A person walks down Wall Street on April 02, 2020 in New York City.
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Dow Jones Industrial Average rises 704 points
The Dow climbed 704.81 points, or 2.99%, to close at 24,242.49. The S&P 500 advanced 2.68% to 2,874.56. The Nasdaq Composite advanced 1.38% to 8,650.14. Stocks jumped 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.
Virus treatment hopes fuels rally
STAT news reported that a Chicago hospital treating coronavirus patients with remdesivir — a Gilead drug — a trial were recovering rapidly from severe symptoms. The publication cited a video it obtained where the trial results were discussed. Investors have said that news of an effective treatment or vaccine would be needed for stocks to mount a sustainable comeback. “It’s far too early to signal the all clear, but what this demonstrates is that coronavirus is a health problem that requires a health solution,” says one strategist.