moves in Coins,wholesale $1,000 face-a 14212 Sorghum,(Milo) No.2 Gulf-u 7.4150 Lard,Chicago-u 0.3200 Other metals SoybeanMeal,Cent IL,rail,ton48%-u 298.50 Soybean oil,crude;Centl IL-u 0.2666 that same company’s share price. LBMA Platinum Price PM *714.0 Soybeans,No.1 yllw IL-bp,u 8.4400 Tallow,bleach;Chicago-h 0.2800 Investment-grade spreads that tightened the most… Platinum,Engelhard industrial 736.0 Wheat,Spring14%-pro Mnpls-u 6.3675 Tallow,edible,Chicago-u n.a. Spread*, in basis points Stock Performance Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; E=Manfra,Tordella & Brooks; G=ICE; H=American Commodities Brokerage Co; M=monthly; N=nominal; n.a.=not quoted or not available; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA; W=weekly, Z=not quoted. *Data as of 4/3 Source: WSJ Market Data Group Enable Midstream Partners ENBL 4.950 May 15, ’28 1243 –263 n.a. 2.59 –3.00 Enel Finance International ENELIM 2.875 May 25, ’22 255 –156 n.a...... BMW US Capital BMW 3.450 April 12, ’23 399 –100 434 ...... Borrowing Benchmarks | WSJ.com/bonds Apple AAPL 3.000 June 20, ’27 26 –92 115 262.47 8.72 Money Rates April 6, 2020 Sysco SYY 3.300 July 15, ’26 415 –86 394 45.01 13.95 BP Capital Markets America BPLN 2.750 May 10, ’23 172 –80 n.a...... Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a guide to general levels but don’t always represent actual transactions. …And spreads that widened the most Boeing BA 2.700 May 1, ’22 584 98 523 148.77 19.47 Week —52-WEEK— Week —52-WEEK— Inflation Latest ago High Low Latest ago High Low Marriott International MAR 4.000 April 15, ’28 551 72 447 70.59 19.48 Feb. index Chg From (%) Panasonic MATSEL 2.536 July 19, ’22 279 54 n.a...... level Jan. '20 Feb. '19 Switzerland 0.50 0.50 0.50 0.50 Offer 0.1000 0.0800 2.5000 0.0500 Britain 0.10 0.10 0.75 0.10 Treasury bill auction Park Aerospace Holdings AVOL 5.500 Feb. 15, ’24 1077 51 954 ...... U.S. consumer price index Australia 0.25 0.25 1.50 0.25 4 weeks 0.090 0.000 2.400 0.000 Bank of Nova Scotia BNS 2.000 Nov. 15, ’22 185 37 180 39.18 3.20 All items 258.678 0.27 2.3 Overnight repurchase Core 267.268 0.48 2.4 13 weeks 0.125 0.085 2.400 0.000 PNC Bank … 2.700 Nov. 1, ’22 n.a. 36 n.a. … … U.S. 0.02 -0.02 3.40 -0.07 26 weeks 0.160 0.100 2.400 0.080 International rates Leggett & Platt LEG 4.400 March 15, ’29 396 34 n.a. 25.33 11.49 U.S. government rates Secondary market Truist Bank … 1.250 March 9, ’23 170 29 200 … … Week 52-Week Fannie Mae Latest ago High Low Discount High-yield issues with the biggest price increases… 30-year mortgage yields Prime rates 0.25 0.25 3.00 0.25 30 days 2.452 2.281 3.857 2.281 Bond Price as % of face value Stock Performance U.S. 3.25 3.25 5.50 3.25 Federal funds 60 days 2.505 2.341 3.884 2.341 Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg Canada 2.45 2.95 3.95 2.45 Effective rate 0.0900 0.1400 2.4800 0.0900 Japan 1.475 1.475 1.475 1.475 High 0.1500 0.3500 3.0000 0.1500 Other short-term rates Continental Resources CLR 4.375 Jan. 15, ’28 60.125 10.38 46.000 9.49 4.52 Policy Rates Low 0.0300 0.0500 2.4400 0.0200 CF Industries CF 5.375 March 15, ’44 103.589 8.37 94.012 27.50 6.71 Week 52-Week Euro zone 0.00 0.00 0.00 0.00 Bid 0.0300 0.0500 2.4400 0.0100 WPX Latest ago high low WPX Energy 5.250 Oct. 15, ’27 68.750 6.50 n.a. 3.83 1.32 EQM Midstream Partners EQM 5.500 July 15, ’28 66.125 6.38 55.750 13.58 1.12 Call money Intelsat Jackson Holdings INTEL 5.500 Aug. 1, ’23 52.500 6.25 65.500 ...... Key Interest Rates 2.00 2.00 4.25 2.00 Western Midstream Operating … 4.500 March 1, ’28 63.500 6.00 40.600 … … Data are annualized on a 360-day basis. Treasury yields are per annum, Commercial paper (AA financial) United States Steel X 6.875 Aug. 15, ’25 70.030 4.53 69.000 6.35 6.54 on actively traded noninflation and inflation-indexed issues that are 90 days n.a. n.a. 2.58 0.58 adjusted to constant maturities. Data are from weekly Federal Reserve Freeport–Mcmoran FCX 3.550 March 1, ’22 95.750 4.34 96.500 7.19 13.77 Libor release H.15. One month 0.92125 0.98450 2.48738 0.61163 …And with the biggest price decreases Week Ended 52-Week Week Ended 52-Week Apr 3Mar 27 High Low Three month 1.35238 1.43338 2.60350 0.74050 Apr 3Mar 27 High Low L Brands LB 6.950 March 1, ’33 52.000 –17.25 62.500 12.55 10.67 6-month Six month 1.23825 1.09175 2.63850 0.73538 Federal funds (effective) 0.14 0.06 2.47 0.06 1-year 0.15 0.17 2.44 0.15 One year 1.04263 1.01400 2.76188 0.74350 Masonite International DOOR 5.375 Feb. 1, ’28 84.570 –8.97 n.a. 41.81 13.74 0.09 0.15 2.44 0.09 2-year 0.23 0.31 2.40 0.23 Diamond Sports DSPORT 6.625 Aug. 15, ’27 50.000 –6.54 67.500 ...... 3-year 0.29 0.36 2.37 0.29 Euro Libor Commercial paper OII 5-year 0.38 0.48 2.39 0.38 One month -0.386 -0.395 -0.386 -0.621 Oceaneering International 6.000 Feb. 1, ’28 42.937 –5.56 39.500 3.36 18.31 Nonfinancial 7-year 0.54 0.69 2.48 0.54 Three month -0.232 -0.265 -0.232 -0.539 Coty COTY 6.500 April 15, ’26 82.013 –4.53 89.143 5.00 8.70 1-month 1.42 1.60 2.46 1.13 10-year 0.65 0.81 2.58 0.65 2-month Six month -0.158 -0.204 -0.158 -0.491 1.24 1.46 2.48 1.06 20-year 1.08 1.17 2.79 1.08 United Airlines Holdings UAL 4.875 Jan. 15, ’25 73.500 –4.50 86.000 24.02 4.96 3-month 1.84 1.77 2.49 0.99 One year -0.145 -0.187 -0.145 -0.441 Uniti UNIT 7.125 Dec. 15, ’24 64.970 –4.03 74.500 5.63 –2.76 Financial Treasury yields (secondary market) Value 52-Week 1-month n.a. 2.15 2.43 1.09 Surgery Center Holdings SURCEN 10.000 April 15, ’27 56.471 –4.03 72.750 ...... 1-month 0.06 0.00 2.39 0.00 Latest Traded High Low 2-month n.a. 2.27 2.46 1.16 3-month n.a. 2.44 2.48 0.98 3-month 0.10 -0.01 2.39 -0.01 DTCC GCF Repo Index *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. 6-month 0.14 0.06 2.40 0.06 Discount window primary credit Treasury 0.068 44.400 6.007 0.002 Note: Data are for the most active issue of bonds with maturities of two years or more TIPS Sources: MarketAxess Corporate BondTicker; Dow Jones Market Data 0.25 0.25 3.00 0.25 MBS 0.069 73.700 6.699 0.011 5-year -0.24 -0.10 0.54 -0.55 Treasury yields at constant 7-year -0.30 -0.15 0.57 -0.52 Notes on data: maturities 10-year -0.31 -0.16 0.63 -0.45 U.S. prime rate is the base rate on corporate 1-month 0.06 0.01 2.43 0.01 20-year -0.13 -0.09 0.82 -0.13 loans posted by at least 70% of the 10 largest Dividend Changes 3-month 0.10 0.01 2.44 0.01 Long-term avg 0.03 -0.01 0.96 -0.01 U.S. banks, and is effective March 16, 2020. Other prime rates aren’t directly comparable; Dividend announcements from April 6. Notes on data: lending practices vary widely by location; Federal-funds rate is an average for the seven days ended Wednesday, weighted according to rates Discount rate is effective March 16, 2020. DTCC Amount Payable / Amount Payable / on broker trades; Commercial paper rates are discounted offer rates interpolated from sales by GCF Repo Index is Depository Trust & Clearing Company Symbol Yld %New/Old Frq Record Company Symbol Yld %New/Old Frq Record discounted averages of dealer bid rates on nationally traded certificates of deposit; Discount window Corp.'s weighted average for overnight trades in Increased Euronav EURN 1.2 .29 SA Jun09 /May29 primary credit rate is charged for discounts made and advances extended under the Federal applicable CUSIPs. Value traded is in billions of Grupo Aval Acciones ADR AVAL 6.9 .0245 M May12 /May01 HBFuller FUL 2.4 .1625 /.16 Q Apr30 /Apr16 Reserve's primary credit discount window program; rate is average for seven days ended Wednesday; U.S. dollars. Federal-funds rates are Tullett Grupo Aval Acciones ADR AVAL 6.9 .0245 M Jun09 /May29 Inflation-indexed long-term TIPS average is indexed and is based on the unweighted average bid Prebon rates as of 5:30 p.m. ET. Sabine Royalty Tr UBI SBR 10.4 .2582 /.23656 M Apr29 /Apr15 Xinyuan Real Estate ADR XIN 16.6 .10 Q May08 /Apr17 yields for all TIPS with remaining terms to maturity of 10 years or more; Sources: Federal Reserve; Bureau of Labor Sources: Federal Reserve; for additional information on these rate data and their derivation, Statistics; DTCC; FactSet; Foreign KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; please see, www.federalreserve.gov/releases/h15/data.htm Tullett Prebon Information, Ltd. China Yuchai Intl CYD 8.0 .85 A Jul31 /Jul16 S2:1: stock split and ratio; SO: spin-off. P2JW098000-0-B00900-1------XA

