The stock market moved higher today, despite a sharp drop in U.S. economic activity, after Gilead Sciences reported positive data on its remdesivir drug as a potential treatment for coronavirus by skleb1234
The Food and Drug Administration said later on Wednesday that it was in “ongoing” discussions to make remdesivir available to coronavirus patients “Shares of Google parent Alphabet surged over 8% after the tech giant reported first quarter revenue on Tuesday thatThat news, along with the Gilead results, helped offset a sharp drop in U.S.
“Despite the awful economic numbers – which are backward-looking – there is a lot of optimism in markets around future prospects, not least of which is due to the positive news from one of the leading drug manufactures on a possible treatment for Covid-19 today,” says Chris Zaccarelli, chief investment officer for Independent Advisor Alliance.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Stocks Rally, Dow Rises Over 300 Points As Investors Become More Optimistic About Reopening The EconomyStocks are attempting a fifth straight session of gains.
Read more »
Stocks Rally, Dow Up 400 Points After Gilead Treatment Shows ‘Positive Data’The market got a boost from news of a potential treatment for coronavirus.
Read more »
Stocks fall, Dow snaps 4-day winning streak as big tech shares slideThe Dow snapped its four-day winning streak as big tech shares slid. Here's how the major averages performed: - The Dow dropped 32 points. - The S&P 500 fell .52%. - The Nasdaq lost .4%.
Read more »
Here are Wall Street's favorite stocks in the Dow right nowNew for subscribers: Here are Wall Street's favorite stocks in the Dow right now Check out CNBCPro for a free trial.
Read more »
What to watch today: Stocks set to rally again, tracking to break three-month losing streakStocks are set to advance as Dow stocks 3M, Caterpillar and Pfizer rise on earnings and U.S. oil prices come off their lows.
Read more »
Stocks Rally Ahead of Blue-Chip Earnings; Oil DropsA fresh plunge in oil prices signaled a bleak outlook for energy demand as the coronavirus pandemic ravages the global economy.
Read more »