On Friday, US stocks have closed higher boosted by a surge in Boeing shares, hopes of a potential drug by Gilead against the deadly Coronavirus and Trump’s three-phased plan to reboot the economy.
Boeing shares surged roughly 15% on the company’s plans to restart commercial jet production. Reportedly, the planemaker is planning to call over 25,000 workers back to work in Washington state to commence building aeroplanes again, while operations at its South Carolina plant will remain suspended.
Shares in Gilead (GILD) also jumped 9.7% after a news report claimed one of its drugs ‘remdesivir’ was showing signs of effectiveness as a potential treatment for the Coronavirus during trials. Reportedly, infected patients have been recovering quickly from severe symptoms.
“If you can ultimately get a powerful treatment in lieu of a vaccine in the next couple of months, that would be good for cyclical stocks, anything economically sensitive,” said R.J. Grant, head of trading at Keefe, Bruyette & Woods.
In addition to this, President Donald Trump also announced guidelines titled “Opening Up America Again”, to reopen the Coronavirus-battered economy on Thursday. It is a three-phased approach, based on the severity of the COVID-19 outbreak, to gradually ease the restrictions in the states.
The Dow Jones Industrial Average rose 445.98 points to 23,983.66, while the S&P 500 gained 47.29 points.