Is Greed Good For Drug Development?
By Rob Wright, Chief Editor, Life Science Leader
Follow Me On Twitter @RfwrightLSL
On Monday March 9, 2020, the Dow Jones Industrial Average fell by 2,014 points. But that near-8% drop was just the beginning of the Coronavirus crash of 2020. Three days later, there was a 2,352-point fall, followed by a nearly 3,000-point plummet on March 16. In just two weeks, investors saw their retirement savings slashed by more than 30%! Then came the rebound that began in April 2020, which seemed so improbable. Afterall, lockdowns were in full swing, meaning the economy was essentially shut down, unemployment numbers seemed to be getting worse every week, as were hospitalizations and deaths from COVID-19, and there were no vaccines in sight. But with the Fed cutting interest rates to nearly zero, and the signing into law of the largest federal stimulus package in history, investors began wading back in. By Aug. 17, 2020, the S&P 500 was up 27% from its low. Soon, the Dow had not only returned to its previous record levels, but it was also setting new ones. Reality had set in; if the coronavirus pandemic were to be stopped, it would be the life sciences industry that would do it (and a host of other companies like Netflix and Peloton to help us get through it).
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