The stock market opened higher on Wednesday, despite a sharp drop in U.S. economic activity, after Gilead Sciences reported positive data on its remdesivir drug as a potential treatment for coronavirus.Kevin Hagen/ASSOCIATED PRESSThe Dow Jones Industrial Average was up 1.7%, over 400 points, at Wednesday’s open, while the S&P 500 rose 1.9% and the Nasdaq Composite gained 2.1%.
Shares of Gilead Sciences were halted in premarket trading after rising more than 10%, with the company reporting “positive data” emerging from a recent study using its antiviral drug remdesivir. The National Institute of Allergy and Infectious Diseases said that a recent study of Gilead’s remdesivir drug met itsGilead also released the results of its, showing improvement in at least 50% of patients treated with remdesivir and more than half released from the hospital within two weeks.
Shares of Google parent Alphabet jumped 8.5% after the tech giant reported first quarter revenue last night thatThat news, along with the Gilead results, helped offset a sharp drop in U.S. economic activity: GDPThe Federal Reserve’s monetary policy decision at 2 p.m. on Wednesday. Investors will be closely watching the central bank for further economic guidance and clues on how long interest rates will remain near zero.“The awful headline number of -4.
so there was no need to drop the interest rate to 0?
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