A sign displays that college is closed as the coronavirus continues to spread across the US in Paramus, New Jersey. AFP

With panic buying on Main Street and fear-driven sell-offs on Wall Street, the US Federal Reserve cut interest rates to near zero on Sunday in another emergency move to help shore up the US economy amid the rapidly escalating coronavirus pandemic.

READ MORE

Lebanon declares emergency airport closure to combat coronavirus

COVID-19 continues to quiet community

New York City Bill de Blasio on Sunday said he was ordering restaurants, bars and cafes to only sell food on a take-out or delivery basis. He also said he would order nightclubs, movie theaters, small theater houses and concert venues to close.

A group of tourists wearing masks are seen in front of The TCL Chinese Theatre in Hollywood, California. AFP

US President Donald Trump, who had openly pressed the Fed for further action, called the move "terrific" and "very good news."

Americans are waking up to a new reality as coronavirus spreads, with store shelves stripped bare of essentials, schools closed and millions of jobs in jeopardy as businesses temporarily shut their doors. New York City joined the nation's other major public school systems in calling off classes starting this week.

With limited testing available, US officials have recorded nearly 3,000 cases and 65 deaths, up from 58 on Saturday. Globally more than 162,000 are infected and over 6,000 have died.

Pence also said the government on Monday morning would issue updated federal guidelines, which he described as "broad-based recommendations for the American public."

The US Centers for Disease Control on Sunday recommended that events with gatherings of 50 or more people over the next eight weeks be postponed or canceled.

Reuters