The Dow Jones Industrial Average closed up 532 points, or 2.2 percent, on Wednesday, as studies showed promise for a coronavirus treatment and the Federal Reserve vowed to keep interest rates near zero through the crisis.
The S&P 500 was up 76 points, or 2.7 percent.
A clinical trial for remdesivir, a drug originally intended to treat Ebola, produced what the nation’s top public health expert Anthony Fauci called “quite good news.”
The trial found that COVID-19 patients treated with the drug recovered 31 percent faster than a placebo group, and had a lower mortality rate, though the latter was not a statistically significant different.
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But Federal Reserve Chairman Jerome Powell said he would keep interest rates near zero until unemployment and inflation returned to normal levels, another balm for markets struggling to digest the economic implications of the pandemic.
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JUST IN: Dow Jones jumps 500 points as Fauci touts trial of potential coronavirus treatment https://t.co/Y0LvCzo2LN pic.twitter.com/kPhARXmDjx
— The Hill (@thehill) April 29, 2020
The Federal Reserve today pledged to keep interest rates near zero until the U.S. economy has made it through the coronavirus pandemic, underscoring the deep economic pain radiating through the country https://t.co/ctAgGxhJcL
— POLITICO (@politico) April 29, 2020
🚨BREAKING: Great news! Dr. Fauci confirms that a study of #remdesevir showed a significant positive effect in #COVID19 — the results “were quite good news.”
The study is the “1st truly high-powered randomized placebo-controlled trial” of #remdesivir.https://t.co/5EmSnkSYQX
— Dr. Dena Grayson (@DrDenaGrayson) April 29, 2020
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