Dow shot up 284, advancers over decliners about 3-1 & NAZ gained 31. The MLP index inched up in the 129s & the REIT index fell 3 to the 352s (still flattish ovee the last 3 months). Junk bond funds crawled higher & Treasuries fluctuated. Oil went up n the 42s & gold was off 7 to 1939.
AMJ (Alerian MLP index tracking fund)
| CL=F | Crude Oil | 42.67 | | +0.33 | +0.8% |
| GC=F | Gold | 1,952.40 | +5.40 | +0.3% |
The Trump administration granted emergency authorization of convalescent plasma to treat hospitalized Covid-19 patients, despite concerns from some of the nation's top health officials that data from clinical trials is too weak to support widespread application of the treatment at this time. The Food & Drug Administration said it was granting emergency authorization because it is reasonable to believe that convalescent plasma may be effective in treating Covid-19 patients, & the known & potential benefits outweigh the known & potential risks of such products. “Today’s action will dramatically expand access to this treatment,” Trump said. “We’re removing unnecessary barriers and delays.” The convalescent plasma treatment uses blood from Covid-19 patients who have recovered & built antibodies against the virus & infuses it into people with the disease to prevent severe cases, according to the Mayo Clinic, which is conducting studies on the treatment. Several top health officials including White House coronavirus advisor Dr Anthony Fauci & Dr Francis Collins, the director of the National Institutes of Health, have raised concerns about the data on the country's largest blood plasma study. Their concerns that the data was too weak prompted the FDA to put a hold on granting emergency use for the blood treatment. Clinical trials have not proven whether plasma can help patients battle the coronavirus. An emergency authorization doesn't require the same amount of evidence for FDA approval. There are currently no FDA-approved drugs or vaccines against the coronavirus. Blood plasma treatment has cut Covid-19 mortality by 35%, the pres claimed. The results of the study by the Mayo Clinic that the FDA cited in its authorization of the treatment indicates that patients below age 80 who were not on a respirator & received plasma with a high level of antibodies within 3 days of diagnosis were about 35% more likely to survive another 30 days compared with patients who received plasma with a low level of antibodies. The study acknowledged, however, that its findings are limited, particularly because it did not have a placebo comparison. “Given that the clinical evidence supporting this EUA was not obtained from prospective, well-controlled randomized clinical trials (RCTs), additional RCTs are needed,” the FDA said. “Convalescent plasma should not be considered a new standard of care for the treatment of patients with COVID-19.”
Trump administration grants emergency authorization for coronavirus plasma treatment
The Trump administration is considering fast tracking an experimental coronavirus vaccine developed in the UK for use in the US ahead of the nation's upcoming presidential election, according to leakers. One option would involve the FDA awarding “emergency use authorization” for the vaccine, which was developed by Oxford University & AstaZeneca (AZN). AZN said that it hasn't discussed an emergency use authorization for its potential vaccine with the US gov. A spokesperson for Health & Human Services, which includes the FDA, said that any claim of an emergency authorization for a vaccine before the election is “absolutely false.”
Trump reportedly considers fast tracking AstraZeneca vaccine before election
The Centers for Disease Control & Prevention (CDC) dropped its recommendation for travelers to quarantine for 14 days upon returning from trips overseas or out of state during the coronavirus pandemic. The CDC updated its guidelines on its website. Though the 2-week recommendation was changed, the
federal agency did caution travelers that they can still contract
the novel coronavirus while traveling. “You
may feel well and not have any symptoms, but you can still spread
COVID-19 to others," the agency warns. "You and your travel companions
(including children) may spread COVID-19 to other people including your
family, friends, & community for 14 days after you were exposed to the
virus.” The CDC recommends travelers wear masks indoors, wash
hands, maintain social distancing guidelines & monitor themselves for
symptoms of COVID-19. The
CDC states traveling increases your risk of contracting & spreading
the virus, noting that staying at home is the best protection from
COVID-19 for yourself & others. If you must travel, the federal health
agency recommends travelers to check the recommendations on gov
websites for their destination as well as any places they will be
passing thru during their trip. Requirements may vary by location,
with some requiring those who recently traveled to stay home for 2
weeks while others may allow a negative COVID-19 test instead of the
self-quarantine.
CDC drops 14-day self-quarantine recommendation
A vaccine is supposed to prevent a person from the virus while a treatment helps get rid of the virus when somebody has been already afflicted. If the treatment above helps 35% patients with the virus, that's hope which is good. However many companies continue to work on more new treatments & vaccines which are still needed. Optimistic investors are keeping the Dow higher after its advance at the opening, but the NAZ has fallen 100 from its early highs.
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