Here's What Happened to the Stock Market on Thursday
All major US indexes posted significant gains on Friday, according to CNBC.
- The Dow Jones Industrial Average gained 369.21 points, or 1.44 percent, to close at 26,075.30.
- The S&P 500 lost 1.05 percent to close at 3,185.04.
- The Nasdaq Composite gained 0.66 percent to close at 10,617.44.
Stocks jumped after Gilead Sciences announced that 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.” Gilead shares jumped 2 percent following the news.
Furthermore, BioNTech's CEO announced that their coronavirus vaccine candidate could be ready for approval by September. The company's shares rose 4.75 percent on the news.
“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 posted significant gains as well. Tech shares lost steam after surging earlier in the week.
Next week is the start of quarter 2 earnings where investors will get to see how much the coronavirus crisis affected US business.