THE WALL STREET JOURNAL. Tuesday, April 7, 2020 | B9 MARKETS DIGEST

EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index Last Year ago Last Year ago Last Year ago 22679.99 s1627.46, or 7.73% Trailing P/E ratio 17.66 18.37 2663.68 s175.03, or 7.03% Trailing P/E ratio * 19.49 21.72 7913.24 s 540.15, or 7.33% Trailing P/E ratio *† 23.15 23.25 High, low, open and close for each P/E estimate * 15.40 16.26 High, low, open and close for each P/E estimate * 16.10 17.32 High, low, open and close for each P/E estimate *† 21.15 21.55 trading day of the past three months. Dividend yield 3.98 2.18 trading day of the past three months. Dividend yield * 2.42 1.94 trading day of the past three months. Dividend yield *† 1.15 1.05 All-time high 29551.42, 02/12/20 All-time high 3386.15, 02/19/20 All-time high: 9817.18, 02/19/20

Current divisor 0.14579812049809 30000 3500 10500

65-day moving average 27500 3250 9750

25000 3000 9000 65-day moving average Session high

DOWN UP 22500 2750 65-day moving average 8250 Session open Close t

Close Open t 20000 2500 7500 Session low

17500 2250 6750

Bars measure the point change from session's open 15000 2000 6000 Jan. Feb. Mar. Apr. Jan. Feb. Mar. Apr. Jan. Feb. Mar. Apr. *Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; †Based on Nasdaq-100 Index Major U.S. Stock-Market Indexes Late Trading Trading Diary

