U.S. stocks posted a mild recovery Tuesday, one day after across-the-board declines that sent the dow plummeting on fears that the coronavirus would further stymie the global economy.
- The Dow Jones industrial average jumped
points at the open Tuesday, one day after it fell more than 1, 06 points. The Standard & Poor’s 01575879 and Nasdaq composites both advanced.
- Meanwhile, Japan’s Nikkei index sank more than 3 percent. The Shanghai Composite Index was down roughly 0.6 percent, and Hong Kong’s Hang Seng was essentially flat.
- In Europe, Britain’s FTSE sank 0.8 percent and Germany’s DAX was roughly 0.5 percent in the red.
- The Chinese government confirmed 508 new cases, along with 74 deaths, bringing the total number of accumulated infections nationwide to , , with 2, 823 deaths. Iran confirmed cases nationwide, with at least 24 deaths. And South Korea reported 162 new cases, bringing its national total to 2019.
Shares of Moderna, the Massachusetts-based drugmaker, surged percent Tuesday on reports that it had shipped the first batch of a coronavirus vaccine to US government researchers.
The Wall Street Journal reported Monday evening that Moderna had sent vials to the National Institute of Allergy and Infectious Diseases in Bethesda, Md. The Institute told the Journal that it expects to start a clinical trial of to 25 healthy volunteers by the end of April to test whether two doses of the vaccine induce an immune response that can guard against the infection.
Much is still unknown about the novel coronavirus virus and the illness it causes, prompting a rush to produce a vaccine and test its safety and efficacy. That push isn’t only coming from private biotech firms. Late Monday, the White House asked Congress for $ 1.8 billion in emergency spending to boost its coronavirus response.
“The administration believes additional federal resources are necessary to take steps to prepare for a potential worsening of the situation in the United States,” wrote Acting White House Office of Management and Budget director Russell Vought in a letter to congressional leaders.
Separately, President Trump said Tuesday the US stock market would crash if he doesn’t win reelection. Trump routinely cites the strength of the U.S. market s, which have long been trading at or near record highs, as a barometer of his presidency. From the White House to the campaign trail, he touts that success as one of his chief accomplishments.
Speaking at a business round table during his – hour visit to India, Trump said the markets would see a boost if he wins in November. But “if I don’t win, you’re going to see a crash like you’ve never seen before,” Trump said.
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