Stocks closed out a second week in a row of gains Friday. The Dow Industrial Average closed up 704 points, or 3% and posted its first back-to-back weekly gains since early February. Through the week the index gained 524 points, or 2.2%. The S&P 500 gained 2.7%, while the Nasdaq advanced 1.4%.
A jump in Boeing shares and a roll-out Thursday evening of the White House plan to reopen the economy also added to the bullish tone Friday.
New York Gov. Andrew Cuomo also said hospitalizations in the state have fallen.
Another factor was a report from STAT news reported the drug remdesivir, trialed by Gilead Sciences, showed some effectiveness in treating the coronavirus, giving investors some hope there could be a treatment solution that helps the country reopen faster from the widespread shutdowns that have plunged the economy into a recession.