Fight Back News Service is circulating the following March 13 statement from the Communist Party of the Philippines.

San José, CA – U.S. stocks plunged sharply right after the opening bell and ended more than 7% lower as the Dow Jones Industrial Average lost more than 2000 points, March 9. So swift was the fall that within minutes so-called circuit breakers developed after the 1987 stock market crash kicked in, halting trading for 15 minutes. Stocks tried to bounce back but ended the day lower.

Minneapolis, MN – Worldwide, cases of COVID-19 have broken the 100,000 mark. There are more than 400 cases in the United States, a number that is rising every day. That number is likely much higher, but test kits remain in short supply.

San José, CA – On Friday, March 6, the Labor Department reported that 273,000 new jobs were created in January, driving the unemployment down to 3.5%. But despite this strong job report, U.S. stocks fell again; the broadest S&P 500 was down 50 points or about 1.75%. The Dow Jones Industrial Average, which is made up of 30 large companies, fell less than 1% as investors may have felt larger companies are safer havens. But the real flight was to bonds, with the ten-year U.S. Treasury Bond interest rate falling to another record low of 0.75%.

Coronavirus fear strikes back after a day of gains

San José, CA – On Thursday, March 5, the day after U.S. stocks soared on hopes that a Biden presidency would be better for Wall Street, economic worries about the new Coronavirus (COVID-19) drove down stocks again. The Dow Jones Industrial Average fell almost 1000 points, or 3.5%, with other averages falling a bit less. Interest rates on the ten-year U.S. Treasury Bonds fell to another record low of less than 0.92%, showing both fear among U.S. investors and expectations of weaker economic growth.

Minneapolis, MN – Freedom Road Socialist Organization’s Political Secretary Steff Yorek stated today, March 4, “As COVID-19 spreads here in the United States, the potential exists for the corporate health care system to be overwhelmed. American capitalism has developed a health care system that’s poorly equipped to do basic public health. There is no profit in disease prevention.”

San José, CA – On Tuesday, March 3, the U.S. central bank, the Federal Reserve, cut interest rates by one-half of one percent. This emergency action was taken between the regular Fed meetings every six weeks. This was the first time that the Fed had acted between meetings since the financial crisis in October of 2008.