Black Thursday: Coronavirus Fears Shutter Amusement Parks, TV Productions, ‘March Madness’ as Dow Suffers Biggest Drop Since 1987

In a bad week things got decidedly worse March 12 as the Dow suffered its worst decline since 1987 as investors dumped stocks with growing fears about the escalating coronavirus pandemic that has infected more than 125,000 people globally and killed almost 5,000.

In Hollywood, increased numbers of television series productions halted work in an effort to safeguard cast and crew against the potential spread of the virus. Studios pushed back release dates for A Quiet Place II and Fast and Furious 9, among other titles.

TV productions halted included Apple’s “The Morning Show” and “Little America,” Netflix’s “Russian Doll,” The CW’s “Riverdale,” CBS’s “The Amazing Race” and “Survivor,” among others.

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The Walt Disney Co. elected to temporarily close Disneyland and California Adventure, a move it has already done in China, Hong Kong and Japan. Disneyland Paris and Walt Disney World in Orlando, Fla., remain open. Citing an “abundance of caution,” Universal Studios closed its theme parks as well.

In sports, Major League Soccer and the NHL suspended play nationwide, while Major League Baseball halted spring training. The NCAA decided to terminate the $900 million annual “March Madness” men’s national basketball championship tournament before it even started. The governing body of intercollegiate athletics had initially elected to limit the tournament to participating teams, school officials and families.

It took a further step the day after the NBA suspended play indefinitely after a player on the Utah Jazz test positive for the virus.

“Today, NCAA President Mark Emmert and the Board of Governors canceled the Division I men’s and women’s 2020 basketball tournaments, as well as all remaining winter and spring NCAA championships,” the organization said in a statement.

The canceling of March Madness came after conferences such as the ACC, SEC, Big Ten, Pac-12, Big West and Big 12 announced that their respective tournaments were off.

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“This decision is based on the evolving COVID-19 public health threat, our ability to ensure the events do not contribute to spread of the pandemic, and the impracticality of hosting such events at any time during this academic year given ongoing decisions by other entities,” the NCAA said.

Meanwhile, the Dow index lost all gains from 2018 with the S&P 500 dropping 7% after the opening bell, which caused an automatic 15-minute trading halt on Wall Street.

 

NCAA ‘March Madness’ To Be Played in Empty Arenas

In a major development, the NCAA March 11 announced that its forthcoming National Championship Basketball Tournament, a.k.a. “March Madness,” will be played in largely empty arenas as a precaution against the spread of the coronavirus (COVID-19).

The tournament — which brought in $1 billion of revenue during the 2016-17 school year, most of which was generated by the Division I Men’s Basketball Tournament on broadcast, pay-TV and streaming — is the highest-profile event in the United States to be impacted by the coronavirus.

The NCAA said it was assessing the impact of COVID-19 in consultation with public health officials and its COVID-19 advisory panel.

As a precaution, Mark Emmert, president of the NCAA and the NCAA board of governors, made the decision to conduct the upcoming championship events, including the Division I men’s and women’s basketball tournaments, with only essential staff and limited family attendance.

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“While I understand how disappointing this is for all fans of our sports, my decision is based on the current understanding of how COVID-19 is progressing in the United States,” Emmert said in a statement. “This decision is in the best interest of public health, including that of coaches, administrators, fans and, most importantly, our student-athletes. We recognize the opportunity to compete in an NCAA national championship is an experience of a lifetime for the students and their families. Today, we will move forward and conduct championships consistent with the current information and will continue to monitor and make adjustments as needed.”

The World Health Organization has called the coronavirus a pandemic as more than 120,000 people have been diagnosed with the disease globally and the death toll stands above 4,300. In the United States there are more than 31 deaths and about 1,000 people diagnosed with the virus.

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