Stocks - Dow Gains as Trump Details Potential Therapies to Combat Covid-19
Investing.com
Published Mar 19, 2020 12:29PM ET
By Yasin Ebrahim
Investing.com – The Dow rose Thursday after President Donald Trump detailed a range of therapies that could be used to treat the Covid-19 virus.
The Dow jumped 1.60%, theS&P 500 rose 1.15% and the Nasdaq Composite added 3,07%.
Trump said the Food and Drug Administration had approved severe arthritis and malaria drugs, hydroxychloroquine and chloroquine respectively, for use against the coronavirus, which has infected as many as 10,755 in the U.S.
The approved therapies will help bide time for health professionals who are in a race against time to find a potential vaccine, which some say could take up to 18 months before becoming publicly available.
With the economy expected to take a hit from the virus outbreak, corporations have been urged to hold off stock buybacks to preserve their balance sheets. The move has been backed by Trump, who said he OK with imposing a ban on stock buybacks as a condition for companies to receive bailouts.
Energy clawed back some of its losses from a day earlier as oil prices bounced back strongly as traders continue to assess whether stimulus efforts will help ease the impact from the virus outbreak.
Treasury Secretary Steven Mnuchin said earlier that the White House’s stimulus plans would include $500 billion for direct payments to Americans -- $1,000 per person and $500 per child.
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