U.S. Equity Markets recovered from an early sell-off to closed mixed with the S&P ending the day with a small loss of 0.03% while the Dow closed 0.20% higher. Early in the day, markets rose on COVID-19 treatment news. Pharmaceutical giant Eli Lilly’s coronavirus treatment received an emergency use authorisation from the Food and Drug Administration, potentially aiding the fight against new variants. Markets quickly sold off on little news. Later in the day, Federal Reserve Chairman Jerome Powell said that the Employment picture is a long way from where it needs to be to get back to pre-pandemic levels. He added that the real Unemployment rate is probably closer to 10% instead of the 6.3% reported. As a result, the Central Bank will keep market conditions accommodative to achieve full employment, he said. This was just about in line with his prior messaging. European Markets closed lower. German Chancellor Angela Merkel voiced support for a measured opening of hotels and stores next month if coronavirus cases continue to ease. Vaccine news was also positive. A British government study of Pfizer and BioNTech’s COVID-19 vaccine is said to have demonstrated 67% protection against the illness after just one dose. European Union coronavirus vaccinations rose to 17.8 million yesterday, with a daily average of 613,000 doses administered over the last week. Former European Central Bank President Mario Draghi has won over skeptics in Italy to garner almost unanimous support to form a “pro-euro” government. And ECB President Christine Lagarde said that the European economy will need support into 2022. Elsewhere, Oil closed 0.24% higher as EIA data showed a larger than expected drawdown in U.S. crude inventories, while Bitcoin fell 6% after hitting new all-time highs on Tuesday.
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