Stocks soar to record highs as President Trump hails ‘major breakthrough’ in COVID-19 fight

U.S. stocks rallied to record highs Monday after a report said a COVID-19 vaccine could come before the November 3rd election and President Trump announced a “major breakthrough” in the fight against COVID-19.

The Dow Jones Industrial Average gained 223 points, or 0.8%, in the opening minutes of trading while the S&P 500 and the Nasdaq Composite were higher by 0.79% and 1.21%, respectively, extending further into record territory.

Jonathan Garber for FOXBusiness:

Stocks soar to record highs as President Trump hails 'major breakthrough' in COVID-19 fightThe early gains came after a Financial Times report said AstraZeneca plc’s experimental COVID-19 vaccine is being considered by Trump for fast-track designation in an effort to get an immunization to market ahead of the November election.

The report added to investor enthusiasm that emerged on Sunday evening after Trump announced an emergency authorization to use convalescent plasma to treat COVID-19 patients.

“This is a powerful therapy that transfuses very, very strong antibodies from the blood of recovered patients to help treat patients battling a current infection,” Trump said just over 24 hours before the start of the Republican National Convention.

Elsewhere on the vaccine front, Moderna Inc. announced enrollment for its Phase 3 COVID-19 vaccine trial, expected to begin in September, crossed the 40% level.

Meanwhile, Apple Inc. surged to record highs as investors raced to beat Monday’s deadline to get in on the 4-for-1 split, which will take place at the close of business on Friday.

MacDailyNews Take: With this morning’s rally, Apple is worth some $2.198 trillion, adding $200 billion, or two AMDs worth of value in mere days. As per Apple’s 4-for-1 split, each Apple shareholder of record at the close of business on August 24, 2020 will receive three additional shares for every share held on the record date, and trading will begin on a split-adjusted basis on August 31, 2020.

40 Comments

    1. It’s Hydroxychloroquine. And it works. Of course you wouldn’t know that if all you watch is MSDNCNN.

      Treatment with Hydroxychloroquine Cut Death Rate Significantly in COVID-19 Patients, Henry Ford Health System Study Shows

      In a large-scale retrospective analysis of 2,541 patients hospitalized between March 10 and May 2, 2020 across the system’s six hospitals, the study found 13% of those treated with hydroxychloroquine alone died compared to 26.4% not treated with hydroxychloroquine…

        1. Okay – NEWS FLASH – here’s a fact – “ALL” drugs, from aspirin, vitamins and prescription drugs have side effects and in certain dosages can cause serious harm and even death.
          The key is that the potential and I quote “Potential” side effects need to be known and discovered in advance so that mitigating steps (lower dosage, maintain vigil, take other drugs to offset side effects) are taken.
          The good news is that Hydroxychloroquine has been around for decades and most if not all side effects are know.
          Also, you can’t take the real Hydroxychloroquine without a prescription so the doctor prescribing would maintain observation or take steps to protect the patient.

          Somehow, the mainstream media and the never-Trumpers are leaving out these “KEY” facts and are being dishonest.

          This doesn’t help and is preventing legitimate medicines from being tested, used.

      1. Sorry First, but the study you quote is only for hospitalized, severely ill people and doesn’t apply to preventing the disease which is what our President is pushing. In addition there is a letter from the Henry Ford chief medical officers in the same article pointing out the problems with this retrospective study and why it should only be regarded as a preliminary:

        The answer to whether Hydroxychloraquine can prevent Covid was just published in the New England Journal of Medicine, Volume 386, August 6, 2020, pp 517-525 “Randomized Trial of Hydroxychloraquine as Post Exposure Prophylaxis for Covid 19”.

        It doesn’t work. There was no reason to suspect it would work. The original information came from a small badly performed study in France. Unfortunately, our President chose to push an unproven treatment instead of waiting for the science. Science, in general, and Medicine in particular are full of examples of this type of behavior. Just because you don’t like science doesn’t mean it isn’t true and ignoring it just makes a person wind up looking foolish.

        If you want accurate information, listen to the scientists, most prominently Dr. Fauci, who has been about 99.9% accurate and pay attention to the science, not wishful thinking. Just because you don’t like it doesn’t make it any less true.

    2. Yeah, Sparkels, per hydroxycholoquin…you’ve been in the bottle, or basement this long?
      In your world, the negatives stay negative regardless if something truthful is associated with Trump.
      Perfect example of the irrationality that sticks on the other side.

