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The coronavirus outbreak is expected to cause a “severe economic contraction” in the US, a survey conducted by the Wall Street Journal showed on Wednesday.

Surveyed experts see the unemployment rate hitting 13% in June with 14.4 million job losses before retreating to 10% by December.

Market reaction

Wall Street’s main indexes erased a large portion of early gains. As of writing the Dow Jones Industrial Average, the S&P 500 and the Nasdaq Composite were all up around 0.5% on a daily basis.