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President Trump threatened to permanently cut U.S. funding for the World Health Organization if sweeping reforms are not made in the next 30 days. Live updates:
U.S. stocks fell Tuesday coming off a monstrous session as investors waited to hear from Federal Reserve Chair Jerome H. Powell and Treasury Secretary Steven Mnuchin. The Dow Jones industrial average fell roughly 150 points, or 0.
5 percent at the open. The Standard & Poor’s 500-stock index slid 0.3 percent while the tech-heavy Nasdaq composite index inched up 0.3 percent. Investors kicked off the week in high spirits, as promising results from biotechnology company Moderna’s first human trials of a coronavirus vaccine powered the Dow up more than 900 points, or 3.9 percent — the blue-chip index’s best performance in more than a month. The S&P 500 and Nasdaq also posted strong finishes.“Investors’ newfound optimism will be put to the test shortly after the open on Wall Street as Jerome H. Powell makes a virtual appearance before lawmakers with Steven Mnuchin,” Craig Erlam, an analyst with OANDA, wrote in a commentary Tuesday. “While Mnuchin will naturally talk up the prospects for the economy, Powell has previously been less so and spooked markets last week with his downbeat assessment.” Oil’s recovery continued, as steps toward normalcy in countries that have conquered the pandemic has eased fears of a global crude glut. West Texas Intermediate, the U.S. oil benchmark, was up nearly 3 percent to trade at $32.69 a barrel.Britain’s Boris Johnson is ‘not recommending’ use of hydroxychloroquine Prime Minister Boris Johnson’s official spokesperson said Tuesday that British medical experts do not recommend the unverified use of hydroxychloroquine as a preventive measure or treatment for covid-19, a day after President Trump revealed that he has taken the anti-malaria drug in consultation with his doctor. “It’s not something which our own medical experts are recommending,” the spokesperson told a news briefing. There is as of yet no concrete evidence that hydroxychloroquine is effective against the novel coronavirus, though Trump has nonetheless championed it as a “game changer.” The U.S. Food and Drug Administration has warned against taking the anti-viral drug outside of a hospital or a clinical trial because of possible serious side effects, including a “potentially life-threatening heart rhythm problem.” “Because hydroxychloroquine hasn’t been studied in valid large-scale research, doctors can’t know the appropriate dose for any covid-19 patient,”When pressed Tuesday by a reporter on whether Trump taking the disputed drug set a bad example, the spokesperson did not directly respond, the British newspaper“I can only set out what the U.K.’s advice is,” he said. “It’s not something that we recommend doing.”Resolution calling for review of coronavirus response adopted by WHO members, says assembly president The World Health Organization’s member states have adopted a resolution calling for an “impartial, independent and comprehensive evaluation” of the coronavirus response, including the “actions of WHO and their timelines pertaining to the covid-19 pandemic.” The resolution was proposed by the European Union’s member states and other countries. No WHO member state raised objections during the organization’s annual assembly Tuesday, the assembly’s president, Keva Bain, said. The adopted document calls for a review to be initiated at the “earliest appropriate moment, and in consultation with Member States.”China had originally resisted calls for an independent inquiry into the pandemic response when Australia and other Western countries pushed for one. But China later struck a notably different tone, throwing its support behind the World Health Assembly resolution and arguing it is distinct from the review proposed by Australia.response — but only once the pandemic is brought under control.Senate Minority Leader Charles E. Schumer lambasted President Trump on Tuesday for saying he is taking hydroxychloroquine and suggested Trump might be lying about it. “This president doesn’t tell the truth,” Schumer said during an appearance on MSNBC’s “Morning Joe.” “He may be taking this; he may not.” Trump said Monday that he started taking the anti-malaria drug about 10 days ago as protection against the coronavirus, despite the lack of evidence that it prevents individuals from contracting the illness and warnings from physicians that it can have deadly side effects. “It’s reckless to tell people he’s using hydroxychloroquine,” Schumer said. “All the experts say at best it doesn’t help. So what about senior citizens who don’t go to the doctor who take hydroxychloroquine listening to the president?” “So I don’t know why he did it,” Schumer continued. “Maybe he has family or friends who own part of the company. … Maybe he did it to divert attention from all the bad things happening. And maybe he’s just lying.” During an appearance Tuesday on Fox News, White House press secretary Kayleigh McEnany said Trump made the decision to take hydroxychloroquine after “a personal deliberation” with his physician and said he wanted to be “transparent” with the American people. She emphasized that use of the drug should follow consultation with a doctor and criticized news organizations for “apoplectic” coverage of Trump’s decision. “Millions of people around the world have used this drug for other purposes,” she said., saying during a CNN interview on Monday night that “I would rather he not be taking something that has not been approved by the scientists.” She added: “Especially in his age group, and in his, shall we say, weight group: ‘Morbidly obese,’ they say.”Florida coronavirus database manager says she was removed for refusing to censor data The architect and manager of Florida’s coronavirus dashboard, which has been praised by experts including White House coronavirus task force coordinator Deborah Birx, says she has been removed from her position.
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