Stock Market Takes a Sharp Upturn After Coronavirus Drug Shows Promising Results
By The Blaze. The Dow Jones Industrial Average jumped by more than 800 points in futures trading on Thursday after a report showed that a drug meant to treat coronavirus had promising results.
The Dow Jones has cratered after a historic drive upward after the coronavirus pandemic began to shut down economies all over the world.
Futures traded upward on the news that Remdesivir, a Gilead Sciences drug, was shown to be effective in treating coronavirus patients with severe symptoms in a trial at a Chicago hospital.
The stock market could have also been responding positively to the Trump administration revealing a plan by Dr. Deborah Birx to slowly ease the restrictions on economic activity. (Read more from “Stock Market Takes a Sharp Upturn After Coronavirus Drug Shows Promising Results” HERE)
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Dow Futures Rally More Than 800 Points After Gilead Coronavirus Drug Reportedly Shows Effectiveness
By CNBC. U.S. stock futures surged after a report said a Gilead Sciences drug was showing effectiveness in treating the coronavirus. The move pointed to a jump for the stock market on Friday.
Dow Jones Industrial Average futures were up 845 points, implying a Friday opening gain of about 832 points. S&P 500 futures and Nasdaq 100 futures also pointed to gains for the two indexes at the Friday open.
Gilead shares jumped by 16.41% in after-hours trading after STAT news reported 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.
“This is obviously good news. Of course, we’ve heard a few other pieces of good news like this recently and they didn’t pan-out as well as people had hoped,” said Matt Maley, chief market strategist at Miller Tabak, in an email. “The big question is whether it’s going to be enough to help the economy ‘re-open’ more quickly than people are thinking right now.” (Read more from “Dow Futures Rally More Than 800 Points After Gilead Coronavirus Drug Reportedly Shows Effectiveness” HERE)
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