Demand for the dollar is dropping as investors race to pull funds from U.S. stocks, fearful the coronavirus will crush growth. Oil prices have cratered thanks to a full-blown price war triggered by Russia and escalated by Saudi Arabia. Demand for government bonds has sent Treasury yields to record lows. The traditional relationship between the dollar, oil and yields has now been turned on its head. It’s a big red flag, one made even worse by the fact that March 11, 2020, will be remembered as the day the longest bull market in American history came to an end. —David E. Rovella

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Eleven years of unprecedented stock market growth totaling $20 trillion sprouted from the ashes of the worst financial disaster since the Great Depression. This is how the great bull market began.

The World Health Organization formally declared a pandemic. Local and state officials across the U.S. took steps to discourage or ban large gatherings, and Seattle became the first major American city to close its public schools.

European Central Bank President Christine Lagarde said Europe risks a major economic shock not unlike the global financial crisis. With nationwide restrictions already imposed on travel, Italy on Wednesday closed all businesses except pharmacies and grocery stores.

Economists are lowering their estimates for second-quarter growth in the U.S. as the virus cuts demand and spending.

Private equity firms Blackstone and Carlyle Group have a message for portfolio companies: Do whatever it takes to stave off a credit crunch.

New York state said it will use private labs to increase testing for the new coronavirus, which has been hampered by a slow federal response. New York City meanwhile cancelled the St. Patrick’s Day Parade.

What’s Joe Nocera thinking? The Bloomberg Opinion columnist says coronavirus-related financial aid should go to taxpayers, not corporations. Joe says the airline, hotel and cruise-ship industries don’t need the help.

What you’ll need to know tomorrow

What you’ll want to see in Bloomberg Graphics

Mapping the Expanding Coronavirus Pandemic

With almost 124,000 confirmed cases worldwide and 4,578 dead, the WHO declared a pandemic on Wednesday. In the U.S., recorded infections approached 1,000, with 31 dead, though those numbers are expected to rise significantly. Efforts to prevent the illness from spreading further has led to shuttered cities, widespread flight cancellations and teetering financial markets all over the globe. See the maps here.

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