US overtakes China, Italy with 85,594 coronavirus cases

More than 500,000 people around the world have now contracted the new coronavirus, overwhelming healthcare systems even in wealthy nations and triggering an avalanche of government-ordered lockdowns that have disrupted life for billions.

"The virus respects no borders," the leaders said in a statement."We are injecting over $5 trillion into the global economy, as part of targeted fiscal policy, economic measures, and guarantee schemes to counteract the social, economic and financial impacts of the pandemic." Italian Prime Minister Giuseppe Conte wants a"strong and sufficient" financial response that deploys"innovative financial instruments truly adapted to a war," his office said.Alarmed by the rapid spread of the sickness in Italy, France has taken aggressive action to stem the virus and went under lockdown on March 17.

In Britain, the National Health Service said London's hospitals are facing a"continuous tsunami" of seriously ill COVID-19 patients, despite a lockdown imposed this week. It is"breaking records. We didn't have this many calls on 9/11," said Anthony Almojeria, a leader in the emergency medical services union, referring to the September 11, 2001 terror attacks.The pandemic has already, and rapidly, been catastrophic to the global economy.

But Wall Street soared for a third straight day, recouping more of this month's hefty losses, on expectations for the largest stimulus in US history.

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