Traders are pinning their hopes for the reopening of the U.S. economy on the potential for broader availability of testing for COVID-19 cases and on drug tests for treatments of the lethal disease but stated, till there is solid development in these areas, further stock market yields may be limited.
A lot of the S&P 500’s nearly 27% advance above its March 23 low has been because of hopes that massive U.S. fiscal and monetary support would hamper the economic strike from remain-at-home orders designed to contain the coronavirus pandemic.
However, recently, the index has reacted to reports about tests and particularly Gilead Science’s remdesivir experimental remedy for COVID-19, the respiratory illness brought on by the novel coronavirus. Remdesivir, which previously failed as a therapy for Ebola, is created to keep a virus from replicating and overwhelming a patient’s immune system.
This volatility marks investor impatience for indications of when state and Federal authorities may begin to relax remain-at-home orders and get individuals back to work.
So far, there are no accredited treatments or vaccines for the disease, which has killed more than 190,000 people around the world, based on a tally. The disease has infected over 928,000 people and killed more than 52,000 in the U.S. alone, based on the latest data from the U.S. Centers for Disease Control and Prevention (CDCP).