Crisis Spurs Vast Change in Jobs Trump,Speaking in the White Faces a Reckoning
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P2JW090000-4-A00100-17FFFF5178F ADVERTISEMENT Breaking news:your old 401k could be costing you. Getthe scoop on page R14. **** MONDAY,MARCH 30,2020~VOL. CCLXXV NO.74 WSJ.com HHHH $4.00 Last week: DJIA 21636.78 À 2462.80 12.8% NASDAQ 7502.38 À 9.1% STOXX 600 310.90 À 6.1% 10-YR. TREASURY À 1 26/32 , yield 0.744% OIL $21.51 g $1.12 EURO $1.1139 YEN 107.94 In Central Park, a Field Hospital Is Built for Virus Patients Trump What’s News Extends Distance Business&Finance Rules to edical-supplies makers Mand distributors are raising redflagsabout what April 30 they sayisalack of govern- ment guidanceonwhereto send products, as hospitals As U.S. death toll passes competefor scarce gear amid 2,000, experts call for the coronavirus pandemic. A1 GES staying apart amid Washingtonisrelying on IMA the Fed, to an unprecedented need formoretesting degree in peacetime,topre- GETTY servebusinessbalancesheets SE/ President Trump said he was as Congressreloads the cen- extending the administration’s tral bank’sability to lend. A4 ANCE-PRES social-distancing guidelines Manyactivist investorsare FR through the end of April as the walking away from campaigns U.S. death toll from the new GENCE or settling with firms early as /A coronavirus surgedpast 2,000 some demands seem less over the weekend. pertinent in altered times. B1 ANCUR BET Thestock market’s unri- By Rebecca Ballhaus, valed swingsthis month have KENA Andrew Restuccia OPEN ARMS: The Samaritan’s Purse charity set up an emergency field hospital in Central Park on Sunday near Mount Sinai Hospital, ignited even more interest and Jennifer Calfas which it said would be used to care for coronavirus patients. The 68-bed respiratory care unit is expected to open Tuesday. in the volatility trade. B1 Aftersaying fordays that he Thesportsbusiness was washoping to open up the coun- brought to a standstill by tryinthe coming weeks,Mr. the coronavirus and now Crisis Spurs Vast Change in Jobs Trump,speaking in the White faces a reckoning. B1 HouseRose Garden on Sunday, said the peak of the death rate Gilead will stop consid- wasexpected to hit in two ering most individual emer- BY RUTH BENDER fruit and vegetables.Mean- seeking nearly 500,000 new weeks.“Nothing would be worse gencyrequestsfor itsexper- AND MATTHEW DALTON while in Germany, McDonald’s staffmembersinthe coming than declaringvictorybeforevic- imental coronavirus drug Corp.islending staff to two THE weeks. tory is won,” he said. TheU.S.by amid heavy demand. B3 The coronavirus pandemic big grocerychains desperate CORONAVIRUS In Europe—wheresocial- far leads the world in cases of is forcing the fastest realloca- for workers. safety nets mean fewer work- thevirus,passing 142,000 over World-Wide tion of labor sinceWorld War BeckyFrankiewicz, presi- PANDEMIC ers have lost their jobs—gov- the weekend, according to Johns II, with companies and govern- dent of ManpowerGroup North ernments aretrying to move Hopkins University. Trump said he was ex- ments mobilizing an army of America, a staffing company, workerstowherethey are Theadministration said this idled workersintonew activi- said the workforce shifts were Doctors and nurses most needed. month that for15days it was tending the administration’s become patients, A3 social-distancing guidelines ties that areurgently needed. shaping up to be the largest Germanypassed laws last instructing all people to avoid through the end of April as Around the world, former her companyhad seen sinceit Fast-growing outbreak week to giveincentives to nonessential travel, sit-down the U.S. death toll from the hotel, restaurant and airline was founded in 1948. takes toll in Spain, A11 people put on Kurzarbeit—a restaurantsand gatheringsof coronavirus surged past staff aremoving to grocers, on- “Tens of thousands of jobs government program where morethan 10 people,among line retailersand hospitals as open up overnight,” she said. Sports: The pointguard unneeded workers stay home other steps.Meanwhile,gover- 2,000 over the weekend and theycalled Fauch, A16 states raced to get more partsofthe economyare closed “Wehavetomovewithin on abouttwo-thirds of their norsand mayors nationwide help. A1, A4, A6, A8-A12 to prevent the spread of the hours.” pay—to take up side jobs in have rolled out their ownre- Massachusetts is ask- disease—andessential goods In the U.S., the pool of po- industries likehealth care and strictions,shutting schools and ing some nursing homes to andservices arestrained. tential workers has exploded. Though at the same time, farming.MalteVoigts,who manyretail businesses. evacuate elderly residents Theshifts also include A record 3.28 million people big companies that have seen runs afarm in the eastern Monday will mark