The recent signs of fatigue on Wall Street vanished on Wednesday: positive news from Gilead Sciences about a drug candidate against the lung disease Covid-19 provided fresh tailwind. The US leading index Dow Jones recently rose by 2.5 percent to 24,700.75 points. The Dow has thus recovered from the crash low of mid-March by more than a third – and is now not far from the 25,000 mark.
The market-wide S&P 500 rose by 2.9 percent to 2,946.79 points. The Nasdaq 100 rose even more strongly with 3.3 percent to 8,964.03 points. High price gains by Google Holding Alphabet provided support here after strong quarterly figures. The Fed meeting could provide impetus in late trading.
The biotech company Gilead (NASDAQ: GILD)from the USA landed an interim success with the active ingredient remdesivir for the potential treatment of Covid-19. In a study conducted by the National Institute of Allergy and Infectious Diseases (NIAID), the drug had reached its primary endpoint, the company said on Wednesday. Detailed information on this will soon be provided by the research center itself. The US virologist Anthony Fauci said the study showed a clearly positive effect of the drug.
Gilead Sciences shares rose 5.4 percent. The data on Remdesivir were positive, it was in a first reaction of the analysts of the bank RBC. The study results suggested that the drug could be approved and “play a role in the treatment of certain Covid-19 diseases.”
The Google mother Alphabet(NASDAQ:GOOGL) had grown in the first quarter despite the corona crisis and performed better than analysts thought. The price then rose nine percent to its highest level since early March.
The corona pandemic and debacle surrounding the 737 Max misfortune pilot had caused the aircraft manufacturer Boeing (NYSE:BA) to lose well over half a billion dollars in the first quarter. The investment bank Goldman Sachs, however, did not consider the key indicators to be as bad as feared. Boeing stocks soared almost 11 percent. Goldman analyst Noah Poponak advised to buy the shares.
Mastercard (NYSE:MA)shares rose 6.3 percent after the credit card provider positively surprised sales. Counterparties Visa and American Express advanced 5.4 percent and 6.6 percent, respectively.
Spotify’s (NYSE:SPOT)shares went up even more. Six million new users in the first quarter gave the shares of the music streaming provider a rally of eleven percent.