Fed cuts rates to help calm market fears

The virus continued to spread in South Korea, Japan, Europe, Iran and the United States, and more countries reported their first confirmed cases.

Argentina, Morocco, Andorra, Armenia, Czech Republic, Iceland, Indonesia, Ukraine and Poland have confirmed their first cases.

Reuters quoted Indian media as saying on Wednesday that 15 Italian nationals in India have tested positive for the coronavirus.

The Indian Navy said in a statement that it was calling off a multinational drill, the MILAN 2020 exercise, in consideration of "the safety of all participants and travel restrictions imposed by the spread of COVID-19". The Navy said the 11-day exercise, which was scheduled to begin on March 18, will be rescheduled.

Warships and navy personnel from more than 40 countries had been invited to take part in the event, according to Indian media.

Iran, one of the hardest-hit nations, reported infections rising to more than 2,300, with 77 deaths, including that of a senior official.

South Korean President Moon Jae-in has called off visits to the United Arab Emirates, Egypt and Turkey this month to focus on fighting COVID-19, the Blue House announced on Wednesday, when the country's number of infections rose above 5,600, according to Yonhap News Agency.

Pope Francis, who canceled a Lent retreat for the first time in his papacy because he is suffering from a cold, has tested negative for coronavirus, the Italian newspaper Il Messaggero reported on Tuesday. The 83-year-old Roman Catholic leader, who had part of one lung removed because of an illness decades ago, also canceled most audiences last week.

The International Olympic Committee gave further unequivocal backing on Tuesday to this summer's Tokyo Olympics, urging athletes to prepare "full steam" despite the coronavirus threat.

"We are preparing for a successful Olympic Games, Tokyo 2020," IOC President Thomas Bach said at an executive board meeting on Tuesday to discuss the July 24-Aug 9 sporting extravaganza.

Earlier on Tuesday, Japan's Olympics Minister Seiko Hashimoto had said that details within Tokyo's contract with the IOC "could be interpreted as allowing a postponement "until the end of the year.

The US' National Basketball League has postponed the start of the Basketball Africa League's inaugural season due to concerns surrounding the coronavirus outbreak. Officials said the decision comes on the recommendation of the Senegalese government, according to CNBC, which added that the BAL was scheduled to begin on March 13 in Dakar, Senegal.

The NBA has urged players to avoid physical contact, including high-fives with fans and other strangers, amid the coronavirus outbreak in the US.