      How are you feeling about Russian collusion? Have you read about the FBI agent that did a little rogue doc-mock-up? I bet not. It’s a good read. You should check it out. It gives a nice story about the lies you and I have been fed for the last 3+ yrs. A true scandal and Don doesn’t have a part. Imagine that. Hey, I think you might have some egg on YOUR FACE.

      I’ll guess, you don’t care, because like one reader said just today….

      “If Trump endorses it, it must be bad! I don’t want it, even if it works!”

      Primo Irrationality! Cheers!

      1. Read the recently-released Republican-led bipartisan committee’s report on their investigation that ran parallel to Mueller’s, and just completed, if you want to know about Russian collusion. Spoiler, they confirmed there was LOTS of it. Though I’m sure you’ll find some reason to discredit this report too, or just not read it and say it’s a witch hunt/hoax. It’s probably not something Mr. Hannity is going to be discussing in depth.

        1. Breaking news: “Collusion” the favorite Democrat bogeyman word is not against the law! Any contact can be described as collusion on any topic left or right. But it is not against the law. Do you understand?

          So keep grasping at straws, the Mueller Report wasted 35 million dollars and FOUND NOTHING. Let me repeat, FOUND NOTHING.

          Please get a grip…

          1. FBI attorney recently pleads guilty to falsifying a doc that enabled an illegal investigation to proceed (Crossfire Hurricane). Info enabling the search was sourced from group paid for by the D Party. This supporting info had Russian sources. FBI knew report contained erroneous info, but ok’d investigation to proceed. There was clear cut association of D party involvement with Russians, with the aim to besmirch, confound, interfere with R candidate’s election.

            The case against (scumbag) Manafort grew from special counsel Robert Mueller’s investigation into Russian interference in the 2016 election, although Manafort was convicted of crimes that were not tied to the Trump campaign.

            The case against (scumbag) Roger Stone had no “collusion” thread…as in working with Russians.

            Mr. Aroma is reading a report he created himself, as the recently released bi-partisian report, per collusion, did NOT they confirm “there was LOTS of it.” It was clear to both D’s & R’s, the Russians themselves sought to interfere in the 2016 election. Most people on the earth would say to that, “duh,” Russians have been interfering in all thing US since things went Red.

            1. Yes indeed! First shoe dropped and more to come!

              And it did not waste $35 million taxpayer dollars and unfairly target the Prez and tar and feather his reputation daily for 3.5 years. A few clueless diots here still believe he is a Russian servant, troll, whatever…

            2. You obviously didn’t read the report, because it clearly indicated that Trump knowingly benefited from Russian interference in 2016. There is a specific reason Trump hired Manafort to run his campaign.

              “Manafort hired and worked increasingly closely with a Russian national, Konstantin Kilimnik. Kilimnik is a Russian intelligence officer,” reads the report.

              https://thehill.com/policy/national-security/512487-senate-panel-releases-final-report-on-russian-interference-detailing

              Darling daughter Ivanka sent Daddy emails to attempt to benefit from Russian muckraking. Junior took meetings in Trump Tower with other Russian operatives.

              Barr and McConnel may have blocked prosecution of the most corrupt president in history but it is plain as day to the intelligent voter that this administration must be removed before the newly filled swamp gets any deeper.

          2. Goeb can’t read if he thinks Mueller found nothing. Mueller prosecuted over a dozen lawbreakers and collected more fines than the expenses incurred.

            Why does the suddenly financially concerned Goeb not express dismay about the corruption in the swamp? Does he not know that his orange idiot hero has presided over the fastest peacetime increase in deficit in US history BEFORE the pandemic?

            Next we will hear Goeb explain to us that corrupt Bannon needs to be pardoned because America will fall apart without such friends of Orange Idiot inhabiting the swamp.

            Goeb, go back to St Petersburg where you came from.

    1. Only the stupid believe that. Only a moron would think that business and the market want a return to overregulation, trillions wasted on B.S. like non-binding feel-good global warming treaties-in-name-only, and massive tax increases.

        1. “Trump’s bullshit today was a non-tested “cure” not based on ANY science.”

          What exactly is YOUR definition of science?
          I’m thinking if it isn’t DNC approved then you call it fake, regardless.

          Ammi-rite?
          Yeah, of course I am….

      1. Trump is toast. You have to be pretty stupid to not see the writing on the wall. Moreover, plasma from infected people that have recovered is not new. It’s been around for awhile. Each bacteria/virus case is different and needs extensive testing. COVID antibodies to not appear to be long lived so this treatment (not a cure) is dubious from the outset but it is worth doing a proper controlled study.
        Maybe under President Biden, when the world returns to normal, science will work on this in a scientific and not political fashion.

