There have been over one million positive COVID 19 cases in the United States, and over 61,000 people have died. The US stocks market on Wednesday saw a positive rally after the reports that a possible treatment for the coronavirus showed early signs of promise. The director of the National Institute of Allergy and Infectious Diseases, Dr. Anthony Fauci, reported that initial results of a federal trial with Remdesivir, an experimental antiviral drug, showed potential in the treatment of COVID 19 positive cases.
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US stocks rally after the positive news about COVID 19 treatment
The US stocks rallied after the US authorities announced the initial success of an antiviral drug in the treatment of COVID 19 cases. The S&P 500 gained nearly 3% on a day the Commerce Department reported the worst quarterly contraction in the nation’s gross domestic product since 2008, during the Great Recession. The scientists have warned that rushing with the treatment is not a good idea and is to be researched well before going ahead. US President showed confidence in the treatment as the country moves forward with lifting stay at home orders in several states.
The price of bitcoin crosses above $9,100.
The price of bitcoin is currently trading above $9,100, up nearly 15% in the last 24-hours. The increase in the price of bitcoin coincided with the US Fed’s announcement at hinting further stimulus package to recover the economy. The announcement of the initial positive impact of the antiviral drug on COVID 19 also expected to have a further positive impact on the leading cryptocurrency. US President Donald Trump further talked of seeing the light at the end of the tunnel very strongly as the country moves ahead with the plans to reopen the economy.
Currently, there are over 3.2 million positive COVID 19 cases, with over 228,000 deaths all over the world. So far, over 1 million people have successfully recovered from the virus.
