Here’s why the stock market is rallying even though the election outcome is still uncertain

first_img– Advertisement – – Advertisement – Going into the election the NBC News/Wall Street Journal poll showed Democrat Joe Biden ahead of President Donald Trump by 10 percentage points. Polls had also showed the potential for Democrats to claim victory in a number of tight Senate races that could give them a majority.Biden was leading slightly Wednesday in the electoral college, but votes were still being counted in key states, including Pennsylvania. Both Biden and Trump have said they are confident they are winning.Tech, health care stocks in focusBefore the election, some investors had been betting on a ‘blue wave,’ with the focus on the prospect of a huge stimulus program that would have boosted value stocks, small caps, and alternate energy.Big tech had been under pressure, amid concerns of stiffer regulation and higher taxes. Health care also lagged on worries Democrats would expand the Affordable Care Act, and there was concern Democrats would approve regulations that could limit fracking.But those ‘blue wave’ trades reversed Wednesday, with health care surging 5.7%, and technology jumping 4%. Communications services, which includes Facebook and Alphabet, rose 5%, and consumer discretionary stocks rose 3.9%.Two sectors helped by infrastructure spending lagged. Industrials were up just 0.8% and materials were down 0.3%.“It seems like the market will go up regardless of who wins [the White House], but it will go up for different reasons,” said Sam Stovall, chief investment strategist at CFRA. “Technology will do better if the threat of regulation and breakup is dissolved, whereas industrials and materials might do better if there’s going to be economic stimulus with infrastructure spending.”Stovall said the keys to Wednesday’s rally were relief that it’s unlikely Democrats will raise taxes and impose new regulations. Biden had said he would undue the corporate tax cut Republicans approved in 2017 that took the corporate tax rate to 21%. Biden said he would raise that rate to 28% and also raise the capital gains tax and taxes for wealthy individuals.In 2016, stocks surged when Donald Trump won the presidency on his tax and economic policies, despite conventional thinking that the market could crash if he beat Hilary Clinton. Now that his re-election is uncertain, stocks are again higher, despite expectations an unclear election result would hurt the stock market.“It’s a complicated mix of things but the bottom line is the market is moving higher on this mix of reduced uncertainty and a better tax environment and that seems to be enough to offset the concern about a contested election,” said Keon.Bonds flashing cautionBut the bond market is less optimistic.“Let’s say it’s a multiple week delay…I’d say yields would be much lower. If it’s a couple week delay, the 10-year is probably below 0.60%,” said Michael Schumacher, director of rates strategy at Wells Fargo.Schumacher said if Biden is president with a Republican Senate, that is the election scenario that would likely lead to the least amount of stimulus spending. The bond market is already reflecting concerns that less stimulus could impact growth, but stocks Wednesday didn’t appear to share that sentiment.“The election is not out of the woods yet. The market needs to take a breather and let it play out a little bit,” said Schumacher.Wharton School professor Jeremy Siegel said if Biden wins, it could be a positive, even if Trump’s presidency has been good for the economy and stocks.“This is good for the stock market,” said Siegel, on CNBC. “The tax increase was a big potential negative that is off the table.”Siegel said if Biden is the winner he may actually work better with Senate Majority Leader Mitch McConnell because of his reputation of working across the aisle, and he would also have a different approach to trade relations. Siegel said many of Trump’s policies were positive but his trade war was not one of them.The markets have been repeatedly disappointed by a lack of a stimulus deal, so that was one Democratic policy that had viewed as positive by the stock market. The White House had been working out a compromise with House Democrats towards a large $2 trillion stimulus proposal, but the effort stalled ahead of the election. Senate Republicans sought a much smaller package.McConnell said Wednesday that a new Covid stimulus package would be needed by the end of the year, suggesting Congress and the White House could work on a bill in the lame duck session.But there is also a concern that a Biden presidency with a split Congress could end up in gridlock. Stocks have historically performed better when a president has a Congress dominated by his own party, as Trump did early in his term when the tax law was changed.“92 years worth of data show that in divided government years, the average return is 6.1% versus unified government years at 9.3%,” said Julian Emanuel, head of equities and derivatives strategy at BTIG. “Who is president matters to the process itself. Maintaining the integrity of the voting and counting process and the decision of one part or the other to concede and that happening sooner rather than later is important.”Emanuel said he expects the correction that started on Sept. 2 has some ways to go, with stocks still more than halfway back to prior levels. The pandemic is continuing to spread, and if it begins to impact the economy again, stocks would struggle.“Investors have incorrectly gotten comfortable with the dichotomy between the stock market and the real economy,” Emanuel said. But he also said a major incentive for stock investors is the fact the interest rates are very low.“The message of the bond market today is that higher rates can happen, but it is going to be a long slog,” Emanuel said. The typically subdued Treasury market was also volatile. The yield on the benchmark 10-year ran up to 0.94% Tuesday night on early expectations of a blue wave, or Democratic sweep, but reversed sharply and fell to 0.75% Wednesday. Rates had been rising on the expectations that a big stimulus package from Democrats could result in much more government debt and inflation.“You see the 10-year yield is down quite a bit, Nasdaq is up quite a bit. The low interest rates, growth stock oriented market, at least for today, is still in tact,” said Ed Keon, chief investment strategist at QMA.The question is, however, at what point would markets be impacted if the election is contested over a long period, and there is an environment of acrimony that stretches from weeks into months.- Advertisement –center_img The lack of a blue wave makes higher taxes and more regulation less likely, and that’s enough to rally stocks for now.The election outcome is in no way clear as states continue to count ballots. There is no decision on the presidency, but traders are betting on a split Congress with a Republican Senate and Democratic House. Some Senate races were still uncalled Wednesday, and several key states were still counting votes and too close to call.Stocks bounced higher Wednesday, led by the Nasdaq which rose 4% as big tech, like Amazon and Apple surged. Bond yields fell, as investors bought bonds as a hedge against uncertainty and also as a big stimulus package looks far less likely.- Advertisement – People visit the Charging Bull Statue during Covid-19 pandemic in Lower Manhattan, New York City, United States on May 25, 2020.Tayfun Coskun | Anadolu Agency | Getty Imageslast_img read more

