A coronavirus treatment and optimism over the reopening of the economy gives stocks a lift
U.S. stock futures are signaling a strong start to Friday’s session adding to the momentum seen on Thursday.
The Dow Jones Industrial Average soared nearly 850 points or 3.5 percent while the S&P 500 was higher by over 3 percent and the Nasdaq Composite 2 percent plus as of 12:25 a.m. ET.
Earlier in the evening, President Trump outlined the early-stage, phase approach as part of the “Opening Up America Again” coronavirus come back plan and there was also positive news on Gilead Sciences.
Its drug Remdesivir, according to Statnews.com, showed effectiveness for treating COVID-19 patients. Shares of Gilead rose over 10 percent in the extended session.
A recent clinical trial of Remdesivir, an antiviral medicine used as a potential treatment for Ebola, found rapid recoveries in coronavirus patients’ fever and respiratory symptoms.
The trial, conducted by the University of Chicago Medicine, found nearly all patients who were given daily infusions of Remdesivir were discharged from the hospital in less than a week.
And Dow member Boeing was rising nearly 8 percent in the extended session after announcing plans to resume commercial airplane production in Washington State.
The late-day gains Thursday build on what was a positive day for stocks in the regular session despite more grim unemployment numbers.
The Labor Department reported initial jobless claims totaling 5.25 million for the week through April 11, worse than the 5.1 million that economists surveyed by Refinitiv were anticipating. The data raises the number of first-time filings due to disruptions from COVID-19, including stores closing and factories idling, to about 22 million.
Despite those figures, the blue-chip Dow Jones Industrial Average rose nearly 33 points, or 0.12 percent, while the broader S&P 500 gained 0.57 percent and the tech-heavy Nasdaq Composite gained 1.66 percent led by big-cap tech names including Amazon, Netflix and Microsoft.