Gilead sparks Wall Street rally
Positive results from Gilead's COVID-19 drug remdesivir injected momentum into the markets Friday. That offset concerns over yet another record rise in coronavirus cases in the U.S.
RiverFront Investment Group chief investment strategist Chris Kostantinos:
"I think the remdesivir news points to the idea that if we can just get back to some semblance of normal which I think is what he market is trading off of. And I think that's why people were so focused on that news today."
In a trend reversal, the Dow and S&P 500 gained more than 1% Friday, outperforming the Nasdaq which ended at another record high.
But for the week, the Nasdaq was the winner with a huge 4% advance.
As for Gilead, its shares rose 2%. A late-stage study showed its treatment, remdesivir, significantly improved clinical recovery and reduced the risk of death in COVID-19 patients.
Carnival jumped nearly 11%. The cruise line operator plans to restart operations in a phased manner.
The high-flying "stay-at-home" stock Netflix spurted higher after Goldman Sachs lifted the price target on the video streaming company.