the 15th so the facilities caN treat some governmentsurging fur- applied forunemployment pandemic-fueled spikes in de- German stateofBrandenburg, dayofthat recommendation. coronavirus patients. A8 loughed workersand students benefits,the government re- mand, including Walmart Inc. has been slammed with phone Thepresident said his earlier Spain and Britain’s to join in planting and picking ported last week. and CVSHealth Corp,are PleaseturntopageA10 PleaseturntopageA4 health systems are under extreme pressure. A11 Pandemic Prompts a Truce The pandemic is forcing Big Week of Bills Is Due, the fastest reallocation of Some companies, struggling to stay afloat, have rushed to labor since World War II, add poison pills and other defensive measures even as with idled workers being activist investors are holding their fire. B1 mobilized into new, ur- Testing Economy’sResilience gently needed activities. A1 Poison-pill plans at companies with headquarters in the U.S. U.S. officials are using 15 plans cellphone location data, hop- ing to betterunderstand us- Companies must decide what to pay and what they can put off ers’ movementstosee how they may be affecting the 10 spread of the coronavirus. A9 Congresshas passed a$2trillion rescue plan shape howdeeply the economy is damaged by but beforethose funds start to flow,American the coronavirus pandemic. Thousands of digital-gun companies from the owner of asingle liquor “Rent is due.Utilities aredue.Credit card files were made publicly storeinBoston to corporategiantslikeMacy’s bills aredue April 1,” said Hadley Douglas,who available,including blueprints has laid off two workersfromher liquor busi- 5 for3-D-printer-made guns. A3 By Ruth Simon, Esther Fung, Suzanne ness, TheUrban Grape.“Thedeadline is loom- Kapner and Heather Haddon ing large and it is petrifying.” She said her landlordturned down arequest to temporarily JOURNAL REPORT Inc.must decide what to do about April’sbills: payhalf the rent but said to keep in touch as it 0 C-SuiteStrategies: Which obligations do they payand which caN wasfocusing firstonsmaller,harder hit busi- 2017 ’18 ’19 ’20 Working at Home R1-14 they put off?How manyemployees canthey af- nesses. Note:DataasofMarch 27 ford to keep on the payroll? Can they geta Millions of Americans aresuddenly out of Source:Deal PointDataLLC NOTICE TO READERS break on rent? work and manybusinesses have already closed The World Health Organiza- Thedecisions they makethis week could PleaseturntopageA10 tion has said it is safe to handle newspapersduring the coronavirus pandemic. America Falls to Pieces Over The Wall Street Journal’s Distributors Seek Federal Help printing plants anddelivery Shortage of Jigsaw Puzzles services,though, aretaking precautions,frequently iii On Where to Ship Health Goods cleaning equipmentand fa- cilities while reducing human Demand risesaspandemic keepsmillions contact with the newspaper. BY REBECCA BALLHAUS city could ruN out of supplies Whitaker, chief executiveof Adigital version of the print at home,but getting them isn’t easy AND ANDREW RESTUCCIA after a week, saying in a CNN the Advanced Medical Tech- edition also canbeviewedat interview on Sunday that the nologyAssociation, atrade as- https://www.wsj.com/itp. WASHINGTON—Producers city would “need are-enforce- sociation that representspro- BY MICHAEL M. PHILLIPS Of the top10items that and distributorsofmedical ment” after that to address a ducers of medical devices. shopperssearched foronAma- supplies acrossthe country crisis that is certain to last CharlieMills, chief execu- CONTENTS Markets............... B9,10 As if thingsweren’t bad zon.comlast Tuesday, nine areraising redflagsabout much longer. tiveofMedline Industries Inc., Business&FinanceB2,6 Opinion.............. A17-19 BusinessNews....... B3 Outlook....................... A2 enough, nowthere’sashortage were antivirus cleaning sup- what they sayisalack of Companyexecutives said alarge privately held manu- Coronavirus A4,6,8-12 Sports........................ A16 of jigsawpuzzles just pliesorpersonal- guidancefromthe federal gov- they are ill-equipped to make facturer and distributor of Crossword.............. A16 Technology................ B4 when we need them hygiene products ernment about where to send decisions about which hospi- medicalsupplies based in HeardonStreet... B10 U.S. News............. A2-3 most. (read: toilet paper). their products, as hospitals tals and states should firstre- Northfield,Ill., said as the Life & Arts.....A13-15 Weather................... A16 Thecoronavirus No.7was “puzzles competefor desperately ceivetheir medical supplies companyworks to ramp up its pandemic has forced foradults.” needed masks and ventilators and arecalling on the govern- production of supplies,itis > millions of Americans Morepeople to combat the spread of the ment to step in. being