Glimmer of hope seen after 'remarkable progress' in slowing down transmission

The United States has emerged as one of the nations worst hit by COVID-19 as a grim milestone of 10,000 deaths casts a pall over the effectiveness of its anti-epidemic efforts and millions face the possibility of economic ruin.

Health experts began the week by telling US citizens to brace for one of the worst periods yet in an outbreak that has not reached its peak.

Johns Hopkins University, which has been keeping a running tally of coronavirus numbers, said more than 368,000 US cases had been confirmed, with 10,993 deaths, by late on Monday.

Authorities have warned that between 100,000 and 240,000 people could die in the US, even in a best-case scenario with social distancing guidelines being observed.

There was a glimmer of hope, however, in New York, the main focus of the US outbreak, where there have been more than 4,750 deaths statewide and 130,000 cases.

US Vice-President Mike Pence said on Monday night that "remarkable progress" in slowing down the transmission of the virus has been seen in states like Washington and California where stay-at-home orders and social distancing protocols have taken effect.

In Washington state where the first death in the US from coronavirus occurred, Governor Jay Inslee announced on Sunday that the state will return more than 400 of the 500 ventilators it recently received from the federal government so they can go to New York and other states harder hit by the crisis.

The news in New York and Washington states, along with lower fatalities in parts of Europe, buoyed the market. The Dow Jones Industrial Average jumped 1,627.46 points, or 7.7 percent, to 22,679.99, though it is still down 21 percent from its record high earlier this year. The S&P 500 Index rose 175.03 points, or 7 percent, to 2,663.68. The Nasdaq Composite gained 540.15 points, or 7.3 percent, to 7,913.24.

Boeing Company－the world's largest aerospace company and the US' largest exporter－said on Monday it would suspend production of the 787 airplane at its facilities in South Carolina amid the pandemic.

Production will be suspended until further notice after the second shift on Wednesday.

On Sunday, Boeing announced plans to cease production at its Washington state assembly plants until further notice as part of its effort to halt the spread of the coronavirus.

Last month, Boeing announced a temporary halt to production of twin-aisle jets at plants near Seattle and in central Washington but said it expected to resume production this week. It's not clear when production will resume.

By Friday, The Seattle Times reported that 95 Boeing workers had tested positive for the coronavirus in Washington state, up from 54 the previous week. Fourteen of the infected workers are assigned to Boeing's wide-body jet-assembly plant near Seattle. On Sunday, Boeing said about 135 members of its global work force of 160,000 had tested positive for COVID-19.

According to The Associated Press, the White House is considering coronavirus "war bonds" to fund the federal response to the pandemic.

The US government has had little trouble finding people willing to lend it money so far, even without anything branded as "war bonds." It's been able to borrow at interest rates near record lows despite ballooning deficits, as investors around the world look for safe places to park cash.

Meanwhile, according to diplomatic sources, the United Nations Security Council will hold its first meeting on the coronavirus pandemic on Thursday, multiple media reported on Tuesday.

Last week, the UN General Assembly adopted by consensus a resolution calling for "international cooperation" and "multilateralism" in the fight against COVID-19－the first text to come out of the world body since the outbreak began.

Xinhua and agencies contributed to this story.