P2JW091000-6-A00100-17FFFF5178F ****** TUESDAY,MARCH 31,2020~VOL. CCLXXV NO.75 WSJ.com HHHH $4.00 DJIA 22327.48 À 690.70 3.2% NASDAQ 7774.15 À 3.6% STOXX 600 314.88 À 1.3% 10-YR. TREAS. À 24/32 , yield 0.667% OIL $20.09 g $1.42 GOLD $1,622.00 g $3.00 EURO $1.1047 YEN 107.80 Oil Prices What’s News In U.S. Hit Low Business&Finance NotSeen he oil crash deepened, Tsending prices to an 18-year low in a stark Since’02 demonstration of how the coronavirus pandemic is crippling fuel demand. A1 Pessimism grows as U.S. stocks rose,with major indexesall gaining pandemic erodes morethan 3%, despitethe demand, with more mounting toll of the pan- demic on the economy. B1 declines expected GES Macy’s, Gap and other IMA BY AMRITH RAMKUMAR retailerswill furlough tens of AND DAVID HODARI thousands of workersstart- GETTY ing this week,highlighting SE/ Theoil crash deepened, the limitsofthe rescue pack- sending prices to an 18-year agefor some businesses. A1 ANCE-PRES lowinastark demonstration GM is forging ahead FR of how the coronavirus is crip- with its effort to produce ENCE pling fuel demand and leaving medical ventilators, while AG consumersunable to take ad- Ford said it is working with vantageatthe pump. GE to make the devices. A7 SMITH/ U.S. crude-oil futures R. N slumped 6.6%to$20.09abar- Companies ranging from YA relMonday, ending the dayat Oracle to Nike are borrow- BR The Navy’s Comfort medical ship sailed into New York City on Monday, where it will be docked to provide 1,000 additional their lowest level sinceFebru- ing record amounts in the hospital beds for non-Covid-19 cases, as scores of pandemic patients have overwhelmed the city’s health system. ary2002.The drop brings investment-grade-bond their slide forthe year to 67%, market to build cash. B1 or $41. Oil entersthe final TheUAW’s executiveboard trading day of March on pace began aprocess to remove Makeshift Hospitals Sprout forits biggest percentage one of itsmembersafter an drops on record forany month internal inquiryintoallega- or quarter,according to data tions of sexual harassment. B1 going back to 1983. Thelatestdeclines came af- Johnson &Johnson said As Nation Fears More Cases terPresident Trump said he it had made progressona wasextending hisadministra- vaccine to prevent Covid-19 tion’ssocial-distancing guide- and that the product could A U.S. Navy ship outfitted take steps unprecedented in confirmed cases—officials ex- omytoastandstill continued to linestofight the coronavirus be ready in early 2021. B3 with 1,000 hospital beds pulled modern times to fight the panded hospital capacity in un- producewhipsawmarket foranother 30 days through Companies arerolling out intoNew York Harbor.Tents global coronavirus pandemic conventional waysinthe days moves,asthe DowJones Indus- the end of April, causing indus- teststhat canquickly detect sprang up in Central Park.The that has infected morethan beforethe pandemic is ex- trial Averageand S&P 500 in- tryanalyststofurther lower the coronavirus outside of JavitsCenter,amammoth con- 164,000 people in the U.S. and pected to reach itspeak. dexeach rose morethan 3% their expectations forfuel con- laboratory settings. B3 vention facility on Manhattan’s over 785,000 globally. “Webelievethat we’redeal- Monday. Those measures have sumption. Thepandemic has With nearly half of states ing with this pandemic at a each rallied morethan 15% halted economic activity and By Jennifer Calfas, nowreporting morethan 1,000 level, intensity and density that sincebottoming aweek agobut global travel, resulting in ahis- World-Wide Chong Koh Ping confirmed infections,governors no one has seen before,” New remain down morethan 20% toric drop in oil demand. and Ann M. Simmons and mayors acrossthe U.S. are York Gov.Andrew Cuomo said from Februaryrecords. Typically when fuel prices working to securemoremedi- inside the 1.8million-square-foot At the beginning of March, plummet, consumersdrive Governors and mayors west side, opened itsdoorsasa calsupplies,adding restrictions JavitsCenter on Monday. “And the U.S. had reported fewer more, helping the energy sector across the U.S. areworking makeshifthospital. and asking the federal govern- hopefully we’ll learn lessons than 100 confirmed cases of recover. That processcan’t oc- to securemoremedical sup- Those scenes in NewYork ment forbettercoordination. herethat we canthen share Covid-19,the pneumonia-like PleaseturntopageA7 plies,adding restrictions and City Monday were part of a In NewYork—the statewith with people acrossthis nation.” disease caused by the virus.It asking the federal govern- striking newreality in the U.S. the worstoutbreak in the na- Thepandemic that has nowhas morethan 164,000 Gasoline is cheap, but few ment forbettercoordination, as stateand federal leaders tion,with