The Dow surged 532.31 points, or 2.21%, to close at 24,663.86. The S&P 500 climbed 2.66% to 2,939.51. The Nasdaq Composite advanced 3.57% to 8,914.71. Wednesday's rally on Wall Street was sparked by positive data from a potential coronavirus treatment from Gilead Sciences.
A study of Gilead's remdesivir drug conducted by the National Institute of Allergy and Infectious Diseases met its primary endpoint, the drugmaker said. Dr. Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases, said remdesivir shows a "clear-cut" positive effect when treating the virus. The Gilead news along with the strong move higher from Alphabet offset news of a steep drop in U.S. economic activity. U.S. GDP shrank by 4.8% in the first quarter for the country's biggest contraction since the financial crisis.
Gilead shares jumped 5.68% on the back of its announcements while Alphabet gained 8.89% after reporting a slower-than-expected decline in revenue growth.