Stock markets surge after news of progress in COVID-19 treatment announced
Stock markets across the world – and particularly in the US and UK – have seen a sharp rise in value after news of a potential coronavirus treatment was made public.
Investors on both sides of the Atlantic seized on the sign of progress in the fight against the pandemic by investing in various stocks across a range of sectors.
An update from Gilead Sciences – a US pharmaceutical firm that trials various drugs and anti-biotics – on its trials of drug remdesivir showed that it improved symptoms in patients given the drug early than among those who were treated later.
GS said 62% of patients treated early were discharged from the hospital, compared with 49% of patients who were treated late.
Shares in the company rose 9% yesterday.
The FTSE 100 closed the day 2.6% up and attributed the part of the rise to the pharmaceutical firm. The Dow Jones Industrial Average closed over 2% higher.