US markets jump on Boeing plans and hopes for coronavirus drug | News on the coronavirus pandemic

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A trinity of good news has boosted stocks in the United States. Boeing plans to restart production of commercial aircraft, Gilead Sciences may use a drug to treat COVID-19, and President Donald Trump has made plans to reopen the US economy.

The Dow Jones Industrial Average rose 2.99% to close at 24,242.49. The widely used indicator for US retirement and education accounts, the S&P 500, rose 2.68%. The tech-rich Nasdaq composite index gained 1.38%.

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Boeing shares have climbed nearly 15% on the company’s plans to restart production of commercial aircraft in Washington state after shutdown of operations last month due to the COVID-19 pandemic.

Some U.S. states were to announce schedules for lifting restrictions one day after Trump sketched out guidelines for a gradual reopening of the devastated U.S. economy.

The plans “give hope and optimism to people, the market and the whole economy.” It’s a start, “said Gary Bradshaw, portfolio manager at Hodges Capital Management in Dallas.

Bradshaw, who owns shares in Boeing, said the news from the planner had also helped to raise optimism.

Gilead Sciences Inc. jumped almost 10% following a report that patients with severe symptoms of COVID-19, the respiratory disease caused by the coronavirus, had responded positively to its experimental drug, remdesivir.

US stocks posted gains for the week. The S&P 500 rose 3% for the week. The Dow Jones gained 2.2%. The advanced Nasdaq ended the week up 6.1%. If you had invested in the US market at the end of March, you would have made more than 25%.



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