Markets see boost from Gilead coronavirus news

A mask covers the face of "The Fearless Girl" statue outside of The New York Stock Exchange. The markets rose Friday as drugmaker Gilead Sciences reported a positive study showing its antiviral remdesivir helped treat coronavirus. File Photo by John Angelillo/UPI

July 11 (UPI) — The major U.S. stock indexes finished the week on the upswing Friday, spurred in part by a promising study from Gilead on a potential coronavirus treatment.

The Dow Jones Industrial Average closed up 1.4 percent Friday and the S&P 500 rose 1 percent. The Nasdaq Composite received help from a 2 percent rise in Gilead Sciences shares, closing up 0.6 percent.

All three indexes finished on the positive side for the week, with 0.9 percent for the Dow, 1.7 percent for the S&P 500 and 4 percent for Nasdaq.

Gilead reported earlier Friday that its antiviral drug remdesivir lowered the risk of death from COVID-19 by 62 percent compared with standard care alone.

The drug was developed to treat viruses such as Ebola.


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