          1. Hey no problem. We’ll expect to see you raging like your orange master in Arkham Asylum having had a nervous breakdown from Trump’s Nov. landslide loss. Lots of pointing and laughing.

            1. First night of GOP convention delivers nearly six times more views than start of Democrats’ event on C-SPAN livestream

              Democratic presidential nominee Joe Biden’s speech on Thursday night mark[ed] a 21 percent drop from presidential nominee Hillary Clinton’s acceptance speech at the Democratic convention in 2016. They are also more than 38 percent lower than President Trump’s acceptance speech at the Republican convention four years ago.

              Enthusiasm Chasm.

              https://thehill.com/homenews/media/513507-first-night-of-gop-convention-delivers-nearly-six-times-more-views-than-start

  1. Well…the “major breakthrough” announced last Friday was an overrule of the FDA on their emergency use authorization on blood plasma, which undermines the research studies trying to determine its effectiveness.

    FYI, the initial studies have problems, but have suggested a minor (IIRC ~3%) short term benefit, but it is unclear if it has a tangible benefit @ 28 days. With the FDA hamstrung, we’ll have to wait for the UK study to quantify…including the risks (regardless of what anyone may claim, transfusions are never risk-free).

    TL;DR summary: not positive news; Market is foolish to take the bait. If anything, it is bad news because it proves an increase in the (anti-science) politicization of the FDA.

    Next up is the prospects of an announcement for a vaccine by Election Day.

    First, given the political climate, I’d be shocked if a vaccine announcement wasn’t used as an attempted “October Surprise” for partisan gain.

    Second, an announcement does not a cure make. Russia just did such an announcement for propaganda purposes … it was barely in Phase I / II … not ready for public dissemination as a “Proven Safe & Effective”.

    Third, even if it isn’t vaporware, does anyone really believe that Trump’s political opponent of Biden would then stop the vaccine? Of course not.

    TL;DR: the vaccine is on its own reality-based timeline that shouldn’t be altered by partisan politics.

    And a precautionary tale: the last time that the USA tried a “Warp Speed” was under Gerald Ford for the Swine Flu in 1976..that program had increased incidences of Guillain-Barre syndrome (94 people paralyzed) that disrupted the program because of the political controversies involved.

  2. The headline is probably two unrelated things that happened. Stocks have been recovering for weeks. Trump has been saying random crap for years. Today they happen at the same time.

    Having a vaccine by november is easy. Having one that WORKS and isn’t dangerous requires something that the US does not have right now.

  3. AstraZeneca, the company developing that vaccine have today denied that they are in talks with the Trump administration regarding fast tracking use for emergency purposes.

    1. And Trump is lying his ass off shamelessly in order to save his inept, incompetent and failed presidency only those with similar sociopathic and problematic mental problems could love.

      1. President Trump engineered the greatest and most remarkable economic recovery of ALL TIME in record time setting many ALL TIME economic numbers!!!

        Get your partisan lying head out of you know what…

        1. GeoB, you know perfectly well that the economy was improving at essentially the same rate during the last three years of Mr. Obama’s tenure as during the first three years of Mr. Trump’s. The “record numbers” are simply the result of his time being the second half of that six years of improvement. The only credit he is due is not screwing up the trend until the fourth year of his presidency.

          Then he screwed up completely, not only doing much more damage to the economy than needed to be done but unnecessarily killing tens of thousands of Americans in the process.

          1. Its useful to look at what the economy was doing, pre-CoVid19, as well as then the response thereto.

            For the former, the KISS bottom line is “not really any different”. Some metrics are up, others are down, most are the same. See the charts in the below links.

            The deeper dive is that the US Economy was in a slowdown in late 2019, which was offsetting the short-lived 2018 “sugar rush” from the 2017 tax cut bill. Being that this bill was classical Keynesian stimulus, no one with a head on their shoulders was at all surprised by its transience. Meanwhile, the tariffs continued to do their damage.

            https://www.nbcnews.com/politics/meet-the-press/data-show-trump-didn-t-build-great-economy-he-inherited-n1237793

            https://www.forbes.com/sites/chuckjones/2020/02/01/trumps-economic-growth-is-slower-than-obamas-last-3-years/#3e07c0f44fed

            https://markets.businessinsider.com/news/stocks/9-charts-comparing-trump-economy-to-obama-bush-administrations-2019-9-1028833119#

            For CoVid19, the lame response has made the loss-of-life and the economic damage worse than it really had to have been. Worth pointing out in particular is the comment from Goldman Sachs and the Economist:

            “According to our reckoning, an American wearing a mask for a day is helping prevent a fall in GDP of $56.14. Not bad for something that you can buy for about 50 cents apiece.”

            https://www.economist.com/finance-and-economics/2020/08/22/why-the-economic-value-of-a-face-mask-is-5614

            TL;DR: refusal to wear a mask means you’re only hurting your own local economy from being able to recover.

