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President Trump highlighted therapies from Gilead Sciences and Regeneron during a briefing about the pandemic. Trump said his administration is working with the FDA to speed up trials of these therapies to help treat the virus. Gilead’s remdesivir drug was previously used to treat Ebola. Shares of Regeneron are up more than 3% for the day, while Gilead Sciences has gained 2.5%. â Pound
The Dow erased early losses and jumped 400 points after President Donald Trump gave clarity on the coronavirus treatment efforts. In a press conference, Trump said clinical trials are underway for coronavirus vaccines and he has directed the FDA to remove outdated rules to speed the process. The S&P 500 last traded 2% higher. â Li
The Russell 2000 gained 2.3% in early trading, as the small cap index outpaced more modest gains by the S&P 500 and Dow and slightly trailed the Nasdaq Composite. The index has fallen 41% since Feb. 19. â Pound
The Federal Reserve has taken a flurry of steps over the past several hours to shore up credit markets and keep liquidity flowing. Late Wednesday night, the U.S. central bank announced a plan that will provide loans to banks collateralized by money market funds. The move is important considering the tumult that the funds caused during the financial crisis. Then, on Thursday morning, the Fed said it will extend its currency swaps program to nine other central banks around the world as dollar demand surges. Also, the New York Fed stepped up its bond-buying program Thursday and Friday to entail $75 billion worth of Treasurys across the yield curve. Finally, New York said it will conduct an additional $10 billion worth of purchases in the mortgage-backed securities space “to address highly unusual disruptions in the market” that are “associated with the coronavirus outbreak.” â Cox