US President Donald trump has directed the us food and drug administration (FDA) to investigate whether an existing drug used to treat malaria patients can also be used to treat the new coronavirus, he said on Thursday. He noted that the FDA has approved the use of chloroquine in the treatment of new coronavirus. However, the FDA later denied this. Stocks rallied strongly after trump said he had begun clinical trials of a coronavirus vaccine. The u. s. market, the u. s. stock market volatility, after the opening down quickly rose, but the rally did not last long, once turned down, now again turned higher. Meanwhile, the dollar became the “hot ticket” amid a flight to safety, climbing sharply above the 102-mark, its biggest gain against any currency since 1992.
Mr Trump said he had directed the FDA to investigate whether chloroquine could be used to treat the new coronavirus
US President Donald trump said on Thursday he directed the us food and drug administration to investigate whether an existing drug used to treat malaria patients could also be used to treat the new coronavirus.
There is no effective treatment for the new coronavirus that has rapidly developed into a pandemic. U.S. health officials say it could take 12 to 18 months for the vaccine to be ready for public use.
But some scientists claimed early in the outbreak that the anti-malarial drug Chloroquine might be a potential treatment for the new virus.
However, the world health organization said last month there was “no evidence” that it worked.
Trump said the FDA has approved the use of chloroquine in the treatment of the new coronavirus. However, the FDA later clarified that chloroquine had not been approved to treat the new coronavirus.
Some health authorities in the United States and China have been using Remdesivir, an antiviral drug from Gilead Sciences that could be used to treat ebola outbreaks, in the hope that it could shorten the time it takes patients to contract the virus.
The head of the U.S. food and drug administration, John Hahn, said redeswell is undergoing clinical trials and could also be used to treat patients with new crown pneumonia infections, according to voa’s Herman at the White House.
Kaletra, an antiviral drug developed by AbbVie, a pharmaceutical company, is also used by some government departments through what is known as the “compassionate use” programme.
At the White House’s daily coronavirus briefing, Treasury Secretary Steven mnuchin said the White House’s massive economic stimulus plan will include $500 billion in direct payments to Americans.
In an interview with fox business network, mnuchin said the money would be split in two, $1,000 for each adult and $500 for each child, meaning a family of four would get $3,000.
“Once Congress passes this bill, we will do it in three weeks. And then, six weeks later, if the President believes there is still a national emergency, we will provide another $3,000.”
The new coronavirus has spread rapidly around the world, infecting more than 219,000 people and killing at least 8,900, according to Johns Hopkins University.
At least 10259 new cases of pneumonia have been confirmed in the us and at least 152 have died, us media reported.
As a result of the outbreak, the probability of the us economy falling into recession has increased.
The latest institutional survey gives the us economy an 80 percent chance of a recession in the next 12 months, up from 30 percent in the previous survey. Growth is expected to be 0.7% in the first quarter and -5% in the second quarter, compared with 1.5% and 1.8% in previous surveys.
Us stocks ride ‘roller coaster’ after Donald Trump comments
New York (ap) — stocks rose sharply Thursday, erasing sharp declines earlier in the day, as a surge in large-cap technology stocks led to a sharp reversal.
New York (ap) — stocks were volatile and briefly turned sharply higher after a small opening loss, with the NASDAQ up more than 4 percent, the dow up about 2.6 percent and the s&p 500 up about 2.4 percent. However, both the s&p 500 and the dow briefly reversed gains and are now rising again, with the dow up more than 300 points and NASDAQ up 3.15%.
Shares of Netflix and Facebook rose 8.3% and 7.5%, respectively. Amazon shares rose 4.7 percent.
Stocks rose after President Donald Trump said clinical trials of a coronavirus vaccine had begun. Earlier in the day, the dow was down 721 points, or more than 3%. At one point, the s&p 500 was down more than 3%.
“It’s a day market,” said Christian Fromhertz, chief executive of Tribeca Trade Group. “It’s not my favorite way to trade, but the daily volatility and the overnight volatility are pretty crazy.”
The energy sector was higher in early trading Thursday, with the s&p 500 up more than 0.5%. Shares of big oil producers such as Diamondback Energy and Apache rose more than 8 percent, their fourth-biggest one-day gain ever, helped by a 23.4 percent rise in the WTI crude contract to $25.12 a barrel.
It was another wild day on Wall Street on Wednesday. The dow closed down 1,338.46 points, or 6.3%, on Wednesday, closing below 20,000 for the first time since February 2017. The dow closed down more than 2,300 points. The s&p 500 fell 5.2% to close at 2,398.10, down nearly 30% from last month’s record, as both indexes plunged further into bear markets.
