Business

World case rely tops 700Ok, JNJ declares vaccine candidate

The global coronavirus case count 735,000 Monday, with more than 35,000 deaths reported, according to Johns Hopkins. The U.S. leads has the most number of affected, with more than 140,000 cases, while Italy continues to see a staggering death toll that accounts for nearly one-third of deaths, at 10,700.

The 1,000-bed U.S. Naval Ship Comfort docked in New York City Monday, bringing much-needed relief to strained hospitals in the New York City metro area— which is the epicenter of the outbreak in the U.S.

The U.S. Navy hospital ship USNS Comfort is docked at Naval Station Norfolk in Norfolk, Va., Saturday, March 28, 2020. The ship set to depart for New York to assist hospitals responding to the coronavirus outbreak. (AP Photo/Patrick Semansky)

Over the weekend, Dr. Anthony Fauci, director of the National Institute for Allergies and Infectious Diseases, said the outbreak could claim 200,000 U.S. lives, and President Donald Trump said that number could have been more than 2 million without social distancing measures.

Those measures will be extended until April 30 after having been rolled out two weeks ago, Trump announced Sunday.

Confirmed coronavirus cases are still on the rise. (David Foster/Yahoo Finance)

Markets

All three major indices opened in the green, marking a sustained positive outlook since bouncing back last week from what some have said is likely the shortest fall into a bear market.

[Read More: Stocks higher as coronavirus cases top 700,000 globally]

Health and tech stocks are especially benefitting from the upside, as both are playing crucial roles in the response to the outbreak.

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Microsoft said Monday it is seeing a 200% increase in Skype calling minutes per month, while other video conferencing platforms like Zoom continue to see increased use.

Video increase has also taken hold in the telehealth space, which is seeing an increase in demand as patients stay out of doctors’ offices amid the nationwide stay-at-home policy.

Over the weekend, Cigna (CI) and Humana (HUM) became the latest insurers to offer coverage of inpatient treatment related to COVID-19, with both waiving in and out of network costs. Cigna said its policy will be in effect until May 31, while Humana said it would maintain the policy indefinitely.

The FDA, meanwhile, approved a malaria drug for emergency use which is produced by Novartis (NVS) and Bayer (BAYRY), both of which have already donated millions of doses to the national stockpile for use in responding to the outbreak.

Johnson & Johnson (JNJ) announced it had identified a vaccine candidate among those it had been testing, with plans to start production to meet 1 billion doses by the time it is approved for emergency use — potentially in early 2021.

Confirmed coronavirus cases are still on the rise. (David Foster/Yahoo Finance)

Anjalee Khemlani is a reporter at Yahoo Finance. Follow her on Twitter: @AnjKhem

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