morethan 66,000 ground much of the U.S. econ- PleaseturntopageA4 drivers are buying ............... B10 as the rise in confirmed cases of the new coronavirus brought the nation’stotal to over 164,000. A1,A4, A6-A10 At Museum in Lockdown, a Van Gogh Is Pilfered ANew York medical cen- Macy’s,Gap Prepare tertold ER doctorsthey have “sole discretion” to placepa- tientsonventilatorsand in- To Idle Most Workers stitutional backing to “with- hold futile intubations.” A3 BY SUZANNE KAPNER fits and loans forsmall em- TheTreasuryreleased S ployers that keep people on Macy’sInc., Gap Inc.and theirpayrolls.The legislation newdetails on grantsand PRES loans for airlines and urged otherretailerswill furlough set aside funds forairlines and TED companies to submit some CIA tens of thousands of employees other companies deemed im- applications by Friday. A6 SO beginning this week,highlight- portanttonational security, The government will AS ing the limitsofthe $2 trillion butdidn’t include specific re- begin sending out stimulus rescue packagefor U.S. busi- lief forretailers. Big chains payments to U.S. house- MUSEUM/ nesses that have been cut off lookingtokeep paying staff holds in the next three from theircustomers. while their stores areshut weeks, officials said. A4 Thefurloughs add to the would have to borrow funds or ONINGER swelling ranks of unemployed spend their savings. GR TheJusticeDepartment Thieves stole a Van Gogh on Monday from a Dutch museum closed because of the pandemic. A10 and the economic damagere- Macy’s, which in addition to is examining whether law- sulting from the fast-spreading itsnamesakedepartment stores makerstraded ahead of the coronavirus.Several states have operates the Bloomingdale’s market turmoil caused by the orderednonessential businesses and Bluemercurychains,closed virus based on confidential likeMacy’stoclose,and Presi- itsdoorsonMarch 17.Although briefingsthey received. A6 Parents Teach dent Trump has advised that it has continued to sell online, Saudi Arabia has invited TheFed Takes social-distancing guidelines re- the retailer said it has lost Houthi representatives main in placeuntil April 30. PleaseturntopageA8 and the internationally At Home, and Therescue packageprovides recognized government in UnchartedCourse to direct paymentstoindividuals, Instacart, Amazon workers Yemen to peacetalks. A10 Get Schooled enhanced unemployment bene- protest over safety................. B1 TheTrump administration iii is completing newrules on Stem Virus Damage tailpipe emissions that Ambitious plans would sharply reduce tar- gets automakersmust reach evaporate; justput over the next five years. A2 JayPowell has movedthe Fedfasterand on ‘Frozen’ again further than ever,transforming its role Ahead of the pack. NOTICE TO READERS BY SUMATHI REDDY BY NICK TIMIRAOS When Fed officials met The World Health Organiza- Sunday morning, March 15, Over the past 3years, we beatthe tion has said it is safe to Daniel Chancellor’s sample WASHINGTON—To meet infections were rising along industry in global server revenue and handle newspapersduring weekly schedule forhis 10- the dislocation the coronavi- the East Coast. Mr. Powell the coronavirus pandemic. became #1 in global server volume. year-old son started out ear- rus pandemic unleashed on and his colleagues left empty The Wall Street Journal’s nestly—reflecting the hopes of the economy, Federal Re- seats in between them at the printing plants anddelivery Learn More: DellTechnologies.com/Servers so manyparentswho suddenly serve Chairman Jerome Pow- central bank’s oval board- services,though, aretaking found themselves isolated at ell has mobilized the central room table, made of Hondu- precautions,frequently home with their children, of- bank to move faster and fur- raN mahogany and granite. cleaning equipmentand fa- tenwhile juggling full-time ther than ever before. Two screens suspended from cilities while reducing human jobs. In the short weeks since the two-story boardroom contact with the newspaper. Mondayincluded blocks for financial markets seized up, ceiling showed 12 reserve Adigital version of the print chores,creativity,outdoor Mr. Powell has placed the PleaseturntopageA8 edition also canbeviewedat time and “lunch and learn.” Fed on wartime footing. He https://www.wsj.com/itp. Thingsstarted unraveling took up the central bank’s Wednesday, with entries in- playbook from the 2008 fi- CONTENTS Markets................... B10 cluding “Just trynot to makea nancial crisis and then THE Business News...... B3 Opinion.............. A15-17 Capital Account.... A2 Sports....................... A14 mess” and “No, you can’t use some—cutting rates to near CORONAVIRUS Crossword.............. A12 Technology............... B4 my phone.” zero, purchasing huge