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The Dow Jones Industrial Average has nearly made a full comeback from the coronavirus doldrums its faced during the spring.After peaking in February at 29,551, the Dow Jones dropped to 18,591 just a month later. On Tuesday, the Dow closed at 29,420 points for its highest close since February 12.The Dow Jones has been spurred by news that Pfizer’s Phase 3 coronavirus vaccine is showing at 90% effectiveness rating. The news has buoyed stocks from across the spectrum in recent days, including travel, technology and entertainment.After a summer of impressive gains, the Dow leveled off for much of the fall as coronavirus cases began to surge throughout the US. 671

The digital news company Mic has laid off most of its staff, a spokesperson for the company confirmed.The layoffs were first reported Thursday by Recode. It is not yet clear exactly how many employees were affected. Mic declined to comment beyond confirming the Recode report.The company was founded in 2011, and for the past several years has branded itself as a news website geared toward millennials.Mic Publisher Cory Haik also resigned Thursday. In a note to staff that was obtained by CNN Business, Haik called journalism a "tough business.""Our business models are unsettled, and the macro forces at play are all going through their own states of unrest," she wrote. "If anyone tells you they have it figured out, a special plan to save us all, or that it's all due to a singular fault, know that is categorically false. Like the truth, it is indeed complicated."Mic was once a digital media darling, attracting around million in funding from investors. Its biggest backers included Lightspeed Venture Partners, Clark Jermoluk Founders Fund, WPP and WarnerMedia. (WarnerMedia owns CNN.)The company's staff swelled to more than 100 people by early 2016, according to The New York Times, which asked in an article published at the time: "What happens when millennials run the workplace?"But the climate is a tough one for digital media publishers right now. Ad revenue alone hasn't been enough to support these businesses, and Google and Facebook have substantial control over the ad market.Refinery29, HuffPost and Vocativ have all cut staff in the past year. So have CNN Digital, Vice and BuzzFeed.Mic laid off 25 employees in August 2017 as part of a pivot to video. Co-founder and CEO Chris Altchek told staff at the time that the shift was needed because "visual journalism already makes up 75% of the time that our audience spends" with the site.There were signs this year that the environment wasn't improving for Mic. Digiday reported in April that traffic to Mic's website had been plunging.The article also noted that Mic was very reliant on Facebook, citing statistics that showed views on the social media site fell to 11 million views in March compared to 192 million about a year earlier.Still, company executives pushed back on some reports that characterized the situation at Mic as particularly dire. When the Columbia Journalism Review reported in September that the company's board discussed a possible shutdown, Altchek called the report "categorically false."Emily Singer, a senior political reporter at Mic, tweeted Thursday that she was leaving the company."I'm so proud of what we've accomplished here," Singer wrote.Kerry Lauerman, Mic's executive news director, tweeted about the "gutting experience" Thursday."But only love for the extremely resilient and open-hearted team of Mic editors, producers, writers and shooters I had the great honor of working with," he added. "They performed brilliantly often under a cloud of uncertainty."Reached by phone, Lauerman declined to comment further, saying only that the team was packing up all of their things.Several other employees also tweeted news of their departures."I have so much to say, but most importantly the time I spent at @mic was the best of my career," wrote Managing Editor Colleen Curry. "I learned so, so much from brilliant people dedicated to keeping journalism alive."Mic is also in talks to sell at least part of the company to Bustle Digital Group, Recode reported Wednesday. A source with knowledge of the potential deal confirmed that report to CNN Business. 3572

The Ebola outbreak in the Democratic Republic of Congo's North Kivu province claimed more lives as the country's Health Ministry announced on Thursday a new death in the city of Mabalako.At least 37 people have died so far in this latest outbreak, the 10th for country.Ebola cases have also been reported in the towns of Beni, Butembo, Oicha, Musienene and Mandima, according to Congo's Health Ministry.A total of 44 cases of hemorrhagic fever have been reported in the region, of which 17 are confirmed and 27 are probable, the ministry said in a statement Thursday. An additional 54 suspected cases are under investigation, the ministry said.On Tuesday, the World Health Organization confirmed that the latest cases in Congo's North Kivu province are part of the Zaire strain of the virus and that there is no link to a separate outbreak, which occurred in the western Equateur province that has since been declared over."It's good news and it's very bad news," WHO Deputy Director-General for Emergency Preparedness and Response Peter Salama told journalists in Geneva, after the new cases were first confirmed."The bad news is that this strain of Ebola carries with it the highest case-fatality-rate of any of the strains of Ebola, anywhere above 50% and higher, according to previous outbreaks," he said. "So, it's the most-deadly variant of the Ebola virus strains that we have, that's the bad news. The good news is that we do have -- although it's still an investigational product -- a safe and effective vaccine, that we were able to deploy last time around."According to WHO, this outbreak, which is in an active conflict zone, will be more complicated to contain than any that came before.Experts believe an experimental vaccine, known as rVSV-ZEBOV, made a difference in containing the earlier outbreak and vaccinations are under way in North Kivu, WHO said. A total of 3,220 doses of the vaccine are currently available in Congo and supplementary doses have been requested, WHO said.First line health workers, who had been in contact with people who were confirmed cases of Ebola, were the first to be vaccinated, WHO said."Vaccines are an important tool in the fight against Ebola," Congo's Health Minister, Oly Ilunga, said on Wednesday. "This is why it has been a priority to move them rapidly into place to begin protecting our health workers and the affected population."North Kivu province is among Congo's most populated provinces, with eight million inhabitants, according to WHO and UN. Its capital is the city of Goma. The region has been experiencing intense insecurity and a worsening humanitarian crisis, with over one million internally displaced people and a continuous outflow of refugees to neighboring countries, including Uganda, Burundi and Tanzania.WHO is working with partners in the local communities to provide information to residents on how to protect themselves from the deadly virus and answer their questions -- steps that are crucial to control an outbreak, said WHO.Congo's Health Ministry announced on August 1 that a cluster of new Ebola cases have been confirmed, just days after it declared an outbreak in Equateur province that claimed 33 lives had ended. That outbreak was the ninth recorded outbreak that Congo has seen since the virus was first discovered in 1976. 3324

