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The millennial generation has split, new Fed research shows: Those over 35 are edging toward boomer-style wealth, while everyone else falls behind

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Mark Cuban says he has the solution to growing income inequality, and it's to reward every employee—from CEO to janitor—with company stock

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Scott Bessent casually says the U.S. has more than $1 trillion in gold—and that it doesn’t matter for the dollar

1

The millennial generation has split, new Fed research shows: Those over 35 are edging toward boomer-style wealth, while everyone else falls behind

2

Mark Cuban says he has the solution to growing income inequality, and it's to reward every employee—from CEO to janitor—with company stock

3

Scott Bessent casually says the U.S. has more than $1 trillion in gold—and that it doesn’t matter for the dollar
HealthCoronavirus

NYC schools to close to fight coronavirus

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The Associated Press
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March 15, 2020, 5:34 PM ET
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Stay in the know on how the coronavirus outbreak is impacting the global business economy with our daily newsletter Outbreak.

New York City will close the nation’s largest public school system as early as Tuesday, sending over 1.1 million children home in hopes of curbing the spread of coronavirus.

Gov. Andrew Cuomo announced the decision on Sunday, following a growing number of school closures in communities and entire states around the country and mounting pressure in New York from residents, City Council members and others.

The shutdown affects the city’s nearly 1,900 public schools. Many private schools already have closed.

New York City Mayor Bill de Blasio had been reluctant to close the school system because of the consequences for students and families. Just Saturday, the Democratic mayor said keeping schools running was critical. He worried that health care workers, first responders and other needed workers would have to stay home to care for children, and that hundreds of thousands of poor students could go hungry without their free or reduced-price school meals.

Multiple states had already announced they were closing schools. So have cities including Los Angeles, Houston, San Francisco, Seattle and Washington, D.C.

The shutdown had started to seem inevitable Sunday as de Blasio lost key support to keep schools open and Cuomo called for all downstate schools to be closed.

“For New York City, I want to close the New York City public schools,” the Democratic governor had said earlier in the day, adding he thought it prudent to do so as soon as a plan was in place to ensure that children of health care workers would be cared for.

Cuomo spoke shortly after county officials shut schools in Long Island and, across the state, in all of Erie County, including Buffalo.

Earlier, George Gresham, president of the healthcare workers union SIEU 1199, had called on de Blasio to close city schools, a step the mayor still seemed reluctant to take when he cited the union’s support for keeping the schools open as he spoke on WABC-TV earlier Sunday.

The union had previously warned that hospitals, now bracing for a flood of virus patients, could face a manpower crisis if schools closed suddenly and health care workers had to stay home with their children.

Gresham, though, said in a statement that he was now confident that a plan could be reached to provide childcare for healthcare workers through school resource centers. He also called on the city and state to provide more funding for childcare for health care workers.

“With these critical processes moving, I am now calling on Mayor de Blasio to close New York City’s public schools to help protect public health and prevent the spread of COVID-19,” he said in a statement.

On Sunday morning, Nassau County County Executive Laura Curran announced that schools throughout the county adjacent to New York City would be closed for at least the next two weeks. Nassau County has more than 1.3 million residents.

Later in the day, the Suffolk County executive announced that schools there would be closed as well for the next two weeks.

More coronavirus coverage from Fortune:

—How to get a refund on your Broadway tickets after coronavirus shut down
—A Q&A with WHO special envoy David Nabarro on COVID-19
—The best Twitters to follow for reliable information on the coronavirus outbreak
—After SXSW cancellation, Austin hotels and restaurants are bracing for a rough road
—While canceling mass gatherings, the U.K. is still aiming for deliberate “herd immunity”
—Walmart, Target, CVS, and Walgreens will loan space for coronavirus test centers
—Let’s remember what we learned in WWII, as well as in 2008

Subscribe to Fortune’s Outbreak newsletter for a daily roundup of stories on the coronavirus outbreak and its impact on global business.

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