Mall Santas to use igloos and virtual visits as Covid cases surge

first_imgSearch quotes, news & videos Mall Santas to use igloos and virtual visits as Covid cases surgelast_img

Closing in on 270: Where things stand in the remaining key states.

first_img– Advertisement – Here is the state of play in the race in the remaining battleground states.GEORGIAElectoral votes: 16Biden narrowly leads Trump, 49.38 percent to 49.36 percent, with more than 98 percent of the estimated vote in.Gap: about 1,100 votes.PENNSYLVANIAElectoral votes: 20Biden leads Trump, 49.4 percent to 49.3 percent.Gap: 5,587 votes.NEVADA- Advertisement – With votes in a handful of states still being tallied early on Friday, Joseph R. Biden Jr. was 17 electoral votes shy of reaching the 270 Electoral College votes needed to win the election, while President Trump was 56 electoral votes short.Mr. Biden had more paths to victory open to him: Twenty-seven combinations of the remaining states would give the presidency, while four combinations would re-elect Mr. Trump and one path would result in a tie.- Advertisement –center_img Electoral votes: 6Biden leads Trump, 49.4 percent to 48.5 percent, with 89 percent of the estimated vote in.Gap: about 11,000 votes.last_img read more

W Dubai – the Palm offers new fitness staycation | News

first_imgOr guests can do all the fitness classes plus the pool brunch for Dhs500. – Advertisement – W Dubai – the Palm is launching a one-time fitness staycation with a pool brunch included at the Wet Deck pool.As Dubai residents seek out new experiences, the new Fuel Happening package is on offer on November 27th and 28th. – Advertisement – OlderLufthansa to offer ‘negative only’ flights between German cities No less than six fitness classes will take place throughout the two days and you can do as many or as few as you like. As well as the Palm Sugar brunch, there will be a mixology class at SoBe.The staycation is priced from Dhs1,250 for two people which includes all fitness classes, brunch, overnight stay and breakfast. – Advertisement –last_img

