U.S. stocks continue to rise, Dow Jones index up more than 200 points

U.S. stocks continued to rise in midday trading on Monday, with the NASDAQ index and the S & P 500 index, as well as apple, Amazon and other record highs. FDA urgently authorized the use of plasma therapy. It is said that trump will promote the rapid approval of a vaccine.

The Dow Jones index rose 258.69 points, or 0.93%, to 28189.02; the NASDAQ rose 60.06 points, or 0.53%, to 11371.86; and the standard & Poor’s 500 index rose 23.86 points, or 0.70%, to 3421.02.

On Monday morning, the NASDAQ index rose to 11462.05, and the S & P 500 index rose to 3426.99, both breaking the intraday record. Big tech stocks continued to lead the way, with apple, Amazon, Alibaba and Tesla all hitting record highs.

Led by a few technology giants, the US stock market has continued to rise recently, with the NASDAQ index and the S & P 500 index hitting new highs. Michael Hartnett, BofA’s chief investment strategist, said the reason was that the stock market had become “addicted” to the central bank’s easing policy.

Looking into the future, BofA believes that as governments and central banks around the world continue to introduce stimulus policies to boost inflation, coupled with the obvious depreciation of the US dollar, the overall outlook will once again become more beneficial to value stocks.

Investors are focused on the upcoming Jackson Hole annual meeting of global central banks, with few heavy economic data this week. Fed chairman Colin Powell’s speech at the meeting is likely to further clarify the future actions the Fed will take.

FDA urgently authorized the use of coronavirus plasma therapy

On Sunday (August 23), the U.S. Food and Drug Administration (FDA) officially issued an emergency use authorization (EUA) for plasma therapy, allowing the use of convalescent plasma collected from convalescent patients to treat patients with coronavirus infection.

Although the treatment has not yet undergone a complete clinical trial, the FDA said it believes the data so far suggest that “this product may be effective in treating coronavirus, and the known and potential benefits of the product outweigh the known and potential risks of the drug.”

EUA system is developed by FDA in order to better apply medical countermeasures in emergency situations such as chemical, biological and nuclear pollution. In 2009 H1N1 influenza, 2014 Ebola virus, 2016 Zika virus outbreaks, FDA has used the system.

EUA does not equate to approval, but obtaining the EUA indicates that the FDA believes that the benefits of the treatment outweigh the risks. Even if the treatment regimen or product is not officially approved by FDA, it can be used for diagnosis, prevention and treatment.

Plasma therapy is the novel coronavirus pneumonia, which is extracted from the recovered new crown pneumonia patients, and is used to treat severe patients because the plasma in the recovery phase is the part containing antibodies in the blood, and these antibodies can respond to infection.

At a white house media briefing on the 23rd, U.S. President trump called the urgent authorization of plasma therapy for the treatment of coronavirus as a “very historic breakthrough”, and said that according to the Mayo Clinic Study on patients, this treatment reduced the mortality rate of patients with coronavirus by 35%.

In fact, the treatment has been used for months. Since March, Mayo Medical Center in the United States has carried out relevant programs, and more than 70000 people have received treatment.

In his speech, trump stressed, “we have allocated US $48 million for a clinical trial to study the use of plasma from rehabilitation patients to treat patients with coronavirus infection. More than 100000 volunteers have participated in this study and received this treatment.”

Trump wants to quickly approve the UK vaccine before the election

U.S. President trump is pushing for at least one new vaccine to be available before the election. The trump administration is considering quickly approving a candidate coronavirus vaccine in the UK by bypassing the normal regulatory standards in the United States, with one option being to grant an emergency use authorization (EUA) to AstraZeneca and Oxford University candidate vaccines, British media reported on Sunday.

According to people familiar with the matter, the food and drug administration could authorize as early as October.

But a spokesman for the U.S. Department of health and human services told the media that it was “absolutely wrong” to grant Oxford University an emergency use authorization for the experimental vaccine before the US presidential election.

Before this week’s Republican National Convention, most polls showed Trump’s approval rating behind Biden’s. According to the analysis, trump hopes to speed up the vaccine process to improve its support rate.

