The CDC said Wednesday it has confirmed the first U.S. case of the new, heavily mutated coronavirus variant called omicron, which was detected in Northern California. White House chief medical advisor Dr. Anthony Fauci said the patient, who was fully vaccinated, had just returned to the San Francisco area Nov. 22 after traveling in South Africa and tested positive Nov. 29. The Dow Jones Industrial Average swung from a 520-point gain for the day to a loss of more than 461 points after the CDC confirmed the case. A Food and Drug Administration advisory panel on Tuesday narrowly endorsed the use of Merck and Ridgeback Biotherapeutics’ oral Covid treatment pill, despite questions about the drug’s effectiveness, safety and whether it would help the virus mutate into even more dangerous variants. The FDA’s Antimicrobial Drugs Advisory Committee voted 13 to 10 to recommend emergency authorization of molnupiravir, an oral antiviral drug initially hailed as a potential game changer in the battle against Covid since it can be taken at home instead of at a hospital like other treatments. It’s designed to treat adults with mild to moderate symptoms of Covid-19 who are at high risk of severe disease. The 800 milligram pill is taken every 12 hours for five days after symptom onset. Square is renaming itself Block as it focuses on technologies such as blockchain and expands beyond its original credit card-reader business. General Motors plans to form a new joint venture with a South Korean chemical company to produce the critical materials needed for EV batteries — a significant move to control its supply chain and lessen the chances of disruptions in the future. The automaker on Wednesday said it signed a nonbinding term sheet with Posco Chemical to create the joint venture and expects to execute definitive agreements soon.
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