The fast-moving coronavirus, which has been roiling markets for more than a week, is pushing the U.S. economy toward a recession, according to Marko Papic, partner and chief strategist at Clocktower Group, who spoke to a conference crowd on Thursday.

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Los Angeles County officials declared a health emergency Wednesday as they confirmed six new cases of coronavirus, and warned schools and business may need to be closed if COV1D-19 continues to spread.

"I want to reassure everyone, we are not there today," said L.A. County Department of Public Health Director Barbara Ferrer. "We don't have community transmission, that we know about."

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Jamie Montgomery couldn't sleep for several nights as he weighed whether to move ahead with his annual two-day venture capital-fest in Santa Monica. This week's conference is billed as an all-star lineup of business leaders that includes the likes of bond king Michael Milken.

But, Montgomery — the founder and managing director of Los Angeles-based March Capital Partners — found himself slammed by reports of other major conferences shuttering due to concerns about coronavirus. Facebook yanked its annual F8 developer meeting in May, the Game Developers Conference scheduled in San Francisco for later this month was canceled, and the YPO Edge summit planned for March was dropped.

Ultimately, he gave it a green light.

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