Latest 52-Week % chg Most-active and biggest movers among NYSE, NYSE Arca, NYSE Amer. Volume, Advancers, Decliners High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. and Nasdaq issues from 4p.m. to 6:30 p.m. ET as reported by electronic NYSE NYSE Amer. Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume*1,430,542,696 16,081,640 Industrial Average 22783.45 21693.63 22679.99 1627.46 7.73 29551.42 18591.93 -13.9 -20.5 3.2 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume*1,311,880,984 11,513,681 Transportation Avg 7874.99 7569.12 7837.69 532.38 7.29 11304.97 6703.63 -27.1 -28.1 -5.0 Most-active issues in late trading Decl. volume* 116,055,451 4,554,779 Utility Average 766.38 731.81 758.06 52.05 7.37 960.89 610.89 -2.2 -13.8 2.5 Volume After Hours Issues traded 3,037 281 Company Symbol (000) Last Net chg % chg High Low Total Stock Market 26764.49 25762.94 26645.86 1785.12 7.18 34631.28 22462.76 -10.7 -19.3 2.9 Advances 2,733 211 SPDR S&P 500 SPY 21,758.2 264.55 -0.31 -0.12 265.61 262.62 Barron's 400 542.78 522.28 540.87 40.40 8.07 746.64 455.11 -24.0 -26.1 -4.4 Declines 276 67 Energy Transfer ET 9,854.8 5.63 0.09 1.62 5.64 5.54 Unchanged 28 3 PS Ult Bloomberg Crude UCO Nasdaq Stock Market 8,736.7 2.54 0.02 0.79 2.58 2.45 New highs 60 Nasdaq Composite 7938.33 7617.79 7913.24 540.15 7.33 9817.18 6860.67 -0.5 -11.8 10.4 VanEck Vectors Gold Miner GDX 6,851.8 26.37 0.03 0.11 26.54 26.13 New lows 20 2 Nasdaq 100 8110.66 7763.09 8081.66 553.55 7.35 9718.73 6978.02 6.3 -7.5 14.2 VanEck Vectors Jr Gold GDXJ 6,416.0 32.31 -0.25 -0.77 32.65 32.23 Closing Arms† 1.08 1.41 iShares MSCI Emg Markets EEM 4,879.4 34.79 -0.15 -0.43 34.94 34.66 S&P Block trades* 6,783 122 Invesco QQQ Trust I QQQ 4,550.2 195.94 -0.54 -0.27 197.00 195.41 500 Index 2676.85 2574.57 2663.68 175.03 7.03 3386.15 2237.40 -8.0 -17.6 4.2 Nasdaq NYSE Arca Industrial Select Sector XLI 4,541.9 60.03 -0.21 -0.35 60.64 59.90 MidCap 400 1448.59 1392.55 1444.56 106.61 7.97 2106.12 1218.55 -25.9 -30.0 -5.4 Total volume*3,844,917,683 488,857,075 SmallCap 600 675.91 645.21 674.65 52.30 8.40 1041.03 595.67 -30.1 -33.9 -6.6 Percentage gainers… Adv. volume*3,304,629,271 376,453,768 Decl. volume* 535,959,081 112,381,268 Other Indexes TPG RE Finance Trust TRTX 293.6 3.85 1.01 35.56 3.96 2.84 Issues traded 3,367 1,533 Russell 2000 1139.93 1085.88 1138.78 86.72 8.24 1705.22 991.16 -27.9 -31.7 -5.8 Two Harbors Investment TWO 306.1 3.44 0.29 9.21 3.48 3.10 Advances 2,810 1,345 NYSE Composite 10560.73 10233.04 10515.24 634.61 6.42 14183.20 8777.38 -18.8 -24.4 -2.8 Blue Apron Cl A APRN 249.1 12.60 0.90 7.69 13.26 11.40 Declines 502 184 iSh IntermediateCorp Bd IGIB 489.9 59.08 3.89 7.05 59.08 55.17 Value Line 356.08 328.00 355.25 27.25 8.31 562.05 305.71 -35.2 -35.7 -11.7 Unchanged 55 4 Fidelity Ntl Financial FNF 372.9 25.63 1.31 5.39 25.63 24.32 NYSE Arca Biotech 4648.50 4517.73 4647.01 236.13 5.35 5313.05 3855.67 -11.1 -8.3 10.3 New highs 12 6 NYSE Arca Pharma 603.75 590.51 600.99 19.77 3.40 670.32 494.36 0.4 -8.1 5.8 ...And losers New lows 50 11 KBW Bank 66.13 63.23 65.68 5.49 9.13 114.12 56.19 -32.9 -42.1 -10.4 SeaChange Intl SEAC 78.3 2.92 -0.71 -19.56 3.49 2.60 Closing Arms† 0.91 2.75 § PHLX Gold/Silver 90.45 86.53 89.32 4.96 5.88 111.51 66.14 14.8 -16.5 1.2 Vistra Energy VST 1,249.1 14.70 -1.33 -8.27 16.02 14.70 Block trades* 19,291 2,281 § PHLX Oil Service 25.65 24.37 25.56 1.50 6.22 102.39 21.47 -74.5 -67.4 -46.9 Unilever ADR UL 125.8 47.48 -3.78 -7.38 51.30 47.48 * Primary market NYSE, NYSE American NYSE Arca only. § PHLX Semiconductor 1598.67 1508.74 1592.88 149.84 10.38 1979.50 1286.84 7.5 -13.9 17.0 Chubb CB 109.4 102.69 -8.07 -7.29 163.22 102.69 †(TRIN) A comparison of the number of advancing and declining issues with the volume of shares rising and falling. An Cboe Volatility 45.73 43.45 45.24 -1.56 -3.33 82.69 11.54 243.2 228.3 54.0 FOXA Fox Cl A 97.6 23.70 -1.36 -5.43 25.06 23.70 Arms of less than 1 indicates buying demand; above 1 §Nasdaq PHLX Sources: FactSet; Dow Jones Market Data indicates selling pressure. International Stock Indexes Percentage Gainers... Percentage Losers Latest YTD Region/Country Index Close Net chg % chg % chg Latest Session 52-Week Latest Session 52-Week Company Symbol Close Net chg % chg High Low % chg Company Symbol Close Net chg % chg High Low % chg 4.84 World The Global Dow 2478.99 114.48 –23.8 Immunomedics IMMU 18.78 9.38 99.79 22.22 8.80 2.7 Millendo Therapeutics MLND 1.45 -3.40 -70.10 17.34 1.26 -91.4 5.42 DJ Global Index 340.78 17.52 –21.5 Assd Capital Cl A AC 39.66 13.01 48.82 65.46 24.33 2.1 Menlo Therapeutics MNLO 1.40 -1.19 -45.95 7.87 1.28 -81.8 DJ Global ex U.S. 198.62 6.49 3.38 –24.6 Mesoblast ADR MESO 6.16 1.96 46.67 10.88 3.12 11.6 Direxion Dly SCOND 3 Bear SOXS 13.46 -5.83 -30.22 79.00 13.25 -75.4 Americas DJ Americas 610.25 40.03 7.02 –19.8 Pensare Acquisition WRLS 3.88 1.18 43.70 11.25 2.10 -62.3 Direxion Hi Beta Bear 3X HIBS 29.61 -11.65 -28.24 71.87 16.98 ... Brazil Sao Paulo Bovespa 74072.98 4535.42 6.52 –35.9 Direxion Homebldr Bull 3X NAIL 9.93 2.93 41.86 98.55 4.76 -77.1 Micro US Big Banks 3X Inv BNKD 33.90 -11.86 -25.92 97.12 23.18 -30.0 Canada S&P/TSX Comp 13592.70 654.40 5.06 –20.3 Cherry Hill Mortgage Invt CHMI 4.09 1.20 41.52 17.74 2.76 -76.5 Direx Cons Disc Bear 3X PASS 16.30 -5.60 -25.57 35.00 11.28 -5.5 Mexico S&P/BMV IPC 34381.56 1306.15 3.95 –21.0 Wayfair Cl A W 71.50 20.87 41.22 166.40 21.70 -52.3 Direxion Tech Bear 3x TECS 4.66 -1.60 -25.56 17.78 4.56 -66.9 Chile Santiago IPSA 2644.03 52.23 2.02 –20.7 Dillard's DDS 33.03 9.16 38.37 86.71 22.50 -56.3 ProShsUlProSht MidCap400 SMDD 9.50 -2.93 -23.57 20.83 5.74 18.0 Eldorado Resorts ERI 14.03 3.87 38.09 70.74 6.02 -70.9 Direxn Daily Finl Bear 3x FAZ 34.14 -10.47 -23.47 77.64 23.90 -22.2 EMEA Stoxx Europe 600 320.58 11.52 3.73 –22.9 Everi Holdings EVRI 3.16 0.87 37.99 14.88 1.55 -68.9 Direxion Dly DJ Bear 3X WEBS 18.80 -5.66 -23.13 47.93 15.82 ... Eurozone Euro Stoxx 303.67 13.25 4.56 –24.8 Belgium Bel-20 2969.80 112.75 3.95 –24.9 Dine Brands Global DIN 28.06 7.67 37.62 104.47 14.16 -70.0 Phoenix Tree Holdings ADR DNK 5.85 -1.75 -23.03 13.90 5.42 ... Denmark OMX Copenhagen 20 1091.19 8.64 0.80 –3.9 EW Scripps Co SSP 7.46 1.94 35.14 23.27 5.36 -66.4 Direxion SC Bear 3x TZA 57.99 -17.23 -22.91 118.70 32.40 27.3 France CAC 40 4346.14 191.56 4.61 –27.3 Children's Place PLCE 18.82 4.76 33.85 116.84 9.25 -81.6 ProShsUlProSht Rssll2000 SRTY 29.54 -8.71 -22.77 60.28 16.55 25.1 Intellicheck IDN PrShrs UltrPro Shrt Dow30 SDOW Germany DAX 10075.17 549.40 5.77 –24.0 2.82 0.71 33.65 10.54 1.91 -24.0 41.44 -11.80 -22.16 95.94 33.89 -20.4 Direxion Dly Retail Bl 3x RETL 5.70 1.43 33.56 31.58 4.03 -81.4 Direxion Real Est Bear 3x DRV 31.17 -8.64 -21.70 71.04 20.96 -8.6 Israel Tel Aviv 1302.93 60.65 4.88 –22.6 Italy FTSE MIB 17039.31 654.96 4.00 –27.5 Most Active Stocks Volume Movers Ranked by change from 65-day average* Netherlands AEX 489.82 18.36 3.89 –19.0 Russia RTS Index 1083.43 33.55 3.20 –30.1 Volume % chg from Latest Session 52-Week Volume % chg from Latest Session 52-Week Company Symbol (000) 65-day avg Close % chg High Low Company Symbol (000) 65-day avg Close % chg High Low South Africa FTSE/JSE All-Share 46251.74 1653.04 3.71 –19.0 Spain IBEX 35 6844.34 262.74 3.99 –28.3 Carnival CCL 194,810 515.8 10.21 20.26 56.04 7.80 Hartford Mun Opps ETF HMOP 879 3633 40.29 0.15 44.52 37.90 Sweden OMX Stockholm 553.39 21.64 4.07 –18.7 SPDR S&P 500 SPY 186,438 22.0 264.86 6.72 339.08 218.26 Prudential Bancorp PBIP 452 2685 12.82 -0.08 19.57 10.26 XpresSpa Group XSPA Sonnet BioTherapeutics SONN Switzerland Swiss Market 9462.34 219.90 2.38 –10.9 146,043 3075.8 0.26 19.27 5.45 0.05 905 2238 5.52 3.56 76.70 4.62 PS Ult Bloomberg Crude UCO 114,624 517.6 2.52 -14.86 26.20 1.43 Immunomedics IMMU 38,536 1410 18.78 99.79 22.22 8.80 Turkey BIST 100 92071.13 2518.52 2.81 –19.5 TOP Ships TOPS 106,374 453.7 0.24 28.07 16.60 0.08 Invsc DWA Financial Mom PFI 195 1187 30.02 6.73 42.65 23.35 U.K. FTSE 100 5582.39 166.89 3.08 –26.0 U.K. FTSE 250 14812.36 713.15 5.06 –32.3 Ford Motor F 102,071 17.5 4.53 6.84 10.56 3.96 Invsc S&P 500 Downside PHDG 202 1184 29.02 1.55 39.61 24.00 General Electric GE 97,860 15.3 7.23 7.43 13.26 5.90 iShares US Pharmaceutical IHE 228 1162 138.85 4.71 165.70 115.53 Asia-Pacific Bank of America BAC 97,642 24.0 21.39 6.79 35.72 17.95 Invsc DWA Industrials Mom PRN 132 1030 56.91 7.67 74.32 46.67 Australia S&P/ASX 200 5286.80 219.32 4.33 –20.9 Delta Air DAL 94,635 370.7 22.32 -0.71 63.44 19.10 iShares MSCI Israel ETF EIS 233 1001 44.91 4.42 61.75 36.86 China Shanghai Composite 2763.99 … Closed –9.4 American Airlines Group AAL 93,809 204.3 9.50 1.17 35.24 9.09 Gl X Scientific Beta US SCIU 131 977 27.58 8.20 36.66 22.50 Hong Kong Hang Seng 23749.12 513.01 2.21 –15.8 * Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least Closed India S&P BSE Sensex 27590.95 … –33.1 5,000 shares =Has traded fewer than 65 days Japan Nikkei Stock Avg 18576.30 756.11 4.24 –21.5 Singapore Straits Times 2470.59 81.30 3.40 –23.3 Track the Markets South Korea Kospi 1791.88 66.44 3.85 –18.5 Compare the performance of selected CURRENCIES & COMMODITIES Taiwan TAIEX 9818.74 1.61 –18.2 global stock indexes, bond ETFs, 155.11 currencies and commodities at Currencies Thailand SET 1138.84 … Closed –27.9 WSJ.com/TrackTheMarkets Sources: FactSet; Dow Jones Market Data U.S.-dollar foreign-exchange rates in late New York trading US$ vs, US$ vs, Mon YTD chg Mon YTD chg CREDIT MARKETS Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%) Americas Vietnam dong .00004265 23449 1.2 Argentina peso .0154 64.9145 8.4 Europe Consumer Rates and Returns to Investor TrBenchmarkeasury yieldYieldscurve Forex Race Brazil real .1893 5.2813 31.4 Czech Rep. koruna .03913 25.554 12.7 U.S. consumer rates Selected rates Yiandeld toRatesmaturity of current bills, Yen, euro vs. dollar; dollar vs. Canada dollar .7088 1.4109 8.6 Denmark krone .1445 6.9182 3.8 notes and bonds major U.S. trading partners Chile peso .001176 850.60 15.1 Euro area euro 1.0793 .9266 3.9 A consumer rate against its 30-year mortgage, Rate Colombiapeso .000251 3981.36 21.3 Hungary forint .002962 337.57 14.3 Ecuador US dollar Iceland krona benchmark over the past year 11unch .006941 144.07 19.0 Bankrate.com avg†: 3.81% 4.00% 8% Mexico peso .0406 24.6336 30.1 Norway krone .0959 10.4267 18.8 Uruguay peso .02261 44.2300 19.1 Poland zloty .2367 4.2247 11.4 Edgewater Bank 2.88%

