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March 2, 2020, 4:40 p.m. EST

Trump says he’s asked drugmakers to speed up coronavirus vaccine as he meets executives

Stocks, including those in pharma ETF, climb higher Monday

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By Robert Schroeder, MarketWatch


Associated Press
President Donald Trump and the coronavirus task force will met with pharmaceutical executives on Monday.

President Donald Trump said Monday he’s asked pharmaceutical companies to speed up work on a coronavirus vaccine, as he met with drug-company executives.

The president, joined by Vice President Mike Pence and members of the administration’s coronavirus task force, met with the executives at the White House Monday afternoon. The chief executives of companies including GlaxoSmithKline /zigman2/quotes/209463850/composite GSK +0.38% , Inovio Pharmaceuticals /zigman2/quotes/202993817/composite INO +2.36%   and Moderna Inc. /zigman2/quotes/205619834/composite MRNA +10.78%   were scheduled to attend, the White House said.

“We’ve asked them to accelerate” work, Trump told reporters before the meeting, as he hosted Colombian President Ivan Duque at the White House.

The U.S., which has reported multiple instances of transmission of the illness, now has a total of 91 cases and at least two deaths from COVID-19, a novel coronavirus that was first detected in China in December.

U.S. stocks /zigman2/quotes/210598065/realtime DJIA -0.58% gained nearly 1,300 points Monday after notching their worst week since 2008. Markets surged on growing hope that global central banks and major developed economies will act to help counteract the potential harm from the virus. The Invesco Dynamic Pharmaceuticals ETF /zigman2/quotes/200345932/composite PJP -0.61% rose along with the broader market /zigman2/quotes/210599714/realtime SPX -0.16%   ahead of the White House meeting.

Also see: Pelosi’s drug-pricing bill passes House, but pharma stocks are up as its unlikely to become law.

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/zigman2/quotes/209463850/composite
US : U.S.: NYSE
$ 37.23
+0.14 +0.38%
Volume: 3.64M
Nov. 25, 2020 7:00p
P/E Ratio
11.56
Dividend Yield
5.37%
Market Cap
$91.81 billion
Rev. per Employee
$433,051
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/zigman2/quotes/202993817/composite
US : U.S.: Nasdaq
$ 10.39
+0.24 +2.36%
Volume: 11.06M
Nov. 25, 2020 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$1.72 billion
Rev. per Employee
$21,196
loading...
/zigman2/quotes/205619834/composite
US : U.S.: Nasdaq
$ 109.18
+10.62 +10.78%
Volume: 25.85M
Nov. 25, 2020 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$39.00 billion
Rev. per Employee
$72,541
loading...
/zigman2/quotes/210598065/realtime
US : Dow Jones Global
29,872.47
-173.77 -0.58%
Volume: 324.19M
Nov. 25, 2020 5:33p
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/zigman2/quotes/200345932/composite
US : U.S.: NYSE Arca
$ 66.81
-0.41 -0.61%
Volume: 16,575
Nov. 25, 2020 8:00p
loading...
/zigman2/quotes/210599714/realtime
US : S&P US
3,629.65
-5.76 -0.16%
Volume: 2.32B
Nov. 25, 2020 5:33p
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Robert Schroeder is the White House reporter for MarketWatch. Follow him on Twitter @mktwrobs.

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