Stocks surged Friday after a report said a Gilead Sciences drug showed some effectiveness in treating the coronavirus. Here's how the major averages performed: - The Dow rose 704 points. - The S&P 500 gained 2.68%. - The Nasdaq advanced 1.38%.
that a Chicago hospital treating coronavirus patients with remdesivir in a trial were recovering rapidly from severe symptoms. The publication cited a video it obtained where the trial results were discussed.
Other studies have shown remdesivir to be an effective treatment against the coronavirus. However, they have been smaller in scale. Gilead itself also cautioned that anecdotal reports are not enough to determine yet whether the drug will be an effective treatment."Remdesivir sounds like something that can get people out of hospitals quickly," Cramer said in a tweet Thursday. "That allows our economy to have a fighting chance..I think that remdesivir would cut the morbidity ...
But the stock market has rallied since March 23 as new coronavirus cases in the U.S. and globally showed signs of plateauing. President Donald Trump said Thursday that "our experts say the curve has flattened and the peak … is behind us."Thursday night, which identifies the circumstances necessary for areas of the country to allow employees to start returning to work. The decision to lift restrictions will ultimately be made by state governors.
To be sure, the outbreak has already dealt a massive blow to the economy. In four weeks, about 22 million Americans have lost their jobs. Retail sales posted last month their biggest fall on record.
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