US stocks rally, supported by data from Gilead to calm investor fears


Dealers on the New York Stock Exchange on May 26, 2020. Photo: Brendan McDermed – Reuters.

(Reuters) – US stocks rose on Friday, as a positive analysis of an antiviral drug from Gilead Sciences for Covid-19 treatment helped calm investor concerns about the unprecedented increase in the number of cases of coronavirus infection in the United States, and with financial sector shares rising.

And the Dow Jones industrial average rose 369.21 points, or 1.44 percent, to 26075.3 points, and the S&P 500 index closed up 32.99 points, or 1.05 percent, to 3185.04 points. The Nasdaq Composite Index advanced 69.69 points, or 0.66 percent, to 10617.44 points.

On a weekly basis, Dow gained 1 percent, the Standard & Poor’s gained 1.8 percent, and the Nasdaq jumped 4 percent.

Prepared by Mahmoud Salama for the Arabic Bulletin


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