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Stocks Rise As Antiviral Success Offsets Fears of Rising COVID-19 Tally

  • Positive news on an antiviral treatment to combat COVID-19 helped offset investor concerns about the rising tally of virus cases in the United States
  • Nasdaq continues record closing streak while S&P 500 and Dow underperform
  • Reopening plans stall in several states on higher coronavirus case counts

Although Wall Street indexes were set to open lower on Friday due to concerns about the rising tally of COVID-19 cases in the United States, positive news on an antiviral treatment helped assuage investor fears.

The drug manufacturer Gilead Science Inc. gave a positive analysis of the treatment, saying a late-stage study shows it to significantly improve recovery and reduce the risk of death from COVID-19. The Nasdaq posted its sixth record closing in the past seven days, though the S&P 500 and Dow Jones indexes were underperforming.

The number of people testing positive for the coronavirus set a record for the second consecutive day on Thursday. Several states have had to reverse course on reopening plans due to a spike in COVID-19 cases.

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