Dow futures up 800 points as Gilead Sciences drug treatment shows positive results. According to a report, the U.S. futures soared after Gilead coronavirus drug successfully treated the coronavirus patients. On Friday, the report caused a jump for the stock market.
News reported that Chicago hospital has been using Remdesivir to treat coronavirus patients and some of them were recovering rapidly from severe symptoms. Following the news, shares of Gilead surged by 16.41% during after-hours trading. The news came with a video showing a discussion on the trial results.
“This is obviously good news. Of course, we’ve heard a few other pieces of good news like this recently and they didn’t pan-out as well as people had hoped,” chief market strategist at Miller Tabak, Matt Maley said adding, “The big question is whether it’s going to be enough to help the economy ‘re-open’ more quickly than people are thinking right now.”
Several other studies have also indicated Remdesivir to be an effective treatment against the coronavirus. Head of research at Fundstrat Global Advisors, Tom Lee said that this treatment is safer and it’s only given to people who need to be treated.
Stocks of Boeing also rose about 7% as the airplane manufacturer said it is planning to restart production as soon as April 20 in Seattle.
According to Johns Hopkins University, globally, there have been 2 million cases, including over 650,000 in the U.S. The stock market has rallied as worldwide new coronavirus cases showed signs of a slowdown.