Investors bet on testing, treatments for restart of US economy

REUTERS: Investors are pinning their hopes for the reopening of the U.S. economy on the potential for wider availability of testing for COVID-19 cases and on drug trials for treatments of the deadly disease but said, until there is concrete progress in these areas, further stock market gains may be limited.

So far there are no approved treatments or vaccines for the disease which has killed over 190,000 people globally, according to a Reuters tally. The disease has infected more than 928,000 people and killed more than 52,000 in the United States alone, according to the latest data from the U.S. Centers for Disease Control and Prevention.

While Michael O’Rourke, chief market strategist at JonesTrading in Stamford, Connecticut is encouraged by the number of researchers working on coronavirus treatments, he is cautious about the stock market's near-term prospects. Then it could be years before pharmaceutical companies can produce enough to vaccinate the world's entire population.

While treatments may not necessarily slow transmission of the disease, they could help doctors control the severity of infections, easing pressure on intensive care units . "What will be more critical will be the testing capacity and the efficacy of track and trace programmes," said Salman Ahmed, chief investment strategist at Lombard Odier Investment Management. Test developers include Abbott Laboratories and Roche Holding .

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