One year ago 3.00 Yen Asia-Pacific Russia ruble .01315 76.046 22.5 4.00% Saint Joseph, MI 800-922-5221 4 s Sweden krona .0988 10.1261 8.1

t Australian dollar .6087 1.6428 15.3 t Switzerland franc 1.0220 .9785 1.1 Home Loans Today 3.00% China yuan .1410 7.0923 1.9 30-year fixed-rate 3.00 2.00 0 Turkey lira .1474 6.7824 14.0 Centennial, CO 866-919-2064 Hong Kong dollar .1290 7.7514 –0.5 mortgage Ukraine hryvnia .0367 27.2241 15.0 Tradeweb ICE Monday Close India rupee .01316 75.975 6.5 2.00 Raccoon Valley Bank 3.13% 1.00 s UK pound 1.2231 .8176 8.4

t –4 s Indonesia rupiah .0000609 16413 18.2 t WSJ Dollar index Perry, IA 515-645-3521 Euro Japan yen .009156 109.22 0.5 Middle East/Africa 10-year Treasury 1.00 North Shore Bank 3.50% 0.00 –8 Kazakhstan tenge .002277 439.11 15.0 Bahrain dinar 2.6433 .3783 0.3 note yield Macau pataca .1252 7.9841 –0.4 Egypt pound .0635 15.7509 –1.9 Brookfield, WI 262-785-1600 1 3 6 1 2 3 5 710 30 2019 2020 0.00 month(s) years Malaysia ringgit .2292 4.3635 6.7 Israel shekel .2789 3.5859 3.8 M J J A S O N D J F MA TBK Bank, SSB 3.50% New Zealand dollar .5930 1.6863 13.5 Kuwait dinar 3.1997 .3125 3.1 maturity 2019 2020 Dallas, TX 214-365-6900 Pakistan rupee .00598 167.125 7.8 Oman sul rial 2.5976 .3850 –0.01 Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Philippines peso .0198 50.620 –0.2 Qatar rial .2745 3.643 –0.01 Yield/Rate (%) 52-Week Range (%) 3-yr chg Singapore dollar .6985 1.4316 6.4 Saudi Arabia riyal .2659 3.7606 0.2 Interest rate Last (l)Week ago Low 0246 8High (pct pts) Corporate Borrowing Rates and Yields South Korea won .0008166 1224.64 6.0 South Africa rand .0536 18.6678 33.4 Federal-funds rate target 0.00-0.25 0.00-0.25 1.00 l 2.25 -0.75 Sri Lanka rupee .0051749 193.24 6.6 Yield (%) 52-Week Total Return (%) Taiwan dollar .03310 30.214 1.0 Close Net Chg % Chg YTD % Chg Prime rate* 3.25 3.25 l 5.50 3.25 -0.75 Bond total return index Close Last Week ago High Low 52-wk 3-yr Thailand baht .03046 32.830 10.3 WSJ Dollar Index 94.94 –0.14–0.15 6.00 Libor, 3-month 1.35 1.43 0.74 l 2.60 0.20 U.S. Treasury, Barclays 2470.620 0.590 0.560 2.530 0.530 14.04 5.81 Sources: Tullett Prebon, Dow Jones Market Data Money market, annual yield 0.32 0.34 0.32 l 0.78 ... Five-year CD, annual yield 0.90 0.91 0.90 l 2.01 -0.39 U.S. Treasury Long, Barclays 4935.700 1.230 1.240 2.940 0.980 36.81 13.79 Commodities 30-year mortgage, fixed† 3.81 3.84 3.52 l 4.34 -0.28 Aggregate, Barclays n.a. n.a. 1.500 n.a. n.a. n.a. n.a. Monday 52-Week YTD Pricing trends on someCloseraw materials,Net chg % Chgor commoditiesHigh Low % Chg % chg 15-year mortgage, fixed† 3.25 3.32 2.95 l 3.73 -0.04 Fixed-Rate MBS, Barclays n.a. n.a. 0.930 n.a. n.a. n.a. n.a. Jumbo mortgages, $510,400-plus† 3.92 3.90 3.54 l 4.71 -0.73 DJ Commodity 481.19 1.04 0.22 647.86 451.81 -24.41 -25.08 High Yield 100, ICE BofA 2719.112 8.911 8.406 10.740 4.516 –9.900 –0.489 Five-year adj mortgage (ARM)† 3.51 3.54 3.29 l 4.78 0.20 TR/CC CRB Index 128.06 0.10 0.08 189.66 118.50 -32.14 -31.07 Muni Master, ICE BofA 560.334 1.921 1.680 3.441 0.959 3.514 3.353 New-car loan, 48-month 4.36 4.40 4.36 l 4.81 1.00 Crude oil, $ per barrel 26.08 -2.26 -7.97 66.30 20.09 -59.50 -57.29 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 771.531 6.692 6.662 7.480 4.523 –6.172 0.019 Natural gas, $/MMBtu 1.731 0.110 6.79 2.862 1.552 -36.08 -20.92 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. 1677.00 43.30 2.65 1677.00 1269.30 29.29 10.37 Get real-time U.S. stock quotesand track most-activestocks, newhighs/lows and mutual funds. Plus, deeper money-flows data and email delivery of keystock-market data. Available free at WSJMarkets.com P2JW098000-4-B01000-1------XA

B10 | Tuesday, April 7, 2020 **** THE WALL STREET JOURNAL. BANKING & FINANCE Dimon Sees Bank Enduring BadRecession

BY DAVID BENOIT banks have already suspended to preparefor the crisis,which mean the government buybacks. Mr. Dimon said “dramatically shouldn’t changesome rules JPMorgan Chase &Co. That kind of collapse, once exceeds what happened in the and regulations,however,” Mr. Chief Executive James Dimon considered unthinkable,isnow global financial crisis.” The Dimon wrote. “While alot of said his bank hasn’t sought in line with some economists’ bank approved more than $25 therules were constructive looser regulations to help it predictions forthe second billion in newcredit exten- and made the financial system handle the economic collapse quarter this year,though oth- sions in March. stronger,weare nowseeing caused by the coronavirus ersexpect asubstantivere- “While conditions may the impact of poorly coordi- pandemic,detailing instead its bound in the third quarter. sometimes be unusual and dif- nated, poorly calibrated and ability to keep lending in even “Entering intoacrisis is S ficult, we arefunctioning poorly organized rulemaking.”

more dire circumstances. notthe time to figure out NEW smoothly,” he wrote. Typically Mr.Dimon’san- G In his annual letterpub- what you want to be,” Mr. Di- Thebank has closed some nual letterisfull of ideas on lished Monday, Mr.Dimon said mon wrote. “You must already branches butstill has thou- fixing public policy, but that the work preparing JPMorgan be a well-functioning organi- OOMBER sands of employees at work in waslargely removed this year

to be a“port in the storm”—a zation prepared to rapidly mo- CHI/BL itsretail operation and has other than to urge the country long obsession of his—means bilizeyour resources, take seen an outbreak of the virus to come together and to criti- thebank canhandle what he your losses and survivean- MAR on its trading floor. cize the initial U.S. response.

expectstobea“bad reces- otherday forthe good of all GIULIA What thebank hasn’t done, “The country was not ade- sion.” your stakeholders.” The JPMorgan CEO is back at work after emergency heart surgery. Mr.Dimon said, is ask the gov- quately prepared forthis pan- In internal stresstesting,he Writing only a month after ernment to relax the rules that demic—however, we canand said the nation’sbiggest bank undergoing emergencyheart dressthe coronavirus crisis, broadly than anyplans the forceJPMorganand other U.S. should be moreprepared for would be able to increase surgery and days afterreturn- which he said he expectstobe bank had. That is whileseeing banks to bulk up capital levels, what comes next,” he said. lending to clients even if U.S. ing to work,Mr. Dimon re- “a bad recession combined record volumes in securities whichheand othershavelong Mr. Dimon, 64, only briefly gross domestic product were leased his letterasthe bank with some kind of financial trading, extending new loans said would restrain lending in acknowledged he had been to drop 35% in the second deals with unprecedented eco- stresssimilar to the global fi- to small businesses and deliv- acrisis.Hesuggested that the out—thanking his team for quarter and stay therefor the nomic turmoil. Mr.Dimon nancial crisis of 2008.” ering $1.9billion in cash to rules perhaps should be loos- running the bank—and pro- remainder of the year.Only threw out his usual template He said his bank has taken smaller community bank cli- ened, but called it aconversa- vidednonew updates on his then would the bank consider forhis annual letter—detailing steps to protect employees ents, he said. Companies have tion for another time. health or whether it would cutting itsdividend, he wrote. the bank’ssuccess and his and keep them safe, sending already drawndownmore “Saying that we will not ask change his plans on how long JPMorganand other big U.S. views on public policy—to ad- them home faster andmore than $50 billion in credit lines for regulatory relief does not he would stay at JPMorgan. Carnival’s Shares Soar on Saudi Stake

