Stocks surged after a report said a Gilead Sciences drug showed some effectiveness in treating the coronavirus

Posted on April 17, 2020

The moves put the S&P 500 on track for its first back-to-back weekly gains since early February. Through Thursday’s close, the S&P 500 has risen 0.35%, while the Nasdaq Composite climbed 4.65%, lifted by double-digit gains in Amazon and Netflix. The 30-stock Dow was down about 0.7% this week through Thursday, dragged down by JPMorgan as interest rates tumbled.

A jump in Boeing shares and a rollout Thursday evening of the White House plan to reopen the economy also added to the bullish tone on Friday.

Gilead shares jumped more than 13% in premarket trading after STAT news reported that a Chicago hospital treating coronavirus patients with remdesivir in a trial were recovering rapidly from severe symptoms. The publication cited a video it obtained where the trial results were discussed.