Oregon orders two-week ‘freeze’ across state amid ‘alarming spike’ in Covid cases and hospitalizations

first_img– Advertisement – Brown also urged all residents to wear a mask all the time, both indoors and outdoors, except when eating and drinking.“The evidence is very, very clear that masks save lives,” she said.This is breaking news. Check back here for updates. – Advertisement – – Advertisement –center_img Oregon Gov. Kate Brown on Friday announced a “two-week freeze” on most activities and non-essential business across the state to curb what she described as an “alarming spike” in coronavirus cases and hospitalizations.The new restrictions, which are set to start Wednesday and run through Dec. 2, limits restaurants to takeout service only; limits retailers, grocery stores and pharmacies to 75% capacity; closes gyms, fitness centers and indoor and outdoor event centers; limits attendance at places of worship and requires other businesses to use remote work as much as possible, Brown said at a news briefing.“One week ago, I announced a two-week pause on social activities to slow the spread of Covid-19 in several of our counties across the state,” Brown said. “Unfortunately, since then, we’ve seen an alarming spike in both cases and Covid-19 hospitalizations.”- Advertisement – Oregon Gov. Kate Brown speaks Tuesday, Nov. 10, 2020, in Portland, Ore.Cathy Cheney | Portland Business Journal | APlast_img read more

H9N2 flu vaccine looks good in clinical trial

first_imgSep 26, 2006 (CIDRAP News) – Scientists reported yesterday that an experimental vaccine triggered a good immune response to H9N2 avian influenza virus, a type that has caused a few human infections and is considered capable of evolving into a pandemic strain.When combined with an adjuvant (immune-boosting chemical), low doses of the vaccine generated a strong antibody response in volunteers, according to researchers led by Robert L. Atmar, MD, of Baylor College of Medicine in Houston. Their report was published online by Clinical Infectious Diseases.The vaccine was made by Novartis Vaccines and Diagnostics, formerly Chiron Corp. In 2004 Chiron won a contract from the National Institute of Allergy and Infectious Diseases (NIAID) to make 40,000 doses of the experimental H9N2 vaccine. The NIAID supported the new study.”The results of this clinical trial add to the growing body of information demonstrating the potential value of adjuvanted avian influenza vaccines,” NIAID Director Anthony Fauci, MD, commented in a news release. “In the event of an influenza pandemic, adjuvanted vaccines could provide a way to extend a limited vaccine supply to more people.”Atmar and colleagues write that H9N2 viruses are widespread in Eurasian poultry. Two of the three different Asian lineages of these viruses can bind to human as well as bird cell receptors (sialic acid residues) and therefore may be more likely to infect humans than other avian flu viruses are, they report.An H9N2 virus infected two children in Hong Kong in 1999, marking the first human cases. Another Hong Kong child had an H9N2 infection in 2003. All three children recovered.In a phase 1 trial, the researchers tested the vaccine in 96 healthy volunteers between the ages of 18 and 34. The vaccine consisted of purified preparations of the viral surface proteins hemagglutinin and neuraminidase, derived from an H9N2 virus isolated from chickens in Hong Kong in 1997.Half of the volunteers received the vaccine only, while half received the vaccine with Novartis’s MF59 adjuvant. Four dose sizes were used: 3.75, 7.5, 15, or 30 micrograms (mcg). (For comparison, seasonal flu vaccine typically contains 15 mcg of each of three different antigens.) Each volunteer received two doses 28 days apart. The volunteers were tested for antibodies before each vaccination and 4 weeks after the second dose.Results showed that the adjuvanted vaccine generated significantly better immune responses than the nonadjuvanted vaccine at all dose levels. For example, all those who received adjuvanted vaccine at the lowest dose (3.75 mcg) had a strong antibody response (hemagglutination inhibition titer of at least 32) after the second dose, whereas only 67% of those who received the lowest dose of nonadjuvanted vaccine had a strong response.In general, a single dose of adjuvanted vaccine triggered as good an antibody response as two doses of nonadjuvanted vaccine. This raises the possibility that a single-dose vaccination may be effective with an adjuvanted vaccine, the authors write.”In our trial, a single inoculation of adjuvant-containing H9N2 vaccine, even at the lowest dosage, generated a good antibody response,” Atmar commented in the NIAID news release.The injections caused no serious reactions, but mild pain and tenderness at the injection site were more common in those receiving adjuvanted vaccine.On the negative side, the researchers found that the vaccine generated little reaction to an H9N2 virus different from the one used in the vaccine. Only a minority of the volunteers showed any immune response to this virus, and none had a strong response.MF59 is currently licensed for use as a vaccine adjuvant in Europe but not in the United States, the NIAID said.Atmar RL, Keitel WA, Patel SM. Safety and immunogenicity of nonadjuvanted and MF59-adjuvanted influenza A/H9N2 vaccine preparations. Clin Infect Dis 2006 Nov 1;43(9) [Full text]See also: Sep 25 NIAID news releasehttp://www.niaid.nih.gov/news/newsreleases/Archive/2006/Pages/bioshield06.aspxDec 10, 2003, CIDRAP News story “Hong Kong probes human case of avian flu”http://www.cidrap.umn.edu/cidrap/content/influenza/avianflu/news/dec1003avianflu.htmlCIDRAP overview of the implications of avian influenza for human diseasehttp://www.cidrap.umn.edu/cidrap/content/influenza/avianflu/biofacts/avflu_human.htmllast_img read more