BY DAVE SEBASTIAN HarryCurtis said. Thefund manages about $320 billion in Carnival Corp. shares rose assets, according to the Sover- 20% after Saudi Arabia’s sov- eign Wealth Fund Institute. ereign-wealthfund disclosed “The risk-reward is appeal- an 8.2% stakeinthe world’s ing because the next eight largest cruise operator on months,the industryhas an Monday. opportunity to gradually re- ThePublic Investment coverfromthis crisis,” Mr. Fund’s purchase of 43.51 mil- Curtis said. “And their invest- lion shares came as the coro- ment is being made at such a navirus pandemic has put the lowlevel that they feel likethe company’ssailingstoahalt. bad news is reflected in the Thefund has invested in Uber stock.” Technologies Inc., Tesla Inc., Carnival Cruise Line said PenskeMedia Corp.and Lu- last week that it is further cid Motors Inc., according to canceling some of its sailings FactSet. Based on Carnival’s through the end of the year, S closing priceonFridayof making it the firstmajor

NEW $8.49, the Saudi stakeisval- cruise line to do so because of G ued at $369.4 million. the global health crisis. Thestock rise is the com- Thecompanysaid last week OOMBER pany’slargest percentagein- that it expectsmost of its crease on record,according to shipstobeidled forapro- SHEN/BL DowJones Market Data. longed period. If 80% of its

QILAI Shares in Carnival gained fleet were to be put in a pro- Pedestrians walk past the People’s Bank of China building in Beijing. The country’s economic slowdown is hurting profits in the sector. $1.72to$10.21 on Tuesday. longed layup, the company Thestock has fallen about 80% could reduceits monthly cash so far this year. burn by about$100 million to Chinese Lender Gets Rescue Bid Carnival and other cruise $150 million, allowing it to lines have sought to preserve surviveaslong as 15 months liquidity as revenue dries up. without revenue, UBS Securi- BY MARTIN MOU shares. that Jinzhou’scoreTier-1capi- Mr.Sun of CMBI said the Separately on Monday, Carni- ties LLC analyst Robin Farley AND BEN OTTO Manysmall lendershave taladequacyratiowas three banks faced different valsaid it has closed itsoffer- said in a note to clients. been hardhit by the economic scarcely over 5% in thelast problems: Baoshang and Heng- ing of 71.88 million shares of Thecruise industrywas Astricken Chinese lender slowdowninChina over the quarter of 2019,well below feng’sproblems stemmed common stock at $8 each. It among the firsttotakeapub- will unload $21 billion of as- past two years, and by govern- the required 7. 5%. largely from shareholdermis- also closed itsoffering of lic hit from the virus,along sets to the central bank for ment effortstocrack down on Chinese authorities have conduct, while Bank of Jin- $1.95 billion in 5.75%senior with airlines and hotels,asva- lessthan athirdoftheir re- financial risk-taking.Growth nowstepped in to prop up zhou wastripped up by poor convertible notes due in 2023. cationerscanceled plans,local ported value,asBeijing moves has slowed especially sharply several smaller banks. risk management. Carnival said it expectsto governmentshalted tourism to shoreupthe coun- in China’snortheast, where In December last year,state Mr.Sun said Chinese au- close its $4 billion offering of and passengersonboardfell try’s overextended smaller BankofJinzhou is based, investors led by the country’s thorities will increasingly use 11.5% first-priority senior se- ill, leadingtoentirevessels banks. since the regional economy is sovereign-wealth fund came to market valuation as the basis cured notes due in 2023 on full of passengersbeing quar- Thesale by Bank of Jin- dominated by inefficient state- the aid of Hengfeng Bank,a for pricing when helping dis- Wednesday. antined. zhou Co., is part of a broader run companies. troubled lender based in the tressed lenders. He said Bank TheSaudi fund’s8.2% stake Cruise companies were also overhaul of the bank an- Analystswidely expect Chi- eastern industrial province of of Jinzhou’sshareand asset reflectsthe company’snumber excluded from the roughly $2 nounced last month. The nese banks, including a hand- Shandong,ina100 billion sales were both priced at of shares outstanding on trillion coronavirus stimulus lender is also replenishing its fulofthe nation’slargest yuan bailout. about a 70% discount to book March 25 and doesn’t include package, despite being one of capital by selling new shares, banks,tofaceheadwinds to Earlierin2019, Baoshang value,roughly in line with val- the latest capital raise,the the hard-hit industries Presi- and will receive5billion yuan their profitability this year,as Bank became the firstChinese uations forChinese municipal fund said in asecurities filing. dent Trump has pledged to ($705million) of annual in- economic growth in China bank in decades to be taken banks listed in Hong Kong. TheSaudis’ investment in help. A spokeswoman for the come from a long-dated debt takesahugehit from the coro- over by the central govern- BankofJinzhou reported Carnival representsafraction Cruise Lines International As- instrument issued by state- navirus pandemic that forced ment due to what the authori- an approximately $640 million of the fund’soverall portfolio, sociation, a trade group, said backed firms. nationwide business closures ties called “serious credit net loss for 2018, largely due and it could stand to gain last monththat the industry Chengfang Huida, avehicle for weeks since late January. risk.” Last year,three state- to rising bad loans and amove when the cruise industryre- wasn’t seeking abailout in the controlled by the People’s The sale, unveiled over the backed Chinese investors to stricter accounting mea- covers,Instinet LLC analyst first place. BankofChina, will buy the weekend, in- bought stakes in Bank of Jin- sures. It reported a narrower discounted assetsfor 45 bil- cludes mostly corporateloans. zhou from existing sharehold- net lossfor 2019,helped by lion yuan, Bank of Jinzhou Theassetshad an original ers. “The complexity of issues higher operating income, but said in a weekend disclosure. book value of about 150 billion at individual banksimplies itsbad-loan ratio ticked Chengfang Huida is also on yuan and generated anet loss thereisnoone-size-fits-all higher.The bank’sHong Kong- tracktobecome the bank’s of 8.08 billion yuan in 2019. formula forstate support listed shares aredown7.8% biggest shareholder with a It is “effectively agovern- when it comes to Chinese this year. GES stakeofnearly 38% after ment rescue,” said Terry Sun, banks,” said GraceWu, the IMA

spending about $1.7 billion to an analyst with CMBI Securi- head of Greater China Banks  Heard on the Street: The ETTY /G

buy the bulk of the new ties in Hong Kong.” He noted Ratings at Fitch Ratings. missing Chinese stimulus... B12 FP /A RKS pressure, industryexecutives petitioning stateinsurancede- improved, consumersrevvedup PA said. Allstateispublicly traded. partmentstopush insurersto their mileage, and claim fre- Insurers PETER Acrossthe U.S.,just under shareany large profitswith quencyshot aboveits precrisis The cruise line canceled 2020 sailings because of the coronavirus. half of car-insurancepremium customers. level at some insurers. Refund volume is sold by mutually “Thereisnoquestion that Many insurersare extending owned carrierslikeAmerican the totaleconomic impact of payment plans and waiving late Family,trade groups said. the pandemic will influencethe fees as waystohelp customers New Yo rk Fed to Launch Drivers In recent days,Wall Street decisions of companies about through the tough times,Mr. analystshavebegun predicting dividends [topolicyholders], Alldredgenoted. Commercial-Paper Facility improved financial resultsfor but it is toosoon to knowwhat American Family doesn’t ContinuedfrompageB1 carinsurersbecause vehicle that will look like,” said Neil disclose itstypical customer BY MICHAEL S. DERBY eligible three-month corpo- restrictions.The company crashes correlatewith miles Alldredge, an executivewith premium. But nationallyacross rate,asset-backed and munici- didn’t release details on the im- driven. With tens of millions of all carriers, the averageannual TheFederal ReserveBank pal commercial paper from eli- pact on claims. people in the U.S. working from U.S. car-insurancepremium of NewYork said itsnew facil- gible issuers. “Wedecided to givecustom- home or losing their jobs,they Allstate said most of wasanestimated $1,113 in ity to assist the commercial TheNew York Fedsays on ersasmuch as we can” at this arenolonger putting in as 2019,the latest dataavailable, paper market will launch April itswebsitethat “the commer- early stagetohelp them man- manymiles.That means fewer its customers would according to trade group Insur- 14. cial paper market has been un- agethrough the economic accidents. receive 15% of their anceInformation Institute. The Applications for participa- der considerable strain as in- downturn, he said. Analystsare flagging the typical household with Ameri- tion in the Commercial Paper vestorshavebecome reluctant Trade groups believethe auto-insurancebusinessasa monthly premium. canFamily autocoveragehas Funding Facility must be sub- to purchase commercial pa- pair arethe firstcar insurersin rare bright spot in coming two insured vehicles,said Ms. mitted by Thursday, the bank per,” and that resulted in surg- the U.S. to sharetheir Covid-19- first-quarter resultsfor publicly Yancy, so the averagerelief said.The facility is part of a ing interest ratesand some related windfall. Wall Street an- traded U.S. property-casualty check will be $100. smorgasbordoftools aimed at firms being unable to access alystsbelievemanywill follow insurers. They expect some trade group National Associa- In an April 1notetoclients, helping the financial system the market. TheFed says its suit. Mutual insurerslike other partsofthe industryto tion of Mutual InsuranceCom- MorganStanley analystssaid navigatethe shock of the coro- support to this market will American Family that are experienceaCovid-19-related panies. that publicly traded carriers navirus crisis. provide “credit that will sup- owned by their policyholders spikeinclaims,such as work- Economists and executives such as Allstate,Geicoowner Commercial papersecuri- port families, businesses, and mayfind adecision to provide ers’ compensation coverage for said one hesitation in quickly BerkshireHathaway Inc., Hart- ties aredefactoshort-term jobs across the economy.” financial relief easier to make, the health-careindustry. making refunds or reducing ford Financial Services Group IOUsissued by companies and The commercial paper will but publicly traded insurers Sincemid-March, consumer- ratesisthat adownturn in Inc., ProgressiveCorp.and local governments. TheNew be bought by aspecial vehicle could also opt to passalong activist groups Consumer Fed- mileageafter the 2008-09 fi- TravelersCos.would be among York Fed said the commercial created by the central bank, some of their good fortune,for eration of Americaand Center nancial-crisis proved to be the beneficiaries of the decline paper facility will help smooth seeded with $10 billion from reasons including competitive forEconomic Justicehavebeen short-lived. As the economy in people being on the roads. those funding needs by buying the Treasury Department. P2JW098000-5-B01100-1------XA

