Community Corner
'It’s Scary:' Local Businesses Impacted By Coronavirus
A major sell-off to start the week on Wall Street after investors were rattled by a rise in coronavirus cases outside China.
BOSTON — A major sell-off to start the week on Wall Street after investors were rattled by a rise in coronavirus cases outside China. Italy now has the largest outbreak in Europe with more than 200 cases.
Market experts say Monday’s 1000-point dip in the Dow Jones was due to concerns about how the virus will impact the global economy. Douglas Boneparth of Bone Fide Wealth said, “in the short term, this will continue to create volatility in the markets. The concern I have is around supply chain, and how fragile that may be.”
Factories in China shut down, in an effort to control the spread of the virus, and that’s hurting local businesses. Peter Skiera is the Vice President of Product Development at Boston-based Como Audio. He said, “we’re not doing anything when they’re shut down.”
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The company sells high-end home music systems that are manufactured entirely in China. “This can’t go on for too much longer,” said Skiera. “We need our factories to start up pretty soon.”
Read more at CBS Boston