            In the meantime, I’ve personally been tracking the daily mortality rate (normalized on a per-capita basis) to try to gauge what regions are hot spots (and not) as a means of assessment.

            The “big picture” is that early-hit Blue Northeast is doing pretty well in their management – roughly 30% of the National Average (currently 3.0 deaths/day per million), whereas the Southeast is still quite hot (~200% the National Average) despite some localized cooling (GA, FL).

            The “potential new emerging hotspot” for this week to watch is TN.

            The National trend is a slight moderation (mortality down -7%), but having some cooling of mortality makes sense as a “backside” of July 4th weekend infections.

            In the meantime, while cases are up, its:
            * too early to see mortality increases from Sturgis;
            * too early to see mortality increases from reopened schools.

            Sturgis is going to be a challenge to track, since the visiting population dispersed geographically, so its probably more likely to manifest as a National bubble than a regional one, and will probably be conflated with Schools.

            In the meantime, we’re hearing alleged tyranny of State quarantines; happened to have a zoom with a friend in Hawaii yesterday .. multi-generational family gatherings are a big part of the pacific islander culture which is put at higher risk, so HI has some pretty damn strict quarantine rules in place. If I heard correctly, its up to a $5000 fine and supposedly, they’ve now caught 1500 violators…

          2. “ economy was improving at essentially the same rate during the last three years of Mr. Obama’s tenure as during the first three years of Mr. Trump’s”

            NO “essentially”! Cherry picking and selective LYING like the rest of the Democrat ilk trying to REWRITE Obama’s poor economy and deny Trump credit where credit is due. Not somehow equal — NO, not even close,

            For the other 95% of the story. Economy was growing yes, but at the slowest pace after a recession in history with anemic GDP numbers compared to the last 3.5 years. You failed to mention that.

            So many record economic numbers too numerous to mention established, particularly unemployment lowest in 50 years and also among minorities and others. To this day you can’t face the truth and still deny or refuse to acknowledge ALL government records set under the president.

            Your a waste of time and what you pass day in and day out is opinion, fiction and DENIAL of REALITY…

            1. Okay goober, selective cherry picking of data proves that despite the short term sugar high of corporate tax giveaways, Lyin Don couldn’t sustain a GDP growth rate more than 2.5%. Obama averaged 2.4% and he took office when the economy was literally tanking. By 2014, the US economy was doing better than any other large mature country. Then the divisionist and isolationists arrived in 2016. Trade has been an absolute mess ever since. The economy was slippieven before the infamous little seasonal flu of 2019 showed up. You know, the one that would magically disappear with the summer heat.

              Depending on what campaign speech you choose to cite, Lyin Don promised 3, 4, 6 and even 8% growth forever. Somehow he thought that was possible while simultaneously closing all immigration so population growth in the USA is near zero net.

              He did not deliver economic results and with the botched response to the pandemic, US economic growth is teetering on the edge of a cliff.

              This administration whips up the fear with all kinds of stuff that local police are responsible to take care of, while shirking constitutional duties like making the USPS work for all Americans. This administration hasn’t done any major infrastructure investments to spur job growth, nor any significant job training programs. It never bothered tonpropose any health reform. The USA hasn’t repatriated any manufacturing and small business owners are dying without federal support. The only thing this administration cares about is its own enrichment and the wealth of its billionaire campaign donors. Anybody would be a better president than the golfer and con man we have now.

              Get an effin clue Goober.

            2. Good summary, MR, but there is no talking sense to somebody who thinks a 2.4% growth rate is “anemic” while 2.5% is “the greatest and most remarkable recovery of ALL TIME.”

            3. “Economic growth, measured as the change in real GDP, averaged 2.0% from Q2 2009 to Q4 2016. This was slower than the 2.6% average from Q1 1989 to Q4 2008.”

              “Under President Trump, real GDP beat expectations and grew at a 2.5 percent annual rate from the election to the end of 2019—faster than the rate under President Obama’s expansion period.”

              You can’t get the first fact straight @MR hawking a false narrative so easy to expose, won’t bother wasting my time reading the rest of your post.

              Enjoy your ignorance, “Goober”…🤣

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