THE WALL STREET JOURNAL. ***** Tuesday, April 7, 2020 | B11 MARKETS SEC Halts Oil Dives as OPEC Talks Are Delayed Trading in BY AMRITH RAMKUMAR Measures to contain the Crude-oil futures cutscontingent on participa- be enough to drivealong- coronavirus pandemic have tion from other countries. term pricerebound. TwoStocks Oil prices fell Monday, par- pummeled fuel demand, while $70 abarrel Adeal between OPEC and “Extreme virus contain- ing some of their recent re- aspat between Saudi Arabia allies to cut output fell apart ment effortshavedecimated bound after a virtual summit and Russia over their shareof 60 last month,helping contribute transportation fuel demand,” On Claims for producers to discuss sup- global energy marketshas to the downward spiral in the BankofAmericaanalystssaid ply cuts waspostponed to deepened the oil glut. 50 energy sector. in anote. BY ALEXANDER OSIPOVICH later in the week. Prices have fallen so much Some tradersexpect oil to Monday’smarket moves U.S. crude futures dropped that manyproducerscan’t 40 remain extremely volatile un- came with stocks around the TheSecurities and Ex- 8% to $26.08abarrel on the covertheir costs. And the til thereismoreclarity on world rallying following some Brent changeCommission suspended NewYork Mercantile Ex- world could soon runout of supply cuts. Prices fell early signs that lockdowns in trading in two stocks over po- change, coming off their larg- storagefor itsexcessoil, add- 30 roughly 10% when futures the U.S. and Europe maybe tentially inaccurateinforma- est one-week percentagead- ing to the sense of urgencyfor tradingopened on Sunday helping slowthe spread of the tion about their activities in vanceever. many nations and companies 20 evening but pared some of coronavirus. response to the newcoronavi- COMMODITIES Aftertum- to begin lowering supply. WTI that drop afterKiril Dmitriev, Elsewhereincommodities ruspandemic. blingtoan Some investorswerehop- 10 chiefexecutiveofthe Russian Monday, front-month gold fu- One of them, Arizona-based 18-year low, prices soared late ing U.S. companies would out- Direct Investment Fund, told tures rose 2.7% to $1,677a No Borders Inc., had cited last week afterPresident line some measures aftera 0 CNBC the parties are“very, troy ounce, hitting afresh support from membersofCon- Trump said that Russia and meeting between Mr.Trump very close” to adeal and that seven-yearhigh. Physical gressinpromoting plans for Saudi Arabia were close to andenergy-industryexecu- Jan. Feb. March April “Russia is committed” follow- shortages due to shutdowns of newtesting kitsfor Covid-19, reaching adeal to curb supply. tivesonFriday. But no such Source:Dow Jones Market Data ing recent commentsfrom mines,refineries and trans- the disease caused by the cor- Even with that rebound, they signals were announced, and a Russian PresidentVladimir portation have helped support onavirus. aredownabout 57% forthe Mondaysummit between the traded barbs. Putin. gold prices,ashavesteady Trading in shares of No Bor- year. Organization of the Petroleum TheGroup of 20 major At the same time,signs safe-havenbuying and many ders—whose other businesses On Monday, Brent crude, Exporting Countries and its economies arealso consider- that transportation activity interest-ratecutsaround the include selling dental sup- the global gauge of oil prices, allies includingRussia was ing holding an emergencyen- could be limited formonths world. Lowerrates make gold plies—and SandySteele Un- slid 3.1% to $33.05abarrel on pushed back to Thursdayafter ergy summit on Friday, and have convinced some analysts moreattractivetoyield-seek- limited Inc., aclothing maker, the Intercontinental Exchange. Saudi Arabia and Russia OPEC maymakeany supply that supply cutsalone won’t ing investors. wassuspended effectiveMon- daymorning afterthe SEC is- sued suspension ordersfor the two stocks on Friday. Both arepennystocks that aren’t listed on anystock ex- change, and they trade in the lightly regulated over-the- counter market. With No Borders, the SEC said in itsorder that it had “questions and concerns re- garding the adequacyand ac- curacyofpublicly available in- formation” on the company. No Borderssaid in aMarch

16 news release that it was GES

launching a“Home Specimen IMA Collection Kit” that would al- lowpeople to submit samples GETTY forcoronavirus testswithout SE/ having to leave their homes. On March 23,NoBorders ANCE-PRES

said that it had engaged with FR the offices of House Minority ENCE

Leader Kevin McCarthy(R., AG Calif.) and Rep.Paul Gosar (R., Oil traders are scrambling for empty vaults in remote corners of the oil world like Morocco, Malta and the Caribbean. A Moroccan oil refinery. Ariz.) to advanceits coronavi- rus-testing plans.The same DmitryPeskov said Friday, Morocco’s Atlantic coastline, “Storage wasalogistical according to aveteran Euro- day, Mr.Gosar said in atweet Storage blaming the situation on the hasbeen shut forfiveyears tool. Now, it has become a pean oil trader. that he was“happy to work Saudis.“Tankersare already aftergoing out of business prized commodity,” said Dan- TheSaudis haven'tbeen with @NoBordersNBDR on ex- used not forshipping oil but during an oil-pricecrash in iel Yergin,vicechairman of re- spared from the impact of the pediting test kitstothe US.” Presses as floating canisters,” he said. 2014. Nowthe facility has a search and information firm global surplus.AsofApril 2, Mr.Gosar’s officeassisted As the coronavirus out- prized asset: enough space to IHS Markit and author of “The nearly 750,000 barrels aday No Bordersinclearing supplies break moved acrossthe world hold about 10 million barrels Prize,” a history of the oil in- of itsloadingswereonthe wa- through customs,aspokesman Producers and led to travel restrictions of oil. dustry. terwith nowheretogo, ac- forthe Arizona congressman and work stoppages,oil con- An official at the refinery Thestorage glut is also cording to Kayrros. But while said.“We were happy to as- sumption dropped sharply. declined to comment. moving out to sea. One Euro- Saudi Arabia normally gets its sist,” he said.“As foractions ContinuedfrompageB1 China, wherethe pandemic Tradersare also flocking to pean oil trader said he has clout in oil marketsfromits takenbythe SEC,that is not to attack U.S. producersby started, was first to fill up its the Caribbean in search of been forced to store 3 million capacity to pump more oil, it something our officewould re- flooding oil markets to which storagetanks.After Indian space. Two storage sites once barrelsofMiddle Eastern oil nowhas the upper hand on view.” Riyadhhas responded that portsdeclared forcemajeure deserted by Venezuela’sstate- offthe coast of Veniceafter competitorsfromits access to Representatives of Mr. Moscow wasfirst to break a in response to coronavirus-re- oil companyare nowbrim- northern Italy wasput on a storage, oil experts say. McCarthydid not respond to a pact to curb output. lated restrictions, 2.7 million ming with crude again. De- lockdown due to the outbreak. Last month, the kingdom request forcomment. Now the Saudis and others barrelsofcrude flowedinto mand foroil storageinthe Further south, a constella- booked available space at the “Weare currently working in thecartel arespreading a the country’sinventories dur- island nation of St.Lucia tion of at least 23 idling tank- Sumed pipeline in Egypt, with theSEC to resolvetheir unifying message, according to ing the week ended March 29, dropped in early 2019 after ersiscrowding Hurd’sBank, whichisnormally used to concerns,” Joseph Snyder, OPEC delegates: Without a according to Paris-based con- Venezuela came under U.S. an offshoreareanear Malta, transit oil. The amount of oil president and CEO of No Bor- consensus on cuts, therewill sulting firm Kayrros,which sanctions but crude stocks whichisoften used by traf- stored thereisnow three ders, said in an email. The be few places to store all of tracks global storagebyusing therenow sit at 5.2million fickersofillicit Libyan or Ven- times biggerthan early 2019 companystands by itsnews the world’s unused oil. satellite imaging. barrels,morethan double ezuelan oil, satellite-tracking and, as of March 29, was 70% releases,headded. “If there is no deal, we will Theexpected shortageof storagelevelsayear ago, ac- images of websiteFleetMon full, according to the data TheSEC suspended trading have some nicenumber of spacetostore unsold oil has cording to Kayrros. show. Some ships areloaded company. And at home,the in Sandy Steele over concerns floating tankersgoing no- prompted oil traders to scour Tanks on the tinyDutch-Ca- product vessels that arrived kingdomowns storagefor 18 about emails from unknown where,” an official in the king- the globe for available space. ribbean island of Curaçao were from Italy in recent days. days of itsproduction, accord- stockpromoterstoinvestors dom said. In recent days,European trad- filled with an additional Throughout the region, ship- ing to IHS Markit. That means stating that the company“has Moscow appearstoshare ershaveexpressed interest in 381,000 barrels of crude dur- pershavespottedanopportu- it candeal with unsold oil lon- the ability to produceprotec- that view. All oil-storagefacili- renting space to store Middle ingthe week of April 2, says nity: They arelooking foranti- gerthan Russia, which has tivemasks that areinhigh de- ties in the world could be Eastern oil at arefineryin satellite-data consulting firm quated tankers, bound for spacefor only eight days of mand duetothe COVID-19 cri- filled, Kremlin spokesman Morocco.The plant, located on Ursa Space Systems. salvageyards,tostore the oil, output. sis.” Thecompanydidn’t respond to arequest forcomment. relationship between the price Dow Rises, of different assets—has broken Interrupted down, suggesting the market is still under stress, according Trading in No Bordersstock to Dwyfor Evans,head of wassuspendedMonday Led by macro-strategyfor the Asia- afterthe SECraisedconcerns Pacific region at State Street about the accuracy of someof Global MarketsinHong Kong. its statements. Tech Stocks GES “Wehavegood days and IMA $0.05 bad days.Sometimes they fol-

