US stock index futures jump after Gilead's COVID-19 drug meets main goal

Data from the Commerce Department said gross domestic product fell at a 4.8 percent annualized rate in the January-to-March period, while economists in a Reuters poll were expecting a contraction of 4 percent.

April 29, 2020 / 07:02 PM IST

US stock index futures jumped on Wednesday after Gilead Sciences said its experimental antiviral drug met the main goal of a trial testing it in COVID-19 patients.

Meanwhile, the US economy contracted in the first quarter at its sharpest pace since the Great Recession, ending the longest expansion in history.

Data from the Commerce Department said gross domestic product fell at a 4.8 percent annualized rate in the January-to-March period, while economists in a Reuters poll were expecting a contraction of 4 percent.

At 08:46 a.m. ET, Dow e-minis were up 330 points, or 1.37 percent. S&P 500 e-minis were up 38.5 points, or 1.34 percent and Nasdaq 100 e-minis were up 123 points, or 1.41 percent.

 
Reuters

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