(CNBC) Stocks rose Friday as news about a potential coronavirus treatment increased hope for an economic recovery following the outbreak.
The Dow Jones Industrial Average traded 368 points higher, or 1.4%. The S&P 500 climbed 1.0%. The Nasdaq Composite rose 0.6% to another all-time high, lifted by Amazon and Netflix.
Gilead Sciences said its coronavirus treatment candidate, remdesivir, showed an improvement in clinical recovery and a 62% reduction in the risk of mortality compared with standard care. The news sent Gilead shares up more than 2%. BioNTech’s CEO also told The Wall Street Journal the company’s coronavirus vaccine candidate could be ready for approval by December.