U.S. stocks rebounded Wednesday as upbeat data on coronavirus treatment from Gilead Sciences offset fresh figures that showed U.S. economic growth contracted more than expected in the first quarter.
It comes as data revealed the U.S. economy, largely shut down by the coronavirus pandemic, ended the longest economic expansion on record.at a seasonally adjusted annual rate of 4.8% in the January-March period as both consumer and business spending fell sharply, the Commerce Department said Wednesday. It marked the first drop in output since early 2014 and the steepest since late 2008, during the depths of the Great Recession.
Investors seemed buoyed as more governments plan to ease anti-virus controls and allow businesses to reopen. The French and Spanish governments announced plans Tuesday to allow restaurants and other businesses to reopen gradually. They followed Italy, which announced similar plans Sunday.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Stocks Rally, Dow Up 400 Points After Gilead Treatment Shows ‘Positive Data’The market got a boost from news of a potential treatment for coronavirus.
Read more »
Gilead says early results of coronavirus drug trial show improvement with shorter remdesivir treatmentGilead says preliminary results of a coronavirus drug trial showed at least 50% of patients treated with a 5-day dosage of remdesivir improved, and more than half were discharged from the hospital within 2 weeks.
Read more »
Gilead reports 'positive data' on remdesivir coronavirus drug trial
Read more »
Coronavirus treatment: Gilead says positive data on remdesivir coming - Business InsiderOne of the most promising coronavirus treatment candidates succeeded in a late-stage trial in COVID-19 patients, Gilead said Wednesday.
Read more »
What to watch today: Dow set to jump on positive data on possible Gilead coronavirus treatmentDow futures soar on positive data about a possible Gilead Sciences coronavirus treatment.
Read more »
Study Shows Shorter Course of Gilead Drug as Effective Against Covid-19Gilead Sciences said its phase 3 study for the antiviral remdesivir demonstrated that patients with severe Covid-19 taking the drug over a five-day treatment had similar improvement compared with those taking the 10-day course.
Read more »