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KiplingerJul 10, 2020
Stock Market Today: Gilead Gives Stocks a Booster Shot
Gilead Sciences (GILD, 2.2%) once again helped inject a little life into stocks Friday with the help of its coronavirus treatment remdesivir.

The major indices appeared poised for losses in early trading amid another record surge in U.S. COVID-19 cases, as well as yesterday's comments from Treasury Secretary Steven Mnuchin indicating that the White House wants to cap unemployment benefits in the next round of coronavirus stimulus.

65 Best Dividend Stocks You Can Count On in 2020 However, Gilead announced that an analysis of previously released clinical trial data revealed an "important finding": namely, a 62% reduction in mortality risk in coronavirus patients compared to the current standard of care. 

The news was music to Wall Street's ears; financial stocks including JPMorgan Chase (JPM, 5.5%) and Goldman Sachs (GS, 4.5%) contributed to a 1.4% jump in the Dow Jones Industrial Average to 26,075. The S&P 500 finished 1.1% higher to 3,185, while the small-cap Russell 2000 jumped 1.7% to 1,422.

The Nasdaq Composite gained a more modest 0.6%, but that marked a third straight close at record

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