The U.S. Food and Drug Administration on Sunday issued an authorization for emergency use of convalescent plasma – blood plasma taken from coronavirus survivors – to treat the virus, saying the “known and potential benefits of the product outweigh the known and potential risks of the product. “
Also stimulating shares, the Trump administration is thought to be quick to follow suit AstraZeneca (AZN) Vaccine for Covid-19 ahead of US elections, according to the Financial Times. Although far from a certainty, investors were hoping that a fax could come sooner than many had expected. AstraZeneca’s share rose 3.6% in premium trading.
After months of investors saying that only a vaccine as an effective treatment solution for the virus would help the economic recovery, it is not surprising that the news of the plasma treatment is making waves.
Wall Street opened in the green on Monday, with the S&P 500 up 0.8%. De Dow (INDU) also rose 0.8%, or more than 200 points. The Nasdaq Composite opened 1.2% higher.
Both the S&P 500 and the Nasdaq completed Friday at record levels, so any incremental increase during this session will push them to new highs. The Dow, meanwhile, remains more than 5% below its February highs as of close to Friday.
Despite stock gains for files, it’s been a busy week for Wall Street. Investors will check news of the central banker’s annual outing in Jackson Hole, Wyoming, where Federal Reserve Chairman Jerome Powell will speak Thursday morning. Unusual fiscal and monetary stimulus has helped the market revive the pandemic bear market in the shortest time period ever, and made investors increasingly sensitive to Powell’s words.
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