Coronavirus takes a hit at the global and economy


ELMIRA, N.Y. (WETM) – Eyes all around the world have been on the Coronavirus, as cases continue to rise abroad.

The virus has impacted the economic community in large ways this week, with Dow industrial stocks dropping by almost two thousand points over the last three days.

Many corporations receive materials from China, and some of these shipments have been halted.

Here in the twin tiers region, Corning Incorporated’s stock took a hit, but the company is looking to rebound as the week goes on.

18 News spoke with Matthew Burr, Assistant Professor of Business Administration of Elmira College, on the impacts of the Coronavirus on the local economy.

“It does impact us in the United States related to supplies and again do we potentially have layoffs with no supplies. That is a concern with every organization including Corning Incorporated. If those products are not being produced in China, they could have an impact to slow down in Corning as well,” said Burr.

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