US stocks open sharply higher as investors get excited about a potential coronavirus drug and the reopening of the US economy
Investors are getting excited about a potential Covid-19 treatment and reopening the economyStocks are looking to rally into the weekend, as investors are getting excited about a potential Covid-19 treatment and the gradual reopening of the economy.) developed a drug that is reportedly showing signs of effectiveness as a potential treatment for the coronavirus during clinical trials. The company's shares are up more than 12% in premarket trading.
"It's worth noting that the clinical trial was very small, despite the seemingly very positive results and everyone is being urged to treat them with caution but let's face it, we've waited a long time for some hope in the fight against this horrendous disease, people are going to get carried awayMeanwhile in Washington, the White House outlined a plan to reopen the US economy in a staggered, three-phase approach. Not all states will follow the same timeline on this, with the Northeast corridor expected to reopen later, after New York was the epicenter of the outbreak for weeks.
"Some states might be back to fairly normal activity by mid-May, while other large areas will take longer," said Citi economists Andrew Hollenhorst and Veronica Clark.in the first three months of the year, couldn't derail the positive sentiment.
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