[ad_1]
The main Fox Business Flash titles are here. Find out what clicks on FoxBusiness.com.
Shares opened lower on Friday after the US Treasury decided to end some coronavirus pandemic loan programs given to the Federal Reserve that the central bank deemed “essential.”
The top three averages were trading down around 0.1% at the start of trading.
| Teleprinter | security | Latest | Change | % Change |
|---|---|---|---|---|
| I: DJI | MEDIUM DOW JONES | 29362.03 | -121.20 | -0.41% |
| SP500 | S&P 500 | 3572.89 | -8.98 | -0.25% |
| I: COMP | NASDAQ COMPOSITE INDEX | 11918,220241 | +13.51 | + 0.11% |
Treasury Secretary Steven Mnuchin wrote a letter to Fed Chairman Jerome Powell, asking the Fed to return the unused $ 455 billion given to it under the CARES Act to help the struggling US economy.
The move was not expected by Fed officials, who immediately told Mnuchin that the programs should be extended after Mnuchin’s letter was made public.
STOCKS REDUCE LOSS, TECHNOLOGY AND LED ENERGY EFFICIENCY
ACCELERATION OF COVID
COVID-19 cases have accelerated in recent days, with the country reporting 170,161 new cases on Wednesday, the second highest daily figure. More than 11.7 million people have been infected with the virus, resulting in more than 252,000 deaths, according to data compiled by Johns Hopkins University.
On Thursday, the Centers for Disease Control and Prevention recommended against travel for the next Thanksgiving vacation as cases rise across the country.
HELP IS ON THE WAY
Despite the increase in the number of cases in the country and around the world, “hope and help are on the way,” according to Health and Human Services Secretary Alex Azar.
| Teleprinter | security | Latest | Change | % Change |
|---|---|---|---|---|
| PFE | PFIZER INC. | 36.53 | +0.32 | + 0.88% |
| BNTX | BIONTECH SE | 100.00 | +5.07 | + 5.34% |
| RNAm | MODERNA INC. | 97.18 | +4.41 | + 4.75% |
Drugmaker Pfizer said on Friday it was seeking approval for emergency use of its COVID-19 vaccine.
Azar told FOX Business that vaccine approval could come within “a few weeks,” he also noted, as previously reported, that Moderna could follow suit soon. The two pharmaceutical companies have each completed their Phase III trials for their drugs, which have shown efficacy rates of 95% and 94%, respectively.
Pfizer is teaming up with German pharmaceutical company BioNTech on its drug, known as BNT162b2. Shares of BioNTech jumped 5% early on Friday, while Pfizer and Moderna rose 1.4% and 2.8%, respectively.
Gilead Sciences shares fell nearly 2% after the World Health Organization advised against using remdesivir for patients with COVID-19, noting that there is no evidence it helps to survival. The US FDA has previously approved remdesivir for the treatment of COVID-19.
TRUMP ATTENDS THE ASIAN SUMMIT
President Trump will attend the Asia-Pacific Economic Cooperation (APEC) summit, hosted virtually by Malaysia, where he is expected to face his Chinese counterpart, Xi Jinping.
It will be the first time the two have spoken since Joe Biden was named president-elect after winning the required 270 electoral votes in this month’s U.S. presidential election. Xi recently congratulated Biden on his victory.
GET FOX BUSINESS ON THE ROAD BY CLICKING HERE
West Texas Intermediate crude oil fell 8 cents to $ 41.74 a barrel. In other commodities, gold edged up to $ 1,862.10 an ounce.
GET FOX BUSINESS ON THE ROAD BY CLICKING HERE
[ad_2]
Source link