Traders work on the floor of the New York Stock Exchange on January 29, 2020.
Spencer Platt | Getty Images
Dow Jones Industrial Average jumps 369 points
The Dow rose 369.21 points, or 1.44%, to close at 26,075.30. The S & P 500 rose 1.05% to 3,185.04. The Nasdaq Composite rose 0.66% to 10,617.44. Shares jerked on Friday as news of possible coronavirus treatment raised hopes of an economic recovery after the outbreak.
Gilead and BioNTech news promote the market
Gilead Sciences said its coronavirus treatment candidate remdesivir was "associated with improved clinical recovery and a 62 percent reduction in mortality risk compared to the standard of treatment". The news sent Gilead stocks up more than 2%. BioNTech's CEO told the Wall Street Journal that the company's Coronavirus vaccine candidate could be ready for approval by December. The company's US listed shares rose 4.75%. "On days when a health solution is promised or the economy is actually recovering faster than expected, you tend to keep all of your cyclical stocks … taking the lead," said a strategist.
Airlines jump, tech delays
United Airlines, Delta and American all grew by at least 5.6%. Tech stocks that outperformed most of the week remained all day, but recovered before the close. Facebook rose 0.23%. Microsoft closed 0.30% lower.
What happens next?
The winning season starts off seriously next week and the big banks will report with Netflix.
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