The rise is because of a coronavirus treatment entering later stages and President Donald Trump’s desire to reopen the economy. The Dow Jones Industrial Average soared nearly 850 points or 3.5 percent. The S&P 500 was higher by over three percent. The Nasdaq Composite two percent plus as of 12.25am ET.
FTSE 100 LIVE: London’s stock index opens in the green FTSE 100 LIVE: Asia shares up as plans over US economy reopening
The boosted figures show an optimistic stock market looking to start up trading again.
It comes after President Trump outlined an early stage plan “Opening Up America Again.”
National hero: Sign our petition to give Captain Tom Moore a knighthood
STOCKS in the US have surged up in value ahead of Friday morning’s opening. (Image: Getty)
The Dow Jones Industrial Average soared nearly 850 points or 3.5 percent. (Image: PA)
Gilead Sciences also impacted the stocks optimistic rise with it’s announcement of an effective drug treatment for coronavirus.
According to statnews.com, their drug Remdesivir showed effectiveness for treating COVID-19 patients.
A recent clinical trial of Remdesivir, an antiviral medicine used as a potential treatment for Ebola, found rapid recoveries in coronavirus patients’ fever and respiratory symptoms.
The trial, conducted by the University of Chicago Medicine, found nearly all patients who were given daily infusions of Remdesivir were discharged from the hospital in less than a week.
Shares of Gilead rose over 10 percent in the extended session after the development.
Boeing also saw an increase in value on the Dow Jones: The airline reported an 8 percent rise in stock value. (Image: PA)
Boeing also saw an increase in value on the Dow Jones: The airline reported an 8 percent rise in stock value.
IT comes after the airline announced it would resume commercial airplane production in Washington.
The company said: “Approximately 27,000 people in the Puget Sound area will return to production of the 747, 767, 777 and 787 programs.
“The 737 program will resume working toward restarting production of the 737 MAX.”
China’s 50 year economic growth stops due to COVID-19 pandemic [BREAKING]
ITV’s Robert Peston in heated row with Hancock over mask use – ‘Everyone else is wrong?’ [VIDEO]
Brazilian President Bolsanaro fires Health Minister in shock coronavirus clash [LATEST]
Coronavirus: Why do people think 5G and COVID-19 are linked? Dominic Raab urges Britons to stay strong as he extends lockdown
The stocks are positive sign for the US economy which has seen major struggles amid the coronavirus pandemic.
The Labor Department reported initial jobless claims totalling 5.25 million for the week through April 11.
The data raises the number of first-time filings due to disruptions from COVID-19, including stores closing and factories idling, to about 22 million.
The unemployment rate in the US has reached 18 percent according to Forbes, as 22 million are out of work.
President Trump’s “Opening Up America Again” plan outlines three phases so states can gradually ease their lockdowns. (Image: PA)
President Trump’s “Opening Up America Again” plan outlines three phases so states can gradually ease their lockdowns.
Phase one includes much of the current lockdown measures such as avoiding non-essential travel but it says large venues such as restaurants, places of worship and sports venues can operate under strict physical distancing protocols”.
Phase two allows non-essential travel to resume if there is no evidence of a resurgence of the outbreak.
Under phase three, states which are still seeing a downward trend of symptoms and cases can allow “public interactions” with physical distancing and the unrestricted staffing of worksites.