Dow ends up 2.2% on optimism over #COVID19 drug, Fed stimulus

U.S. stocks soared on Wednesday after Gilead Sciences reported positive results from two tests that showed its drug remdesivir could be a Covid-19 treatment. 

The Fed also said Wednesday that it will leave rates near zero until it's confident the U.S. economy is on its feet and near full employment. The optimism about a viable coronavirus treatment and a supportive central bank offset the first U.S. GDP growth decline since 2014.

The Nasdaq rocketed 2.6% higher, with the S&P 500 up 2.2% and the Dow Jones industrials logging an early 1.9% gain on the stock market today.

Here's what's happened:

Wednesday’s rally by the numbers

S&P 500 gained 2.66% for its third positive day in four

S&P is up 13.73% this month and is on pace for its best month since Oct. 1974

Russell 2000 small caps gained 4.83% for its sixth straight positive day and sixth straight gain above 1% for the first time since Jan. 2000

Nine sectors were positive led by Energy, which gained 7.35%

Tech is now positive for the year, and is the only sector in the green year-to-date

West Texas Intermediate, the U.S. oil benchmark, settled up 22.04% at $15.06 per barrel for its first positive day in three

Gold is up 7.32% this month, on pace for its best month since June 2016

Dow jumps more than 500 points, S&P 500 jumps 2.6%

Stocks closed higher on Wednesday after spending the entire day in the green. The Dow jumped 532 points for a gain of 2.21%, while the S&P 500 rose 2.66%. 

The Nasdaq was the relative outperformer for the day, posting a gain of 3.57%. 

Stocks rallied on optimism around a Gilead drug to treat the coronavirus, as well as on comments from Chairman Powell that the Federal Reserve will use its powers to the “absolute limit” following the coronavirus-induced downturn. - CNBC

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