US stock futures surge as trial COVID-19 drug shows promise

Global stocks and US futures rocketed higher on Friday despite data showing an unprecedented economic slowdown in China caused by the coronavirus and a mounting death toll from the pandemic in the United States.

Posted 3:40 a.m. Apr 17, 2020 — Updated 11:39 a.m. Apr 17, 2020

Jazmin Goodwin, Jill Disis

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Charles Riley, CNN Business

CNN — Global stocks and US futures rocketed higher on Friday.

Dow futures were last up 700 points, or 3%. S&P 500 futures increased 2.7%, and Nasdaq Composite futures added 2.%.

Investors were focusing on signs that industrial giants are reviving production, along with a report of early success in the trial of a potential treatment for the virus.

Shares in Gilead popped overnight after a news report claimed one of its drugs was showing signs of effectiveness as a potential treatment for the coronavirus during clinical trials. COVID-19 patients who are getting the drug, called Remdesivir, have been recovering quickly, with most going home in days, STAT News reported Thursday.

Report: COVID-19 patients 'recovering quickly' on trial drug Remdesivir

Gilead said in a statement that it expected results from the trial by the end of the month, adding that "the totality of the data need to be analyzed in order to draw any conclusions from the trial."

There are now more than 2.1 million confirmed cases of coronavirus around the world. The United States accounts for over 670,000 of those, and the country has reported over 33,000 deaths caused by the disease.

US stocks closed higher on Thursday, clinging to gains despite a string of weak economic reports. The Dow closed up 33 points, or 0.1%. The S&P 500 finished 0.6% higher and the Nasdaq jumped 1.7%.

— CNN's Maggie Fox, Clare Duffy and Anneken Tappe contributed to this report.

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