ContinuedfrompageB1 loweach other,” Mr.Evans GETTY

As forthe market, “I tend said. SE/ 0.04 to not believeabottom’sbeen The yield on 10-year Trea- hit,” he said, “because we surys rose to 0.675% from

0.03 don’t knowwhat the end point 0.587% Friday. Themarket for ANCE-PRES of the economy is.” U.S. government debt, nor- FR

At least one-quarter of the mally the most liquid and ac- ENCE 0.02 U.S. economy has gone idle as tively traded bond market in AG authorities curtailed travel theworld, has calmed in re- ON/ 0.01 TS

and activity, an analysis con- cent weeks following a string WA

Companysaysitis ducted forThe Wall Street of extraordinary measures by JIM 0 launching test kits Journal showed. the Federal Reserve. Yields There were indications Monday that social-distancing measures are having an impact. JPMorgan Chase Chief Ex- rise when bond prices drop. Jan. Feb. March April ecutiveJames Dimon said in Oil marketsstruggled to pening on the demand side,” One-dayperformanceofthe 10% Source:FactSet hisannual letterthat he ex- find their footing. Major oil- said LynGraham-Taylor,a DowJones Industrial Average pects “a bad recession.” producing nations areprepar- strategist at Rabobank. Thecountrywasn’t pre- ing to meet Thursdaytodis- Strict containment mea- 8 pared forapandemic,but “we cusshow to addressthe global sures also showedsigns of AUCTION RESULTS 6 Here are the results of Monday's Treasury auctions. canand should be morepre- glut in supply. helping slowthe spread of the 12th consecutivemove All bids are awarded at a single price at the market- clearing yield. Rates are determined by the difference pared for what comes next.” West Texas Intermediate virus in partsofEurope,in- of 1% or moreineither between that price and the face value. The pandemic has brought crude,the U.S. oil benchmark, cluding Italy and Spain. 4 direction, the longestsuch some businesses to astand- fell 8% to $26.08 a barrel. Both countries are now re- streak sinceMarch 2009 13-Week 26-Week still. Airlines,for example,are An emergencysummit to cording fewerdaily deaths 2 Applications $157,123,412,500 $142,516,585,500 Accepted bids $58,893,788,700 $49,078,064,500 cutting flight schedules, put- discussglobal production cuts than they have in over aweek, " noncomp $593,947,700 $437,630,500 ting expansion plans on hold waspushed back from Monday and the pressure on hospitals 0 " foreign noncomp $870,000,000 $745,000,000 Auction price (rate) 99.968403 99.919111 and looking forplaces to park to later in the week amid con- in Italy is beginningtoease, (0.125%) (0.160%) their idle planes. tinued tensions between Saudi officials said. –2 0.127% 0.162% Bids at clearing yield accepted 86.87% 10.38% Most recently,they have Arabia and Russia. Thepan-continental Stoxx 912796WW5 912796TN9 significantly cut travel to New Investorsare growing more Europe 600 indexgained 3.7%. –4 28th consecutivemove Both issues are dated April 9, 2020. The 13-week bills York as the crisis there wors- concerned that afailuretocut In Asia-Pacific markets. Aus- mature on July 9, 2020; the 26-week bills mature on of 0.5% or moreineither Oct. 8, 2020. ens. United Airlines, for one, output mayresult in the world tralia’s benchmark S&P/ASX –6 direction, the longest THREE-YEAR NOTES cut90% of itsflightstoNew running out of storagespace 200 indexclosed up 4.3%. such streak since Applications $91,101,944,400 York.Its shares rallied Mon- for excess crude. Japan’s Nikkei 225 rose 4.2%. –8 September-October 1931 Accepted bids $40,131,675,300 day. United climbed 5%, while Limiting production may Marketsinmainland China " noncompetitively $27,690,200 " foreign noncompetitively $100,000,000 American Airlines rose 1.2%. also notbeenough to offset were closed for a holiday. –10 Auction price (rate) 99.707782 Some investorsremain cau- the drop in demand. At middayTuesdayinTo- (0.348%) Interest rate 0.250% tious about the prospectsofa “Even if they sort out kyo, the Nikkei wasup1.3% –12 Bids at clearing yield accepted 71.46% sustained market rally.Volatil- something on the supply side, and Hong Kong’sHang Seng Cusip number 912828ZH6 Jan. 2020 Feb. March April The notes, dated April 15, 2020, mature on April 15, ity remains high and cross-as- it probably won’t be big Indexwas up 0.6%. S&P 500 2023. set correlations—the typical enough to offset what’shap- and Dow futures were flat. Source:FactSet P2JW098000-0-B01200-1------XA

B12 | Tuesday, April 7, 2020 THE WALL STREET JOURNAL. ON HEARDTHESTREET

FINANCIAL ANALYSIS &COMMENTARY Buffett Looks Smart In Occidental Deal

Oil collapse could give Berkshire a chunk of company for financing bidding war with Chevron

Warren Buffettwouldn’t stoop slashed itsdividend and capital ex- to aborderline-legal financing penditures and itsdebt prices sig- technique associated with penny- nal distress. CK

TO stock financiers. Alogical but painful way of Yet, while it wasnever hisinten- staying afloat is to payMr. Buffett tion, BerkshireHathaway might in shares at next week’sdividend SHUTTERS

A/ wind up with achunk of discounted declaration. Occidental candosoat shares in Occidental Petroleum in 90% of the volume-weighted aver-

MA/EP apattern similar to death-spiral fi- ageprice of Occidental’sshares for YA nancing.The technique involves a 10 days afterthe declaration. At to- MA companythat is unable to raise day’sprice, paying the next four SA public equity directly and instead quarterly dividends in discounted