“The market is clearly in a state of panic and forced liquidation, but risks remain tilted to the upside, which should become more evident once some solvency issues are resolved,” Adam Crisafulli, founder of Vital Knowledge, said in a report.
In the wake of the coronavirus crisis, Wall Street experienced an unprecedented rollercoaster ride, with the s&p 500 up and down 4% or more for eight consecutive sessions.
The dollar rose the most since 1992 as a hedge against the risk
The dollar extended its gains Thursday, Posting its biggest gain against other currencies since 1992. Despite recent liquidity injections by Central banks around the world, demand for funds remains high.
The dollar rose more than 1.7 percent against other currencies to 102.69, its highest level since at least March 2017. Over the past nine trading sessions, the dollar has gained more than 7%.
On an eight-day roll, the dollar is up the most since September 1992.
Sterling hovered near its lowest level against the dollar since at least 1985, the Australian dollar fell to a 17-year low and the New Zealand dollar fell to its lowest level in 11 years as investors dumped riskier assets.
The euro rose after the European central bank announced 750 billion euros ($817 billion) in asset purchases to combat a coronavirus outbreak, but it also slipped toward a three-year low of 1.0778 against the dollar hit last month in U.S. trading.
Manuel Oliveri, the currency strategist at Credit Agricole in London, said: “Central Banks are stepping up liquidity operations but this is not enough to ensure that the scarcity of the dollar disappears and as a result, the dollar continues to be the currency of choice.”
The ECB announced the purchases after an emergency meeting on Wednesday night, less than a week after policymakers unveiled fresh stimulus measures.
Dollar funding pressures have intensified across the board in spite of emergency injections of billions of dollars of liquidity by central Banks and the strengthening of swap lines with some of the world’s central banks in recent days.
With the new pneumonia outbreak creating unprecedented levels of uncertainty, investors are selling dollars as hard as they can to keep their money. The outbreak threatens to cripple the global economy.
Kit Juckes, the strategist at Societe Generale in London, said that while the front end of the dollar’s liquidity curve had improved, long-term funding remained high in some corners of the market.
One-year foreign exchange swaps in New Zealand, for example, are still at their highest level in nearly 20 years, according to Refinitiv.
The widespread appetite for the dollar has forced investors to sell U.S. Treasury bonds and other government bonds, as well as gold, in an effort to cash in dollars.
This confuses many analysts because investors typically buy government bonds and precious metals in uncertain times.
Please and the manufacturing index to continue to spread bad news after the gold crash pulled back
New claims for state unemployment benefits jumped 70,000 last week to a seasonally adjusted 281,000 due to a new coronavirus, labor department data showed, compared with expectations of 220,000.
“The increase in claims in the week ended March 14 was clearly due to a new coronavirus,” the labor department said. A number of states have specifically mentioned new coronavirus related layoffs, and many states have reported an increase in layoffs in service-related industries, in the accommodation and foodservice industries, and in transportation and warehousing, whether or not a new coronavirus has been identified.”
Meanwhile, the four-week moving average of new claims for jobless benefits rose 16,500 to 232,250. The four-week moving average of claims is often seen as a more reliable gauge of the labor market because it eliminates weekly volatility.
Continued claims for state unemployment benefits rose 2,000 to a seasonally adjusted 1.701 million in the week ended March 7, the labor department said.
Meanwhile, the Philadelphia fed said on Thursday that its manufacturing index fell to -12.7 in March from 36.4 in February. The figure was much worse than expected as the consensus reading was 9.5.
It was reportedly the biggest monthly drop in the survey’s history. It was also the lowest reading in the survey since July 2012.
Spot gold briefly surged about $30 above the $1,490 an ounce mark in early U.S. trading, but the rally quickly faded to just above $1,470 an ounce.
Stephen Innes, the chief market strategist at AxiCorp, said in a note that “the longer the global lock-in period caused by the new cap pneumonia, holders of any form of gold, whether physical, paper or scrap, will likely continue to unwind to boost capital levels.”
Responding to the trend in precious metals, Todd Horwitz, chief market strategist at BubbaTrading.com, wrote that things were and are bad for the metals industry. Every time people think there’s a bottom, it’s a misreading, and these markets go down. The rally soon ended, with sellers taking over and punishing the markets. All metals except gold are in a bear market, and soon gold will join in.