Gilead and BioNTech news boost market

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 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.

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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