Market Snapshot: Dow up 500 points; investors tie hopes to remdesivir, reopening
Stocks opened with strong gains Friday, putting equities on track to end a positive week on a strong note, after a treatment for the deadly COVID-19 pandemic was reported to show early signs of promise and after the Trump administration announced guidelines for reopening the economy.
What’s driving the market? Support for stocks was attributed to a report from health-care media site Stat News that indicated promising results for a drug used to treat COVID-19, the disease that has claimed more than 140,000 lives around the globe and forced the closure of much of the U.S. and global economy in an effort to contain it.
More than 22 million Americans have lost their jobs over the past month, according to weekly data from the U.S. Labor Department, likely lifting the unemployment rate to around 15% from 3.5% in February.However, even though remdesivir is considered a front-runner to help treat COVID-19, the results represent a very small sample and aren’t based on full clinical-trial data.
“America wants to be open, and Americans want to be open,” Trump told reporters at the White House on Thursday, adding later, “We must have a working economy, and we want to get it back very, very quickly.”
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