Traders work on the floor of the New York Stock Exchange on January 29, 2020.
Spencer Platt | Getty Images
Dow Jones Industrial Average jumps 369 points
The Dow gained 369.21 points, or 1.44%, to close at 26,075.30. The S&P 500 climbed 1.05% to 3,185.04. The Nasdaq Composite advanced 0.66% to 10,617.44. Stocks got a jolt Friday as news about a potential coronavirus treatment increased hope for an economic recovery following the outbreak.
Gilead and BioNTech news boost market
Gilead Sciences said its coronavirus treatment candidate, remdesivir, “was associated with an improvement in clinical recovery and a 62 percent reduction in the risk of mortality compared with standard of 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. The company’s U.S.-listed shares rose 4.75%. “On days in which there’s promise of health solution, or that the economy might actually recover faster than expected, you tend to get all your cyclical stocks … leading the charge,” said one strategist.
Airlines jump, tech lags
United Airlines, Delta and American all rose at least 5.6%. Tech shares — which had outperformed for most of the week — lagged throughout the day, but recovered before the close. Facebook rose 0.23%. Microsoft closed 0.30% lower.
What happens next?
Earnings season begins in earnest next week, with the major banks set to report along with Netflix.
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