Stocks Extend Weekly Rally on U.S. Reopening Plan: Markets Wrap
- White House guidelines on restarting economy helped sentiment
- Gilead surges on report claiming coronavirus drug is working
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Stocks extended their weekly rally as investors speculated the American economy would soon begin to emerge from a lockdown amid a glimmer of hope in the race to find a coronavirus treatment.
The S&P 500 posted a second week of gains -- the longest run since mid-February -- after the U.S. government issued guidelines toward restarting the economy. Gilead Sciences Inc. soared after a report that a group of patients were “seeing rapid recoveries in fever and respiratory symptoms.” Meanwhile, Apple Inc. sank after Goldman Sachs recommended selling the shares. Oil traded near $18 a barrel. Treasuries fell.