meg terrell has the latest on the spread of the coronavirus and bob pisani has a look at the market and bob leaseman let's begin with meg. >> for the numbers around the globe, they continue to climb, now topping 82,500 with more than 2,800 dead. italy reported three additional deaths and more than 100 cases today, bringing the totals to 65 infected and 17 dead in japan, with almost 190 cases, plans to close schools through march. in the u.s., the first patient thought to have caught the virus in the community is being treated in sacramento at uc davis medical center despite requests to the cdc, to test for covid-19, the hospital says it was days before they could. california public health officials saying the cdc has assured them testing protocols will be broadened. the hospital says due to an abundance of caution it's asked a small number of employees to stay home and monitor their temperature. >> so meg, is the feeling that the number of cases here in the u.s. is actually much higher because of that case that was discovered in california and the restrictions around testing? >> there a

that's meg terrell by the way, tonight you can catch a special cnbc report, outbreak, coronavirus, that is at 7:00 p.m. eastern right here on cnbc. with the dow on pace for a record close yet again, let's bring in blackrock managing director and chief investment officer of u.s. active equity. it's nice to have you here is this a teflon tape? >> there are a couple of things going on with respect to the coronavirus, you have to weigh what's short-term versus long-term and i think there's obviously a very significant human element here but in terms of the economic impacts, most of them are short-term so it really shouldn't affect the valuations of companies. long-term i think we have to think about supply chains. i think we've had this lesson twice, the trade war and now the coronavirus are telling you if you have a company with a concentrated supply base that may be good for margins short-term, but it creates risks. so companies and investors need to think about that issue. >> so we're heading for our eleventh record close for the s&p of 2020. how do valuations stack up at this point >> l

let's bring in meg terrell everyone's hoping for good news on the treatment or vaccine probt especially have we got that yet >> we have potential news on these treatments so because there's nothing that's developed specifically for the novel coronavirus and will take time, right now what companies and researchers are trying to do is look at existing drugs so anti-viral drugs approved for other kinds of viruses like hiv for example and seeing if they have activity against this a number of companies involved in searching for new drugs and using existing medicines companies like abbvie, johnson & johnson whose drugs are being investigating. gilead with an experimental anti-viral drug. very early stage testing, not in people and that was used actually in the first novel coronavirus patient in the united states that was just published over the weekend and showed promising results but too early to say that it works and vaccine work going on, as well. takes too many. >> the vaccine prevents people from contracting the disease the treatments to cure them. compared to hiv, such a serious disease

meg terrel has the latest on the comments that took down the rally. and rick santelli following the volatile moves in the stock and bond markets ameamon javers has the white hoe response. >> update officials saying it's fair to say we're on the cusp of the pandemic according to a bloomberg report early this afternoon. head of the fda center for buy logics evaluation and research said there is significant concern given the virus has spread to six continentcontinens we saw the first case confirmed in latin america that country getting a raised travel advisory from the u.s. state department based oen the sped of covid-19 there dr. marks saying the time lines of vaccine development mean one won't be available before the initial wave of the disease passes moderna stock soaring it delivered the first batch of the potential vaccine to the nhi for a human clinical trial which could begin in a month of two. >>> that company races to develop medicines for the novel coronavirus with vir gilead has a trial planned as well. >>> the market hit its lows on these rep

torres, it's meg terrel if we do go into these mitigation efforts we need to do environmental efforts like keeping everything really clean, wiping off surfaces. i have a kid in day care he gets sick multiple times every winter what is the likelihood we can actually contain coronavirus like this that a lot of people have compared to spreading like the flu. can we actually do that by keeping things clean and washing our hands? >> it's going to actually be a huge step forward to try to keep it as contained as possible. things are going to breakthrough that containment we know that regardless of how much message we put out there, how often we're saying clean these surfaces here is how you do it. here is the equipment to do it, it doesn't get done at that 100% level. even in hospital settings. so it's hard to keep it completely contained that's why they have a second step where if it does start breaking out into community, they start going into that community and quarantine certain areas to make sure it doesn't spread from there. they have contingencies for these types of things. children,

asking employees not to travel for business so far we know there have been more than 2,700 deaths meg terrell has the latest on possible treatments. what have you learned? >> we know the most a vansed potential treatment is from gilead sciences. it's strting a clinical trial in the u.s. the world health organization saying earlier this week that's the only drug so far that appears to have promise against the novel coronavirus. but we've so seen shares of vir soar this week on news of efforts to develop a new medicine the company has isolated antibodies from survivors of sars and is testing whether they work against this new coronavirus. efforts to develop new antibodies are also under way. and moderna soaring this week on news it delivered its first batch to the nih to begin human trials still it would be at least a year before the vaccine could be deployed broadly sarah. >> i'm just going to follow up and ask you a different question do we have any idea so far about how the europeans are planning to respond to the outbreaks they've seen and whether it might be slightly different, either beca

i want to get the latest on the coronavirus, get to meg terrel right now. meg?, andrew. last night of course the cdc confirming the first u.s. case of unknown origin, a california patient with no known travel history to affected areas of contact with another case. that mean, of course, it could be the first instance of so-called community transmission in the united states health authorities have begun tracing that person's contacts the university of california davis medical center in sacramento saying its treating the patient who was transferred from another northern california hospital the news came the same day germany's health minister said that country was at the beginning of an epidemic with chains of transmission that could no longer be traced. the virus spread to 47 other countries. saying new cases the world is reacting in japan, all schools will be closed through march as case numbers approach 200 in iran, with 245 infected and 26 dead, friday prayers cancelled. south korea, case numbers soaring to more than 1700. joe? >> meg, thanks for more on prepari

. >> all right meg, our thanks to you meg terrell back at headquarters dow down 930 mike santoli joinss commentator i noticed one of our statisticians says the low today, dow wiped out all of last year's gain. >> yes and, as a matter of fact, the s&p is back to the highs of january 2018 that was that big, steep rally we got after the tax cut was passed so you're going back in time as well as going down in price. i think that is something to always keep in mind. you're running out of superlatives in terms of talking about how indiscriminate the selling has been, how intense, how concentrated these losses have been. so what it does in part is tell you exactly how off side, mispositioned, over committed investors were in aggregate a month ago. i think a lot of the kind of mechanical, systematic huj fund type strategies that were a bit over their skis, that's been i think cleared through the market that's what we've been seeing this week largely. but you have retail outflows that is happening today. you don't really have nearby, rock bottom valuation support. and i think that's something t