Kellogg pulls peanut butter crackers as Salmonella probe widens

first_imgJan 15, 2009 (CIDRAP News) – The Kellogg Company yesterday pulled its peanut butter crackers from store shelves as public health officials investigate whether any peanut butter–containing food products are associated with a national Salmonella outbreak that now includes 448 cases in 43 states and may have played a role in five deaths.Investigators have determined that the source of the outbreak strain, Salmonella enterica serotype Typhimurium, might be bulk peanut butter from the Peanut Corporation of America’s (PCA) plant in Blakely, Ga.The Centers for Disease Control and Prevention (CDC) said today in an update on the outbreak that investigators are continuing their investigation into exposures to peanut butter and products that contain peanut butter. “Public health officials will advise the public if more products are identified as being associated with the outbreak,” the agency said.Sebastian Cianci, spokesman for the Food and Drug Administration (FDA), told CIDRAP News today that the agency’s investigators have been at the PCA facility, have taken samples for testing at the FDA’s lab, and are awaiting the results.He said that FDA investigators have not definitively linked the outbreak to PCA, and so far an open 5-lb container of peanut butter in Minnesota is the only contaminated product that has been found. “Right now we’re still trying to nail down what the products are. Based on early evidence, we’re taking a closer look at PCA,” Cianci said. He said the fact that the tainted peanut butter container was open leaves the possibility that it was cross-contaminated somehow after it was opened, rather than during production.PCA has said its peanut butter is only distributed in 17 states, according to a previous CIDRAP News report. King Nut Company, which distributes the PCA-produced peanut butter that was first identified by public health officials in Minnesota as genetically matching the outbreak strain, has said it only distributes its product in seven states.Kellogg, in a press release yesterday, stopped short of issuing a recall but said it was placing a hold on some of its Keebler and Austin brand crackers as a precautionary measure. The company said it is removing its products from retail sale, placing a hold on the inventory, and asking consumers to avoid eating the products until federal officials clear them.PCA is one of several peanut paste suppliers that Kellogg said it uses in its Austin and Keebler peanut butter sandwich crackers.Kellogg said its own investigation has revealed no evidence of concerns about the products and that it has not fielded any complaints about consumer illnesses. The precautionary hold applies to Austin and Keebler toasted peanut butter sandwich crackers, peanut butter and jelly sandwich crackers, cheese and peanut butter sandwich crackers, and peanut butter and chocolate sandwich crackers.David Mackay, Kellogg’s president and chief executive officer, said in the statement yesterday, “Consumer health and safety is our top priority. We are taking these voluntary actions out of an abundance of caution.”Sima Yaron, PhD, a senior lecturer at Technion-Israel Institute of Technology in Haifa, Israel, and her colleagues have explored how some Salmonella strains survive the peanut butter pasteurization process and have found that the pathogen may show increased heat resistance in foods that have low water and high lipid content, such as peanut butter and chocolate.She told CIDRAP News by e-mail that sporadic Salmonella infections from eating contaminated peanut butter probably happen frequently and she’s not surprised by news of another outbreak linked to the product. However, Yaron said the large number of cases from so many states is notable, suggesting that the outbreak stemmed from a very large amount of contaminated peanut butter.See also:Jan 14 FDA press releaseJan 15 CDC Salmonella outbreak updateJan 14 CIDRAP News story “Salmonella outbreak prompts another peanut butter recall”last_img read more