KIMIMA issues debt privately to an outside stock would giveBerkshire7.3%of Japan’s economy has slowed down even though it has taken a less aggressive approach than other nations. source;the debt becomes convert- the company. ible intostock forafixed dollar Occidental also could ax itsre- amount rather than afixed number maining common dividend and de- of shares.The sharepricedeclines ferquarterly paymentsonthe pre- Getting Past aFalse Choice in anticipation of dilution, giving ferred shares,but then it would the financier much of the company. owe Berkshiredividends on the un- Last year,Occidental found itself paid amount that compound ad in- in abidding warwith much-larger finitum. Countries without lockdowns are in a state of economic free fall, too Chevron forAnadarkoPetroleum. Even Mr.Buffettcouldn’t see To win and to avoid having itsown this year’s coronavirus-induced oil- shareholdersvotetoapproveit, pricecollapse,and if therewerea As manyWestern nations begin not visit barsand nightclubs,but that the economic cost of severe Occidental paid formuch of the market pricefor his preferred stock their second month under some not compelled adherencewith shutdowns outweighs the public- $37 billion purchase with $10 bil- then it would trade belowpar form of lockdown, manyare pub- threatsoffines or imprisonment as health benefits. lion in preferred stock bearing an value.But he wassmart enough to licly debating the bleak,utilitarian in some other jurisdictions. Not locking down mayhaveneg- 8% coupon issued to Berkshire. throw Occidental acostly lifeline. question of whether such strict But even without astrict lock- ativeeconomic consequences,too. While perpetual and not convert- Theideal outcome forBerkshire measures cause moreeconomic down, the disruption to economic Apaper published by Federal Re- ible,dividends canbepaid in com- would be forOccidental to avoid a damage than their public-health activity is hardtooverstate:Major serveand Massachusetts Institute mon stock at a10% discount. true death spiral but remain on the benefitsmerit. eventshavebeen canceled, con- of Technologyeconomistsatthe Ayear ago, when Occidental’s ropes long enough to givethe con- But it is clear from international sumption delayedand existing busi- end of March illustrates that during bidding warwas heating up,its glomerateachunk of aonce-great businesssurveysreleased over the nessplans severely disrupted even the 1918 flupandemic in the U.S., market value was$50 billion. Now oil companyatabargain price. past week that this is something of by voluntaryeffortstoavoid con- cities with stricter lockdowns itsvalue is $12 billion, it has —Spencer Jakab afalse choice: Even major countries tracting the virus. seemed to emerge with less-severe without significant lockdowns are Singapore, wherethe public economic consequences. Share-priceperformance experiencing their worsteconomic health response to the coronavirus That is in part because lockdowns 20% conditions sincethe 2008-09 finan- wasinitially hailed as amodel,has solvecoordination problems: Theal- BerkshireHathaway cial crisis. been hit hard, too. Thecountry’s ternativetoanenforcedlockdown Until the past week or so,which overall PMI reading fell to 33.3 in could be millions of people indepen- 0 came afterthe survey ended, Japan March, the lowest in itseight-year dently trying to prevent themselves wasthe large,advancedeconomy history. becoming infected by restricting –20 least affected by the coronavirus Singapore, Japan and the U.S. are their social contact and economic outbreak.Evenso, itsservices sec- very different economies and activity forfar longer periods. tor, lessexposed to overseas de- started off in very different posi- It is clear that no major economy –40 mand than manufacturers, was tions.Japanese consumption is less is working in anything likeanordi- hammered in March. Japan’sser- robust and gets hit hardbyeco- narymanner now, regardlessofits –60 vicesector purchasing managersin- nomic shocks.Singapore’sexport-fo- structureorthe sizeofthe local dexrecorded asharper slowdown cused economymeans it is far more outbreak.The debateabout when than even during the 2011 earth- affected by conditions overseas. and howtoliftthe strictest lock- –80 quakeand tsunami. That avariety of economies with down measures will continue,but Occidental Petroleum Schools areclosed in Japan, but avariety of outbreaks and avariety the idea that the trade-off is be- –100 thereare no travel restrictions in of policies to counteract them are tween that and economic normalcy place. Thegovernment has called all experiencing sharp downturns has very little foundation. May2019 ’20 on people to work from home and castssome doubt on the argument —Mike Bird Source:FactSet Zoom’s Runaway Success Carries a Heavy Burden OVERHEARD Need help making your mort- auto lenders allowing buyers to gage payments? Here’s a solution: defer early payments on new Zoom Video Communications’ adoption that anyofits other cloud Buy a car. car purchases. greatest strength is also itsgreatest peerswould kill for. That is the pitch from one Auto dealers and service de- weakness: It is nowaverb. Mr.Yuan described the recent dealership. Pick up any new Ford, partments have mostly remained Thecoronavirus pandemic has surge in traffic as “mostly con- Lincoln or Mazda this month and open, even as the spread of the rapidly transformed the videocon- sumer use cases,” which suggests the Maryland dealership will cover new coronavirus is forcing much ferencing upstart from popular cor- manyare using the free version of $1,500 of your mortgage or rent of America to stay home. After poratetech vendor to ahousehold the service. Thecompanyisalso payments for two months. all, health-care workers need to name.Everyone is Zooming now, scrambling to beef up itsnetworks “To some people it sounds get their cars fixed or replaced to from yoga teacherstodoctorsto and security,suggesting that costs crazy,” said Alex Perdikis, the get to work. bored teenagers. Thelatestsign aregoing up.Mr. Yuan said Zoom owner of Koons of Silver Spring. BusinessisdownatKoons of came in an April 1blog post from has enacted a“feature freeze” to fo- “But, hey, we are in crazy times.” Silver Spring, as it is pretty much founder and Chief ExecutiveEric cus on addressing current issues, For many consumers, this everywhereelse, Mr.Perdikis Yuan, who wrotethat peak daily though he did tell the Journal the means adding an auto loan to said. He and his team came up meeting participantshavesoared companyplans to bring end-to-end other debts, threatening to push with the idea to covermortgage from 10 million at the end of De- encryption to itsservice. people further into the red when payments lastweek and rolled it cember to morethan 200 million as Thecompetition also isn’t sitting many are losing their jobs. But out Friday. Morethan half of

of March. still. RingCentral, an enterprise that is a problem for down the newcar buyers sincethen have ON/REUTERS

A20-fold increase,inother communications companythat part- road, especially with some taken the deal. MER CA

words. But it hasn’t all been good nerswith Zoom to resell itsservice, Y

news forthe nine-year-old com- announced acompeting videocon- GAR pany, which is also nowdealing ferencing offering on Thursday. with an unprecedented level of But no competitorscan match scrutiny. Thepast couple of weeks Zoom’svisibility at the moment. have seen manymedia reportson And even itsbasic paid plan of $15 The Case of the Missing Chinese Stimulus Zoom’s privacypolicies and itsabil- amonth is amanageable expense ity to handle the surging load. New formost households and small busi- York’sattorney general is also now nesses.Mr. Yuan seems to under- As the U.S. Federal Reserveand at the end of 2019 beforethe coro- than initially hoped, as fearsabout looking into the company’sprivacy stand that the company’srunaway itsEuropean peershavepumped li- navirus hit. Sharply cutting ratesto asecondaryoutbreak persist. After practices.Meanwhile, Zoombomb- success also bringswith it amas- quidity through the Western finan- combat aone- or two-month threat atentativeattempt to reopen, Bei- ing,when bad actorscrash Zoom siveobligation. If the historyof cial system in recent weeks,Beijing would have risked reinflating hous- jing has ordered movie theaters video chatstostream offensivema- technologyisany guide,Zoom will has been notably restrained. Re- ing and food-pricebubbles as the closed again. And in contrast to the terial likepornography, also has be- stay in the vernacular long afterthe cently,however, therehavebeen economybounced back. improving pictureinmanufacturing, come acommon term. pandemic has ebbed and lifere- hintsofachangeintone. But now Covid-19 has moved March purchasing managers’ in- Mr.Yuan’sblog post wasinpart turns to normal. But it needs to On Friday, the People’sBank of abroad with avengeance. Chinese dexesfor services were notably an apologyfor the company’sshort- makeZoombombing adistant mem- China cut the amount of cash banks job losses as exportsfall could reach weak.Images of popular tourist ar- comings. He told TheWall Street ory. —Dan Gallagher must hold in reservefor the second four million to six million, estimates eas likeHuangshan packed with Journal that he “really messed up” time in lessthan amonth, releasing analyst Ernan Cui at consulting firm people over the Qingming holiday as CEO,interms of losing the trust Market value an estimated 400 billion yuan Gavekal Dragonomics—worse than weekend maynot be representative of some users. Thenewsflowhas ($56.4 billion) forlending.That fol- the hit in 2008 and 2009.And that of the countryasawhole.Recent takenits toll on the company’s $50 billion lows aFinancial Times report in is on topofthe already severedam- survey datashows that consumers highflying stock.Zoom’sshares slid lateMarch that China’scentral bank agefromthe coronavirus lockdowns: remain wary. 23% from their March 23 peak as of 45 Zoom Video is considering cutting benchmark Surveyed urban unemployment Addinaweak housing market Monday’sclose. deposit rates, which it hasn’t done jumped nearly afull percentage and cooling inflation, and the case Thestock cancertainly affordto 40 since2015.Afew days earlier,PBOC point to 6.2% in February. formoreaggressivemonetaryeasing giveback some gains.Zoom is still Vice Gov.Chen Yulu had noted that Making matters worse, Chinese startstolook compelling.Goldman up 81% sincethe firstofthe year—a 35 therewas room forcredit growth to households are considerably more Sachs thinks growth in totalfinance period during which the Dowhas runslightly higher than growth in indebted than they were in 2008, outstanding could jump to 11.1% in shed morethan one-quarter of its 30 nominal grossdomestic product. meaning widespread financial trou- March, from 10.7%inFebruary. value.Zoom’smarket capitalization Thecentral bank’slong-stated goal bles forthe unemployedcould Stretched balancesheetsfor banks is nowmorethan one-thirdabove 25 has been forcredit and nominal quickly spread to banks.Household and households still makea2009- or Workday’s, another growing cloud Workday GDP to movefundamentally in line. debt, which wasjust 56% of dispos- 2015-sizelending ramp-up unlikely. software companywith nearly six 20 Keeping China’s monetaryam- able income in 2009,was 124% in But as the coronavirus crisis starts times the annual revenue.Zoom re- munition in reserve made alot of 2019,according to the Institutefor looking morelike2009,itwill be in- mains the most expensivecloud 15 sense when it looked likethe epi- Advanced Research at the Shanghai creasingly difficult forChina’smone- stock by awide margin, relativeto demic would be primarily confined University of Financeand Economics. tary policymakerstokeep sitting on projected revenues.Granted, it is Jan. Feb. March April to Asia—and relatively fleeting. Thehit to domestic consumption their hands.Lowerrates arecoming. also seeing alevel of mainstream Source:FactSet China’seconomywas accelerating also looks likely to persist longer —Nathaniel Taplin