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CNN10 2020-03-10

CNN 10

The Two Main Reasons Why International Markets Plummeted On Monday; An Athlete's Fulfillment Of His Mother's Dream

Aired March 10, 2020 - 00:04:00 聽 ET


CARL AZUZ, CNN 10 ANCHOR: This is CNN 10. Your daily explanation of world news in 10 minutes and I'm your host Carl Azuz. Hope your day is going well. Yesterday did not go well for international stock markets. After drops in other exchanges around the world, the U.S. stock market set a record and not a good one.

The Dow Jones Industrial Average is an index of 30 significant stocks. It includes companies like Disney and McDonalds and it's one major indicator of how the market as a whole is doing. The Dow dropped so far so fast yesterday that a circuit breaker kicked in. A temporary stop to trading to give investors a chance to catch their breaths.

It lasted 15 minutes and when everything was said and done with at the end of the day, the Dow had lost more than 2,000 points. Its worst point drop than on any other day in history. What's more important to investors than the points though are percentages. The Dow lost 7.8 percent of its value.

That's not its biggest percentage drop ever but it was its worst day since October of 2008 when the "Great Recession" was dragging down the world economy. Why did this happen? Two main reasons.

One of them was oil prices. They collapsed on Monday after a disagreement over oil production between Saudi Arabia and Russia. They're two major producers of oil and though lower oil prices can translate to lower gas prices, which many drivers see as a good thing. Investors don't like falling oil prices because they often correspond with a weakening global economy. So this was a big reason why there was a sell off in the U.S.

stock market yesterday and that triggered the circuit breaker.


UNIDENTIFIED MALE: It doesn't matter whether the -- the circuit breakers on an electrical box or in the stock market the concept remains the same. If there's too much power, too much force coming down the pipe the circuit breaker kicks in and everything stops. In 1987 with "Black Monday", the Dow Jones Industrials fell more than 500 points. It was a loss of 22.6 percent.

It is still the largest percentage daily fall in the Dow's history. There was a feeling at the time of financial Armageddon. The world was coming to an end. The market decided to put in place various circuit breakers so that trading would be slowed. Those who are in favor of circuit breakers say that when properly used with proper perimeters, the circuit breaker merely allows time for thought.


AZUZ: But there was another reason for the market dive yesterday and if you've been watching you know what I'm about to say, coronavirus. According to information put together by Johns Hopkins University, more than 113,000 cases have been confirmed around the world. Almost 4,000 people who've caught the virus have died. That's about three and a half percent of total cases and more than 62,000 people almost half the total cases have recovered from the virus.

But the fear of this disease spreading has led to school closures for hundreds of millions of students around the world. The nation of Italy, which has seen the largest outbreak in Europe, is under lockdown with schools, movie theaters, and night clubs closed. Ireland has called off its St. Patrick's Day parades. Theme parks and museums have been closed.

Sports events and some religious gatherings have been called off. The coronavirus outbreak started in China in December and though its spread there has slowed down in recent days, it has effected daily life in Shanghai, China's most populated city.


DAVID CULVER, CNN INTERNATIONAL CORRESPONDENT: In the U.S. when you're stocking up for a hurricane, a blizzard or a viral outbreak, you tend to buy in bulk. Many Shanghai residents flocking to China's only Costco location to do that and we joined them for some shopping of our own. All right. So this is the long line. It's moving actually at a pretty good pace.

We've heard several announcements as we've been standing here and essentially they're telling people, keep your distance from the person in front of you. The store only allows 1,000 customers in at a time. The wait outside about 10 minutes.

All right. We're going in. So they just told us to come into this one line that's clearly going to take our temperature here. Cart sanitized one by one but some shoppers adding a layer just to be safe. All employees, customers and their little ones wearing facemasks. Plastic used to protect the apples from germs and plastic even used to shield kids. You can hear there's a loud speaker. Essentially they're telling people to keep one meter apart from each other but as you look around folks are definitely getting a lot closer than that.

