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As COVID-19, better known as coronavirus, continues to spread in the United States, the Dow Jones Industrial Average took a nosedive on Thursday.Minutes ahead of its close, the Dow was down more than 1,100 points.Thursday's losses come after a few days of wins for the stock market. Bolstered by a surprise cut in interest rates by the Fed, the stock market peaked at 27,000 points at midday Wednesday.As of 3:30 p.m. Thursday, the down had dipped back down under the 26,000 threshold.This story is breaking and will be updated. 540

As the coronavirus spread globally, a canceled work trip here and there turned into a worldwide shutdown for business travel by air.The global airline industry is now on the brink of collapse. And while pressing pause for a few days or a week is strange enough, a freeze on business-class travel that lasts for several weeks or months has the potential to reshape why people fly. After a decade of huge growth, airlines are preparing for a staggering drop in revenue worldwide. Concerns over the coronavirus have crippled demand for flights, which in turn has caused many airlines to ground their fleets and lay-off staff.Recently JetBlue CEO Robin Hayes called this financial situation for airlines, "at least as bad as 9/11 if not worse."But even with a bailout, it could take months for travelers to fully return to the skies. In the meantime, a lot of business will go on without air travel.With huge advances in telecommuting and a growing acceptance of working from home, businesses have taken to platforms like Slack, Zoom and Skype to carry on with meetings while many miles apart.To understand the impact of losing business class travel, you have to understand how valuable business class tickets are to airlines. It might just be a few seats, but on many flights, premium seats actually account for most of the money the flight will make. Let's explain.Let’s look at a roundtrip flight scheduled for the first week in August between JFK and LAX. The round trip fare for an economy passenger costs 9. For a business class passenger that seat is ,867. And finally for a first class passenger the cost is ,032. In total, if everyone pays full price for their ticket, the airline makes ,362.But notice the distribution. If you do the math, you see that although business and first class travelers only make up 28% of the passengers on the flight, they account for 60% of the flight's revenue. This model doesn't describe every flight. But when it comes to airline economics, business and first class passengers have an outsized impact on many airlines' revenue. "They care a lot about business class travelers," says airline pricing expert Andy Boyd. "The other part about the business class travelers is not just the seat but business travelers become very connected with their brand and they fly a lot. It’s not just the money they make from the one seat, but what they get over time."Boyd literally wrote the book on airline ticket pricing. He believes airlines could bounce back, but he also says the virus could accelerate some trends already in motion for business travel."It could be a catalyst," Boyd says. "But what is really interesting, the new generation has grown up with technology, with cell phones. The fact that you are doing what many older people would call, very informal communication is more and more accepted as formal communication. So as young people who have grown up with technology get older, they may find that they are just as happy doing things over the phone as they are getting on a plane and going somewhere."Those combined factors could spell long-term impacts for the airline industry beyond the spread of the coronavirus. "Normally I would tend to say we would just get over it and the world would just get back to normal," Boyd says. "But with this particular virus and the way that people have responded to it, we may see some actual real changes to the way that both business and economy travelers travel." 3474

As post-Thanksgiving travelers make their way home, severe weather is turning the journey into a quite a trek.As of Monday afternoon, more than 3,000 flights within, into or out of the United States have been delayed, 230

BOSTON, Mass. – The girlfriend of a Boston College student who died by suicide in May repeatedly texted him to do so during their relationship, Massachusetts prosecutors said in announcing involuntary manslaughter charges against her.Inyoung You, 21, tracked Alexander Urtula's location on May 20 and was present when he jumped from a parking garage only hours before graduation, Suffolk County District Attorney Rachael Rollins told reporters.Authorities said You, also a student at Boston College, was "physically, verbally and psychologically abusive" toward her boyfriend during their 18-month-long relationship.Investigators looked through a trove of text messages the two exchanged in which You allegedly tells Urtula, 22, to "go kill himself" or to "go die" and that she, his family and the world would be better off without him, prosecutors said. 866

Barneys, an icon of America's luxury clothing world for decades, has filed for bankruptcy.The New York-based retailer filed for Chapter 11 bankruptcy protection early Tuesday morning. It said in a statement that it had also secured million from affiliates of Hilco Global and the Gordon Brothers Group to help meet its financial commitments."Like many in our industry, Barneys New York's financial position has been dramatically impacted by the challenging retail environment and rent structures that are excessively high relative to market demand," Barneys CEO Daniella Vitale said in a statement.The bankruptcy filing will allow the company "to conduct a sale process, review our current leases and optimize our operations," she added.The company said it will continue to operate five flagship locations in New York, Los Angeles, San Francisco and Boston, as well as Barneys.com and BarneysWarehouse.com. However, it said it is shutting down stores in Chicago, Las Vegas and Seattle.The company is also shutting down five "concept stores" and seven of its nine Barneys Warehouse stores.The move was not unexpected. Reuters reported last month that filing for bankruptcy protection could help alleviate the pressure of expensive leases.The company traces its history to 1923, 1293