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Stocks slip as investors assess news of Pfizer vaccines, treasury lending programs



Shares opened lower on Friday after the US Treasury Department suspended some coronavirus pandemic programs provided to the Federal Reserve, which the central bank considers “substantial.”

All three main averages traded lower by about 0.1% at the beginning of trading.

Ticker Security Last Change Change%
I: DJI DOW JONES AVERAGE 29362,51
-120.72 -0.41%
SP500 S&P 500 3573,57 -8.30 -0.23%
I: COMP NASDAQ COMPOSITIVE INDEX 11921.189836 +16.48 + 0.14%

Treasury Secretary Stephen Mnuchin wrote a letter to Fed Chairman Jerome Powell asking the Fed to return the unused $ 455 billion given to him under the Care Act to help the troubled U.S. economy.

The move was not expected by Fed officials, who immediately told Mnuchin that the programs should be extended once Mnuchin’s letter was made public.

SHARES REMOVE LOSSES, TECHNICAL AND ENERGY TURNOVERS

INCREASED ACCELERATION

COVID-19 cases have accelerated in recent days, with the country reporting 170,161 new cases on Wednesday, the second highest daily figure. More than 11.7 million people have been infected with the virus, killing more than 252,000, according to data collected by Johns Hopkins University.

On Thursday, the Centers for Disease Control and Prevention recommended not traveling for the upcoming Thanksgiving holiday, as cases are rising across the country.

HELP IS COMING

Despite the growing number of cases in the country and around the world, “hope and help are on the way”, according to Health and Social Services Minister Alex Hazard.

Ticker Security Last Change Change%
PFE PFIZER INC. 36.53 +0.32 + 0.88%
BNTX BIONTECH SE 99.98 +5.05 + 5.32%
MRNA MODERN INC. 97.12 +4.35 + 4.69%

Drugmaker Pfizer said it was applying for approval for emergency use of its COVID-19 vaccine on Friday.

Hazard told FOX Business that approval for the vaccine could come within “weeks,” he also noted, as previously reported, that Moderna could soon follow suit. The two pharmaceutical companies have completed their Phase III trials for their drugs, which show 95% and 94% efficacy, respectively.

Pfizer has partnered with German pharmaceutical company BioNTech for its drug, known as BNT162b2. Shares of BioNTech rose 5% early Friday, while Pfizer and Moderna rose 1.4% and 2.8%, respectively.

Shares of Gilead Sciences fell nearly 2% after the World Health Organization recommended not using remdezivir in patients with COVID-19, noting that there was no evidence that it helped survive. The US FDA has previously approved remdesivir for the treatment of COVID-19.

Trump IS HOLDING AN ASIAN SUMMIT

President Trump will attend the Asia-Pacific Economic Cooperation (APEC) summit, organized by Malaysia, where he is expected to face his Chinese counterpart Xi Jinping.

This will be the first time the two have spoken since Joe Biden was elected president after winning the required 270 electoral votes in this month’s US presidential election. He recently congratulated Biden on his victory.

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Crude oil from West Texas fell 8 cents to $ 41.74 a barrel. For other commodities, gold rose slightly to $ 1,862.10 an ounce.

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