Investors are pinning their hopes for the reopening of the U.S. economy on the potential for wider availability of testing for COVID-19 cases and on drug trials for treatments of the deadly disease but said, until there is concrete progress in these areas, further stock market gains may be limited.
The New York Stock Exchange is seen in the financial district of lower Manhattan during the outbreak of the coronavirus disease in New York City, U.S., April 26, 2020. REUTERS/Jeenah Moonalmost 27% advance above its March 23 low has been due to hopes that massive U.S. fiscal and monetary support would dampen the economic blow from stay-at-home orders designed to contain the coronavirus pandemic.
So far there are no approved treatments or vaccines for the disease which has killed over 190,000 people globally, according to a Reuters tally. The disease has infected more than 928,000 people and killed more than 52,000 in the United States alone, according to the latest data from the U.S. Centers for Disease Control and Prevention.
But on Thursday the index temporarily pared gains after a report Gilead’s drug failed a trial the drugmaker itself deemed inconclusive because the study was ended early. On April 17 investors were encouraged after medical news publication STAT reported rapid improvements in COVID-19 patients in one hospital studying the drug.
While there are more than 70 vaccines in development for coronavirus, Manulife Investment Management’s Steven Slaughter, who manages a roughly $3.5 billion dedicated healthcare fund said he expects development of a successful vaccine to take at least 12-18 months compared to the average vaccine development time of 5-7 years.
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