Market continues to bounce back from a steep sell-off that was sparked by worries over the coronavirus.

Posted on February 5, 2020

Stock futures turned higher in overnight trading after Reuters said a Chinese TV media outlet had reported that a research team at Zhejiang University had found an effective drug to treat people with the new coronavirus. The news agency, citing traders, suggested this was a reason for the move higher in stocks.

CNBC has not verified the media reports. However, the World Health Organization said in a statement: “There are no known effective therapeutics against this 2019-nCoV.”

Markets remain attuned to the coronavirus outbreak as confirmed cases in China near 25,000, claiming the lives of 490 people.