FDA faces decision about use of peramivir for H1N1

first_imgOct 15, 2009 (CIDRAP News) – In response to questions from citizens at a meeting yesterday, a Food and Drug Administration (FDA) official said the agency would make a decision “fairly soon” about permitting emergency use of the experimental antiviral drug peramivir to help patients severely ill with pandemic H1N1 influenza.The FDA has been reviewing a possible emergency use authorization (EUA) for peramivir, which, like the licensed drugs oseltamivir (Tamiflu) and zanamivir (Relenza), is a neuraminidase inhibitor. Peramivir can be given intravenously (IV) or intramuscularly (IM), whereas oseltamivir is taken orally and zanamivir is inhaled as a powder.During a public teleconference of the National Biodefense Science Board (NBSB) yesterday, Aubrey Miller of the FDA Office of Counterterrorism was asked to comment on the status of the FDA’s review of an EUA for peramivir for H1N1 patients. The NBSB is an advisory board to the Department of Health and Human Services (HHS).”There should be information or decisions being made fairly soon. That amongst other medical countermeasures are currently being evaluated by the agency,” Miller said. “I don’t have a specific time frame at this time, because things are under review.”Board members asked Miller for a status report after several people asked about peramivir during a public comment portion of the 2-hour meeting.A man who identified himself as Paul Gordon of San Francisco asserted that there is “an incredible need” for an IV antiviral for patients in intensive care because of H1N1 flu. He noted that the drug can be used currently in individual patients under an emergency use investigational new drug (IND) procedure, but said the Centers for Disease Control and Prevention (CDC) Web site provides no information about this option. Gordon asserted that the drug has already “saved multiple individuals’ lives.”Catherine Collier Kyroulis, a spokeswoman for BioCryst Pharmaceuticals, maker of peramivir, said today the company has had 20 requests from physicians to use the drug in H1N1 patients under the emergency-use IND rules. She said information on the outcomes of those cases was unavailable.Physicians who want to use peramivir under the emergency IND rules must contact BioCryst for an evaluation of the case and then fill out an application, according to the company. The request also must go through the appropriate institutional review board (IRB), said Karen Riley, an FDA spokeswoman. The arrangements must be authorized by the FDA.In September HHS asked BioCryst to submit a proposal to supply between 1,000 and 40,000 doses of peramivir under an EUA, the company reported on Sep 21. The HHS request for proposal did not guarantee that HHS would actually order the doses or issue an emergency authorization, the company said.The NBSB heard comments and questions from two other people about peramivir during yesterday’s teleconference.A man who described himself as a concerned parent in Texas expressed impatience with the FDA. With the H1N1 vaccine not yet widely available and with severe cases occurring in children, he said, “To me it’s unacceptable that FDA can’t comment on this. BioCryst has been working with FDA since April on this. I don’t understand what the holdup is.”Also, a man identifying himself as a teacher from Los Angeles wanted to know about a rumor that peramivir has been effective in hospitalized H1N1 patients.NBSB members did not reply to the citizen questions other than by asking Miller for a status report on the FDA review.The peramivir issue has come up at previous NBSB meetings. At a session on Aug 14, board members and citizens expressed concern about the lack of an IV or IM antiviral for flu patients and urged HHS officials to strongly consider issuing an EUA.BioCryst is currently preparing to launch two phase 3 clinical trials of IV peramivir. In September the company received a $77.2 million HHS contract modification to complete phase 3 development. The company’s original contract was a $102 million award in 2007.”Based on the recent stats on number of H1N1 cases we would assume that patients with H1N1 will be included in the [phase 3] trials,” said Kyroulis.See also: Sep 21 BioCryst press release on HHS request for proposal to supply peramivirhttp://investor.shareholder.com/biocryst/releasedetail.cfm?ReleaseID=410328Sep 21 BioCryst press release on $77 million contract modificationhttp://investor.shareholder.com/biocryst/releasedetail.cfm?ReleaseID=410327CDC info on EUAshttp://www.cdc.gov/h1n1flu/eua/FDA information about access to investigations drugs outside of a clinical trialhttp://www.fda.gov/ForConsumers/ByAudience/ForPatientAdvocates/AccesstoInvestigationalDrugs/ucm176098.htmlast_img read more