And if you did not catch that warning, this guy will keep you in line. But there are other options for folks looking to avoid stores altogether. One company launched this mobile grocery van before the outbreak. Since, it's gained a loyal following a mostly older crowd. You can see the folks lined up here.

They get essentially a menu of items that they can pick from and the idea is they're not going into a store. They're not congregating with other masses. Instead, they hand off the paper with what they want and folks who are inside do the preparation and then pass out their food. You check it out, I mean, it seeming to be pretty popular here.

The company behind it says over the course of a week, the mobile grocery visits 20 neighborhoods serving more than 30,000 Shanghai residents. The project manager says they get fresh produce daily and they make sure it's all fully sanitized, but a van can only hold so much. For shoppers looking for a taste of normalcy and plenty of options, like pallets of hand sanitizer, it's back to Costco. But a warning, if you decide on a cooked meal here or a beverage like I did, it's now a to go purchase only.

They said you have to eat and drink, everything you buy in there, outside of the store. Keep your mask on at all times. They're also telling folks to get in and out as quickly as possible. You don't hear many stores telling their customers to rush but they're doing that here. An effort to minimize exposure and to maximize what you can stock up on. David Culver, CNN, Shanghai.


AZUZ: 10 Second Trivia. The Columbus Panhandles, Muncie Flyers and Rochester Jeffersons were all teams in what sports league? NHL, MLB, NBA or NFL. In 1922, when the National Football League was named these were three of its teams.

Seventy-five years later the Tampa Bay Buccaneers drafted a Florida State running back named Warrick Dunn and that same year, it was 1997. Dunn founded "Homes for the Holidays" a charity he uses to fulfill his mother's dream. She'd always wanted a home of her own and when Warrick used her life insurance to buy one after she died, he says his family found hope.


WARRICK DUNN, FORMER AMERICAN FOOTBALL RUNNING BACK: Everyone deserves a home. Home is where the heart is. I just remember sitting in the locker room because Dungy, just listening to him just talk to all the (inaudible) about you guys want to get involved and give back and those things. And it just came up my mom. She was working off duty and guys ambushed her and they just opened fire at her police car. My mom lost her life. I just knew from that moment that I couldn't worry about myself. I needed to worry about my brothers and sisters. She was never realize her dream of home ownership.

I just saw the way that she, you know, just cared about people and how she wanted her community to be better. "Homes for the Holidays" is where we go and we assist a single parent family who's becoming a first time homeowner. So far over the last 21 years, 177 single parent families we have given $5,000 down payment and we fully furnish their homes with food, furniture, linens, (inaudible), TVs, computers all the way down to the toothbrush.

First we were just focused on really just helping families get into homes. The more I really learned I wanted to get into the business of giving people potential to break their cycle of poverty and what that (inaudible) health and wellness, education attainment and work force development entrepreneurship.

UNIDENTIFIED FEMALE: He set the foundation for me up until that point survival was my thinking process.

DUNN: The goal is I hope we can go out of business and when I say that its no one else needs housing.


AZUZ: We can't say if the meals offered by this food truck are human grade but that's kind of the point. It's a food truck for dogs. Woof Bowl rolls around the Virginia area serving hamburgers, tacos, donuts and drinks, again for dogs. The human couple that runs it say they wanted to give fresher, healthier options to animals than some dog food and treats typically provide. And like other food trucks, they sometimes sell out.

There are "Dobermany" options you could say "Poodles" of them for specialty dog "Chow Chow". Breakfast could be a "Great Danish", a "Bagel" or an "English Muffin Mastiff". For lunch an "Aussie Shepard" meat pie with a bowl of "Yorkshire" pudding and dinner try the "Charpai" or "Kiperkey" with a side of "Beshan fries". "Maltese" milk and "Earl Greyhounds" are drink options and dessert can include a "Boston Cream Pie Terrier" with "Labrosnickerdoodles".

I'm Carl Azuz. It's funny that we ended on dog food because it's the Bobcats of Taylorsville, Utah who made it on today's show. Bennion Junior High School has been subscribing and commenting on our You Tube channel. Follow their example today. We may say your school tomorrow.