Dow up 400 points on coronavirus treatment hope
Stocks surged after a report said a Gilead Sciences drug showed some effectiveness in treating the coronavirus, giving investors some hope there could be a treatment solution that helps the country reopen faster from the widespread shutdowns that have plunged the economy into a recession.
The Dow Jones Industrial Average was up 400 points, or 1.7%, after trading up by as much as 600 points earlier in the session. Losses in Apple and Amazon capped the broader market’s gains. Amazon has been a beneficiary of people staying at home because of the pandemic and would lose that benefit if an effective treatment allowed the U.S. economy to open up sooner.
“It’s far too early to signal the all clear, but what this demonstrates is that …continued .
[Source: CNBC News]