7/10, 10:01 PM (Source: TeleTrader)
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Dow closes 350 pts higher on virus treatment developments

Stock markets on Wall Street closed in the green on Friday after Gilead Sciences Inc. announced that its antiviral drug remdesivir could lower the risk of death among coronavirus patients by 62%, while German pharmaceutical firm BioNTech said it will receive the green light for its vaccine approved by December. Meanwhile, the United States President Donald Trump revealed that the phase two of the trade deal with China is not currently under consideration. In business news, Tesla Inc.'s stock surpassed the $1,500 mark for the first time today.

The Dow Jones Industrial Average index surged 1.43%, or 389 points, at the close. JPMorgan Chase & Co. was the best performer, jumping 5.47%. The Nasdaq 100 gained 0.76% as Tesla surged 10.78%. The S&P 500 rose by 1.04% at the end of the trading session with Carnival Corp. advancing 10.84%.

The euro was 0.14% higher compared to the dollar, changing hands for 1.13002 at 4:02 pm ET.

Breaking the News / MS