The stock market moved higher on Friday, reversing early losses, after positive coronavirus vaccine news helped offset growing investor concerns about a record number of new U.S. cases.Marcel Kusch/dpa/picture alliance via Getty ImagesThe Dow Jones Industrial Average was up 1.4%, nearly 400 points points, on Friday, while the S&P 500 rose 1% and the tech-heavy Nasdaq Composite gained 0.7%.
The market cut its early losses and turned positive after Gilead Sciences said that its antiviral drug remdesivir—a potential coronavirus treatment—showed positive data in clinical trials. Shares of German company BioNTech, which is working with pharmaceutical giant Pfizer, similarly jumped after news that the company will have a coronavirus vaccine ready for approval by the end of this year,Shares of companies that would benefit from a reopening of the economy—including airlines, cruise stocks and some retailers—subsequently moved higher on the positive vaccine news Friday.
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