As coronavirus quarantines and lockdowns force much of the United States and Europe to hunker down and workers face pay disruptions, policymakers on both sides of the Atlantic took dramatic new steps to try to reassure worried households and investors.

The European Central Bank announced an $820 billion emergency bond-buying program as President Trump and congressional leaders planned a $1 trillion stimulus package, including special assistance for small businesses and airlines. Trump also signed into a law a bill to ensure paid leave benefits for many Americans. The measures come as some employers cut staff, amid predictions the pandemic could plunge the U.S. economy into its most severe downturn since the Great Depression.

The virus continued to spread globally, with Italy reporting a record 475 deaths in a single day. But new numbers out of China on Thursday may offer a glimmer of hope: The country reported no new locally transmitted cases the previous day for the first time since the deadly outbreak began late last year.

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