Virus treatment hope fuels rally

The Dow climbed 704.81 points, or 2.99{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f}, to close at 24,242.49. The S&P 500 advanced 2.68{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} to 2,874.56. The Nasdaq Composite advanced 1.38{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} to 8,650.14. Stocks jumped after a report said a Gilead Sciences drug showed some effectiveness in treating the coronavirus, giving investors some hope there could be a treatment solution that helps the country reopen faster.

STAT news reported that a Chicago hospital treating coronavirus patients with remdesivir — a Gilead drug — a trial were recovering rapidly from severe symptoms. The publication cited a video it obtained where the trial results were discussed. Investors have said that news of an effective treatment or vaccine would be needed for stocks to mount a sustainable comeback. “It’s far too early to signal the all clear, but what this demonstrates is that coronavirus is a health problem that requires a health solution,” says one strategist.

Gilead Sciences jumped 9.73{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} on the back of the STAT report. Boeing shares led the Dow higher, rising 14.72{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} after the company said it could restart production in the Seattle area as soon as Monday.

Several companies report earnings on Monday, including IBM, Equifax, Ally Financial, Halliburton, and Truist Financial.

Subscribe to CNBC PRO for exclusive insights and analysis, and live business day programming from around the world.