The Stock Exchanges in New York Opened on Friday With Small Price Movements
The stock exchanges in New York opened on Friday with small price movements. Investors remain concerned about the rapid spread of the coronavirus.
On the other hand, pharmaceutical companies Pfizer and BioNTech came up with uplifting news about their corona vaccine. In addition, the focus is on a conflict between the Federal Reserve and the US Secretary of the Treasury.
Shortly after opening, the Dow Jones index was 0.2 percent lower at 29,420 points. The broad S&P 500 also fell 0.2 percent to 3576 points, and tech exchange Nasdaq lost 0.1 percent to 11,887 points.
Treasury Secretary Steven Mnuchin disagrees with the boss of central banking umbrella Federal Reserve, Jerome Powell, about the use of support money. Mnuchin said in a letter to Powell that $ 455 billion of the previously promised corona support that runs through the Fed should be diverted.
Primarily because it is hardly used, according to Powell, it is essential that the emergency kits remain as they are to help the fragile economy in the US through the crisis.
Pfizer and Germany’s BioNTech, which is listed on the New York stock exchange, rose 2.5 and 7 percent respectively. The developers of a coronavirus vaccine questions Friday yet approved by the US drug authority FDA for the drug.
Another pharmaceutical with a drug that is used against the corona pandemic, Gilead, lost just 1.3 percent. The World Health Organization advised against the use of the Gilead drug remdesivir in the treatment of patients with Covid-19 because its effect would be too limited.
Previously, this drug was used for the treatment of lung disease.