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Gilead and BioNTech stimulate the market

 


Traders work on the floor of the New York Stock Exchange on January 29, 2020.

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Dow Jones industrial average jumps 369 points

The Dow Jones gained 369.21 points, or 1.44%, to close at 26,075.30. The S&P 500 climbed 1.05% to 3,185.04. The Nasdaq Composite rose 0.66% to 10,617.44. Stocks were shaken on Friday as information about a potential treatment for coronaviruses raised hopes of an economic recovery after the epidemic.

Gilead and BioNTech stimulate the market

Gilead Sciences said its candidate for the treatment of coronaviruses, remdesivir, “was associated with improved clinical recovery and a 62% reduction in the risk of mortality compared to the standard of care.” The news boosted Gilead’s shares by more than 2%. The CEO of BioNTech also told the Wall Street Journal that the company’s coronavirus vaccine candidate may be ready for approval by December. Stocks listed in the United States rose 4.75%. “On days when the promise of a health solution is promising or when the economy could actually recover faster than expected, you tend to get all your cyclical stocks … leading the charge,” said a strategist .

Airlines jump, technology delays

United Airlines, Delta and American all increased by at least 5.6%. Tech stocks that outperformed for most of the week lagged throughout the day, but rallied before the close. Facebookrose 0.23%. Microsoft closed down 0.30%.

What happens next?

The profit season starts seriously next week, with the big banks ready to report to Netflix.

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