So far, the United States is still the country with the highest number of coronavirus infections and deaths in the world. According to the latest real-time statistics of who, as of 18:30 on August 24, Beijing time, there were 23279683 confirmed coronavirus cases and 805902 death cases in the world. Real time data from woldometers show that 5874295 cases of infection have been confirmed in the United States, accounting for about a quarter of the global total, with 180605 deaths.

According to the latest data predicted by the Centers for Disease Control and prevention, the number of coronavirus deaths in the United States is expected to reach 187000-205000 by September 12. According to the estimates of researchers from the Institute of health indicators and evaluation of the University of Washington, if the United States does not take national epidemic prevention measures, the number of new deaths in a single day in the United States may reach as high as 6000 by the end of this year.

In a speech last week, Trump’s rival, Biden, accused the U.S. government of being less responsive to the epidemic than any other country.

For vaccine related news, the White House temporarily declined to comment. AstraZeneca also declined to discuss U.S. emergency licensing of potential vaccines, adding: “it’s too early to discuss this possibility.”

The vaccine, developed jointly by AstraZeneca and the University of Oxford, is continuing its second and third phase trials in the UK and other countries. Tens of thousands of volunteers have been injected. The project is seen as a leader in more than 100 other potential vaccines.

But the U.S. government’s scientific institutions believe that vaccine trials need at least 30000 people’s injection results to pass regulatory standards. The vaccine is currently being studied on a larger scale with 30000 volunteers, but trials have not yet been completed.

Trump will accept the Republican presidential nomination

The Republican National Congress (RNC) will open in Charlotte, North Carolina, from 24 to 27. Affected by the epidemic, the main activities of the Republican National Congress will be held online and remotely. Only a small number of Republicans will personally participate in the agenda of the Congress in Charlotte, North Carolina, in the southeast of the United States.

Last week, former Vice President Joe Biden formally accepted the Democratic Party’s presidential nomination at the Democratic National Congress (DNC).

This week’s Republican convention will nominate current U.S. President trump and vice president John burns, who are seeking re-election, as presidential and vice presidential candidates for the 2020 US election. Trump will give a speech on the South Lawn of the White House on the evening of 27th, formally accepting the nomination of the party.

NABE survey: the U.S. economy has a quarter chance of falling into a double dip recession

According to the latest survey by the National Association for Business Economics (NABE), economists believe that the U.S. economy has a quarter chance of falling into a double recession. Respondents believe that the U.S. economy may come out of recession in the second half of this year or some time next year, but most economists say Congress needs to expand supplementary aid.

The NABE survey was conducted from the end of July to the beginning of August, summarizing the responses of 235 members. Two thirds of the economists surveyed said the U.S. economy is still in the recession that began in February, and nearly 80 percent believe there is at least a quarter chance of a double dip recession. The so-called “double dip recession” refers to a short-term recovery after the first recession, and then falls into recession again.

Most economists said they thought Congress should expand the supplementary unemployment insurance and wage protection program (PPP) for small businesses, and 22% believed that the next round of assistance should be between $1.5 trillion and $2 trillion.

Focus stocks

South Africa Sasol, Eni oil, Royal Dutch Shell, BP, total and other oil and gas companies generally rose.

The vaccine jointly developed by AstraZeneca and Oxford University is expected to receive rapid approval in the United States.

Apple continues to climb.

Facebook paid 106 million euros for French tax services in 2009-2018.

Under the influence of tropical storms “Marco” and “Laura”, motiva, a large US oil refining joint venture, may close the largest refinery in the United States.

Sumo logic, a machine data analysis company, filed for an IPO seeking to be listed on the NASDAQ Exchange.

UBS raised its target price for Newmont mining from $58 to $71. Raise the target price of Barrick gold from $28 to $34.

Other markets

Europe’s Pan European 300 index was up 1.66%, the UK’s FTSE 100 index was up 1.7%, Germany’s DAX index was up 2.4%, France’s CAC index was up 2.3%, and Spain’s ibex index was up 1.3%.

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