Dow fell 89, decliners over advancers 3-2 & NAZ sank a very big 165. The MLP index added 1+ to the 151s & the REIT index sold off 5+ to the 358s. Junk bond funds did little in trading & Treasuries were sold again. Oil was off to 52 & gold gained 11 to 1846 (more below).
AMJ (Alerian MLP Index tracking fund)
![Live 24 hours gold chart [Kitco Inc.]](https://www.kitco.com/images/live/gold.gif?0.2180338269244485)
The global case tally for the coronavirus illness COVID-19 rose above 90M & the US topped 22M confirmed cases, after setting a record for new cases in a single day of more than 300K on Fri. It was the first time the US has counted more than 300K cases in a single day since the start of the outbreak, confirming the worst fears of experts who had urged Americans not to travel during the recent holiday season or to mingle with other households. It comes after a record of more than 4K deaths were recorded on Thurs. In the past week, the US has averaged 254K cases a day. Dr Robert Redfield, head of the Centers for Disease Control & Prevention (CDC), said that last week's storming of the Capitol was likely a superspreader event Americans had received a vaccine & just 22M had been distributed. The vaccine program has lagged all of its original targets since the first emergency authorizations were granted with much fanfare in Dec. Operation Warp Speed, the federal gov program set up to accelerate development of vaccines & therapies for COVID-19, had initially promised 100M doses would be delivered by end-Dec, later revising that number to 40M & then 20M. Pres Trump has left it to states to administer the vaccine program.
U.S. tops 22 million cases of COVID-19 after adding record of more than 300,000 in a day
Eli Lilly (LLY) announced positive findings for its drug in the fight against Alzgeuner's disease. The
investigational antibody therapy, donanemab, slowed cognitive decline
by a statistically significant 32% compared to a placebo, the company said.
The drug met a main objective to slow decline in about 18 months. Donanemab
works by targeting a so-called N3pG beta amyloid to quickly
clear amyloid plaques in the brain, which otherwise disrupt cell
function, according to the National Institutes of Health. The randomized, double-blind study involved a sample of 272 patients,
selected based on cognitive tests & brain imaging. The patients had
early, symptomatic courses of the disease. Patients stopped receiving the drug once imaging showed their amyloid
plaques dropped to healthy levels. LLY said the plaque clearance
mechanism is durable & the company plans to replicate the findings in
a 2nd trial with an estimated 500 participants. The
announcement stemmed from a Phase 2 "Trailblazer-Alz" trial,
with results submitted for publication in a peer-reviewed journal. The stock soared 19.54 (12%).
If you would like to learn more about LLY, click on this link:
club.ino.com/trend/analysis/stock/LLY?a_aid=CD3289&a_bid=6ae5b6f7
Lilly says Alzheimer’s drug slows decline in Phase 2 trial
Gold prices settled modestly higher, as investors opportunistically bought gold after a withering downturn Fri. The solid gain for bullion came despite a recently buoyant $, which likely capped the upside moves for metals on the day. The ICE $ Index , a measure of the currency against a basket of 6 major rivals, was up 0.4%. A firmer $ likely limited the ascent for gold, because a stronger $ can make assets priced in the currency comparatively more expensive to overseas buyers. Feb gold added $15 (0.8%) to settle at $1835 an ounce, following Fri trade in which it saw its sharpest daily percentage slide since early Nov. Trading in precious metals comes after gold lost nearly 3.2% last week Growing restrictions on social mobility throughout the globe as COVID-19 faces a resurgence may help boost gold's value. In the past week, the US has averaged 255K cases a day, numbers that experts warned would materialize if Americans traveled in large numbers during the recent holiday season. Also stocks, which have been on a tear, where pulling back after a record run, delivering a lift to buyers who perceive gold as a hedge against stocks whose valuations are considered too lofty, as the economy attempts to recover from the COVID-19 pandemic.
Gold prices log gain to start week, even as dollar stages mini rebound
England's Chief Medical Officer Chris Whitty warned that the “next few weeks are going to be the worst weeks” of the coronavirus pandemic for the UK's National Health Service. Whitty was highlighting that there were now more than 30K people hospitalized with the virus across England alone. The number of people in the whole UK who have died from the virus topped 81K, according to Johns Hopkins University data. On Fri, London Mayor Sadiq Khan declared a major incident over the rapid spread of Covid-19 in the UK's capital, with one in 30 Londoners said to have the virus. Whitty said that people therefore needed to “double down” on adhering to public health restrictions, as it would take several weeks for the coronavirus vaccines currently being rolled out to take effect. “Any single unnecessary contact you have with someone is a potential link in a chain of transmission that will lead to a vulnerable person,” Whitty added. Vaccine Deployment Minister Nadhim Zahawi said that 1.5M Britons had now received the Covid-19 jab. He pledged that by the end of this week there would be over 1K doctor-led sites up and running, as well as 223 hospital sites, seven big vaccination centers & the first wave of 200 community pharmacies. In a Q&A session on BBC radio, Whitty said that “I think we were all very relieved” that the gov reversed its decision to ease restrictions for 5 days to let people meet over Christmas, in light of news about a new variant of the coronavirus.
England medical chief: Next few weeks are going to be the worst of the pandemic
Political turbulence along with dreary data from the virus war was making investors nervous. And the stock market has had a good run in the last few weeks (see below). As a result investors have been taking profits, especially in sexy tech shares.
Dow Jones Industrials
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