Valamar Riviera submitted a binding offer for Hoteli Makarska dd

first_imgToday, Valamar Riviera submitted to the Center for Restructuring and Sale (CERP) a binding offer for the purchase of 621.086 shares of the company Hoteli Makarska dd, which according to the conditions from the Bidding Documents makes 55,48% of the share capital of Hoteli Makarska ddAs part of the binding offer, Valamar Riviera submitted to CERP a Business, Development and Investment Plan for Hoteli Makarska dd, which envisages a significant long-term investment cycle. Valamar Riviera also announced that it had concluded a cooperation agreement with Allianz ZB doo, a mandatory pension fund management company from Zagreb, which established a joint action relationship with the company Hoteli Makarska dd“By privatizing the company Hoteli Makarska dd, Valamar Riviera and AZ, mandatory pension funds intend to invest significant funds in the development of the destination Makarska with the aim of raising the quality of tourism to guests with higher purchasing power and creating new jobs in the interest of all stakeholders.”They point out from Valamar.By the way, Hotels Makarska dd consists of three hotels, Hotel Metoer with 4 * which has 277 rooms, wellness center, outdoor and indoor pool, congress halls, restaurant and bars, Hotel Dalmacija with 3 * which has 190 rooms, wellness center, outdoor pool and Hotel Riviera with 2 * which makes a hotel resort and a tennis center with 258 rooms.Valamar Riviera and AZ mandatory pension funds thus continue the successful investment model by which they jointly realized the acquisition of Imperial dd on the island of Rab in 2016, where they invest in the development of Croatian tourism in the synergy of knowledge of the leading tourist company and the pension fund. After the restructuring and reorganization, this year Imperial dd will invest 72 million HRK in the reconstruction of facilities, which started a new development cycle of the company.last_img read more

Play NZ – New Zealand’s great new campaign focused on the gaming community

first_imgThe new campaign aims to attract primarily the Australian, but also the global, mass gaming community aged 25 to 39 by promoting New Zealand as one big RPG “open world” game. As Australians spend more and more time indoors and in the digital world, the use of games has increased by 75% since March, the New Zealand Tourist Office points out. According to the Tourism Research Australia ( TRA) data show that Australians spent $ 3,5 billion in New Zealand last year. A recent report by consultant Ernst & Young Australia estimated that the opening of the road corridor could generate between $ 1,8 and $ 3,7 billion for the New Zealand economy. Although the campaign only creates the look and experience of a video game, it is not a real video game, but puts the player in the first person position on various tourist attractions in New Zealand. Explore more about the Play NZ campaign and game HERE Andrew Waddel, New Zealand’s general manager for tourism, said they realized that a growing number of people were eager for new experiences, exploration and, above all, a sense of fun and adventure. “You might not think, but playing and traveling go hand in hand.” Plaz NZ is designed to engage a growing audience to play games online, and the game shows locations in New Zealand with the goal of getting players to actually visit it. It should be emphasized that Australia and New Zealand have already agreed on a tourist corridor or travel bubble, but which is currently out of force due to the bad epidemiological situation in Australia and the increase in the number of new cases in New Zealand. But this does not mean that promotion should not be done, this way through a “virtual” marketing approach to the target group. Says Andy DiLallo, creative director of TBWA \ Sydney, and Eleven Sydney said: “In a traditional campaign, we could barely scratch the surface of everything a place like New Zealand has to offer. Imitating the game was the perfect tool to show off many aspects of New Zealand. In an open game format, a new adventure is always around the corner. ” New Zealand is in a new campaign “Play NZ”Invited tourists to get to know and explore some of New Zealand’s biggest attractions in a totally different way. Through the right game, ie in the style of a real video game. So the New Zealand Tourist Board in collaboration with Twitch, the most popular gaming streaming platform, has established a collaboration to promote the new campaign, as well as one of Australia’s twitch gaming stars, Kathleen Belsten AKA Loserfruit, which has over 1,8 million followers on platform and 2,7 million on YouTube. The website also features 360 videos for exploring New Zealand and attractions That’s exactly what New Zealand did. Challenge: How to promote the tourist destination to the younger population and the gaming community and create a motive for them to come? The result is logical and natural, right? How different than to make a game. “New Zealand Tourism wants to create inspiration for young Australian travelers, especially those aged 25 to 39, so that when the road corridor reopens, they will want to revisit these virtual real-life experiences.”Point out from TU New Zealand. last_img read more