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S&P 500   5,011.12
DOW   37,775.38
QQQ   423.41
What's Driving Tesla Lower Ahead of its Earnings?
Stock market today: Asian markets sink, with Japan’s Nikkei down 3.5%, as Mideast tensions flare
How major US stock indexes fared Thursday, 4/18/2024
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'There is no time to waste': EU leaders want to boost competitiveness to close gap with US and China
S&P 500   5,011.12
DOW   37,775.38
QQQ   423.41
What's Driving Tesla Lower Ahead of its Earnings?
Stock market today: Asian markets sink, with Japan’s Nikkei down 3.5%, as Mideast tensions flare
How major US stock indexes fared Thursday, 4/18/2024
3 Steel Stocks Could Soar on New China Tariffs
CSX Co.: The Railroad Powering Ahead with an Earnings Beat
These are the Top 4 Stocks for Buybacks in 2024
'There is no time to waste': EU leaders want to boost competitiveness to close gap with US and China
S&P 500   5,011.12
DOW   37,775.38
QQQ   423.41
What's Driving Tesla Lower Ahead of its Earnings?
Stock market today: Asian markets sink, with Japan’s Nikkei down 3.5%, as Mideast tensions flare
How major US stock indexes fared Thursday, 4/18/2024
3 Steel Stocks Could Soar on New China Tariffs
CSX Co.: The Railroad Powering Ahead with an Earnings Beat
These are the Top 4 Stocks for Buybacks in 2024
'There is no time to waste': EU leaders want to boost competitiveness to close gap with US and China

Spike in South Korea virus cases shows perils of reopening

SEOUL, South Korea (AP) — As Mediterranean beaches and Las Vegas casinos laid out plans to welcome tourists again, South Korea announced a spike in new infections Wednesday and considered reimposing social distancing restrictions, revealing the setbacks ahead for other nations on the road to reopening.

The European Union, meanwhile, unveiled a huge stimulus package for the bloc’s ailing economies, as European nations scrambled to emulate South Korea’s widely praised strategy of tracing, testing and treating coronavirus victims, which tamed its outbreak and made it a model for the world.

The EU’s economics commissioner, Paulo Gentiloni, called the 750 billion-euro ($825 billion) recovery fund “a European turning point to face an unprecedented crisis."

The EU move came as the International Labor Organization reported nearly one in six young people have stopped working during the pandemic, warning of long-term fallout that could lead to a “lockdown generation” if steps aren’t taken to ease the crisis. The U.N. labor agency said the equivalent of 305 million full-time jobs have been lost due to COVID-19 — with the impact most sharply being felt now in the Americas.

Across the Atlantic, the pandemic claimed new victims as the confirmed U.S. death toll approached 100,000 — the highest by far in the world — and nations from Mexico to Chile to Brazil struggled with surging cases and overwhelmed hospitals.

In South Korea, 40 newly confirmed cases — the biggest daily jump in nearly 50 days — raised alarms as millions of children returned to school Wednesday.

All but four of the new cases were in the densely populated Seoul region, where officials are scrambling to stop transmissions linked to nightclubs, karaoke rooms and a massive e-commerce warehouse. All were reopened last month when social distancing measures were relaxed.

The country’s top infectious disease expert said South Korea may need to reimpose social distancing restrictions because it’s becoming increasingly difficult for health workers to track the spread of COVID-19 amid warmer weather and eased attitudes on distancing.


“We will do our best to trace contacts and implement preventive measures, but there’s a limit to such efforts,” said Jeong Eun-kyeong, director of South Korea’s Centers for Disease Control and Prevention.

“Young people have a very broad range of activity, so at the point of diagnosis, there’s already a lot of exposure. ... The number of people or locations we have to trace are increasing geometrically,” he added.

Seoul and nearby cities in recent weeks have re-closed thousands of bars, karaoke rooms and other entertainment venues to slow the spread of the virus.

Britain, which has recorded more deaths than any other European country — over 37,000 — announced the details of its own “test and trace” plans to send out 25,000 workers to find the contacts of those who test positive. Germany said it would extend pandemic-related restrictions on personal contacts until June 29 as it cautiously lifts lockdown measures.

As many countries in Asia and Europe make progress in containing the pandemic, reversing its devastating economic fallout becomes a top priority.

Even as the 27-nation EU unveiled its recovery plan, the bloc remained deeply divided over what strings should be attached to the funds, with frugal members such as Austria, Denmark, the Netherlands and Sweden pushing for loans rather than grants to form the backbone of the package.

The International Labor Organization director-general, Guy Ryder, warned of the “danger” that young workers aged 15 to 28 could face, from the inability to get proper training or access to jobs, which could extend well beyond the pandemic and last far into their working careers.

“The pandemic is inflicting a triple shock on young people. Not only is it destroying their employment, but it is also disrupting education and training, and placing major obstacles in the way of those seeking to enter the labor market or to move between jobs,” the U.N. labor agency said.

India saw another record single-day jump, reporting 6,387 new cases on Wednesday as the government prepared new guidelines for the next phase of a 2-month-old national lockdown that ends Sunday.

Mexico’s health department reported 501 deaths from the coronavirus — a new one-day high.

A U.S. travel ban took effect for foreigners coming from Brazil, where President Jair Bolsonaro has raged against state and local leaders who are enforcing stay-at-home measures. Brazil has about 375,000 coronavirus infections — second only to the 1.6 million cases in the U.S. — and has counted over 23,000 deaths, but many fear its true toll is much higher.

Worldwide, the virus has infected nearly 5.6 million people and killed over 350,000, including about 170,000 in Europe, according to a tally by Johns Hopkins University of government reports, which experts say does not show the entire scope of the pandemic.

Flags were flying at half-mast Wednesday on more than 14,000 public buildings as Spain held the first of 10 days of national mourning for coronavirus victims.

In the U.S., President Donald Trump several months ago likened the coronavirus to the flu and dismissed worries that it could lead to so many deaths. The administration’s leading scientists have since warned that as many as 240,000 Americans could die in the country's outbreak.

The White House said the president was committed to holding a Fourth of July celebration in the nation’s capital even as local officials warned that the region — one of the hardest hit by the coronavirus — will not be ready to hold a major event so soon.

U.S. officials are pushing hard to reopen even as more than a dozen states are still seeing increasing new cases.

Nevada Gov. Steve Sisolak announced Tuesday night that casinos can reopen after a 10-week shutdown on June 4, welcoming tourists to the gambling mecca of Las Vegas. Sisolak had planned to make the announcement at a news conference but scrapped the live event after he learned he was potentially exposed to the virus at a workplace visit.

Around the globe, eagerness to get back to normal is being offset by nervousness about what might come next.

Greece, which has seen only 173 coronavirus deaths, will let international tourists return to its islands beginning June 15. While many residents depend on tourism for their livelihoods, they have also taken comfort in their isolation during the pandemic and worry about opening up to outsiders.

“So far things have gone well," said Katerina Vikeli on the island of Milos. "Now with the people who will come, what will happen?”

___

Kurtenbach reported from Bangkok and Lawless from London. Associated Press journalists around the world contributed to this report.

___

Follow AP pandemic coverage at http://apnews.com/VirusOutbreak and https://apnews.com/UnderstandingtheOutbreak.

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