The FDA issued an emergency use authorization for a saliva-based coronavirus test that has been used to identify COVID-19 cases by NBA players. Leading officials are calling the test a “game-changer.”The SalivaDirect test is said to be both rapid in its findings, and inexpensive. Yale said it doesn’t hope to commercialize the test, rather increase the country’s testing capabilities.“Widespread testing is critical for our control efforts. We simplified the test so that it only costs a couple of dollars for reagents, and we expect that labs will only charge about per sample. If cheap alternatives like SalivaDirect can be implemented across the country, we may finally get a handle on this pandemic, even before a vaccine,” said Nathan Grubaugh, a scientist with Yale Public Health.Yale scientists say that the nasal samples are less invasive than swabbing, but are equally as accurate.“This is a huge step forward to make testing more accessible,” said Chantal Vogels, a Yale postdoctoral fellow. “This started off as an idea in our lab soon after we found saliva to be a promising sample type of the detection of SARS-CoV-2, and now it has the potential to be used on a large scale to help protect public health. We are delighted to make this contribution to the fight against coronavirus.”The test earned praise from members of the White House coronavirus task force.“The SalivaDirect test for rapid detection of SARS-CoV-2 is yet another testing innovation game-changer that will reduce the demand for scarce testing resources,” said Assistant Secretary for Health and COVID-19 Testing Coordinator Admiral Brett P. Giroir, M.D. “Our current national expansion of COVID-19 testing is only possible because of FDA’s technical expertise and reduction of regulatory barriers, coupled with the private sector’s ability to innovate and their high motivation to answer complex challenges posed by this pandemic.” 1926

The ceasefire between the United States and China has set off a huge celebration on Wall Street.The Dow soared about 400 points at Monday's opening bell after China and the United States reached a temporary trade truce. It's a big relief because the damaging trade war between the world's two largest economies was set to deepen in January.The Nasdaq and the S&P 500 climbed more than 1% apiece."A truce is definitely better than an escalation of hostilities," Kit Juckes, strategist at Societe Generale, wrote to clients on Monday.Juckes said that even though investors may doubt the substance of the US-China agreement, "this morning's response reflects relief and a desire to pick up some last-ditch bargains."The relief rally comes after the S&P 500 spiked nearly 5% last week, its best since December 2011. That rebound was triggered by hopes of progress on the trade front and a speech by Federal Reserve chief Jerome Powell that investors interpreted as a signal the central bank will not rush to raise interest rates."The China trade situation is the keystone in the arch of agita," said Sam Stovall, chief investment strategist at CFRA Research.The progress on talks with China means "now we have a very good chance of experiencing a Santa Claus rally," said Sam Stovall, chief investment strategist at CFRA Research.It wasn't just US markets celebrating. Major indexes in Hong Kong and Shanghai surged more than 2.5%. And markets in London, Frankfurt and Paris climbed 2%. Commodities also raced higher. Copper and soybeans rallied. US oil prices, boosted by hopes of an agreement by Russia and Saudi Arabia to cut output, surged 4%.After meeting on Saturday, US President Donald Trump and Chinese President Xi Jinping agreed to hold their fire on tariffs while they try to reach a trade deal. Trump agreed not to raise the 10% tariffs on 0 billion worth of Chinese goods for now. Those tariffs had been scheduled to automatically rise to 25% on January 1. And China said it would be willing to purchase a "very substantial" amount of agriculture, energy and other US products.Still, some analysts warned that the celebration on Wall Street could be short-lived. China and the United States now only have 90 days to sort out nagging trade issues that have been in contention for years, if not decades. And the statements that emerged from the trade meeting lacked concrete details."The beefiest part of Saturday evening's meeting between Presidents Trump and Xi may well have been the local sirloin served for dinner," Nicholas Colas, co-founder of DataTrek Research, wrote to clients on Monday.Goldman Sachs economists said the most likely outcomes are that the truce gets extended after 90 days or that the trade war escalates. The investment bank sees just a 20% chance over the next three months of a comprehensive deal rolling back tariffs."The specter of higher and broader US tariffs remains," Goldman Sachs chief US political economist Alec Phillips wrote to clients on Sunday. 3014