President Trump said he’ll assess on Monday or Tuesday on what course to take regarding actions on the coronavirus.
Elaborating on his recent comments that he wants the U.S. to get back to work, he said, “You can destroy a country this way by closing it down.”
“We’re opening up this incredible country. Because we have to do that. I would love to have it open by Easter.”
The faster we bring the economy back, the better it will be, he said during a virtual town hall on Fox News.
“You can’t just close the biggest, most successful country by far,” Trump said.
Talking about the legislation the Senate is working on to mitigate the economic effect of the spread of the coronavirus, “This bill is absolutely aimed at small businesses and workers,” he said.
Nasdaq is up 5.9%, S&P 500 rises 7.1%, and Dow rises 8.2%.
Update at 1:43 PM: The U.S. has done more Covid-19 testing in eight days than South Korea did in weeks of testing, said Dr. Deborah Birx, White House coronavirus task force response coordinator.
Update at 1:40 PM: The administration is working to make sure medical supply, such as personal protective equipment, “gets to where it needs to,” but is also working to lower demand for such supplies, Surgeon General Jerome Adams said. One way to lower demand is through a new self-swab Covid-19 test, which would lower the need for personal protective equipment, he said.
Update at 1:27 PM: Trump said, “I’d love to have it [the economy] open by Easter,” which is April 12. “I think absolutely it’s possible,” he said later in the discussion.
“We can do much of what we’re doing from a work environment,” he said, referring to practicing social distancing, hand washing, and frequent cleanings.
People want to save their businesses, Trump said. “People want it open and that’s the way our country was built.”
Update at 1:24 PM: Trump said that minutes ago he heard lawmakers are doing well in their talks for a relief package.
Event end at 2:01 PM.
Update at 3:45pm: In an interview aired on Fox, President Trump said that they were not going to let Boeing go out of business, repeating that the taxpayers may get equity or other recompense from the co. in return. The Boeing CEO earlier today said he would reject aid if it required an equity stake
At 3:48 PM ET, the three major U.S. stock averages are below their session highs, but still firmly in the green; the Nasdaq rises 7.1%, the S&P 500 gains 8.3% and the Dow climbs 9.8%.
The latest tally of global COVID-19 cases (Johns Hopkins Case Tracker) is 398,107 (+36K from yesterday) with 17,454 death (+1,959). Leaders:
China: 81,591 cases (+95 prior) with 3,281 deaths (+7).
Italy: 63,927 (+4,789)/6,077 (+601).
U.S.: 46,805 (+5,844)/593 (+108).
Spain: 39,676 (+6,587)/2,696 (+490).
Germany: 31,370 cases with 133 deaths.
In a note, Raymond James says results from 44-subject study evaluating AbbVie’s (ABBV +9.5%) HIV med Kaletra (lopinavir/ritonavir) in COVID-19 patients failed to deliver a benefit, the second failure for the potential indication.
Last week, the New England Journal of Medicine published the results from a 199-subject study that showed treatment with the combo pill failed to shorten recovery compared to standard-of-care (SOC) treatment, although patients in the Kaletra arm experienced a shorter stay in the ICU. The mortality rate at day 28 favored the Kaletra group, 19.2% versus 25.0%.
Curaleaf Holdings (OTCPK:CURLF +25.6%) is up on increased volume in the heels of its announcement that it will acquire three Arrow Alternative Care dispensaries in Connecticut. Financial terms are not disclosed.
COVID-19 infections are apparently spiking in New York, now representing a “troubling and astronomical” number of cases according to Governor Andrew Cuomo who adds, “We’re not slowing it and it is accelerating on its own.”
The state now estimates that it will need 140K hospital beds, up from its previous projection of 110K. The apex of cases could occur in 14 – 21 days.
According to the CDC, the state has reported over 15K cases to date, tops in the nation and 45% of the U.S. total of 33.4K.