Home / Mac / Wall Street closes sharply lower on President Trump’s positive COVID-19 test

Wall Street closes sharply lower on President Trump’s positive COVID-19 test

As news of US President Donald Trump’s positive COVID-19 test put investors in a risk-free mood and increased uncertainty surrounding the impending election, US stocks closed lower on Friday.

Trump will stay at the Walter Reed National Military Medical Center in Maryland for a few days, according to a White House spokesman. According to the White House, the president will work from the hospital̵

7;s presidential offices out of “an abundance of caution.” Sources close to the case have said that the president is experiencing a low-grade fever, according to reports.

Associated Press:

President Donald Trump appeared in public Friday night for the first time since he was hit by COVID-19, and boarded his Marine One helicopter for a flight to a military hospital when the virus that has killed more than 205,000 Americans spread to the highest parts of the United States Government.

The White House said the “few days” visit to Walter Reed National Military Medical Center was preceded and that Trump would continue to work from the hospital’s presidential suite, which is equipped to allow him to maintain his official duties.

Trump walked out of the White House and gave a thumbs up …

Earlier Friday, the White House said Trump had been injected with an experimental antibody cocktail by the White House doctor. The president’s doctor said in a note late Friday that Trump received a dose of an experimental antibody cocktail of Regeneron that is in clinical trials. Navy Chief Dr. Sean Conley said Trump is “still exhausted but in a good mood” and that a team of experts is considering both the president and first lady with a view to the next step.

The first lady, who is 50, has a “mild cough and headache,” Conley reported, and the rest of the first family, including Trump’s son Barron, who lives in the White House, tested negative … Trump’s Supreme Court nominee, Judge Amy Coney Barrett , who was with him and many others on Saturday and has been to Capitol Hill meetings with lawmakers, also tested negative, the White House said.

Statement by President Trump’s physician, Navy Commander Dr. Sean Conley:
Statement by President Trump's doctor, Navy Commander Dr. Sean Conley:

Nexstar Media Wire:

In a statement late Friday, Regeneron confirmed that Trump received the REGN-COV2 antibody cocktail as part of a “compassionate use request”, which is when the Food and Drug Administration allows unapproved treatments to be made available to treat sick patients when no other treatment is available.

The company’s compassionate use program defines it as intended for patients with severe or life-threatening conditions who have no viable or available treatment options and who are unable to participate in ongoing clinical trials. ”

Trump is receiving a combination drug with two antibodies that is currently in late-stage studies from Regeneron Pharmaceuticals Inc. The company previously developed a successful treatment for Ebola using a similar approach.

It is given as a single treatment through an IV.

Trump’s doctor, Dr. Sean Conley, said the drug was given “as a precaution” and that Trump also took zinc, vitamin D, an antacid called famotidine, melatonin and aspirin. None of these have been shown to be effective against COVID-19.

Released earlier this week, the first data from a trial of Regeneron’s COVID-19 antibody cocktail is encouraging. The top dose of treatment relieved the symptoms faster than placebo for patients who are not sick enough to be admitted.

The initial phase included 275 patients in the step-by-step study. The most important improvements were seen in patients who had not already received a natural response, the company said.

Jeanne Marrazzo, director of the Infectious Diseases Division at the University of Alabama in Birmingham, told CNN that the results were “very promising.”

The company said the treatment is intended as a therapeutic replacement for a natural response to the virus. According to a press release, Regeneron said they hope to confirm their first findings in a second group of patients.

“What I find fascinating is that it shows that antibodies really matter, and that the antibody against the spike protein was very useful, especially when people made the antibodies themselves,” said Marrazzo. Whether it’s antibody therapy or vaccine targeting these proteins, it sounds like we’re on the right track. I find that very encouraging. ”

Stephen Culp for Reuters:

US stock indices are rising

Technical equities weighed heaviest on the indices, but Down’s losses were reduced by gains in economically sensitive cyclical equities.

Despite Friday’s sell-off, both S&P and Nasdaq rose 1.5% during the week, while the Dow ended the session 1.9% higher than last Friday’s close.

Trump tweeted late Thursday that he had contracted coronavirus and wanted to be quarantined, which exacerbated the strangers to an already unstable market. But equities offset losses after the White House gave assurances that Trump, although experiencing mild symptoms, is not incompetent.

In a reversal from recent sessions, market leaders Apple Inc, Amazon.com and Microsoft Corp were the heaviest draws on S&P and Nasdaq.

MacDailyNews Take: Well, we expected a bumpy ride to US Election Day!

Fortunately, the dish has already been bottled. Prost, everyone!

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