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Stocks fall due to concern over virus fallout

2 years 5 months 3 days ago Monday, May 04 2020 May 4, 2020 May 04, 2020 9:17 AM May 04, 2020 in News
Source: Yahoo News

Stocks fell Monday morning amid increasing anxiety triggered by the coronavirus pandemic.

As the U.S. economy continues to stagger under the blow delivered by the virus outbreak, the White House Trump shifts the focus to China and the role it allegedly played in the pandemic.

On Sunday, Secretary of State Mike Pompeo said the U.S. found “enormous evidence” that the virus came from a lab in Wuhan, China.

Shares of airline stocks slid further Monday morning, after Warren Buffett announced on Saturday that his company exited its stakes in four of the largest U.S. air carriers American (AAL), United (UAL), Delta (DAL) and Southwest (LUV) due to the coronavirus. 

Buffett noted “the world changed for airlines” as the pandemic overtook the world and halted nearly all global travel. 

Meanwhile, states across the U.S. continue to slowly reopen and Gilead Sciences is readying ts antiviral drug remdesivir for patients, hoping to dole out the drug as early as this week. 

The U.S. Food and Drug Administration granted remdesivir emergency use authorization to treat the coronavirus as of Friday.

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