Wall Street jumps on hopes of potential coronavirus drug

U.S. stocks opened higher on Wednesday after Gilead Sciences gave an encouraging update on a potential COVID-19 treatment, while upbeat earnings reports from Boeing and Google-parent Alphabet added to the sentiment.

The Dow Jones Industrial Average rose 388.82 points, or 1.61 percent, at the open to 24,490.37.

The S&P 500 was up 59.47 points, or 2.08 percent, at 2,922.86. The Nasdaq Composite gained 194.97 points, or 2.27 percent, to 8,802.70 at the opening bell.